Financial Innovation: Theories, Models and Regulation

G. V. Satya Sekhar, Gitam University, India

November 2017 / ISBN: 978-1-62273-317-0
Availability: In stock
154pp. ¦ $55 £42 €47

Financial innovation is a regular feature of the global financial system. Financial innovation results in greater economic efficiency over time. In the process of creating a new financial product, besides basic theory of financial management, a financial engineer needs to acquire knowledge of optimization and financial modeling techniques. Modern financial innovation is underpinned by a rich literature including the seminal studies by Levich (1985), Smith, Smithson, and Wilford (1990), Verghese (1990), Merton (1992), Levine (1997), John D Finnerty (2002), Tufano (2003) and Draghi (2008), among many others. This book corresponds to the need to provide an integrated study on financial innovation and the economic regulatory mechanism. A key part of financial innovation covered in the book is the process of creating innovative financial securities and derivative pricing that offers new pay-offs to investors. The book also covers a selection of empirical studies corroborating financial innovation theories. It also exposes myths surrounding performance evaluation models. This book is presented in six chapters. The first chapter outlines important considerations on the application of financial innovation theories. The second chapter presents the theories that underpin financial innovation practice. The third chapter focuses on use of technology for financial modeling. The fourth chapter identifies the relationship between financial innovation and the wider economic system. The fifth chapter discusses the place of financial innovation in the global financial system. The sixth and final chapter presents a comparative analysis of India and the United States.

Imperative of Economic Growth in the Eurozone: Competitiveness, Capital Flows and Structural Reforms

Edited by Antonin Rusek, Susquehanna University and Lubor Lacina, Mendel University, Czech Republic

August 2017 / ISBN: 978-1-62273-263-0
Availability: In stock
268pp. ¦ $62 £51 €58

European economic recovery appears to be taking hold. So is the European crisis over?  The acute phase of the crisis passed, however a number of medium and long term issues remain. The policies of “internal devaluations” are working, albeit slowly, to restore competitiveness in the countries most affected by the crisis. However, growth remains at best sluggish. The medium and long term outlook remains highly uncertain, fomenting social tensions and endangering political stability.   The restoration of economic dynamism is increasingly perceived as the answer to the question of the “European” future – economically, politically and socially. There is a broad consensus that dynamic structural reforms and the restoration of competitiveness at the level of the global economy are key answers to current European challenges. However, whatever the form these may take, the transfer of resources is implicit (and seemingly necessary), to underpin the current structure of eurozone. This indeed raises the question of governance – both fiscal and monetary. After all, the provision of resources implies an allocation – and it is hard to imagine that resources will be provided to the common pool unless the providers have some say with respect to allocation. And that requires some form of common (i.e. centralized) decision-making procedures, in all likelihood exceeding the common understanding of the acquis communautaire as it exists today – i.e. some form of the effective political arrangement. In this context, the basic idea which connects all contributions in this volume is the analysis of the problems which affected the Eurozone in the past decade and the challenges and dilemmas the Eurozone will face in the coming years.

Better to Reign in Hell, Than Serve In Heaven

Satan's Metamorphosis From a Heavenly Council Member to the Ruler of Pandaemonium

Allan Wright, University of Alberta

July 2017 / ISBN: 978-1-62273-287-6
Availability: In stock
169pp. ¦ $57 £47 €54

In this monograph, I argue that Satan was not perceived as a universal malevolent deity, the embodiment of evil, or the “ruler of Pandemonium” within first century Christian literature or even within second and third century Christian discourses as some scholars have insisted. Instead, for early “Christian” authors, Satan represented a pejorative term used to describe terrestrial, tangible, and concrete social realities, perceived of as adversaries. To reach this conclusion, I explore the narrative character of Satan selectively within the Hebrew Bible, intertestamental literature, Mark, Matthew, Luke, Q, the Book of Revelation, the Nag Hammadi texts, and the Ante-Nicene fathers. I argue that certain scholars’ such as Jeffrey Burton Russell, Miguel A. De La Torre, Albert Hernandez, Peter Stanford, Paul Carus, and Gerd Theissen, homogenized reconstructions of the “New Testament Satan” as the universalized incarnation of evil and that God’s absolute cosmic enemy is absent from early Christian orthodox literature, such as Mark, Matthew, Luke, Q, the Book of Revelation, and certain writings from the Ante-Nicene Fathers. Using Jonathan Z. Smith’s essay Here, There, and Anywhere, I suggest that the cosmic dualist approach to Satan as God’s absolute cosmic enemy resulted from the changing social topography of the early fourth century where Christian “insider” and “outsider” adversaries were diminishing. With these threats fading, early Christians universalized a perceived chaotic cosmic enemy, namely Satan, being influenced by the Gnostic demiurge, who disrupts God’s terrestrial and cosmic order. Therefore, Satan transitioned from a “here,” “insider,” and “there,” “outsider,” threat to a universal “anywhere” threat. This study could be employed as a characterization study, New Testament theory and application for classroom references or research purposes.

Cultural Landscape Transaction and Values of Nupe Community in Central Nigeria

Isa Bala Muhammad, Federal University of Technology Minna, Nigeria

August 2017 / ISBN: 978-1-62273-230-2
Availability: In stock
122pp. ¦ $53 £43 €50

The book provides readers with insights on how cultural landscapes are conceptualised under two major realms of tangible and intangible values as exemplified in this study of a rural Nupe community in central Nigeria. Equally important are the people-space and place relationship which results in a sense of place. The cultural values of communities are a product of both natural as well as the social setting which begins with the family. Accordingly, this book showcases how the concept of family structure shapes the architecture of the domestic space. Similarly, it also exemplifies how tangible and intangible cultural values are constituted within the domestic space as well as the entire cultural landscape. The uniqueness of this book is on the empirical evidence which is based on the documentation of an eight-month ethnographic study which brought about the native’s resident perception of their cultural landscape. This aligns with the global call in which UNESCO is at the forefront advocating the need for the preservation of values and identities of cultural landscapes. More also is that scholars in Human geography, Anthropology, Ethnography, Architecture and Cultural landscape studies can relate to the cultural transactions discussed in different chapters this book. The concluding chapter of this book gives the deductions drawn from the cultural landscape values of Nupe community which resulted in the formulation of Grounded Theory with spatial implications.

Mersey Built: The Role of Merseyside in the American Civil War

Robert Thorp

June 2017 / ISBN: 978-1-62273-281-4
Availability: In stock
448pp. ¦ $70 £57 €66

‘Mersey Built’ chronicles the little-known commercial battle that raged between North and South during the American Civil War. The South relied on Europe for its military supplies, which the North tried to stop with a naval blockade of all Southern ports. The South retaliated by destroying Northern merchant ships on the high seas, using war ships, secretly procured from British shipyards and smuggled out of Britain by sympathetic British captains using British crews. The Charleston-based business empire headed by George Trenholm provided a conduit for Confederate finance with its Liverpool branch acting as bankers for the Confederacy’s procurement agents. Merseyside, with its extensive docks and numerous shipyards quickly became the epicenter of Confederate operations in Europe. Several British businessmen bought ships specifically to run supplies through the Union blockade, leaving relationships between the United States and Britain strained, close to breaking point. The book relates the history of Trenholm’s commercial empire, its pre-war expansion into Liverpool and the pivotal role it played in supporting the Confederate war effort. The involvement of other Liverpool-based entrepreneurs and their successes and failures in blockade-running is described. Background histories of the Merseyside ship builders who constructed warships and blockade runners for the Confederacy are included as well as several mini-biographies of the Liverpool-based captains who smuggled out warships and braved the Union blockade. Details of each ship built on Merseyside for involvement in the Civil War are listed. The role of the United States consular service and its extensive, Liverpool-based, spy ring is described, as are the efforts of the United States ambassador in London to influence British government policy on neutrality. The author, a direct descendant of a Liverpool ship builder, and a blockade-running captain, brings new insights and previously unpublished facts to light in this fascinating chapter of history.