Derivatives: The Wild Beast of Finance - Hardcover

Steinherr, Alfred; Folkerts-Landau, David

9780471965442: Derivatives: The Wild Beast of Finance

Hardcover

ISBN 10: 0471965448 ISBN 13: 9780471965442

Publisher: John Wiley & Sons Inc, 1998

Advance praise for Derivatives: The Wild Beast of Finance "Dr Steinherr has written a most valuable and badly-needed book on an important subject. . this book is to date the most complete, comprehensive and searching description and analysis of derivatives and their markets. Indeed, I can think of no better manual as well as continuous reference work for anyone interested in the subject than this present work." Lord Roll of Ipsden, Senior Adviser SBC Warburg, former Chairman of S. G. Warburg and Co. Ltd "A lot of nonsense has been said about derivatives, none of which has found its way into Steinherr's careful, but lively and very readable analysis." Alexandre Lamfalussy, former President of the European Monetary Institute "With deep understanding of the historical, social and technical forces involved, Alfred Steinherr pertinently extracts for the professional and lay reader the crucial elements of the financial revolution . and alerts them to the further dramatic implications . as the activity moves into the cyberspace world of the next millennium." Jack Wigglesworth, Chairman of LIFFE "A book full of ideas and written in a style that is both serious and entertaining." Karl Otto P�hl, Sal. Oppenheim Jr. & Cie, former President of Deutsche Bundesbank "Alfred Steinherr provides a lively and informative canter through the world of derivatives, including their history, implications - not least for regulators - and their future developments. This is a most valuable book for practitioners, officials and students alike." Professor Charles A. E. Goodhart, Financial Markets Group, London School of Economics "Alfred Steinherr's book is a readable and entertaining introduction to the subject with much food for thought for the layman and insider alike." Andrew D. Crockett, General Manager, Bank of International Settlements "Alfred Steinherr has produced a lucid, authoritative tour through an arcane corner of modern finance that has emerged as a pillar of global capital markets. Senior executives in particular would be well advised to read this book if they want to know what their financial specialists are really up to." Professor Ingo Walter, Director of Salomon Center, New York University

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From the Publisher:

In their award-winning essay The Wild Beast of Derivatives, the authors made an important contribution to the debate on the regulatory implications of derivatives. In this groundbreaking work they expand on their original ideas, placing derivatives in a wider historical and economic context and reflect on the dramatic implications these powerful instruments may have for the conduct of monetary policy and the future of world banking.

From the Inside Flap:

"One does not have to agree with all the views or proposals in this book . to enjoy the rigour and clear treatment of a subject, which is of major importance from both a market and a regulatory perspective. Both practitioners and laymen will surely learn from this book and get a solid understanding of the subject." From the Foreword by Tommaso Padoa-Schioppa, President, Consob, and former Chairman of the Basle Committee on Banking Supervision Derived from the award-winning essay The Wild Beast of Derivatives (Gold Medal at the Amex Bank Review Awards 1994), Derivatives: The Wild Beast of Finance is a fascinating examination of the role derivatives have played in developing the world economy today and the part they will play in shaping the financial markets of tomorrow. Derivatives trading has exploded over the past 20 years as a method of effective risk-management tactics and in no area more than in the increasingly sophisticated custom made over-the-counter products. In tandem with this explosion have been the increasingly loud concerns raised over the potential dangers of derivatives - a financial crash in one market could have a catastrophic domino effect across the globe. In addressing these concerns, the author has focused on a number of fundamental questions:
* From where do derivatives originate?
* What are the advantages of the US financial system that have made it the model for the rest of the world?
* What degree of responsibility for recent financial crises must be placed at the door of derivatives?
* What social and economic benefits do derivatives deliver? Does effective risk management allow increased entrepreneurial skills and investment?
* Do the financial markets require regulation? If so, from where should the regulation be derived and how should it be managed?
* What role will derivatives play in the future of world banking and the world's economies?
Throughout the book the author combines technical illustrations with an accessible narrative incorporating many case studies and fictional "stories", transforming Derivatives: The Wild Beast of Finance into an insightful, forthright and entertaining explanation of derivatives.

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