exchange rate volatility and exports nexus for pakistan



Eden Tate Shipanga The Effects of Exchange Rate Volatility on Exports in Namibia Eden Tate Shipanga The Effects of Exchange Rate Volatility on Exports in Namibia Новинка

Eden Tate Shipanga The Effects of Exchange Rate Volatility on Exports in Namibia

This piece of work try address the volatility impacts on export through an extenvsive analysis. The econometric analysis was employed to exploit the theory of cointegration, given the obvious non- stationarity of the time series. The study used Engle-Granger two step procedures. Three measures of exchange rate volatilities were used and produced mixed results. The mean adjusted relative change (V) as a measure of exchange rate volatility indicated positive and insignificant impact on real exports of Namibia. The moving average standard deviation (MASD) as a measure of exchange rate volatility produced a negative insignificant impact of exchange rate volatility on real exports of Namibia. The last measure of exchange rate volatility was the general autoregressive conditional heteroscedasticity (GARCH), which indicated a positive and significant impact of exchange rate volatility on Namibia's real exports. These results suggest that Namibia should start exploring possibility of macro-economic policy independence and be involved in the determination of exchange rate within the CMA framework.
Marvin Arras Intervention and Foreign Exchange Volatility. New evidence from Developed and Emerging Countries Marvin Arras Intervention and Foreign Exchange Volatility. New evidence from Developed and Emerging Countries Новинка

Marvin Arras Intervention and Foreign Exchange Volatility. New evidence from Developed and Emerging Countries

Master's Thesis from the year 2017 in the subject Economics - Finance, grade: 2:1, Queen Mary University of London, language: English, abstract: This research explores the impact of foreign exchange rate interventions on the behaviour of exchange rate returns and their volatility. In 2017, monetary interventions are actual as they have never been before. However, they have been criticised for not being effective and existing empirical evidence is mixed. The present research applies models from the Garch framework, while using monthly data from 2001 to 2017 on the Usdeur, Gbpreur, Jpyeur and Inreur rate.The results indicate that monetary interventions have a higher impact on developed country currencies than on emerging markets currencies. In addition, evidence is found that the volatility increased after the financial crisis.
David Reuben, Nnamani Chibuike Ngene Modelling Exchange Rate Volatility David Reuben, Nnamani Chibuike Ngene Modelling Exchange Rate Volatility Новинка

David Reuben, Nnamani Chibuike Ngene Modelling Exchange Rate Volatility

Exchange rates and other kinds of traded financial functions such as interest rates, stock prices are prone to constant variability. This variability influences the flow of goods, services, and capital in a country, and exerts strong pressure on the balance of payments, inflation and other macroeconomic variables. Particularly, the exchange rate of Naira in relation to many other currencies of the world fluctuate such that their returns over different periods of time are significantly volatile and difficult to forecast. This problem of exchange rate variability have become too disturbing, thus the need to model this fluctuation. The empirical evidence provided in this study uses ARCH and GARCH models for modelling this variability in rate as they are found to capture the "stylised facts" of financial returns such as: leptokurtosis, volatility clustering, intermittency, fat tails, leverage effect etc. As such, this book comes handy as it could be employed in assessing the condition of the financial markets for making decisions by investors, speculators, investment managers and financial regulators, both in a developed and a developing economy.
Ghassem Homaifar A. Managing Global Financial and Foreign Exchange Rate Risk Ghassem Homaifar A. Managing Global Financial and Foreign Exchange Rate Risk Новинка

Ghassem Homaifar A. Managing Global Financial and Foreign Exchange Rate Risk

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A comprehensive guide to managing global financial risk From the balance of payment exposure to foreign exchange and interest rate risk, to credit derivatives and other exotic options, futures, and swaps for mitigating and transferring risk, this book provides a simple yet comprehensive analysis of complex derivatives pricing and their application in risk management. The risk posed by foreign exchange transactions stems from the volatility of the exchange rate, the volatility of the interest rates, and factors unique to individual companies which are interrelated. To protect and hedge against adverse currency and interest rate changes, multinational corporations need to take concrete steps for mitigating these risks. Managing Global Financial and Foreign Exchange Rate Risk offers a thorough treatment of price, foreign currency, and interest rate risk management practices of multinational corporations in a dynamic global economy. It lays out the pros and cons of various hedging instruments, as well as the economic cost benefit analysis of alternative hedging vehicles. Written in a detailed yet user–friendly manner, this resource provides treasurers and other financial managers with the tools they need to manage their various exposures to credit, price, and foreign exchange risk. Managing Global Financial and Foreign Exchange Rate Risk covers various swaps in this geometrically growing field with notional principal in excess of $120 trillion. From caplet and corridors to call and put swaptions this book covers the micro structure of the swaps, options, futures, and foreign exchange markets. From credit default swap and transfer and convertibility options to asset swap switch and weather derivatives this book illustrates their simple pricing and application. To show real-world examples, each chapter includes a case study highlighting a specific problem, as well as a set of steps to solve it. Numerous charts accompanied with actual Wall Street figures provide the reader with the opportunity to comprehend and appreciate the role and function of derivatives, which are often misunderstood in the financial market. This detailed resource will guide the individual, government and multinational corporations safely through the maze of various exposures. A must-read for treasures, controllers, money mangers, portfolio managers, security analyst and academics, Managing Global Financial and Foreign Exchange Rate Risk represents an important collection of up-to-date risk management solutions. Ghassem A. Homaifar is a professor of financial economics at Middle Tennessee State University. He has Master of Science in Industrial Management from State University of New York at Stony Brook and PhD in Finance from University of Alabama in 1982. He is the author of numerous articles that have appeared in the Journal of Risk and Insurance, Journal of Business Finance and Accounting, Weltwirtschsftliches Archiv Review of World Economics, Advances in Futures and Options Research,Applied Financial Economics, Applied Economics, International Economics, and Global Finance Journal.
Iain Clark J. Foreign Exchange Option Pricing. A Practitioner's Guide Iain Clark J. Foreign Exchange Option Pricing. A Practitioner's Guide Новинка

Iain Clark J. Foreign Exchange Option Pricing. A Practitioner's Guide

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This book covers foreign exchange options from the point of view of the finance practitioner. It contains everything a quant or trader working in a bank or hedge fund would need to know about the mathematics of foreign exchange—not just the theoretical mathematics covered in other books but also comprehensive coverage of implementation, pricing and calibration. With content developed with input from traders and with examples using real-world data, this book introduces many of the more commonly requested products from FX options trading desks, together with the models that capture the risk characteristics necessary to price these products accurately. Crucially, this book describes the numerical methods required for calibration of these models – an area often neglected in the literature, which is nevertheless of paramount importance in practice. Thorough treatment is given in one unified text to the following features: Correct market conventions for FX volatility surface construction Adjustment for settlement and delayed delivery of options Pricing of vanillas and barrier options under the volatility smile Barrier bending for limiting barrier discontinuity risk near expiry Industry strength partial differential equations in one and several spatial variables using finite differences on nonuniform grids Fourier transform methods for pricing European options using characteristic functions Stochastic and local volatility models, and a mixed stochastic/local volatility model Three-factor long-dated FX model Numerical calibration techniques for all the models in this work The augmented state variable approach for pricing strongly path-dependent options using either partial differential equations or Monte Carlo simulation Connecting mathematically rigorous theory with practice, this is the essential guide to foreign exchange options in the context of the real financial marketplace.
Luc Bauwens Handbook of Volatility Models and Their Applications Luc Bauwens Handbook of Volatility Models and Their Applications Новинка

Luc Bauwens Handbook of Volatility Models and Their Applications

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A complete guide to the theory and practice of volatility models in financial engineering Volatility has become a hot topic in this era of instant communications, spawning a great deal of research in empirical finance and time series econometrics. Providing an overview of the most recent advances, Handbook of Volatility Models and Their Applications explores key concepts and topics essential for modeling the volatility of financial time series, both univariate and multivariate, parametric and non-parametric, high-frequency and low-frequency. Featuring contributions from international experts in the field, the book features numerous examples and applications from real-world projects and cutting-edge research, showing step by step how to use various methods accurately and efficiently when assessing volatility rates. Following a comprehensive introduction to the topic, readers are provided with three distinct sections that unify the statistical and practical aspects of volatility: Autoregressive Conditional Heteroskedasticity and Stochastic Volatility presents ARCH and stochastic volatility models, with a focus on recent research topics including mean, volatility, and skewness spillovers in equity markets Other Models and Methods presents alternative approaches, such as multiplicative error models, nonparametric and semi-parametric models, and copula-based models of (co)volatilities Realized Volatility explores issues of the measurement of volatility by realized variances and covariances, guiding readers on how to successfully model and forecast these measures Handbook of Volatility Models and Their Applications is an essential reference for academics and practitioners in finance, business, and econometrics who work with volatility models in their everyday work. The book also serves as a supplement for courses on risk management and volatility at the upper-undergraduate and graduate levels.
Dr. Simon Jean-Paul Yomba Micro Economics to Macro Economics. The Concept of Market Exchange Rate Dr. Simon Jean-Paul Yomba Micro Economics to Macro Economics. The Concept of Market Exchange Rate Новинка

Dr. Simon Jean-Paul Yomba Micro Economics to Macro Economics. The Concept of Market Exchange Rate

For the very first time, Dr. Yomba is making available the results of his many years of study and research into the inner workings of world economy and the monetary exchange rate. Dr. Yomba brings to life what he terms the "autoregressive structure and predictability in high frequency foreign exchange rates" currently experienced within our electronic trading system as it is today. For the first time ever, Dr. Yomba attempts to help the reader discover a way to rationalize the large body of transactions data inherent within the exchange rate and our monetary exchange with existing data results generated on a daily basis. This book represents a significant and first ever attempt to analyze economic therory in the confines of the market and its continually changing exchange rate. Dr. Yomba provides a unique intellectual and coherent transition between two modeling approaches in his analysis and discovers there is no single statistical model that can be used for all purposes in determining the degree of predictability.
A Currency Options Primer A Currency Options Primer Новинка

A Currency Options Primer

Book DescriptionA quick and concise guide to currency options An understanding of currency options is essential for those working in investment and foreign exchange. A Currency Options Primer sets out to give readers a clear guide to how the currency option market functions, offering practical advice on mastering the necessary components and concepts for fully understanding the workings of this market.Download Description"In recent years, currencies of major industrial nations have fluctuated widely in response to trade imbalances, interest rates, commodity prices, and political uncertainty. The pressure to maintain currency parity has led to the breakdown of many exchange rate mechanisms, and has forced the need for active foreign exchangehedging decisions to prevent the erosion of profit margins. To counteract this worldwide market volatility, currency options were developed as an alternative risk management tool to the spot and forward foreign exchange market, and owe their existence to the demands of foreign exchange users for alternative hedging and exposure management techniques. This essentially practical book gives a thorough and comprehensive guide to currency options, with clear explanations of the technicalities. It should become recommended reading for many business courses, and will be of interest to new recruits and junior members in investment and merchant banks; to Forex specialist firms; to Treasury institutions; and to investors who require a quick guide wit...
Atif Ikram Performance of Banking Sector Nexus to Economic Growth of a Counrty Atif Ikram Performance of Banking Sector Nexus to Economic Growth of a Counrty Новинка

Atif Ikram Performance of Banking Sector Nexus to Economic Growth of a Counrty

Banking industry is one of the world's largest industries and plays a vital role in economic prosperity of a country. This book is a combination of a descriptive and an analytical research in order to examine the economic growth of Pakistan as result of performance of banking sector in Pakistan. It examines how performance of banking sector is important to the economic growth of the country especially developing country like Pakistan.
Russell Rhoads Trading VIX Derivatives. Trading and Hedging Strategies Using VIX Futures, Options, and Exchange Traded Notes Russell Rhoads Trading VIX Derivatives. Trading and Hedging Strategies Using VIX Futures, Options, and Exchange Traded Notes Новинка

Russell Rhoads Trading VIX Derivatives. Trading and Hedging Strategies Using VIX Futures, Options, and Exchange Traded Notes

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A guide to using the VIX to forecast and trade markets Known as the fear index, the VIX provides a snapshot of expectations about future stock market volatility and generally moves inversely to the overall stock market. Trading VIX Derivatives will show you how to use the Chicago Board Options Exchange's S&P 500 volatility index to gauge fear and greed in the market, use market volatility to your advantage, and hedge stock portfolios. Engaging and informative, this book skillfully explains the mechanics and strategies associated with trading VIX options, futures, exchange traded notes, and options on exchange traded notes. Many market participants look at the VIX to help understand market sentiment and predict turning points. With a slew of VIX index trading products now available, traders can use a variety of strategies to speculate outright on the direction of market volatility, but they can also utilize these products in conjunction with other instruments to create spread trades or hedge their overall risk. Reviews how to use the VIX to forecast market turning points, as well as reveals what it takes to implement trading strategies using VIX options, futures, and ETNs Accessible to active individual traders, but sufficiently sophisticated for professional traders Offers insights on how volatility-based strategies can be used to provide diversification and enhance returns Written by Russell Rhoads, a top instructor at the CBOE's Options Institute, this book reflects on the wide range of uses associated with the VIX and will interest anyone looking for profitable new forecasting and trading techniques.
Peter Carr Advanced Equity Derivatives. Volatility and Correlation Peter Carr Advanced Equity Derivatives. Volatility and Correlation Новинка

Peter Carr Advanced Equity Derivatives. Volatility and Correlation

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In Advanced Equity Derivatives: Volatility and Correlation, Sébastien Bossu reviews and explains the advanced concepts used for pricing and hedging equity exotic derivatives. Designed for financial modelers, option traders and sophisticated investors, the content covers the most important theoretical and practical extensions of the Black-Scholes model. Each chapter includes numerous illustrations and a short selection of problems, covering key topics such as implied volatility surface models, pricing with implied distributions, local volatility models, volatility derivatives, correlation measures, correlation trading, local correlation models and stochastic correlation. The author has a dual professional and academic background, making Advanced Equity Derivatives: Volatility and Correlation the perfect reference for quantitative researchers and mathematically savvy finance professionals looking to acquire an in-depth understanding of equity exotic derivatives pricing and hedging.
Falkmar Butgereit Exchange Rate Determination Puzzle. Long Run Behavior and Short Run Dynamics Falkmar Butgereit Exchange Rate Determination Puzzle. Long Run Behavior and Short Run Dynamics Новинка

Falkmar Butgereit Exchange Rate Determination Puzzle. Long Run Behavior and Short Run Dynamics

Still after more than thirty years of free floating exchange rates, large parts of exchange rate dynamics remain a puzzle. As this book shows, much progress has been made in explaining exchange rate movements over longer horizons. It also shows, however, that short-run movements are far more challenging to explain. The book is based upon a variety of papers, many of them released recently. A key aspiration of the literature has always been not only to explain past exchange rate behavior but also to forecast out of sample and to compare it to the simple random walk outcome. Here some development has been made after Meese and Rogoff's (1983) truculent verdict of the performance of common exchange rate models. By means of empirical analysis and descriptive statistics this book further supports the established long-run relationships between exchange rates and fundamentals such as expected productivity growth, real GDP growth, domestic investment, interest rates, inflation, government spending, and current account balances. It finds that these fundamentals affect the exchange rate to varying degrees over time. Turning to short-term exchange rate dynamics, it turns out that a different set of forces is at play. The key to explaining short-run movements is to be found in an extensive micro-foundation that factors in a pronounced heterogeneity among market participants and information asymmetries, as well as the possibility of sudden shifts in sentiment, beliefs, and the degree o...
Ali Issa Estimating the demand for money in Libya: An application of the Lagrange multiplier structural break unit root test and the ARDL cointegration approach Ali Issa Estimating the demand for money in Libya: An application of the Lagrange multiplier structural break unit root test and the ARDL cointegration approach Новинка

Ali Issa Estimating the demand for money in Libya: An application of the Lagrange multiplier structural break unit root test and the ARDL cointegration approach

This paper examines the demand for money in Libya using annual data for the period 1970—2010 by applying the Autoregressive Distributed Lag (ARDL) cointegration approach and allowing for endogenous structural breaks in cointegration equation. The results based on the bounds testing procedure confirm that a stable, long-run relationship exists between demand for money and its fundamental determinants; namely, real income, inflation rate and nominal exchange rate. The empirical results indicate that there is a unique cointegrated and stable long-run relationship among real money demand (M1), real income, inflation rate, and nominal exchange rate. The real income elasticity coefficient was found positive while the inflation rate elasticity and nominal exchange rate were negative. This shows that depreciation of domestic currency decreases the demand for money. The results also reveal that after incorporating the CUSUM and CUSUMSQ tests, M1 money demand function is stable between 1982 and 2010.
Andreas Grün, Thomas Lange Theoretical and Empirical Analysis of Exchange Rate Communication Andreas Grün, Thomas Lange Theoretical and Empirical Analysis of Exchange Rate Communication Новинка

Andreas Grün, Thomas Lange Theoretical and Empirical Analysis of Exchange Rate Communication

Seminar paper from the year 2007 in the subject Economics - Finance, grade: 1,0, Otto Beisheim School of Management Vallendar, course: Seminar in International Finance, language: English, abstract: The overall aim of this paper is first to review existing papers and based on this to conduct own research in the field of the effect of macroeconomic news in general and, more specific, ECB communication on exchange rates. Exchange rate communication is a special form of macroeconomic news that is issued by central banks. Existing research on the effect of this communication has lead to often diverging result that illustrate the high intensity and dynamics of the current academic debate with regard to this matter. On one hand evidence of a relatively high impact on the mean and volatility of currency markets is found (e.g. by Fratzscher (2004)) whereas others (e.g. Jansen, de Haan (2005)) do not chronicle statistically significant and persistent results. The difficulty of understanding the response of currency markets becomes even harder when the significance of the respective context of news e.g. day of the week effect is considered or asymmetric responses are taken into account. Among the group of central banks especially the European Central Bank has attracted high attention in academic research. Preceding studies generally create dummy variables to measure ECB communication. These variables are then by different methods regressed against the exchange rate or other financial as...
Euan Sinclair Volatility Trading Euan Sinclair Volatility Trading Новинка

Euan Sinclair Volatility Trading

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Popular guide to options pricing and position sizing for quant traders In this second edition of this bestselling book, Sinclair offers a quantitative model for measuring volatility in order to gain an edge in everyday option trading endeavors. With an accessible, straightforward approach, he guides traders through the basics of option pricing, volatility measurement, hedging, money management, and trade evaluation. This new edition includes new chapters on the dynamics of realized and implied volatilities, trading the variance premium and using options to trade special situations in equity markets. Filled with volatility models including brand new option trades for quant traders Options trader Euan Sinclair specializes in the design and implementation of quantitative trading strategies Volatility Trading, Second Edition + Website outlines strategies for defining a true edge in the market using options to trade volatility profitably.
Samir Huseynov An Estimated DSGE Model For Turkey With A Monetary Regime Change Samir Huseynov An Estimated DSGE Model For Turkey With A Monetary Regime Change Новинка

Samir Huseynov An Estimated DSGE Model For Turkey With A Monetary Regime Change

Thesis (M.A.) from the year 2010 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: A-, Central European University Budapest, language: English, abstract: Using of developments of the last decade in Bayesian estimation, I estimate a small open economy Dynamic Stochastic General Equ ilibr ium (DSGE) model fo r Turkey. The thesis explicitly accounts for a monetar y regime change fro m an exchange rate targeting to an exp licit inflation targeting with a flexible exchange rate. In both regimes, I investigate the behavior of the monetary authority and the main driving forces of business cycles of key macro economy variables of the Turkish economy. My results can be summarized as follows. Monetary policy focused on the stabilizing of the nominal exchange rate in the exchange rate targeting regime. But, it is mainly concerned with the price stability in the inflation targeting reg ime. Monetary policy shocks were the main sources of the fluctuations under both regimes. However, the foreign output shock in the first regime and the real exchange rate shock in the second regime appeared as the additional sources of the fluctuations in the business cycles. The Central Bank of Tur key managed to neutralize inflatio nary sho cks and achieved stability in output and consumption after the regime change.Keywords: Turkey, Bayesian estimation, DSGE models, regime change
Good Journal Travel Journal Pakistan Good Journal Travel Journal Pakistan Новинка

Good Journal Travel Journal Pakistan

This journal is the perfect traveling companion for anyone visiting Pakistan. Plan and record all details of your trip, includes lined and blank pages for writing your daily diary and holiday planning, with handy information tailored for travelers. Lists to help you pack, plan and set budgets are included in this journal. The perfect gift for anyone visiting Pakistan.
Raza Amer Pak-India Relations through cinematic lense(2001-2010) Raza Amer Pak-India Relations through cinematic lense(2001-2010) Новинка

Raza Amer Pak-India Relations through cinematic lense(2001-2010)

Cinema of Pakistan and India portrays partition, wars, conflicts and disputes. Movies of both countries reflect political ideologies and foreign policies. Indian cinema presents Pakistan as a fundamentalist, trouble making, promoter of cross border terrorism, irresponsible and a rouge state. Lollywood(Pakistan Cinema) portrays India as aggressor, occupier of Kashmir and sponsor of terrorism in Pakistan. The book examines how does cinema in both countries set agenda for the audience when it comes to bilateral relations.Cinema in Pakistan and Indian can be used to bridge the gap between the two countries.
William D. Gerdes The Basics of Foreign Exchange Markets. A Monetary Systems Approach William D. Gerdes The Basics of Foreign Exchange Markets. A Monetary Systems Approach Новинка

William D. Gerdes The Basics of Foreign Exchange Markets. A Monetary Systems Approach

In an increasingly interdependent global economy, an understanding of foreign exchange markets is more critical than ever. These markets are inextricably entwined with underlying monetary standards and consequently they are treated conjointly in this book. Four different foreign exchange rate regimes are analyzed including exchange rates under commodity money, fiduciary money, fiat money (with fixed exchange rates), and fiat money (with flexible exchange rates). For more than eight decades, most ountries have operated with fiat money. Proponents maintain that fiat money provides individual countries with much greater monetary autonomy. Yet both analytics and experience indicate that this is not always the case. Whether a country has more monetary autonomy depends on whether fiat money is paired with fixed or flexible exchange rates. Although flexible exchange rate regimes are not without their critics, it has become increasingly apparent that fiat money with flexible rates provides individual countries much greater monetary autonomy. This arrangement allows participants in foreign exchange markets greater latitude for adjusting to the wide variations in national monetary policies that are prevalent with fiat money. Several audiences may find this book beneficial: undergraduate students in economics and finance, students of inter­national business, graduate students, students in executive programs who need to expand their knowledge of international finance, and practicing exec...
Ian Marsh Handbook of Exchange Rates Ian Marsh Handbook of Exchange Rates Новинка

Ian Marsh Handbook of Exchange Rates

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Praise for Handbook of Exchange Rates “This book is remarkable. I expect it to become the anchor reference for people working in the foreign exchange field.” —Richard K. Lyons, Dean and Professor of Finance, Haas School of Business, University of California Berkeley “It is quite easily the most wide ranging treaty of expertise on the forex market I have ever come across. I will be keeping a copy close to my fingertips.” —Jim O’Neill, Chairman, Goldman Sachs Asset Management How should we evaluate the forecasting power of models? What are appropriate loss functions for major market participants? Is the exchange rate the only means of adjustment? Handbook of Exchange Rates answers these questions and many more, equipping readers with the relevant concepts and policies for working in today’s international economic climate. Featuring contributions written by leading specialists from the global financial arena, this handbook provides a collection of original ideas on foreign exchange (FX) rates in four succinct sections: • Overview introduces the history of the FX market and exchange rate regimes, discussing key instruments in the trading environment as well as macro and micro approaches to FX determination. • Exchange Rate Models and Methods focuses on forecasting exchange rates, featuring methodological contributions on the statistical methods for evaluating forecast performance, parity relationships, fair value models, and flow–based models. • FX Markets and Products outlines active currency management, currency hedging, hedge accounting; high frequency and algorithmic trading in FX; and FX strategy-based products. • FX Markets and Policy explores the current policies in place in global markets and presents a framework for analyzing financial crises. Throughout the book, topics are explored in-depth alongside their founding principles. Each chapter uses real-world examples from the financial industry and concludes with a summary that outlines key points and concepts. Handbook of Exchange Rates is an essential reference for fund managers and investors as well as practitioners and researchers working in finance, banking, business, and econometrics. The book also serves as a valuable supplement for courses on economics, business, and international finance at the upper-undergraduate and graduate levels.
Rau-Goehring Matthias Implications of Learning Behaviour for Price Processes Rau-Goehring Matthias Implications of Learning Behaviour for Price Processes Новинка

Rau-Goehring Matthias Implications of Learning Behaviour for Price Processes

This book analyses the impact of learning behaviour in different economic environments. All cases are motivated by real world puzzles which cannot be explained by models with rational expectations: The size and persistence of exchange rate volatility, the possibility of financial market crashes without news, and progress in disinflation in transition countries despite limited credibility and conflicting monetary and fiscal policies. In particular, the author shows that adaptive learning behaviour adds additional dynamics to economic models, which are not present under the assumption of full rationality. Certain types of hysteresis in financial markets can be explained by relaxing the rational expectations assumption; credibility and transparency of economic policies matter even more when agents learn about their economic environment; and markets with incomplete and asymmetric information are inherently unstable and prone for market crashes.
Sangam Shrestha Water-Energy-Food Nexus. Principles and Practices Sangam Shrestha Water-Energy-Food Nexus. Principles and Practices Новинка

Sangam Shrestha Water-Energy-Food Nexus. Principles and Practices

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Water, energy and food are key resources to sustain life, and are the fundamental to national, regional and global economies. These three resources are interlinked in multiple ways, and the term “nexus” captures the interconnections. The nexus has been discussed, debated, researched, and advocated widely but the focus is often on the pairings of “water-energy” or “water-food” or “energy-food”. To really benefit from the nexus approach in terms of resource use efficiency it is essential to understand, operationalize and practice the nexus of all three resources. As demand for these resources increases worldwide, using them sustainability is a critical concern for scientists and citizens, governments and policy makers. Volume highlights include: Contributions to the global debate on water-energy-food nexus Examples of the nexus approach in practice from different regions of the world Perspectives on the future of the nexus agenda Water-Energy-Food Nexus: Theories and Practices is a valuable resource for students, research scholars and professionals in academic institutions with strong interests in interdisciplinary research involving geography, earth science, environmental science, environmental management, sustainability science, international development, and ecological economics. The volume will also be useful for professionals, practitioners and consultants in /NGOs, government, and international agencies.
Thierry Leutwiler Firm Valuation and Asymmetric Foreign Exchange Exposure Thierry Leutwiler Firm Valuation and Asymmetric Foreign Exchange Exposure Новинка

Thierry Leutwiler Firm Valuation and Asymmetric Foreign Exchange Exposure

This book provides corporate financial risk managers with the information they need to understand and manage their companies' foreign exchange (FX) exposures. The author provides a comprehensive treatment of this topic, combining the latest theoretical developments, empirical evidence, and applications. Specific topics include: Identification of the factors that determine a company's exposure to exchange rate fluctuations. Assessment of the impact of exchange rate movements on the value of companies and their competitive positions. Real options valuation and FX exposure measurement. Strategic real options analysis, firm value creation, and FX exposure management. Exchange-rate related corporate pricing strategies. Managing FX exposures in an Integrated Risk Management framework - how to use real options, financial flexibility options, natural hedges, and derivatives, in a complementary and value maximizing way. Estimation of FX exposures with linear and non-linear econometric methods. Dr. Thierry Leutwiler is a Consultant in the Risk and Compliance practice of LogicaCMG Consulting in London. He has consulted for major banks across Europe on managing financial risks and implementing risk management systems. He holds a BSc and Master of Science in Economics from HEC, University of Lausanne, in Switzerland, and a Doctorate in financial risk management from the European Business School in Oestrich-Winkel, Germany, and has been a Research Affiliate in Econometrics at New Y...
Julijana Angelovska VaR based on SMA, EWMA and GARCH(1,1) Volatility models Julijana Angelovska VaR based on SMA, EWMA and GARCH(1,1) Volatility models Новинка

Julijana Angelovska VaR based on SMA, EWMA and GARCH(1,1) Volatility models

Lots of effort has been expended in improving volatility models since better forecasts translate in to better pricing of assets and better risk management. However the question as to what model should be used to calculate volatility, there is no unique answer as different volatility models were proposed in the literature and were being used by practitioners. To answer which VaR model adequately capture the market risk, three VaR models are tested on stock indices from Croatia, Serbia, Slovenia and Macedonia. The tested VaR models are: simple moving average with rolling windows of 50, 74 (proposed by Risk Metrics) and 100 days, EWMA using 0,9, 0,94 (proposed by Risk Metrics) and 0,96 as smoothing constant λ and different windows of 50, 74 and 100 days, and GARCH(1,1). VaR models are calculated for a one-day holding period at 95% and 99% coverage of the market risk. These competing models are evaluated on the basis of BLF error statistics. The challenge of this work is to come up with the best and easily implementable approach suitable to Former Yugoslavian stock exchange markets, especially for Macedonian and apply time series models for calculating Value at Risk.
Jesper Boer Modeling Volatility in Financial Time Series Jesper Boer Modeling Volatility in Financial Time Series Новинка

Jesper Boer Modeling Volatility in Financial Time Series

Volatility is one of the biggest topics in finance today. It is the most important measure of risk and plays a crucial role in the valuation of derivatives. Volatility estimations are therefore essential in most financial decisions. However, it has been proven extremely difficult to model and forecast the volatility one witnesses in time series. This book compares two volatility models, their properties and their performances. The models compared are the GARCH model and the Markov Switching Multifractal model, two models that rely on completely different assumptions. This book assesses how both models perform in replicating financial time series. The model parameters are estimated on historical returns and option prices. The results are used to produce volatility forecasts which in their turn are evaluated in a Value at Risk setup. The analysis done shows some unexpected conclusions and promising leads for further research. This book provides a step by step manual on how to estimate various volatility models and how resulting estimates can be used for derivative pricing. This is extremely valuable for practitioners and others interested in modeling volatility in financial markets.
Dilip Kumar Long Memory in the Volatility of Indian Financial Market. An Empirical Analysis Based on Indian Data Dilip Kumar Long Memory in the Volatility of Indian Financial Market. An Empirical Analysis Based on Indian Data Новинка

Dilip Kumar Long Memory in the Volatility of Indian Financial Market. An Empirical Analysis Based on Indian Data

This book examines the long memory characteristics in the volatility of the Indian stock market, the Indian exchange rates and the Indian banking sector. This book also reviews the chain of approaches to estimate the long memory parameter. The long memory characteristics of the financial time series are widely studied and have implications for various economics and finance theories. The most important financial implication is related to the violation of the weak-form of market efficiency which encourages the traders, investors and portfolio managers to develop models for making predictions and to construct and implement speculative trading and investment strategies. In an efficient market, the price of an asset should follow a random walk process in which the price change is unaffected by ist lagged price changes and has no memory.
Larry Shover Trading Options in Turbulent Markets. Master Uncertainty through Active Volatility Management Larry Shover Trading Options in Turbulent Markets. Master Uncertainty through Active Volatility Management Новинка

Larry Shover Trading Options in Turbulent Markets. Master Uncertainty through Active Volatility Management

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Top options expert Larry Shover returns to discuss how to interpret, and profit from, market volatility Trading Options in Turbulent Markets, Second Edition skillfully explains the intricacies of options volatility and shows you how to use options to cope, and profit from, market turbulence. Throughout this new edition, options expert Larry Shover reveals how to use historical volatility to predict future volatility for a security and addresses how you can utilize that knowledge to make better trading decisions. Along the way, he also defines the so-called Greeks—delta, vega, theta, and gamma—and explains what drives their values and their relationship to historic and implied volatility. Shover then provides effective strategies for trading options contracts in uncertain times, addressing the decision-making process and how to trade objectively in the face of unpredictable and irrational market moves. Includes a new chapter of the VIX, more advanced material on volatility suitable for institutional or intermediate options trader, and additional volatility-based strategies Answers complex questions such as: How does a trader know when to tolerate risk and How does a successful trader respond to adversity? Provides a different perspective on a variety of options strategies, including covered calls, naked and married puts, collars, straddles, vertical spreads, calendar spreads, butterflies, condors, and more As volatility becomes a greater focus of traders and investors, Trading Options in Turbulent Markets, Second Edition will become an important resource for in-depth insights, practical advice, and profitable strategies.
Dercio Chauque A Study on the Factors affecting the Stock Market Returns in Malaysia Dercio Chauque A Study on the Factors affecting the Stock Market Returns in Malaysia Новинка

Dercio Chauque A Study on the Factors affecting the Stock Market Returns in Malaysia

Bachelor Thesis from the year 2017 in the subject Economics - Finance, grade: 2, Asia Pacific University of Technology and Innovation, language: English, abstract: This research paper investigates the dynamic relationship between Kuala Lumpur Composite Index (KLCI) and four selected macroeconomic variables namely exchange rate, inflation rate, crude oil price and foreign direct investment. The research consists of 108 monthly observations from the period of January 2007 to December 2015.In this research, the Augmented Dickey-Fuller test (ADF) showed that at 5% significance level, all the variables are stationary at first difference. For the diagnostic tests, there is no multicollinearity, heteroscedasticity, autocorrelation, and model specification problems. However, normality problem was detected in the model. Moreover, Granger causality test and OLS regression model were carried out to determine the short-run and long-run relationships between the KLCI and the selected macroeconomic variables respectively. Results suggest that in the short-run there is no relationship between the KLCI and the four selected macroeconomic variables.However, in the long-run exchange rate, inflation rate, and crude oil prices are found to significantly affect the performance of KLCI, whereas foreign direct investment is found not to influence the movements of KLCI. The exchange rate and inflation negatively affect the KLCI, and the crude oil price has a positive impact in the KLCI movements.
Kirk Northington Volatility-Based Technical Analysis. Strategies for Trading the Invisible Kirk Northington Volatility-Based Technical Analysis. Strategies for Trading the Invisible Новинка

Kirk Northington Volatility-Based Technical Analysis. Strategies for Trading the Invisible

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A framework for creating volatility-based technical analysis and trading it for profit Volatility-Based Technical Analysis bridges the advantage gap between resource rich institutions and individual traders. It is a no-calculus, plain-English text that reveals original, highly technical, mathematical-based volatility indicators, complete with MetaStock® and TradeStation® code. With this in hand, any trader can «trade the invisible» by seeing a hidden mathematical structure on the price chart. Author Kirk Northington reveals his proprietary volatility indicators that serve as a market early warning system. Northington extensively teaches you how to build your own indicators, test them, and incorporate your original components into your specific trading methods. Walks traders through the mathematical techniques needed to create indicators that fit their own style Illustrates volatility-based entries and exits with over 170 descriptive chart examples Introduces two new concepts in technical analysis: Volatility Shift and PIV Written with the serious trader in mind, Volatility-Based Technical Analysis has what you need to successfully trade today's institutionally dominated markets.
Sarwat Munir, Sultan Ali Adil, Dr Sultan Ali Adil Impact of Workers Remittances on Economic Growth of Pakistan Sarwat Munir, Sultan Ali Adil, Dr Sultan Ali Adil Impact of Workers Remittances on Economic Growth of Pakistan Новинка

Sarwat Munir, Sultan Ali Adil, Dr Sultan Ali Adil Impact of Workers Remittances on Economic Growth of Pakistan

During 1970's and 1980's, Pakistan has experienced a massive outflow of Pakistanis migrating to work in other countries particularly in Middle East. This has resulted in significant financial inflow in form of remittances. The remittances have become a valuable source of foreign exchange for economic development of Pakistan.In this research, we attempted analytical analysis of important economic issue of workers remittances effect the economic growth in Pakistan. So, those who are interested in the economic growth of Asian Developing countries must read this book and get to know real situation of economic stability and instability drawn from this pure piece of research.
Pakistan, Of Pakistan Government of Pakistan Hamoodur Rahman Commission of Inquiry Into the 1971 India-Pakistan War, Supplementary Report Pakistan, Of Pakistan Government of Pakistan Hamoodur Rahman Commission of Inquiry Into the 1971 India-Pakistan War, Supplementary Report Новинка

Pakistan, Of Pakistan Government of Pakistan Hamoodur Rahman Commission of Inquiry Into the 1971 India-Pakistan War, Supplementary Report

The Hamoodur Rahman Commission was officially reconstituted in 1974 to interview returning prisoners, particularly senior officers, and issue a supplementary report to their original landmark document. The supplementary report makes fascinating reading, based on the Commissions in-depth interviews with these senior officials and officers who were directly responsible for the conduct of Pakistani forces in East Pakistan. This supplementary report is also easier to read than the original document, being less technical and much shorter. However, it still manages to paint a vivid picture of the circumstances that led to the surrender of Pakistani forces in East Pakistan. The report, just like the original, is also extremely candid in discussing the culpability and responsibility of senior officers in the events that led up to Pakistan's humiliating surrender.
Tom Gentile The Volatility Course Tom Gentile The Volatility Course Новинка

Tom Gentile The Volatility Course

It takes a special set of trading skills to thrive in today's intensely volatile markets, where point swings of plus or minus 200 points can occur on a weekly, sometimes daily, basis. The Volatility Course arms stock and options traders with those skills. George Fontanills and Tom Gentile provide readers with a deeper understanding of market volatility and the forces that drive it. They develop a comprehensive road map detailing how to identify its ups and downs. And they describe proven strategies and tools for quantifying volatility and confidently developing plans tailored to virtually any given market condition. The companion workbook provides step-by-step exercises to help you master the strategies outlined in The Volatility Course before putting them into action in the markets.
Frank Fabozzi J. Financial Models with Levy Processes and Volatility Clustering Frank Fabozzi J. Financial Models with Levy Processes and Volatility Clustering Новинка

Frank Fabozzi J. Financial Models with Levy Processes and Volatility Clustering

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An in-depth guide to understanding probability distributions and financial modeling for the purposes of investment management In Financial Models with Lévy Processes and Volatility Clustering, the expert author team provides a framework to model the behavior of stock returns in both a univariate and a multivariate setting, providing you with practical applications to option pricing and portfolio management. They also explain the reasons for working with non-normal distribution in financial modeling and the best methodologies for employing it. The book's framework includes the basics of probability distributions and explains the alpha-stable distribution and the tempered stable distribution. The authors also explore discrete time option pricing models, beginning with the classical normal model with volatility clustering to more recent models that consider both volatility clustering and heavy tails. Reviews the basics of probability distributions Analyzes a continuous time option pricing model (the so-called exponential Lévy model) Defines a discrete time model with volatility clustering and how to price options using Monte Carlo methods Studies two multivariate settings that are suitable to explain joint extreme events Financial Models with Lévy Processes and Volatility Clustering is a thorough guide to classical probability distribution methods and brand new methodologies for financial modeling.
Abu Awwad Tahir, Tursoy Turgut Macroeconomics and the Turkish Banking Sector. A Time Series Approach Abu Awwad Tahir, Tursoy Turgut Macroeconomics and the Turkish Banking Sector. A Time Series Approach Новинка

Abu Awwad Tahir, Tursoy Turgut Macroeconomics and the Turkish Banking Sector. A Time Series Approach

This book briefs the work of a study which investigates the existence of long-run relationships between the Turkish banking Return Index and macroeconomic variables namely Interest rate, real exchange rate and money supply. The study was applied for the period span of January 2002 to December 2013. The techniques used to analyze the data were Time series analysis. First Johansen and Juselius' cointegration test was applied to examine the existence of a long-run association between the selected variables. The findings revealed the existence of a long-run relationship among the variables during the period of study. Second Granger causality test was implemented to find the causality direction among the variables. The results also indicated divergent to previous studies a unidirectional Granger causality between Turkish banking returns Index and the exchange rate.
Dr. Mark O'Doherty Healing Pakistan ? Improving Human Rights, Gender Mainstreaming and Religious Education in the Islamic Republic of Pakistan Dr. Mark O'Doherty Healing Pakistan ? Improving Human Rights, Gender Mainstreaming and Religious Education in the Islamic Republic of Pakistan Новинка

Dr. Mark O'Doherty Healing Pakistan ? Improving Human Rights, Gender Mainstreaming and Religious Education in the Islamic Republic of Pakistan

Even though Pakistan has taken a zero-tolerance approach to ISIS, recent polling data suggests that support for ISIS within Pakistan hovers around 8%, while 62 per cent of Pakistani?s said they ?don?t know?; (representing over 120 million people) such a large percentage of ?don?t knows? indicating a lack of familiarity with the issue; underlining the importance of religious education in Pakistan, as the line between Islam and violent extremism seems to be blurred in the country. Hence this book focuses on improving human rights-, ethical- and Islamic education in Pakistan; also in view that Pakistan's blasphemy laws carry a potential death sentence for anyone who insults Islam ? Salman Taseer governor of Punjab, and Shahbaz Bhatti, minorities minister, both assassinated by extremists in 2011 for asking for the law to be reformed. Critical, but also deeply sensitive and humane, this book endeavours to improve public policy in Pakistan, so that a just social peace can be manifested in the country.
Dan Gookin Nexus One For Dummies Dan Gookin Nexus One For Dummies Новинка

Dan Gookin Nexus One For Dummies

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Exploit the full power of the revolutionary Google Nexus One superphone Nexus One is Google's answer to Apple’s iPhone and RIM's BlackBerry. Covering a range of how-to topics, from the most useful Nexus One features and tricks of the core applications, to techniques to get the most out of the device, Nexus One For Dummies is the practical user's guide to the Google Nexus One smartphone. Uses full-color to showcase all the features of the Nexus One, approaching each from the point of view of the user who is new to the technology or discouraged with the scant documentation and online support Covers a broad range of topics, from setup and configuration, to texting, emailing, accessing the Internet, synching with a PC, using the camera, and expanding the phone's potential with new software Written by the most popular For Dummies author, known throughout the world for his ability to make complex topics easy to understand with his fun and friendly writing style Nexus One For Dummies empowers you to maximize the performance of Google’s superphone. After all, what’s the point of buying the world's latest, greatest smartphone and never understanding how the thing works?
No mistake The science of money, a great truth. Gold legal tender, bills of exchange, exports and imports, balance of trade, favorable or unfavorable balance of exchange. All simplified and made clearly manifest No mistake The science of money, a great truth. Gold legal tender, bills of exchange, exports and imports, balance of trade, favorable or unfavorable balance of exchange. All simplified and made clearly manifest Новинка

No mistake The science of money, a great truth. Gold legal tender, bills of exchange, exports and imports, balance of trade, favorable or unfavorable balance of exchange. All simplified and made clearly manifest

Эта книга — репринт оригинального издания, созданный на основе электронной копии высокого разрешения, которую очистили и обработали вручную, сохранив структуру и орфографию оригинального издания. Редкие, забытые и малоизвестные книги, изданные с петровских времен до наших дней, вновь доступны в виде печатных книг.
Joseph Katie Impact of Chinese Exchange Rate Policy and its Trade Balance with the United States Joseph Katie Impact of Chinese Exchange Rate Policy and its Trade Balance with the United States Новинка

Joseph Katie Impact of Chinese Exchange Rate Policy and its Trade Balance with the United States

Master's Thesis from the year 2011 in the subject Business economics - Investment and Finance, grade: B, Oxford University, language: English, abstract: From 1993, united states-china trade deficit has been increasing with the gap becoming bigger. Widening imbalance in bilateral trade has caused a number of concerns. This dissertation uses both secondary data and primary data to examine Chinese exchange rate policy and its trade balance with United States. Consequently, it was found that when statistical data was adjusted between 1989 and 2005, the trade imbalance of United States - china trade is not as united states report but occurs inevitably due to economic development. In addition, occurrence of trade deficit may not b a profit loss. Moreover, United States consumers and investors are benefiting from the trade between United States and china. According to the results, the china-united states debate on Chinese exchange rate debates are merely differences in perception in sequencing Chinese adoption of policies of making the exchange rate system flexible and reducing capital control.
Richard Lehman Options for Volatile Markets. Managing Volatility and Protecting Against Catastrophic Risk Richard Lehman Options for Volatile Markets. Managing Volatility and Protecting Against Catastrophic Risk Новинка

Richard Lehman Options for Volatile Markets. Managing Volatility and Protecting Against Catastrophic Risk

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Practical option strategies for the new post-crisis financial market Traditional buy-and-hold investing has been seriously challenged in the wake of the recent financial crisis. With economic and market uncertainty at a very high level, options are still the most effective tool available for managing volatility and downside risk, yet they remain widely underutilized by individuals and investment managers. In Options for Volatile Markets, Richard Lehman and Lawrence McMillan provide you with specific strategies to lower portfolio volatility, bulletproof your portfolio against any catastrophe, and tailor your investments to the precise level of risk you are comfortable with. While the core strategy of this new edition remains covered call writing, the authors expand into more comprehensive option strategies that offer deeper downside protection or even allow investors to capitalize on market or individual stock volatility. In addition, they discuss new offerings like weekly expirations and options on ETFs. For investors who are looking to capitalize on global investment opportunities but are fearful of lurking «black swans», this book shows how ETFs and options can be utilized to construct portfolios that are continuously protected against unforeseen calamities. A complete guide to the increased control and lowered risk covered call writing offers active investors and traders Addresses the changing investment environment and how to use options to succeed within it Explains how to use options with exchange-traded funds Understanding options is now more important than ever, and with Options for Volatile Markets as your guide, you'll quickly learn how to use them to protect your portfolio as well as improve its overall performance.
Alireza Javaheri Inside Volatility Filtering. Secrets of the Skew Alireza Javaheri Inside Volatility Filtering. Secrets of the Skew Новинка

Alireza Javaheri Inside Volatility Filtering. Secrets of the Skew

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A new, more accurate take on the classical approach to volatility evaluation Inside Volatility Filtering presents a new approach to volatility estimation, using financial econometrics based on a more accurate estimation of the hidden state. Based on the idea of «filtering», this book lays out a two-step framework involving a Chapman-Kolmogorov prior distribution followed by Bayesian posterior distribution to develop a robust estimation based on all available information. This new second edition includes guidance toward basing estimations on historic option prices instead of stocks, as well as Wiener Chaos Expansions and other spectral approaches. The author's statistical trading strategy has been expanded with more in-depth discussion, and the companion website offers new topical insight, additional models, and extra charts that delve into the profitability of applied model calibration. You'll find a more precise approach to the classical time series and financial econometrics evaluation, with expert advice on turning data into profit. Financial markets do not always behave according to a normal bell curve. Skewness creates uncertainty and surprises, and tarnishes trading performance, but it's not going away. This book shows traders how to work with skewness: how to predict it, estimate its impact, and determine whether the data is presenting a warning to stay away or an opportunity for profit. Base volatility estimations on more accurate data Integrate past observation with Bayesian probability Exploit posterior distribution of the hidden state for optimal estimation Boost trade profitability by utilizing «skewness» opportunities Wall Street is constantly searching for volatility assessment methods that will make their models more accurate, but precise handling of skewness is the key to true accuracy. Inside Volatility Filtering shows you a better way to approach non-normal distributions for more accurate volatility estimation.
Bahadar Shah, Bakhtiar Khan Privatization of banking sector in Pakistan Bahadar Shah, Bakhtiar Khan Privatization of banking sector in Pakistan Новинка

Bahadar Shah, Bakhtiar Khan Privatization of banking sector in Pakistan

The book in hand aims to examine the privatization of banking sector in Pakistan, its impact on efficiency, economy, employment and new products and services. For this purpose economic model is used to judge efficiency of banking sector for pre-and- post period of privatization of banking sector in Pakistan. The results show that banking sector in Pakistan after privatization of few banks has improved its efficiency. Liquidity ratios, Numbers and values of deposits and Profitability of the banks increased. Value of non-performing loans is controlled. However, spread rate is still higher as compared to pre-privatization period. New products and services have been created to facilitate the customers. Impact on economy, in the sense of mobilization of savings, increase in loan advances and credit, as well as investment have shown an upward trend. Quality of assets of all banks has improved. The results confirm decrease in number but increase in salary and remuneration of employees. The book will benefit the students of Economics and business schools in general and policy makers in developing countries in particular.
Arup SenGupta K. Ion Exchange in Environmental Processes. Fundamentals, Applications and Sustainable Technology Arup SenGupta K. Ion Exchange in Environmental Processes. Fundamentals, Applications and Sustainable Technology Новинка

Arup SenGupta K. Ion Exchange in Environmental Processes. Fundamentals, Applications and Sustainable Technology

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Provides a comprehensive introduction to ion exchange for beginners and in-depth coverage of the latest advances for those already in the field As environmental and energy related regulations have grown, ion exchange has assumed a dominant role in offering solutions to many concurrent problems both in the developed and the developing world. Written by an internationally acknowledged leader in ion exchange research and innovation, Ion Exchange: in Environmental Processes is both a comprehensive introduction to the science behind ion exchange and an expert assessment of the latest ion exchange technologies. Its purpose is to provide a valuable reference and learning tool for virtually anyone working in ion exchange or interested in becoming involved in that incredibly fertile field. Written for beginners as well as those already working the in the field, Dr. SenGupta provides stepwise coverage, advancing from ion exchange fundamentals to trace ion exchange through the emerging area of hybrid ion exchange nanotechnology (or polymeric/inorganic ion exchangers). Other topics covered include ion exchange kinetics, sorption and desorption of metals and ligands, solid-phase and gas-phase ion exchange, and more. Connects state-of-the-art innovations in such a way as to help researchers and process scientists get a clear picture of how ion exchange fundamentals can lead to new applications Covers the design of selective or smart ion exchangers for targeted applications—an area of increasing importance—including solid and gas phase ion exchange processes Provides in-depth discussion on intraparticle diffusion controlled kinetics for selective ion exchange Features a chapter devoted to exciting developments in the areas of hybrid ion exchange nanotechnology or polymeric/inorganic ion exchangers Written for those just entering the field of ion exchange as well as those involved in developing the “next big thing” in ion exchange systems, Ion Exchange in Environmental Processes is a valuable resource for students, process engineers, and chemists working in an array of industries, including mining, microelectronics, pharmaceuticals, energy, and wastewater treatment, to name just a few.
Umar Muhammad Suitable Strategy to Start Telecom Project in Pakistan Umar Muhammad Suitable Strategy to Start Telecom Project in Pakistan Новинка

Umar Muhammad Suitable Strategy to Start Telecom Project in Pakistan

The book has provided extensive information about how telecom sector has gradually developed in Pakistan, what are the challenges this sector is facing now days. The thesis has provided the present competition scenario within this sector in Pakistan. It has also provided information about how Government institutes and policies are playing their role for the growth of the telecom sector in Pakistan? Our empirical findings clearly show that there are many prospects for the growth of telecom sector in Pakistan and environment is favorable for the sector. There is much more potential for already running telecom companies and newly investors in this segment as well. Although there is political instability in Pakistan but deregulation of whole telecom sector and autonomous position of PTA is providing the shelter to this sector against political instability. Economy of Pakistan has shown a consistent growth in the last couple of years but rise in inflation can cause problems for investors. Competition is very high but still there are big opportunities in this sector for newly coming companies.
ALDO TARANTO Modelling the Nature of Close-out Netting on Bank Portfolios ALDO TARANTO Modelling the Nature of Close-out Netting on Bank Portfolios Новинка

ALDO TARANTO Modelling the Nature of Close-out Netting on Bank Portfolios

The stochastic volatility of daily foreign exchange (FX) derivatives poses a number of risks for the international banking community. Settlement risk, liquidity risk and capital adequacy are just a few immediate concerns that arise from such volatility. This book examines the impact of close-out netting on minimising the stochastic volatility of inter- bank FX derivatives. The problem with close-out netting is that although it is a simple formula of taking the differences between two banks at one point in time, it is the stochastic and volatile nature of FX rates that makes measuring the full impact of netting difficult. Through Monte Carlo simulation of the resulting fitted GARCH models, we generate the distributions -with and without close- out netting. The findings of this book are interesting, showing that close-out netting is far more than just a simple mathematical process. Netting surely does reduce each bank’s exposure to FX volatility, however, its multivariate nature reveals some important results for banking risk research and indeed many financial analysts.
Dan Gookin Nexus 7 For Dummies (Google Tablet) Dan Gookin Nexus 7 For Dummies (Google Tablet) Новинка

Dan Gookin Nexus 7 For Dummies (Google Tablet)

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Friendly advice on leveraging the power of the new Nexus 7 Google tablet! The arrival of the new Nexus 7 Google tablet is eagerly awaited, thanks to its cutting-edge software, top-notch hardware, unprecedented abilities, and nine-hour battery life. This easy-to-understand, engaging guide covers everything you need to know about this amazing Android tablet. Bestselling Dummies author Dan Gookin uses his friendly writing style to deliver clear instructions for setting up, navigating, and using the device. You'll learn to use all your favorite Google applications that come loaded on the device, personalize it, and much more. Walks you through the touchscreen, wireless access, and software updates Demonstrates how to download, shop for, and fill your Nexus 7 with movies, e-books, games, and music Helps you keep on top of your schedule and appointments and pursue your interests and hobbies with the latest apps and websites Offers guidance on using your device to navigate from here to there and stay connected with friends and family while you're away Nexus 7 For Dummies is an essential companion to your other new companion: the Nexus 7!
David Elfassy Mastering Microsoft Exchange Server 2013 David Elfassy Mastering Microsoft Exchange Server 2013 Новинка

David Elfassy Mastering Microsoft Exchange Server 2013

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The bestselling guide to Exchange Server, fully updated for the newest version Microsoft Exchange Server 2013 is touted as a solution for lowering the total cost of ownership, whether deployed on-premises or in the cloud. Like the earlier editions, this comprehensive guide covers every aspect of installing, configuring, and managing this multifaceted collaboration system. It offers Windows systems administrators and consultants a complete tutorial and reference, ideal for anyone installing Exchange Server for the first time or those migrating from an earlier Exchange Server version. Microsoft Exchange Server 2013 is a messaging system that allows for access to e-mail, voicemail, and calendars from a variety of devices and any location, making it ideal for the enterprise With more than 21,000 copies of earlier editions sold, this comprehensive guide offers systems administrators and consultants both a tutorial and a reference guide for installing and managing Exchange Server 2013 A team of Microsoft Certified Masters walks you step by step through planning and design, installation, administration and management, maintenance, and more Mastering Microsoft Exchange Server 2013 is the complete reference for planning, installing, and maintaining the most popular e-mail server product available.
John Laing The Theory of Business John Laing The Theory of Business Новинка

John Laing The Theory of Business

Эта книга — репринт оригинального издания (издательство "London, Longmans, Green, and co.", 1867 год), созданный на основе электронной копии высокого разрешения, которую очистили и обработали вручную, сохранив структуру и орфографию оригинального издания. Редкие, забытые и малоизвестные книги, изданные с петровских времен до наших дней, вновь доступны в виде печатных книг.1867. Contents: Modern Production; Agriculture, Manufacture, and Commerce; Commercial Credit; Money; Imports and Exports; Foreign Exchanges; Wages and Salaries; Profit; Wealth, Capital and Money; Bank-Notes; Banking; Discounts: The Bank Rate; Banking Funds and Capital; Cheques; The Bank of England; Deposits at Interest; Income; Investing: The Stock Exchange; and Pressure, Crisis, Panic.
John Mueller Paul Microsoft Exchange Server 2007 For Dummies John Mueller Paul Microsoft Exchange Server 2007 For Dummies Новинка

John Mueller Paul Microsoft Exchange Server 2007 For Dummies

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Microsoft Exchange Server 2007 was made to help you handle e-mail, meeting management, and other essential office services. Microsoft Exchange Server 2007 For Dummies helps you get a handle on Exchange Server. Pretty slick, huh? Here’s the lowdown on installing and administering Microsoft Exchange Server 2007 and taking advantage of all the enhancements in Service Pack 1. With this handy guide, you’ll be able to maximize the security, reliability, and speed that Exchange Server 2007 provides. Assess your organization’s needs to determine which edition of Exchange Server best meets them Explore what Exchange Server does, then plan, install, and configure it Consider how your users work with their mail and customize your set-up to facilitate their needs Learn to use the Exchange Management Console Use the new Exchange Server security features to protect e-mail from viruses, spam, phishing, and other threats Set up an offline address book, use templates, and develop custom forms Create settings for the most efficient interaction with clients, use multiple mailboxes, and view digital certificates Manage resource scheduling and interactive calendars Troubleshoot your configuration, perform regular maintenance, and be able to recover from mail-specific problems Monitor Exchange Server performance and maintain databases, mail flow, and peak performance Microsoft Exchange Server 2007 For Dummies gets you ready to exchange problems for solutions. Note: CD-ROM/DVD and other supplementary materials are not included as part of eBook file.
Inam R Sehri The Living History of Pakistan (2012-2013) - Volume II Inam R Sehri The Living History of Pakistan (2012-2013) - Volume II Новинка

Inam R Sehri The Living History of Pakistan (2012-2013) - Volume II

MSc (PUNJAB), MA (EXETER UK), LLBBORN IN LYALLPUR (PAKISTAN) 1948MIGRATED (PER-FORCE) TO THE UKSERVED IN POLICE & FIA (1975-98)PROFESSION: READING & WRITING(14TH BOOK IS IN YOUR HAND)The FOUR VOLUMES of 'JUDGES & GENERALS IN PAKISTAN' not only include the historical facts about the honourable judges and respectable military Generals of Pakistan but also contain an authentic record of contemporary history.'THE LIVING HISTORY OF PAKISTAN' [VOL-I & VOL-II] are a continuation of the same series with just a change in the title. The SCENARIOS and the PAGE NUMBERS continue on from the previous volumes. All of the above books deal with Pakistan's chequered history of massive financial & intellectual corruption, abortive rule by two political parties in succession with higher judiciary's gimmicks during 1971 onwards; Constitutional Amendments which made political parties as family businesses & apex court's nexus or lethargy making the politicians more corrupt.
David DeRosa F. Options on Foreign Exchange David DeRosa F. Options on Foreign Exchange Новинка

David DeRosa F. Options on Foreign Exchange

5972.33 руб. или Купить в рассрочку!
A comprehensive guide to the world's largest financial market Foreign exchange is the world's largest financial market and continues to grow at a rapid pace. As economies intertwine and currencies fluctuate there is hardly a corporate entity that doesn't need to use options on foreign exchange to hedge risk or increase returns. Moreover, currency options, both vanilla and exotic, are part of standard toolkit of professional portfolio managers and hedge funds. Written by a practitioner with real-world experience in this field, the Third Edition of Options on Foreign Exchange opens with a substantive discussion of the spot and forward foreign exchange market and the mechanics of trading currency options. The Black-Scholes-Merton option-pricing model as applied to currency options is also covered, along with an examination of currency futures options. Throughout the book, author David DeRosa addresses the essential elements of this discipline and prepares you for the various challenges you could face. Updates new developments in the foreign exchange markets, particularly regarding the volatility surface Includes expanded coverage of the currency crises and capital controls, electronic trading, forward contracts, exotic options, and more Employs real-world terminology so you can a firm understanding of this dynamic marketplace The only way to truly succeed in today's foreign exchange market is by becoming more familiar with currency options. The Third Edition of Options on Foreign Exchange will help you achieve this goal and put you in better position to make more profitable decisions in this arena.
Umair Mughal, Ghufran Ahmed Bala, Danish Khan Wind Energy Potential in Pakistan and Basic Design of Wind Turbine Umair Mughal, Ghufran Ahmed Bala, Danish Khan Wind Energy Potential in Pakistan and Basic Design of Wind Turbine Новинка

Umair Mughal, Ghufran Ahmed Bala, Danish Khan Wind Energy Potential in Pakistan and Basic Design of Wind Turbine

The aim is to work in energy sector particularly in renewable and sustainable energy sector. In a country with a great wind corridor, wind energy is the best renewable source. The project is about Feasibility Study of Wind Turbine and its Design Suitable for the coastal region of Pakistan including wind data, best potential sites, available resources & economical Analysis. The project can give an idea about procedure to be followed for an Investor interested in Wind Harvesting in Pakistan. It also includes the application and designing of a system with suitable size and capacity according to the conditions available in Pakistan. It includes the problem definition and analysis stage followed by designing stage.
George A. Zsidisin, Janet L. Hartley, Barbara Gaudenzi Managing Commodity Price Risk. A Supply Chain Perspective, Second Edition George A. Zsidisin, Janet L. Hartley, Barbara Gaudenzi Managing Commodity Price Risk. A Supply Chain Perspective, Second Edition Новинка

George A. Zsidisin, Janet L. Hartley, Barbara Gaudenzi Managing Commodity Price Risk. A Supply Chain Perspective, Second Edition

Almost every organization is exposed to financial risk stemming from commodity price volatility. Risk exposure may be direct, from the prices paid for raw materials transformed into products sold to customers, or indirect, from higher energy, transportation costs, and supplier commodity purchases. Managing Commodity Price Risk: A Supply Chain Perspective provides a range of approaches organizations can implement and adapt for assessing, forecasting, and managing commodity price volatility and reducing financial risk exposure associated with purchased goods and services. Understanding and managing commodity price risk is important for organizations and supply chain professionals due to the significant direct financial effects price volatility has on profitability, organizational cash flow, the ability to competitively price products, new product design, buyer-supplier relationships, and the negotiation process.
Shah Abdul Qadir Trade Balance of Pakistan, and its Determinants Shah Abdul Qadir Trade Balance of Pakistan, and its Determinants Новинка

Shah Abdul Qadir Trade Balance of Pakistan, and its Determinants

As a developing state, Pakistan needs to analyze and constantly check its trade and financial balances. The country needs to take an outlook into the new millennium with broad base economic determinants, expertise, technology and more finish goods. The decision making should be more strategic and absorbent. The book narrowly looks into Pakistan basic economic problem of trade deficit, which the country fails to solve since independence. The book is a piece of empirical analysis and recommendation for policy makers, economists, traders, industrialists and students, who are interested in Pakistan's economy and financial policies.
Ph.D. Shyam Bahadur Guide to Investing in Stocks, Bonds, Etfs and Mutual Funds. An Investor'S Guide to Building Wealth Ph.D. Shyam Bahadur Guide to Investing in Stocks, Bonds, Etfs and Mutual Funds. An Investor'S Guide to Building Wealth Новинка

Ph.D. Shyam Bahadur Guide to Investing in Stocks, Bonds, Etfs and Mutual Funds. An Investor'S Guide to Building Wealth

Where to invest for growth can be a daunting decision for even an experienced investor. For a beginner, it can seem downright impossible. The author covers in this investment guide all kinds of investments including the stocks, treasury securities, municipal and corporate bonds, mutual funds and exchange traded funds and introduces even the master limited partnerships and real estate investment trusts.Some of the highlights of coverage are the concept of compounding and dollar cost averaging selection and analysis of stocks using the fundamental approach to stock evaluation supplemented with technical analysis selection and analysis of mutual funds and ETFs asset allocation, diversification and rebalancing guidelines for buying and selling the securities evaluating market levels and the discussion of market volatility and crash economic and tax considerations in investing
Dr. Nitin Prasad Contemporary Pakistan. Political System, Military and Changing Scenario Dr. Nitin Prasad Contemporary Pakistan. Political System, Military and Changing Scenario Новинка

Dr. Nitin Prasad Contemporary Pakistan. Political System, Military and Changing Scenario

Pakistan has exercised different forms of Political systems like Presidential, Parliamentary, Federation and One Unit. Local Bodies system has also been influenced by these experiences. It has been facing Political, non-political, dictators and bureaucratic influence. Pakistan has poor facts of democracy. It has been ruled by the military, while the Military governments always generated mistakes with the politicians. Pakistan's capacity to protract the low cost conflict in Kashmir is beyond any doubt. Although the likely spillover effects of this on Pakistan's polity are obvious, they will be, to a great degree, manageable. The Islamist organisations, in spite of their opposition to elements of the state and its armed forces, are in favour of maintaining the unity of the country that is, for them, "the fortress of Islam" and "the only Islamic nuclear power". And though the US wants to tame the Pakistan army, and especially ISI its intelligence agency, it knows it will not benefit from the disintegration of the country. Nevertheless the pressures that imperialism and neoliberalism are putting on the country are creating a complex mesh of ethnic and nationalist tensions that could lead to a spiralling war. Only by fighting for a unified working class response to the pressures of globalisation and war can we hope to be able to offer an alternative.
Gotsch Irina Libor Market Model Gotsch Irina Libor Market Model Новинка

Gotsch Irina Libor Market Model

Revision with unchanged content. The Libor Market Model is a financial model used to price and hedge exotic interest rate derivatives. The model is accepted and used widely due to its consistence with the standard market formula, Black's cap (floor) formula. This compatibility simplifies the calibration because the Black's quoted prices for standard interest rate derivatives can be directly used as an input for the model. The goal of this book is to examine the Libor Market Model theoretically and apply it practically to the pricing of standard caps, discrete barriers, European swaptions and ratchets. The dynamic of the Libor Market Model will be de­ri­ved and all steps of its implementation using Monte Carlo simulation will be explained. Implementation is fulfilled using different volatility and correlation structuring. Certain care should be taken when calibrating the Libor Market Model and structuring the forward rate volatilities and correlations as they may affect prices of interest rate derivatives considerably. The book is aimed at graduate students of finance and practitioners implementing this model in practice. C source code, used for pricing interest rate derivatives in this book, may be ordered at the following web site:
Pascal Debus Application of Stochastic Volatility Models in Option Pricing Pascal Debus Application of Stochastic Volatility Models in Option Pricing Новинка

Pascal Debus Application of Stochastic Volatility Models in Option Pricing

Bachelorarbeit aus dem Jahr 2010 im Fachbereich BWL - Investition und Finanzierung, Note: 1,2, EBS Universität für Wirtschaft und Recht, Sprache: Deutsch, Abstract: The Black-Scholes (or Black-Scholes-Merton) Model has become the standard model for the pricing of options and can surely be seen as one of the main reasons for the growth of the derivative market after the model´s introduction in 1973. As a consequence, the inventors of the model, Robert Merton, Myron Scholes, and without doubt also Fischer Black, if he had not died in 1995, were awarded the Nobel prize for economics in 1997.The model, however, makes some strict assumptions that must hold true for accurate pricing of an option. The most important one is constant volatility, whereas empirical evidence shows that volatility is heteroscedastic. This leads to increased mispricing of options especially in the case of out of the money options as well as to a phenomenon known as volatility smile. As a consequence, researchers introduced various approaches to expand the model by allowing the volatility to be non-constant and to follow a sto-chastic process. It is the objective of this thesis to investigate if the pricing accuracy of the Black-Scholes model can be significantly improved by applying a stochastic volatility model.
Alireza Javaheri Inside Volatility Arbitrage. The Secrets of Skewness Alireza Javaheri Inside Volatility Arbitrage. The Secrets of Skewness Новинка

Alireza Javaheri Inside Volatility Arbitrage. The Secrets of Skewness

9052.79 руб. или Купить в рассрочку!
Today?s traders want to know when volatility is a sign that the sky is falling (and they should stay out of the market), and when it is a sign of a possible trading opportunity. Inside Volatility Arbitrage can help them do this. Author and financial expert Alireza Javaheri uses the classic approach to evaluating volatility – time series and financial econometrics – in a way that he believes is superior to methods presently used by market participants. He also suggests that there may be «skewness» trading opportunities that can be used to trade the markets more profitably. Filled with in-depth insight and expert advice, Inside Volatility Arbitrage will help traders discover when «skewness» may present valuable trading opportunities as well as why it can be so profitable.
I. A.. Ogilvie-Wilson Tambourines . Tongas I. A.. Ogilvie-Wilson Tambourines . Tongas Новинка

I. A.. Ogilvie-Wilson Tambourines . Tongas

This book is more than a memoir of a missionary in Pakistan. It includes insights into the inception of the Salvation Army in UK and also of its work in Pakistan. A travelogue through parts of Pakistan and the Afghan Refugee Camps in Northern Pakistan. The author gives and honest insight into the 'highs and lows' of the spirit through life's experience.
Antonio Castagna FX Options and Smile Risk Antonio Castagna FX Options and Smile Risk Новинка

Antonio Castagna FX Options and Smile Risk

9807.19 руб. или Купить в рассрочку!
The FX options market represents one of the most liquid and strongly competitive markets in the world, and features many technical subtleties that can seriously harm the uninformed and unaware trader. This book is a unique guide to running an FX options book from the market maker perspective. Striking a balance between mathematical rigour and market practice and written by experienced practitioner Antonio Castagna, the book shows readers how to correctly build an entire volatility surface from the market prices of the main structures. Starting with the basic conventions related to the main FX deals and the basic traded structures of FX options, the book gradually introduces the main tools to cope with the FX volatility risk. It then goes on to review the main concepts of option pricing theory and their application within a Black-Scholes economy and a stochastic volatility environment. The book also introduces models that can be implemented to price and manage FX options before examining the effects of volatility on the profits and losses arising from the hedging activity. Coverage includes: how the Black-Scholes model is used in professional trading activity the most suitable stochastic volatility models sources of profit and loss from the Delta and volatility hedging activity fundamental concepts of smile hedging major market approaches and variations of the Vanna-Volga method volatility-related Greeks in the Black-Scholes model pricing of plain vanilla options, digital options, barrier options and the less well known exotic options tools for monitoring the main risks of an FX options’ book The book is accompanied by a CD Rom featuring models in VBA, demonstrating many of the approaches described in the book.

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A comprehensive guide to managing global financial risk From the balance of payment exposure to foreign exchange and interest rate risk, to credit derivatives and other exotic options, futures, and swaps for mitigating and transferring risk, this book provides a simple yet comprehensive analysis of complex derivatives pricing and their application in risk management. The risk posed by foreign exchange transactions stems from the volatility of the exchange rate, the volatility of the interest rates, and factors unique to individual companies which are interrelated. To protect and hedge against adverse currency and interest rate changes, multinational corporations need to take concrete steps for mitigating these risks. Managing Global Financial and Foreign Exchange Rate Risk offers a thorough treatment of price, foreign currency, and interest rate risk management practices of multinational corporations in a dynamic global economy. It lays out the pros and cons of various hedging instruments, as well as the economic cost benefit analysis of alternative hedging vehicles. Written in a detailed yet user–friendly manner, this resource provides treasurers and other financial managers with the tools they need to manage their various exposures to credit, price, and foreign exchange risk. Managing Global Financial and Foreign Exchange Rate Risk covers various swaps in this geometrically growing field with notional principal in excess of $120 trillion. From caplet and corridors to call and put swaptions this book covers the micro structure of the swaps, options, futures, and foreign exchange markets. From credit default swap and transfer and convertibility options to asset swap switch and weather derivatives this book illustrates their simple pricing and application. To show real-world examples, each chapter includes a case study highlighting a specific problem, as well as a set of steps to solve it. Numerous charts accompanied with actual Wall Street figures provide the reader with the opportunity to comprehend and appreciate the role and function of derivatives, which are often misunderstood in the financial market. This detailed resource will guide the individual, government and multinational corporations safely through the maze of various exposures. A must-read for treasures, controllers, money mangers, portfolio managers, security analyst and academics, Managing Global Financial and Foreign Exchange Rate Risk represents an important collection of up-to-date risk management solutions. Ghassem A. Homaifar is a professor of financial economics at Middle Tennessee State University. He has Master of Science in Industrial Management from State University of New York at Stony Brook and PhD in Finance from University of Alabama in 1982. He is the author of numerous articles that have appeared in the Journal of Risk and Insurance, Journal of Business Finance and Accounting, Weltwirtschsftliches Archiv Review of World Economics, Advances in Futures and Options Research,Applied Financial Economics, Applied Economics, International Economics, and Global Finance Journal.
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