Financial Innovations and the Welfare of Nations

by Jacque, Laurent L.; Vaaler, Paul M.

• ISBN13: 9780792373285
• ISBN10: 0792373286
• Format: Hardcover
• Copyright: 2001-04-01
• Publisher: Kluwer Academic Pub

Summary

This edited conference volume provides a rich survey of current scholarly and professional thinking about the state of financial innovations and innovators and their diffusion across national boundaries, as well as the welfare-enhancing implications for firms and nation-states. Like the engineering and practice of financial innovation itself, Financial Innovation and the Welfare of Nations is interdisciplinary and international in scope. Leading academics and professionals in economics, finance, strategic management, and law offer their latest thinking on: Financial innovations and the dynamics of emerging capital markets; First-mover advantages and disadvantages with financial innovations; Modeling banking deregulation and systemic risk; Identifying 'blue-chip' investments in 'frontier' equity markets; Piercing the 'sovereign ceiling' with cross-border securitization; Credit derivatives and economic restructuring; and Insurance derivatives and the convergence of the banking and insurance industry.

Author Biography

Laurent L. Jacque is a Professor of International Finance and Banking and Director of the Program of International Business Relations at the Fletcher School (Tufts University). He is also Professor of Finance and International Business at the HEC School of Management (France).Paul M. Vaaler is Assistant Professor of International Business, and Director of the Hitachi Center for Technology and International Affairs at the Fletcher School (Tufts University).

Table of Contents

Contents	v
Acknowledgements	vii
Preface	ix
Financial Innovations and the Dynamics of Emerging Capital Markets	1	(24)
Laurent L. Jacque
Part I: Financial Innovations and Systemic Risk
Fads and Fashions in the Policy Response to Financial Market Crises	25	(16)
Avinash Persaud
Towards a Global Financial Architecture	41	(20)
Peter Christoffersen
Vihang Errunza
The New Capital Adequacy Framework and the Need for Consistent Risk Measures for Financial Institutions	61	(26)
Michel Crouhy
Dan Galai
Robert Mark
Systemic Risk	87	(22)
Scot A.C. Gould
Stephen A. Naftilan
Sarkis J. Khoury
Danae J. Wright
Part II: Financial Innovations and Capital Market Integration
The Secondary Market for Latin American Debt	109	(18)
Robert Grosse
The Role of American Depositary Receipts in the Development of Emerging Markets	127	(28)
Alberto Moel
Screening for Blue-Chip Potential During the 'Genesis' of Equity Markets	155	(20)
Oliver S. Kratz
Privatization and Business Valuation in Transition Economies	175	(24)
Raj Aggarwal
Joel T. Harper
Part III: International Securitization Innovations
Cross-Border Securitization	199	(24)
Tamar Frankel
A Tale of Two Citis	223	(24)
Paul M. Vaaler
The Promise and Limits of Financial Engineering in Emerging Markets	247	(20)
Claire A. Hill
Engineering a Way Around the Sovereign Ceiling	267	(16)
Anne Zissu
Charles Stone
Chargeurs Wool: A Case Study in Securitization	283	(18)
Antoine Hyafil
Part IV: Financial Derivatives Innovation
Insurance: From Underwriting to Derivatives	301	(14)
Eric Briys
Francois De Varenne
Insurance Derivatives	315	(24)
Michael S. Canter
Joseph B. Cole
Richard L. Sandor
Credit Derivatives and Emerging Markets	339	(18)
Robert Neal
Contributors	357	(8)
Index	365