Economy & Finance

Journey through the world of stochastic finance from learning theory, underlying models, and derivations of financial models (stocks, options, portfolios) to the almost production-ready Python components under cover of stochastic finance. This book will show you the techniques to estimate potential financial outcomes using stochastic processes implemented with Python.The book starts by reviewing financial concepts, such as analyzing different asset types like stocks, options, and portfolios. It then delves into the crux of stochastic finance, providing a glimpse into the probabilistic nature of financial markets. You'll look closely at probability theory, random variables, Monte Carlo simulation, and stochastic processes to cover the prerequisites from the applied perspective. Then explore random walks and Brownian motion, essential in understanding financial market dynamics. You'll get a glimpse of two vital modelling tools used throughout the book - stochastic calculus and stochastic differential equations (SDE). Advanced topics like modeling jump processes and estimating their parameters by Fourier-transform-based density recovery methods can be intriguing to those interested in full-numerical solutions of probability models. Moving forward, the book covers options, including the famous Black-Scholes model, dissecting it from both risk-neutral probability and PDE perspectives. A chapter at the end also covers the discovery of portfolio theory, beginning with mean-variance analysis and advancing to portfolio simulation and the efficient frontier.

This book on privatization in Pakistan stands out due to its comprehensive and multifaceted approach towards examining the process, impact, and implications of privatizing state-owned enterprises (SOEs). The book provides an in-depth discussion on privatization in Pakistan which revolves around the historical context, contemporary challenges, and opportunities. It mainly covers the discussion on the rationale behind privatization, evolution of privatization policies, case studies of major privatizations, legal frameworks, and the role of public-private partnerships (PPPs). Along with exploratory analysis, this book also includes the first detailed empirical analysis and case studies to provide evidence-based insights into the performance and efficiency of privatized SOEs. Through exploratory and empirical analysis, and examination of key privatization cases, readers gain valuable insights into the real-world outcomes of privatization efforts in Pakistan. This book will be of interest to scholars of Asian economics, development economics and the future of the Eurasian region.Dr. Ghulam Samad is a Chief of Research Division at the Central Asia Regional Economic Cooperation (CAREC) Institute, ADB. Before joining CAREC Institute, Dr. Samad was a Senior Research Economist at the Pakistan Institute of Development Economics (PIDE), Ministry of Planning, Development and Special Initiatives. Dr. Samad also served as an Economist at the Planning Commission of Pakistan. Dr. Samad holds a Ph.D. in Economics from Colorado State University, USA.Dr. Naseem Faraz is the Deputy Economic Adviser at the Economic Adviser's Wing, Ministry of Finance, Government of Pakistan. Dr. Faraz has also served as Revenue Forecasting Specialist at the Federal Board of Revenue. She has gained a long research experience as a Senior Research Economist at the Pakistan Institute of Development Economics (PIDE), Ministry of Planning, Development, and Special Initiatives. Dr. Faraz hold Ph.D. Economics from Clark University in Massachusetts, USA, with prestigious Fulbright Scholarship, MPhil, and MSc in Economics from Quaid-i-Azam University, Islamabad.

Discover the captivating journey of the history of economic thought through the centuries with this comprehensive textbook. From the dawn of economic thought in ancient times to the emergence of modern economic theory in the twentieth century, this textbook reveals the evolution of ideas that have shaped our understanding of economics.Ideal for advanced bachelor's and master's students in economics and related social sciences, this engaging resource illuminates the historical context of economic thought and its impact on real-world developments. It examines influential schools of economic thought, addresses major theoretical challenges, and highlights fundamental innovations that have shaped the development of the discipline.The textbook explores a wide range of topics, including the economic philosophies of ancient civilizations and the Middle Ages, the influence of mercantilism and physiocracy, the profound contributions of Adam Smith, David Ricardo, and Karl Marx to classical political economy, the marginalist revolution and neoclassicism, German historical economics, the evolution of macroeconomics, the rise of Keynesianism, and the enduring relevance of institutional economics. This is a must-read for students and anyone curious about the history of economics and economic history.

In a world of unprecedented challenges and opportunities, Fintech stands as a pivotal force, at the crossroads of technology, finance, and sustainability. This book invites readers to the forefront of a revolutionary convergence, where economic growth and environmental stewardship align. Whether the reader is a decision-maker, innovator, entrepreneur, or investor within the Fintech industry, this is a guide to a future where finance and technology serve our planet.Authored by experts in GIS, AI, and remote sensing, who are also seasoned entrepreneurs, this unique work offers both theory and practical guidance, discovers sources often overlooked in ESG analytics, dives into specific, not general, KPIs for industry professionals, and navigates global regulations and frameworks with ease.Real-world case studies unveil the value of applied methods, supported by insights from leading practitioners, explore the latest developments in AI and machine learning, and uncover a step-by-step data science analysis framework.

Nearly one-third of US workers must obtain a license from a government agency to perform their jobs legally. This impacts employees across all areas, including lawyers, doctors, and accountants, as well as florists, hairdressers, physical therapists, and plumbers. The justification for occupational licensing is that potential consumers allegedly lack the information and knowledge to judge the competence of a service provider. This necessitates a licensing system built to ensure that customers are served by people who have received adequate training and certification in their profession.While there are recognizable benefits of occupational licensing, the training and certification requirements create barriers to entry for employees or those entering the profession. These barriers can limit competition, raise service costs, and restrict consumer access to essential services. Recent empirical work suggests that consumers have incurred these costs without being adequately protected from incompetent or unscrupulous service providers. This book addresses this situation head on.In light of occupational licensing's shortcomings, the authors of this book propose and analyze constructive reforms, assessing their effects on key professions such as law, medicine, and finance. Chapters identify the significant costs of current policies and  they recommend practical reforms that rely more on market forces. The resulting book provides new ways to reduce licensing costs without compromising service quality.Clifford Winston is a senior fellow in the economic studies program at the Brookings Institution.

This Palgrave Pivot book analyses the current state of economic and financial relations between China and the European Union. It illustrates the 'de-risking' strategy that informs much of financial policy between China and the EU and argues that this differs from the policy of 'decoupling' that characterizes the US approach towards China. Exploring how the EU positions itself in the context of a trade and tech race between the US and China, the book sketches out a range of geopolitical challenges for Europe as it navigates current and future scenarios in global economic cooperation and competition. It discusses the concept of 'strategic autonomy' for the EU and explores barriers to achieving this as well as options for re-shaping relations with China. The book provides an excellent overview for researchers and policy-makers of Sino-EU economic relations today and sets them firmly in the contexts of the post-pandemic world with new global value chains, rapid technological development, and evolving environmental challenges.René W.H. van der Linden is lecturer & researcher at the International Business program of The Hague University of Applied Sciences in the Netherlands. Together with Piotr ¿asak, he published The Financial Implications of China's Belt and Road Initiative in 2019 and Financial Interdependence, Digitalization and Technological Rivalries in 2023. Piotr ¿asak is an Associate Professor at the Jagiellonian University in Krakow, Poland. His research focuses on topics related to international financial markets development, including financial market regulation and supervision, mechanisms of financial and currency crises, digitalization of the financial sector, and shadow banking system development (especially in China).

This book offers an assessment of the benefits and contemporary relevance of free trade. With contributions from senior policy-makers-ranging from former prime ministers of Australia and the United Kingdom to ambassadors and political figures who have worked on trade negotiations-as well as some of the most prestigious academics in the field of trade, from a Nobel Prize winner to esteemed economic historians, it teaches how important free trade is to prosperity in this day and age. This book brings together the key approaches to free trade in the modern world, including the practical realities of negotiating trade agreements, how we can move towards a system of genuine free trade and the moral case for free trade. Each chapter in Free Trade in the Twenty-First Century has an eminent expert in the field addressing a specific aspect of modern trade. With a single book, one can gain an understanding of the most important themes, from the impact monetary economics has on trade to the intricacies of free trade agreements. By having chapters written by political figures, trade negotiators and think tank analysts, this book takes trade beyond abstruse economic theory and brings it into political reality so that the reader can understand how we can use trade to create global peace and prosperity.

This open access book examines the formation and sustainability of private credit networks in past societies, gathering a global range of case studies from Europe and the Americas. The book represents a fi rst attempt to coordinate the work of different scholars working on credit networks and aims to explore the possibilities offered by social network analysis for the study of past fi nancial markets and networks.Each contribution offers new perspectives for the comprehension of past fi nancial networks, with a broad chronological and geographical scope. The chapters are arranged thematically and study both rural and urban networks, each employing a network perspective to facilitate an increased understanding of the relational dynamics of preindustrial credit transactions. This book models the various ways that SNA can be utilized by economic and fi nancial historians, as well as discusses its limitations and ways in which it can be combined with qualitative archival research. The book is of interest to a broad audience of scholars in the fi elds of economic, fi nancial and social history.

Wars and the need to fund them were the historic reason for banks to create excessive amounts of fiat money. This book explains how banks seized the wealth of society's most vulnerable members to create fiat money. During peacetimes, banks primarily lent to the government depriving the private sector of capital and resources. The unimpeded bank credit offered the government a convenient source for unlimited borrowing and spending. US banks also learned to offer fiat dollars to foreigners seizing the wealth of foreign dollar users. The peremptory confiscation of foreign dollar holdings by the US is poisoning the trust in the dollar and reestablishing gold as a reserve currency.

A Global Adventure to Meet the Farmers, Activists, and Indigenous PeopleGrowing the Roots of a Regenerative FutureThere’s no denying it: we treat our planet like dirt. Humanity’s impact has become a geologic force changing the climate and threatening oceans, glaciers, and the lands that feed us.Living in rural Indiana, author Kelsey Timmerman witnesses first hand the damage modern industrial agriculture has done to our land and our communities. He’s afraid to let his kids swim in the nearby pond filled with farm runoff. There are times, after chicken manure has been spread on the surrounding fields, that it’s hard to breathe.Timmerman recognizes that farming – the occupation of his family heritage -- is the source of these and other problems. But he also suspects it doesn’t have to be that way. In Renewing Earth Timmerman travels across the United States and around the world to meet farmers and activists who employ practices and philosophies that acknowledge the human role in complicated agricultural systems and have found ways to alleviate it. Over and over again he finds farmers who see agriculture as not the problem but the solution, one that builds soil, promotes ecological diversity, provides people with meaningful lives and livelihoods, and sequesters Carbon—maybe even enough to combat climate change.Timmerman takes readers along on his global adventure -- onto melting glaciers in Patagonia, into the Amazon, and down forgotten rivers. He protects a herd of cattle from lions alongside the Maasai warriors of Kenya, sees firsthand how chocolate could save the rainforest in Brazil, and meets American farmers who’ve rejected the agrochemical industry for an approach inspired by that of ancient and Indigenous peoples.  By weaving the local with the global, Timmmerman shows readers how the way they live, their eating habits and relationship with nature connect to issues of environmental and social justice. Our hunger, and the agriculture required to alleviate it, can be a gift that connects us to chloroplasts, lions, mycorrhizal fungi, our fellow humans around the block and the world, and it is our responsibility to play an active part in a regenerative – not destructive -- future.

Creativity 360 Degrees offers a comprehensive examination of the creative industries sector in Southeast Europe, spanning countries such as Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Greece, Kosovo, Montenegro, North Macedonia, Romania, Serbia, and Slovenia.

Technological Horizons: Insights for Accounting, Auditing and Internal Control in Emerging Markets delves into recent transformations and offers interdisciplinary insights that can inform and guide the adaptation of accounting and auditing practices in a tech-driven era.

In Pursuit of the Sustainable Development Goals uses interviews and real-world case studies to delve into how initiatives like self-help groups and community lending have empowered women and contributed to achieving the United Nations Sustainable Development Goals of poverty reduction (Goal 1) and women's empowerment (Goal 5).

Chapters provide original research on intergenerational earnings mobility, the factors determining adult health inequality, the evolution of wealth inequality in different regions of the world, inequality of employment opportunities, and the effects of the type of labour agreement on wage inequality and on an extended measure of well-being.

The Global Evolution, Changing Landscape and Future of Financial Markets provides a comprehensive understanding of the evolving financial landscape and the importance of creating a more inclusive and diverse digital finance ecosystem.

How to Become a Microcap Millionaire is a ground-breakingly candid and revealing guide to the inner workings of a successful private investor - equipping those with determination to confidently achieve financial freedom for the long run.

The incisive guide of how to effectively invest in real estate and REITs In Real Estate Rules: The Investor's Guide to Picking Winners, Avoiding Losers in Listed Property, celebrated real estate investor Harm Meijer delivers a startlingly insightful and eye-opening roadmap to successful property investment. This book explains the golden rules of investing in European real estate companies, including Real Estate Investment Trusts (REITs). It's full of real-world examples and anecdotes drawn from the author's long and storied career in the industry. Real Estate Rules contains: Robust tools for making informed investment decisions and staying clear of the "vicious downward spiral of doom" Understanding market cycles and mastering the art of acting contrarian during downturns to maximize your investment How macro drivers, central bank moves and government stimuli can be game changers for real estate markets Techniques for assessing the management's value creation and its alignment with shareholders Insights to ensure a solid capital structure and avoid leverage traps in downturns Advice on how to navigate the European stock markets with its unique challenges for Real Estate Investment Trusts Real-world case studies illustrating these principles in action, highlighting key lessons for investors You'll also learn why acting on conviction, thorough research, strong relationships, and most importantly, trust are key to achieving lasting success. Perfect for Real Estate Investment Trust investors, people interested in investing directly in individual properties, and other market participants, Real Estate Rules is also a must-read for anyone involved in the real estate industry looking for an insightful investor perspective on the sector.

In a rapidly dynamic global economy, creative industries are at the forefront of innovation, shaping the cultural and economic landscapes of nations. Entrepreneurship in the Creative Industries offers a fresh, insightful exploration into the unique entrepreneurial dynamics within the Arabian Gulf and Asia.

Drawing back on the ever-evolving stakeholder management theory, this book responds to calls for more empirical research into the managerial sense making of the stakeholder concept. The book explores how managers make sense of stakeholder management, especially in complex and challenging business contexts.

This book is a cultural history of post-Wall urban, social, political, and cultural transformations in Berlin.

This book examines the changing roles and functions of the soybean throughout world history and discusses how this reflects the complex processes of agrofood globalization.

The frequency and repetition of economic crises over the last hundred years demands an analysis that allows us to discover the root causes of these situations and the problems they have generated in the world economy. This book investigates these cycles throughout the 20th and the early 21st century.