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Author: Roland I. Robinson
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 462
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Book Description
Author: Roland I. Robinson
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 462
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Book Description
Author: Moorad Choudhry
Publisher: John Wiley & Sons
ISBN: 1118177215
Category : Business & Economics
Languages : en
Pages : 1444
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Book Description
Banks are a vital part of the global economy, and the essence of banking is asset-liability management (ALM). This book is a comprehensive treatment of an important financial market discipline. A reference text for all those involved in banking and the debt capital markets, it describes the techniques, products and art of ALM. Subjects covered include bank capital, money market trading, risk management, regulatory capital and yield curve analysis. Highlights of the book include detailed coverage of: Liquidity, gap and funding risk management Hedging using interest-rate derivatives and credit derivatives Impact of Basel II Securitisation and balance sheet management Structured finance products including asset-backed commercial paper, mortgage-backed securities, collateralised debt obligations and structured investment vehicles, and their role in ALM Treasury operations and group transfer pricing. Concepts and techniques are illustrated with case studies and worked examples. Written in accessible style, this book is essential reading for market practitioners, bank regulators, and graduate students in banking and finance. Companion website features online access to software on applications described in the book, including a yield curve model, cubic spline spreadsheet calculator and CDO waterfall model.
Author: Jacob Bjorheim
Publisher: Springer Nature
ISBN: 3030434575
Category : Business & Economics
Languages : en
Pages : 491
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Book Description
In response to the Global Financial Crisis and the COVID-19 pandemic, central banks have used all available instruments in their monetary policy tool-kit to avoid financial market disruptions and a collapse in real economic activities. These actions have expanded the size of their balance sheets and altered the composition of the asset-side. This edited book highlights how these assets are managed, providing an intellectual and practical contribution to an under-researched field of central bank responsibilities. It first reviews the sources and uses of domestic and international assets and how they complement—or possibly conflict with—the implementation of monetary policy goals. Next, the book examines the asset management mandate in a balance sheet context before turning to the investment decision-making process from strategic and tactical asset allocation to investment strategies, risk management, governance, reporting and control. Finally, it presents new developments in the field of managing assets at central banks. The individual chapters are written by central bankers, academics, and representatives from International Financial Institutions, each representing a particular aspect of the asset management practice. Practical and powerful insights from a hall of fame of investors, central bankers and scholars, are packed into this one volume. If you could have only one book on central bank asset management, this would be it. —Peter R. Fisher, Clinical Professor, Tuck School of Business at Dartmouth Jacob Bjorheim draws on his long experience in sovereign asset management to pull together a rich collection of insights from a broad range of expertise. Asset management at central banks has evolved and expanded considerably over the past decade. This book is a timely source of information and guidance. —Guy Debelle, Deputy Governor, Reserve Bank of Australia Central bank balance sheets have grown at a tremendous pace over the last decade and a half. Drawing on contributions from scholars and experienced central bankers from around the world, this timely and insightful book sheds light on how central banks are, and should be, managing their growing balance sheets. —Kjell G. Nyborg, Chaired Professor of Finance, University of Zurich, Author of Collateral Frameworks: The Open Secret of Central Banks Central banks and monetary authorities are charged with, and being held accountable for, managing portfolios of foreign currency assets of unprecedented size. The essays in this admirable book, written by some of the worlds most highly experienced officials, cover the full range of why and how this is currently being done and how new developments are affecting old practices. Interesting conceptually and immensely useful practically. —William White, Senior Fellow at the C.D. Howe Institute, former Head of the Monetary and Economic Department with the Bank for International Settlements (BIS) and chairman of the Economic and Development Review Committee at the OECD An excellent and timely review of modern international reserve management, which ought to be read by everyone working with, or simply interested in, international asset management and finance as well as monetary and economic policy. The spectrum of authors is broad and their combined insight is very valuable. —Tom A. Fearnley, Investment Director, Norwegian Ministry of Finance With “Asset Management at Central Banks and Monetary Authorities”, Jacob Bjorheim has achieved an editorial tour de force. The book assembles the insightful views of the leading experts in the field, both from an academic and practitioners’ perspective. It bridges the gap between the macroeconomics of central banks and the financial management of their reserves. A must read to understand how central banks are special in the group of institutional investors. —Eric Bouyé, Head of Asset Allocation and Quantitative Strategies, Treasury Department, The World Bank The balance sheet is a large and important toolbox for any central bank and specifically the foreign exchange reserves constitute one the more powerful of these tools. This book provides excellent insight in the various perspectives of managing reserves at a central bank. —Heidi Elmér, Director of Markets Department, Severiges Riksbank The world of international reserves has changed since the global financial crisis. In this volume, Jacob Bjorheim has assembled a stellar cast of experts to explain how and what that means for reserves management. With chapter authors like Andrew Ang, Jennifer Johnson-Calari, Robert McCauley, Ravi Menon, Simon Potter and Philip Turner, it is a book that every reserve manager must read. —Eli Remolona, Professor of Finance and Director of Central Banking, Asia School of Business in collaboration with MIT Sloan Jacob Bjorheim has succeeded in bringing together a first-class team of experts, and organising their contributions in an articulated journey from the central banks’ policy mandate to their asset management practices. An indispensable post-crisis update of the subject and a a required reading for anyone professionally involved with central bank’s asset management, or simply curious about a topic benefitting otherwise from limited research. —Louis de Montpellier, Former Global Head, Official Institutions Group, SSGA, and former Deputy Head, Banking Department, Bank for International Settlements (BIS), Basel At last, a book that shares with a wider audience, deep insight in a unique, challenging and ethical approach of asset management developed and implemented in the secretive world of central banks. If you wonder how to manage funds that stand ready for use at short notice in times of stress then this book is for you. Two features make it such a valuable read and a must-have reference: First, the very comprehensive list of themes covered from a rich diversity of angles. Second, the very impressive list of prominent institutions and authors that have contributed and shared their analysis and practical approaches of the issues presented. What is better than to get the information directly from first-hand practitioners, experts and managers themselves in their own words? —Jean-Pierre Matt, Former Head of Financial Analysis at the Bank for International Settlements (BIS) and founder of Quanteis This book holds the promise to become the go-to guide for anyone wishing to learn more about the management of official foreign exchange reserves. Central bankers in particular, but also those providing services to central banks, will find benefit from the broad scope in subject matter and varied perspectives being presented. I am yet to see a compendium on official reserve management with similar reach in subject matter. —Leon Myburgh, Former Head Financial Markets Department, South African Reserve Bank (SARB), Pretoria This is an immensely timely book at a time when central bank operations, and their balance sheets, remain “larger for longer”. Following the Financial Crisis 10 years ago, and with the Covid-19 Recession about to break, central bank balance sheets are at the forefront of the authorities’ response to economic issues as never before. Yet the management of their now large-scale assets remains a little known and little studied area. The authors of this book combine extensive technical and practical experience, and their observations will fill an important gap in the literature at a critical time. —Freyr Hermannsson, Former Head of Treasury, Central Bank of Iceland, Reykjavík
Author: Gerald O. Hatler
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 434
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Book Description
Author: Douglas A. Hayes
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 144
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Book Description
Author: Tamar Frankel
Publisher: Wolters Kluwer
ISBN: 145487063X
Category : Law
Languages : en
Pages : 4826
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Book Description
The Regulation of Money Managers (with the original subtitle: The Investment Company Act and The Investment Advisers Act) was published in 1978 and 1980. The Second Edition, subtitled Mutual Funds and Advisers, was published in 2001 and has been annually updated since then. It is a comprehensive and exhaustive treatise on investment management regulation. The treatise covers federal and state statutes, their legislative history, common law, judicial decisions, rules and regulations of the Securities and Exchange Commission, staff reports, and other publications dealing with investment advisers and investment companies. The treatise touches on other financial institutions such as banks, insurance companies, and pension funds. The work also discusses the economic, business, and theoretical aspects of the investment management industry and their effects on the law and on policy. The treatise contains detailed analysis of the history and development of the Investment Company Act and the Investment Advisers Act. It examines the definitions in the Acts, including the concept of ‘‘investment adviser,’’ ‘‘affiliates,’’ and ‘‘interested persons.’’ It outlines the duties of investment company directors, the independent directors, and other fiduciaries of investment companies. The treatise deals with the SEC’s enforcement powers and private parties’ rights of action.
Author: John A. Haslem
Publisher: Prentice Hall
ISBN: 9780835903660
Category : Business & Economics
Languages : en
Pages : 664
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Book Description
Includes index.
Author: Jianfeng Yin
Publisher: Springer Nature
ISBN: 9811649316
Category : Business & Economics
Languages : en
Pages : 192
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Book Description
This book presents China’s wealth management market to the public, institutions and research groups. As the money base of Renminbi (RMB or Chinese Yuan) from the central bank increases exponentially in recent years, the overall leverage ratio rises in an alarming rate and the shadow banking issues stick out. Where this massive amount goes has raised huge interest all over the world. This book answers this question in three aspects: What is the money made up? Who is managing the money and how are they doing? The author studied six types of financial institutions that are responsible for channeling the money to industries and individuals. Banks although still the main vehicle for money flows, other financial organizations have taken more and more important roles in the money management market. Insurance, trust, security and mutual funds are the main non-banking business participants. New money management products are innovated, as are the regulations. The money management business in China has experience from starting chaos to a regulated market and the evolution is still going on. Professionals and researchers around the world are watching China’s money market closely, studying the mechanisms, looking for business opportunities and trying to theorizing economic rules. This book is a well presented and professionally structured for the above purposes.
Author: Dimitris N. Chorafas
Publisher: Elsevier
ISBN: 0080461646
Category : Business & Economics
Languages : en
Pages : 391
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Book Description
Wealth Management has two themes: Private Banking and investment decisions regarding Structural Financial Products. Dr. Dimitris Chorafas examines in a rigorous way whether structured financial products are advisable investments for retail and institutional investors and, if yes, which risks they entail. As our society becomes increasingly affluent, and state-supported pension schemes find it difficult to survive, a growing number of high net-worth individuals, and families, have become retail investors – looking for ways and means to optimize wealth management, and Private Banking deals with these sorts of clients. Private banking also deals with clients that are institutional investors, such as pension funds, mutual funds, and insurance companies, as well as not-for-profits, foundations and companies explicitly set up for wealth management. Both institutional and retail investors are being offered by the banks they work with structured products. Typically, these are securities that provide them with a redemption amount, with may be either with full or partial capital protection, and some type of return. The book examines structured financial products, their polyvalent nature, and the results which could be expected from them. Return on structural instruments, which are essentially derivatives, is paid in function of a specific investment strategy on selected underlying asset(s). This essentially means on the performance of the underlyings, obtained by asset managers, which may be banks or hedge funds, through purchase or sale of embedded options. But there are risks. Both risk and return from structured products are related to three main issues: the volatility of future value of an underlying, the uncertainty of future events, and the exposure of the product. Every type of investment is subject to market forces, and the more leveraged a portfolio is, the greater will probably be both the assumed risk and the expected reward. The fact that structured financial products appeal, or at least are being marketed, to both retail investors and institutional investors makes the dual approach deliberately chosen in this book most advisable. This book addresses all these issues in a practical manner with numerous case studies and real-world examples drawn from the author's intensive research. - Because it is based on intensive research, the book is rich in practical examples and case studies - Addresses the growing trend towards the use of structured financial instruments in private banking - Thorough treatment of structured financial products that keeps maths to a minimum
Author: Caroline Cerruti
Publisher: World Bank Publications
ISBN: 1464808759
Category : Business & Economics
Languages : en
Pages : 170
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Book Description
This toolkit is designed for policy makers and stakeholders who are considering the establishment of a publicly funded asset management company (AMC). An AMC is a statutory body or corporation, fully or partially owned by the government, usually established in times of financial sector stress, to assume the management of distressed assets and recoup the public cost of resolving the crisis. AMCs were first used in the early 1990s in Sweden (Securum) and the United States (the RTC), and again during the Asian crisis (for instance, Danaharta in Malaysia, KAMCO in the Republic of Korea). The 2008 financial crisis marked a renewal of the use of this tool to support the resolution of financial crises (for instance, NAMA in Ireland, SAREB in Spain). The toolkit does not address broader bank resolution issues. It has a narrow focus on the specific tool of a public AMC established to support bank resolution, and with the objective of providing insight on the design and operational issues surrounding the creation of such AMCs. It seeks to inform policy makers on issues to consider if and when planning to establish a public AMC through: · An analysis of recent public AMCs established as a result of the global financial crisis · Detailed case studies in developed and emerging markets over three generations · A toolkit approach with questions and answers, including questions on design and operations that are critical for authorities confronted with the issue of whether to establish an AMC · An emphasis on “how to†? that is, a practical versus a principled approach. The toolkit is structured as followed: Part I summarizes the findings on the preconditions, the design, and the operationalization of public AMCs. Part II provides case studies on three generations of AMCs, whose lessons are embedded in Part I. The case studies cover emerging and developed markets, and have been selected based on the lessons they offer.
