Governing global derivatives: challenges and risks/
Oldani, Chiara.
Governing global derivatives: challenges and risks/ Chiara Oldani. - Aldershot, England ; Burlington, VT : Ashgate, c2008. - xx, 205 p. : ill. ; 25 cm. - Global finance series .
Includes bibliographical references (p. [193]-202) and index.
CHAPTER ONE
THE MACROECONOMICS OF DERIVATIVES
The Issue of Measurement and Accounting
1. Introduction
2. A brief history of derivatives
3. The Bank of International Settlements
4. Hedge funds
5. National statistics
6. International statistics
7. Measurement methods
8. The accounting of derivatives in the balance sheet
9. The functions of derivatives
10. The use of financial innovation by agents
10.1 Banks and financial institutions
10.2 Central banks
10.3 The government
10.4 Firms and households
11. The risk
12. Derivatives¿ hangover
13. European financial integration
14. The role of the International Monetary Fund
15. From the traffic light to the roundabout
16. Conclusion
CHAPTER TWO
THE MONETARY ANALYSIS OF DERIVATIVES
Global Stability
1. Introduction
2. Institutional rules
3. Financial globalization
3.1 Scandals and crises
3.2 Incentives to financial markets
4. A special class of contracts: credit derivatives
5. Subprime crisis of 2007 and the role of derivatives
6. Exchange rate management in the presence of derivatives
7. The monetary analysis of derivatives
7.1 Derivatives activity and monetary policy
8. Monetary aggregates and derivatives
8.1 Monetary management in the US and the EU
8.2 Replication of monetary assets and selective replacement
8.3 Money and the relation with the underlying economic activity
8.4 Futures and money demand
8.5 Empirical results
9. Monetary policy: an expectations¿ management exercise
9.1 Effects on channels and policy
10. Derivatives in new Keynesian models
10.1 The long-run solution
10.2 Empirical evidences
11. Conclusions
CHAPTER THREE
DERIVATIVES AND FISCAL POLICY
Risks and Hazard
1. Introduction
2. Tax timing options and derivatives
3. Public finance and moral hazard
4. Fiscal policy: an incentives management
5. Constraints to fiscal policy
6. Sovereign debt crisis and credit derivatives
7. Public accounting of derivatives
8. Derivatives as a debt management instrument
8.1 Implications of derivatives¿ use by highly indebted states
8.2 The modified IS-LM model
8.3 Shocks and the effectiveness of the policy
8.4 A special tool to manage the real cost of debt: inflation-linked derivatives
9. Italy: public debt, federalism and derivatives
10. Derivatives: a great opportunity or a jungle?
11. Conclusion
CHAPTER FOUR
THE THEORY OF INVESTMENT AND DERIVATIVES
The Frontier of Economic Analysis
1. Introduction
2. The theory of investment
3. The problem of capital measurement
4. Macroeconomic derivatives: hedging on future world performance
5. Energy and derivatives
6. The Tobin¿s q approach
7. Derivatives¿ q
7.1 DJX & VIX q
8. Minsky and derivatives
8.1 A stylized Minskian financial instability hypothesis
8.2 Derivatives: bringing (in)stability
8.3 The measure of (in)stability
9780754674641 (hardback : alk. paper) 0754674649 (hardback : alk. paper)
Derivative securities.
332.632 / OLD/G
Governing global derivatives: challenges and risks/ Chiara Oldani. - Aldershot, England ; Burlington, VT : Ashgate, c2008. - xx, 205 p. : ill. ; 25 cm. - Global finance series .
Includes bibliographical references (p. [193]-202) and index.
CHAPTER ONE
THE MACROECONOMICS OF DERIVATIVES
The Issue of Measurement and Accounting
1. Introduction
2. A brief history of derivatives
3. The Bank of International Settlements
4. Hedge funds
5. National statistics
6. International statistics
7. Measurement methods
8. The accounting of derivatives in the balance sheet
9. The functions of derivatives
10. The use of financial innovation by agents
10.1 Banks and financial institutions
10.2 Central banks
10.3 The government
10.4 Firms and households
11. The risk
12. Derivatives¿ hangover
13. European financial integration
14. The role of the International Monetary Fund
15. From the traffic light to the roundabout
16. Conclusion
CHAPTER TWO
THE MONETARY ANALYSIS OF DERIVATIVES
Global Stability
1. Introduction
2. Institutional rules
3. Financial globalization
3.1 Scandals and crises
3.2 Incentives to financial markets
4. A special class of contracts: credit derivatives
5. Subprime crisis of 2007 and the role of derivatives
6. Exchange rate management in the presence of derivatives
7. The monetary analysis of derivatives
7.1 Derivatives activity and monetary policy
8. Monetary aggregates and derivatives
8.1 Monetary management in the US and the EU
8.2 Replication of monetary assets and selective replacement
8.3 Money and the relation with the underlying economic activity
8.4 Futures and money demand
8.5 Empirical results
9. Monetary policy: an expectations¿ management exercise
9.1 Effects on channels and policy
10. Derivatives in new Keynesian models
10.1 The long-run solution
10.2 Empirical evidences
11. Conclusions
CHAPTER THREE
DERIVATIVES AND FISCAL POLICY
Risks and Hazard
1. Introduction
2. Tax timing options and derivatives
3. Public finance and moral hazard
4. Fiscal policy: an incentives management
5. Constraints to fiscal policy
6. Sovereign debt crisis and credit derivatives
7. Public accounting of derivatives
8. Derivatives as a debt management instrument
8.1 Implications of derivatives¿ use by highly indebted states
8.2 The modified IS-LM model
8.3 Shocks and the effectiveness of the policy
8.4 A special tool to manage the real cost of debt: inflation-linked derivatives
9. Italy: public debt, federalism and derivatives
10. Derivatives: a great opportunity or a jungle?
11. Conclusion
CHAPTER FOUR
THE THEORY OF INVESTMENT AND DERIVATIVES
The Frontier of Economic Analysis
1. Introduction
2. The theory of investment
3. The problem of capital measurement
4. Macroeconomic derivatives: hedging on future world performance
5. Energy and derivatives
6. The Tobin¿s q approach
7. Derivatives¿ q
7.1 DJX & VIX q
8. Minsky and derivatives
8.1 A stylized Minskian financial instability hypothesis
8.2 Derivatives: bringing (in)stability
8.3 The measure of (in)stability
9780754674641 (hardback : alk. paper) 0754674649 (hardback : alk. paper)
Derivative securities.
332.632 / OLD/G