Praise for Dynamic Term Structure Modeling "This book offers the most comprehensive coverage of term-structure models I have seen so far, encompassing equilibrium and no-arbitrage models in a new framework, along with the major solution techniques using trees, PDE methods, Fourier methods, and approximations. It is an essential reference for academics and practitioners alike." --Sanjiv Ranjan Das Professor of Finance, Santa Clara University, California, coeditor, Journal of Derivatives "Bravo! This is an exhaustive analysis of the yield curve dynamics. It is clear, pedagogically impressive, well presented, and to the point." --Nassim Nicholas Taleb author, Dynamic Hedging and The Black Swan "Nawalkha, Beliaeva, and Soto have put together a comprehensive, up-to-date textbook on modern dynamic term structure modeling. It is both accessible and rigorous and should be of tremendous interest to anyone who wants to learn about state-of-the-art fixed income modeling. It provides many numerical examples that will be valuable to readers interested in the practical implementations of these models." --Pierre Collin-Dufresne Associate Professor of Finance, UC Berkeley "The book provides a comprehensive description of the continuous time interest rate models. It serves an important part of the trilogy, useful for financial engineers to grasp the theoretical underpinnings and the practical implementation." --Thomas S. Y. Ho, PHD President, Thomas Ho Company, Ltd, coauthor, The Oxford Guide to Financial Modeling
This four-volume set contains a large selection of Kondratiev's work in translation. Kondratiev produced works on aspects of long waves, questions of methodology, economic dynamics, economic policy, and both the history of economic thought and economic history.
Write short, but precisely. So I did. This book is full of rules, tips and theory of copywriting, which you can read in just 40 minutes. You can reread it later, and I am pretty sure you will keep discovering new things.What is neurocopywriting? How to write hypnotic advertising texts? What is the difference between benefits and advantages? What is benefits of benefits? And how to start writing without inspiration and ideas?So, let’s read and find out!
Carbon Capture and Storage (CCS) technology could provide a technological bridge for achieving near to midterm GHG emission reduction goals. Integrated CCS technology is still under development and has noteworthy challenges, which would be possible to overcome through the implementation of large-scale demonstration projects. In order to assist developing countries to better understand issues related to potential technology deployment, there is a need to start analyzing various numerous challenges facing CCS within the economic and legal context of developing countries and countries in transition. This report is the first effort of the World Bank Group to contribute to a deeper understanding of (a) the integration of power generation with CCS technologies, as well as their costs; (b) regulatory barriers to the deployment of CCS; and (c) global financing requirements for CCS and applicable project finance structures involving instruments of multilateral development institutions. This report does not provide prescriptive solutions to overcome these barriers, since action must be taken on a country-by-country basis, taking account of different circumstances and national policies. Individual governments should decide their priorities on climate change mitigation and adopt appropriate measures accordingly. The analyses presented in this report may take on added relevance, depending on the future direction of international climate negotiations and domestic legal and policy measures in both developed and developing countries, and how they serve to encourage carbon sequestration. We expect that this report will provide insights for policy makers, stakeholders, private financiers, and donors in meeting the challenges of the deployment of climate change mitigation technologies and CCS in particular.
This book presents a detailed consideration of the methodological principles and the main methodological techniques of statistical research. It covers the history of the conception of statistics, a statistical observation, tabulating and grouping, the analysis of distribution rows, the sampling method, the analysis of dynamic rows, the index method, and the statistical study of interconnections. As such, the book illustrates the conditions and peculiarities of the use of statistical methods, and will help the reader interpret the results of their studies properly. It will appeal to students of economics, postgraduate students, and young teachers of statistics.
This four-volume set contains a large selection of Kondratiev's work in translation. Kondratiev produced works on aspects of long waves, questions of methodology, economic dynamics, economic policy, and both the history of economic thought and economic history.
This four-volume set contains a large selection of Kondratiev's work in translation. Kondratiev produced works on aspects of long waves, questions of methodology, economic dynamics, economic policy, and both the history of economic thought and economic history.
Regional economics is a part of economics, which specifically discusses limitations of the economic area of a country by considering the conditions and natural resources and human resources available in each economic area. Regional economics does not discuss individual activities, but rather analyzes a region as a whole by considering the various potentials that can be developed to accelerate the economic growth of the region concerned. Due to the specialization possessed by the regional economy, this science has developed into a new specialization field that stands as well as other branches of economics such as econometrics, population economics, operational research, and others. As with other sciences, regional economics appears as a criticism and at the same time provides a new dimension to economic analysis in order to complement and develop traditional economic thinking so that it can solve socio-economic problems that always changes throughout the ages. This book is geared towards two groups of readers such as academics and practitioners. Each material is formulated using ordinary sentences in order to easily explain the contents and uses of science. Thus academics and practitioners are expected to be able to capture the meaning of Regional Economics presented in the book. This book can provide benefits to the public, especially related regional officials who are able to assist in carrying out more targeted tasks.
The definitive guide to fixed income valuation and risk analysis The Trilogy in Fixed Income Valuation and Risk Analysis comprehensively covers the most definitive work on interest rate risk, term structure analysis, and credit risk. The first book on interest rate risk modeling examines virtually every well-known IRR model used for pricing and risk analysis of various fixed income securities and their derivatives. The companion CD-ROM contain numerous formulas and programming tools that allow readers to better model risk and value fixed income securities. This comprehensive resource provides readers with the hands-on information and software needed to succeed in this financial arena.
Analysis of policies for managing public sector wage bills in the Middle East and Central Asia region. While some work has been done recently at the Fund on issues related to government employment and compensation, to our knowledge, this is the first study to systematically examine, with a focus on the Middle East and Central Asia region, the recent trends and drivers of public wage bills in the region and to identify key policy implications.
We examine the characteristics and comovement of cycles in house prices, credit, real activity and interest rates in advanced economies during the past 25 years, using a dynamic generalized factor model. House price cycles generally lead credit and business cycles over the long term, while in the short to medium term the relationship varies across countries. Interest rates tend to lag other cycles at all time horizons. While global factors are important, the U.S. business cycle, house price cycle and interest rate cycle generally lead the respective cycles in other countries over all time horizons, while the U.S. credit cycle leads mainly over the long term.
This four-volume set contains a large selection of Kondratiev's work in translation. Kondratiev produced works on aspects of long waves, questions of methodology, economic dynamics, economic policy, and both the history of economic thought and economic history.
This paper evaluates the strength of the balance sheet channel in the U.S. monetary policy transmission mechanism over the past three decades. Using a Factor-Augmented Vector Autoregression model on an expanded data set, including sectoral balance sheet variables, we show that the balance sheets of various economic agents act as important links in the monetary policy transmission mechanism. Balance sheets of financial intermediaries, such as commercial banks, asset-backed-security issuers and, to a lesser extent, security brokers and dealers, shrink in response to monetary tightening, while money market fund assets grow. The balance sheet effects are comparable in magnitude to the traditional interest rate channel. However, their economic significance in the run-up to the recent financial crisis was small. Large increases in interest rates would have been needed to avert a rapid rise of house prices and an unsustainable expansion of mortgage credit, suggesting an important role for macroprudential policies.
Although many scholars and practitioners recognize that development and conflict are intertwined, there is much less understanding of the mechanisms behind these linkages. This book takes a new approach by critically examining how various development strategies provoke or help prevent intrastate violence, based on cases from all developing regions.
Exploratory data analysis (EDA) is about detecting and describing patterns, trends, and relations in data, motivated by certain purposes of investigation. As something relevant is detected in data, new questions arise, causing specific parts to be viewed in more detail. So EDA has a significant appeal: it involves hypothesis generation rather than mere hypothesis testing. The authors describe in detail and systemize approaches, techniques, and methods for exploring spatial and temporal data in particular. They start by developing a general view of data structures and characteristics and then build on top of this a general task typology, distinguishing between elementary and synoptic tasks. This typology is then applied to the description of existing approaches and technologies, resulting not just in recommendations for choosing methods but in a set of generic procedures for data exploration. Professionals practicing analysis will profit from tested solutions – illustrated in many examples – for reuse in the catalogue of techniques presented. Students and researchers will appreciate the detailed description and classification of exploration techniques, which are not limited to spatial data only. In addition, the general principles and approaches described will be useful for designers of new methods for EDA.
Intellectual property rights are essential for a firm’s competitive edge and success and form the significant assets for many firms. The authors of this book argue that intellectual property is a complex phenomenon, which inevitably requires a combination of both economic and legal considerations, because the lack of understanding of the mechanisms for the protection and preservation of IP can serve to undermine any of the potential economic benefits. The book outlines the opportunities that can be derived from the use of IP in business and also identifies the rules necessary for their implementation. It offers a comprehensive, systemic research of intellectual property based on the most up-to-date legislation and cases of IP use in Russia. Such an approach will allow readers to fully understand the peculiarities of IP as a special phenomenon of the Russian market. There is a good balance between theoretical knowledge and practical implementation, and the plain language and unique approach to structuring information make the book accessible and easy to understand. It contains a special glossary of terms to facilitate the understanding of the material presented in the book. Although the book looks specifically at the Russian case, it will have international appeal, since intellectual property, by its very nature, has become a transnational phenomenon. Moreover, the international regulatory framework provides for the similarity of legal regulation of IP. The book will find an audience among researchers concerned with the economics and law of intellectual property, as well as, policymakers and practitioners involved in business IP.
This paper discusses how Malaysia can better protect itself from future shocks and avoid another crisis while it seeks to regain its position as one of the fastest growing economies in the world. To these ends, its strategy should include continued structural reforms to achieve healthy balance sheets of the banking and corporate sectors; further deregulation to promote competition and efficiency; and consistent macroeconomic policies to maintain financial stability and sustainable fiscal and external positions. Malaysia's economic structure and performance were relatively strong prior to the crisis. Malaysia’s initial low level of short-term external debt enabled it to maintain foreign reserves at a reasonably high level, and this contributed to relatively robust external and domestic confidence early on in the crisis. As a consequence of financial vigilance exercised through prudential regulation of capital movements, the exposure of the financial and corporate systems was contained. Stock market capitalization in Malaysia grew to an extremely high level prior to the crisis, reflecting both the fast expansion of the capital market and liberal capital account regime.
Seminar paper from the year 2014 in the subject Environmental Sciences, grade: 1,0 - 1,5 (hervorragend), University of Hagen, language: English, abstract: This paper includes analyses on the current status of public participation activities in the selected European countries. The analysis provides information about the existing legal requirements, actual activities and used forms of public involvement during the need determination phase of the high voltage power grid. The paper provides answers to the following questions: Is public participation in the need determination required by the national law of the respective countries? What forms of participation do actually take place in the different phases of the need determination? Which actors can get involved? Is there a transparent documentation of the received input and its reaction in the decisions? Need determination is the very first step of the grid extension and modification process, followed by the spatial planning and permitting. Need determination requires comprehensive analyses of the existing power grid data and possible future developments of all factors affecting the need for electricity transmission. Extensive grid and market simulations incorporating expected future developments have to be carried out in order to identify potential capacity problems and, finally identify possible transmission solutions. Since future long and medium term projections may significantly change, depending on the current developments, the assumptions and modelling has to be repeated at reasonable intervals. Need determination thus represents an iterative planning process. It is in the responsibility of Transmission System Operators and is often reviewed by National Regulators, who monitor the work of TSOs on an ongoing basis. This is due to the fact that TSOs usually represent natural monopolies and thus require controls to ensure cost efficiency and non-discriminant access to the network to all actors. The identified need for changes or extensions is usually summarized in official planning documents, which often have to be approved by the respective national authorities or governments.
This book is a continuation of our recently published book “Algebraic formalization of smart systems. Theory and practice.” It incorporates a new concept of quasi-fractal algebraic systems, based on A.I. Maltsev’s theory of algebraic systems and the theory of fractals developed by Benoit Mandelbrot, to investigate smart systems in more detail. The main tool used in the book, quasi-fractal algebraic systems, helps us to see smart systems in more detail by adding new factors, which e.g. make it possible to describe the previously indivisible elements of the initial model of factors. The techniques presented include fixed-point theorem, theorems of group theory, theory of Boolean algebras, and Erdös-Renyi algorithms. Given its focus, the book is intended for anyone interested in smart system theory.
Derived from Kluwer’s multi-volume Corporate Acquisitions and Mergers, the largest and most detailed database of M&A know-how available anywhere in the world, this work by a highly experienced team from the leading international law firm White & Case provides a concise, practical analysis of current law and practice relating to mergers and acquisitions of public and private companies in Russia. The book offers a clear explanation of each step in the acquisition process from the perspectives of both the purchaser and the seller. Key areas covered include: structuring the transaction; due diligence; contractual protection; consideration; and the impact of applicable company, competition, tax, intellectual property, environmental and data protection law on the acquisition process. Corporate Acquisitions and Mergers is an invaluable guide for both legal practitioners and business executives seeking a comprehensive yet practical analysis of mergers and acquisitions in Russia. Equivalent analyses of M&A law and practice in some 50 other jurisdictions, all contributed by leading law firms, are accessible on-line at www.kluwerlawonline.com under Corporate Acquisitions and Mergers.
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