Recommending Books for Purchase (Bulletin 136 - Feb 2021) - 2020 Publications: Financial Economics

Print Book Price : £34.99

"The ramifications of the Global Financial Crisis, which erupted in 2007, continue to surprise not only the general public but also finance professionals, economists and journalists. Faced with this challenge, "Preparing for the Next Financial Crisis" goes back to basics. The authors ask: what do theory and empirical observations tell us about the causes and the consequences of financial crisis and instability? In what has become an increasingly complex financial world, what lessons can we learn from economic policies, which have been implemented, and research, which has developed extremely rapidly in recent years, so as not to repeat past mistakes? In this comprehensive review of the literature, which is both complete and balanced, the authors highlight the points of consensus among economists and policy makers. They assess the capacity of economic policies and institutions in limiting the cost of financial instability. In conclusion, they ask if the financial system has become safer, in the light especially of the Covid-19 Global Crisis. Ten years after the GFC crisis, this is a timely review of the reform agenda, the progress made and the areas where further changes need to be made to address new risks and challenges"--

Print Book Price : £120

The book is motivated by the disruptions introduced by the financial crisis and the many attempts that have followed to propose new ideas and remedies. Assembling contributions by authors from a variety of backgrounds, this collection illustrates the potentials resulting from the marriage of financial economics, complexity theory and an out-of-equilibrium view of the economic world. Challenging the traditional hypotheses that lie behind financial market functioning, new evidence is provided about the hidden factors fuelling bubbles, the impact of agents' heterogeneity, the importance of endogeneity in the information transmission mechanism, the dynamics of herding, the sources of volatility, the portfolio optimization techniques, the financial innovation and the trend identification in a nonlinear time-series framework. Presenting the advances made in financial market analysis, and putting emphasis on nonlinear dynamics, this book suggests interdisciplinary methodologies for the study of well-known stylised facts and financial abnormalities. This book was originally published as a special issue of The European Journal of Finance.

Print Book Price : £89.99

"Like the De Groot winning first edition, the second edition of Principles of Uncertainty is an accessible, comprehensive guide to the theory of Bayesian Statistics written in an appealing, inviting style, and packed with interesting examples. It presents an accessible, comprehensive guide to the subjective Bayesian approach which has played a pivotal role in game theory, economics, and the recent boom in Markov Chain Monte Carlo methods. This new edition has been updated throughout and features a new chapter on Nonparametric Bayesian Methods"--

Print Book Price : £22.99

What is property, and why does our species have it? In The Property Species, Bart J. Wilson explores how humans acquire, perceive, and know the custom of property, and why this might be relevant to understanding how property works in the twenty-first century.Arguing that neither the sciences nor the humanities synthesizes a full account of property, the book offers a cross-disciplinary compromise that is sure to be controversial: Property is a universal and uniquely human custom. Integrating cognitive linguistics with philosophy of property and a freshlook at property disputes in the common law, the book makes the case that symbolic-thinking humans locate the meaning of property within a thing. That is, all human beings and only human beings have property in things, and at its core, property rests on custom, not rights. Such an alternative toconventional thinking contends that the origins of property lie not in food, mates, territory, or land, but in the very human act of creating, with symbolic thought, something new that did not previously exist.Written by an economist who marvels at the natural history of humankind, the book is essential reading for experts and any reader who has wondered why people claim things as "Mine!", and what that means for our humanity.

Print Book Price : £25

It has long been recognized that productivity growth and the business cycle are closely interrelated. Yet, until recently, the two phenomena have been investigated separately in the economics literature.This book provides the first consistent attempt to analyze the effects of macroeconomic volatility on productivity growth, and also the reverse causality from growth to business cycles. The authors show that by looking at the economy through the lens of private entrepreneurs, who invest under creditconstraints, one can go some way towards explaining persistent macroeconomic volatility and the effects of volatility on growth.Beginning with an analysis of the effects of volatility on growth, the authors argue that the lower the level of financial development in a country the more detrimental the effect of volatility on growth. This prediction is confirmed by cross-country panel regressions. The data also suggests that afixed exchange rate regime or more countercyclical budgetary policies are growth-enhancing in countries with a lower level of financial development. The former reduce aggregate volatility whereas the latter reduce the negative effects of volatility on long-term productivity-enhancing investment byfirms.The book concludes with an investigation into how the interplay between credit constraints and pecuniary externalities is sufficient to generate persistent business cycles and to explain the occurrence of currency crises.