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Mike Buckle
John Thompson

12.1   Introduction Financial derivatives can be defined as instruments whose price is derived from an underlying financial security. The price of the derivative is linked to the price of the underlying asset and arbitrage maintains this link. This makes it possible to construct hedges using derivative contracts so that losses (gains) on the

in The UK financial system (fifth edition)
Theory and practice
Authors: and

The early part of the twenty-first century has witnessed a sea-change in regulation of the financial system following the financial crisis of 2007-2008. Prior to that financial crisis, the official policy was directed to deregulating the financial system, whereas after 2008 the move is towards increased regulation. This book begins the study of the UK financial system with an introduction to the role of a financial system in an economy, and a very simple model of an economy. In this model the economy is divided into two distinct groups or sectors. The first is the household sector and the second is the firms sector. The book describes the process of financial intermediation, and in doing so, it examines the arguments as to why we need financial institutions. It highlights the nature of financial intermediation, and examines the various roles of financial intermediaries: banks as transformers, undertaking of transformation process, and providers of liquidity insurance. The nature of banking, the operations carried out by banks, and the categories of banking operations are discussed next. The book also examines the investment institutions and other investment vehicles. It examines the role of central banks in the financial system in principle, particularly, the role of the Bank of England. Primary market for equity issues, secondary market, the global stock market crash of October 1987 and efficient markets hypothesis are also covered. The book also looks at the trading of financial derivatives, risk management, bank regulation, and the regulation of life insurance companies, pension funds.

Kieran Keohane
Carmen Kuhling

inner temporal expansion whereby currency and interest rate fluctuations are traded instantaneously by automated systems. De-framing takes place too on the linguistic and cognitive level: the Classical modern narrative framing of political economy, from Adam Smith and Marx through Keynes and Friedman, has been superseded since the 1970s so that economics in general and financial derivatives trade in particular take place on the basis of mathematical models and algorithms that even financial services professionals themselves scarcely understand. The global financial

in The domestic, moral and political economies of post-Celtic Tiger Ireland
Abstract only
Private greed, political negligence and housing policy after Grenfell

As the tragedy of the Grenfell Tower fire of 14 June 2017 has slowly revealed a shadowy background of outsourcing and deregulation, and a council turning a blind eye to health and safety concerns, many questions need answers. Stuart Hodkinson has those answers. Safe as Houses weaves together Stuart’s research over the last decade with residents’ groups in council regeneration projects across London to provide the first comprehensive account of how Grenfell happened and how it could easily have happened in multiple locations across the country. It draws on examples of unsafe housing either refurbished or built by private companies under the Private Finance Initiative (PFI) to show both the terrible human consequences of outsourcing and deregulation and how the PFI has enabled developers, banks and investors to profiteer from highly lucrative, taxpayer-funded contracts. The book also provides shocking testimonies of how councils and other public bodies have continuously sided with their private partners, doing everything in their power to ignore, deflect and even silence those who speak out. The book concludes that the only way to end the era of unsafe regeneration and housing provision is to end the disastrous regime of self-regulation. This means strengthening safety laws, creating new enforcement agencies independent of government and industry, and replacing PFI and similar models of outsourcing with a new model of public housing that treats the provision of shelter as ‘a social service’ democratically accountable to its residents.

State, market, and the Party in China’s financial reform

Over more than thirty years of reform and opening, the Chinese Communist Party has pursued the gradual marketization of China’s economy alongside the preservation of a resiliently authoritarian political system, defying long-standing predictions that ‘transition’ to a market economy would catalyse deeper political transformation. In an era of deepening synergy between authoritarian politics and finance capitalism, Communists constructing capitalism offers a novel and important perspective on this central dilemma of contemporary Chinese development. This book challenges existing state–market paradigms of political economy and reveals the Eurocentric assumptions of liberal scepticism towards Chinese authoritarian resilience. It works with an alternative conceptual vocabulary for analysing the political economy of financial development as both the management and exploitation of socio-economic uncertainty. Drawing upon extensive fieldwork and over sixty interviews with policymakers, bankers, and former party and state officials, the book delves into the role of China’s state-owned banking system since 1989. It shows how political control over capital has been central to China’s experience of capitalist development, enabling both rapid economic growth whilst preserving macroeconomic and political stability. Communists constructing capitalism will be of academic interest to scholars and graduate students in the fields of Chinese studies, social studies of finance, and international and comparative political economy. Beyond academia, it will be essential reading for anyone interested in the evolution of Chinese capitalism and its implications for an increasingly central issue in contemporary global politics: the financial foundations of illiberal capitalism.

Mike Buckle
John Thompson

Financial derivatives and employee stock options 8.6 4.2 Other accounts payable/receivable 178.5 75

in The UK financial system (fifth edition)
Laura Anne Kalba

? The City and Industry in British Social Development . London : Red Globe Press . LiPuma , E. and Lee , B. ( 2004 ) Financial Derivatives and the Globalization of Risk . Durham NC : Duke University Press . London Metropolitan Archives ( 1888 ) CLC/B/004/C/04/MS14616/002, Stock Exchange, London, General Purpose Committee: Copies of notices posted in the House (vol. 2), notice

in The entangled legacies of empire
Martín Arboleda

: Is the city a mining product or a financial derivative?] . Revista de Geografía Norte Grande 67 : 183 – 210 . Rehner , J. and F. Vergara . 2014 . Efectos recientes de la actividad exportadora sobre la reestructuración económica

in Turning up the heat
Earl Gammon

exchanges for financial derivatives, he notes the lack of rational egoism as their impetus. As Leo Melamed, a pioneer of financial futures, explains to MacKenzie, ‘My father had instilled in me [the] idea that you gain immortality by tying yourself up with an idea, or a movement, or an institution that transcends mortality.’ For Melamed, that idea is one of possessive individualism: ‘Adam Smith taught me that you serve society best

in Clickbait capitalism
Emily Rosamond

LiPuma , The Social Life of Financial Derivatives: Markets, Risk, and Time ( Durham, NC : Duke University Press , 2017 ), 352 . 33 Randy Martin , Knowledge Ltd: Toward a Social Logic of the Derivative ( Philadelphia, PA : Temple University Press

in Clickbait capitalism