金融学教科书International Financial Markets 国际金融市场 (Richard M Levich)


金融学教科书系列——
英国女王大学和华威大学金融学硕士研究生就读四年所用的教科书。



International Financial Markets by Richard M Levich
国际金融课到了研究生的层次比较注重实践性和理论的检验性。。。本书注重检查理论的有效性，一般导师会要求看很多实证的论文，所以教科书一般都是摆摆架子的。。。

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《国际金融市场：价格与政策》是商学院金融系或经济系开设的一学期国际金融市场或国际金融管理课程。该教材适合 MBA 课程、硕士学位课程或高级本科课程的学生。

International Financial Markets: Prices and Policies is designed for a one-semester course in international financial markets or international financial management either in a finance department of a business school or an economics department. The text is appropriate for students in an MBA program, a Masters degree program, or advanced undergraduate courses.










TABLE OF CONTENTS

I.  Introduction and Overview
Chapter 1.     Introduction to the Study of International Financial Markets
Chapter 2.     An Overview of International Monetary Systems and Recent Developments in International Financial Markets

II.  Foreign Exchange Markets
Chapter 3.     Market Structure and Institutions
Chapter 4.     International Parity Conditions: Purchasing Power Parity
Chapter 5.     International Parity Conditions: Interest Rate Parity and the Fisher Parities
Chapter 6.     Determination of Spot Exchange Rates
Chapter 7.     Foreign Exchange Market Efficiency
Chapter 8.     Foreign Exchange Rate Forecasting

III.  Offshore Financial Markets
Chapter 9.     Eurocurrency Markets
Chapter 10.     Eurobond Markets

IV.  Derivative Security Markets: Futures, Options and Swaps
Chapter 11.     Currency and Interest Rate Futures
Chapter 12.     Currency and Interest Rate Options
Chapter 13.     Currency and Interest Rate Swaps

V.  International Asset Portfolios
Chapter 14.     Bond Portfolios
Chapter 15.     Equity Portfolios

VI.  International Asset Portfolios and Financial Risk Management
Chapter 16.     Measuring and Managing the Risk of International Financial Positions

VII.  Regulatory Issues
Chapter 17.     Giving Direction to International Financial Markets: Regulation and Intervention in the Competitive Marketplace



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《Ratings, Rating Agencies and the Global Financial System》


Author(s): Richard M. Levich, Giovanni Majnoni, Carmen M. Reinhart (auth.), Richard M. Levich, Giovanni Majnoni, Carmen M. Reinhart (eds.)
Series: The New York University Salomon Center Series on Financial Markets and Institutions 9
Publisher: Springer US,
Year: 2002
ISBN: 978-1-4613-5344-7,978-1-4615-0999-8

《评级、评级机构和全球金融体系》汇集了纽约大学和马里兰大学经济学家以及私营部门、政府机构和其他大学的经济学家的研究成果。本书的第一部分重点介绍了信用评级业务的历史起源及其当今的产业组织结构。第二部分介绍了几项主要围绕单个公司或银行层面数据进行的实证研究。这些研究探讨了 (a) 评级与企业借款人的违约和追偿经历之间的关系、(b) 国内外评级机构信用评级的可比性以及 (c) 金融市场指标对银行评级的实用性等主题。第三部分探讨了主权信用评级在预测金融危机方面的记录以及金融市场对信用评级变化的反应。本书的最后一部分强调了监管机构和信用评级机构目前面临的政策问题。

Ratings, Rating Agencies and the Global Financial System brings together the research of economists at New York University and the University of Maryland, along with those from the private sector, government bodies, and other universities. The first section of the volume focuses on the historical origins of the credit rating business and its present day industrial organization structure. The second section presents several empirical studies crafted largely around individual firm-level or bank-level data. These studies examine (a) the relationship between ratings and the default and recovery experience of corporate borrowers, (b) the comparability of credit ratings made by domestic and foreign rating agencies, and (c) the usefulness of financial market indicators for rating banks, among other topics. In the third section, the record of sovereign credit ratings in predicting financial crises and the reaction of financial markets to changes in credit ratings is examined. The final section of the volume emphasizes policy issues now facing regulators and credit rating agencies.












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《Risk Management: The State of the Art》

Author(s): Anil Bangia, Francis X. Diebold, Til Schuermann, John D. Stroughair (auth.), Stephen Figlewski, Richard M. Levich (eds.)
Series: The New York University Salomon Center Series on Financial Markets and Institutions 8
Publisher: Springer US,
Year: 2002
ISBN: 978-1-4613-5241-9,978-1-4615-0791-8

我们常常将现代金融理论的曙光与哈里·马科维茨联系在一起，他在 20 世纪 50 年代将概率论的形式数学引入了资产组合风险管理问题。20 世纪 70 年代出现了期权和其他衍生合约的正式定价模型，其主要目的也是金融风险管理和对冲。但 20 世纪 90 年代发生的事件清楚地表明，有效的风险管理是成功的关键因素，事实上，也是长期生存的关键因素，不仅对金融机构如此，对工业企业，甚至对非营利组织和政府机构也是如此。这些最近发生的事件生动地表明，世界充满了各种各样的风险，因此风险管理必须远远超出在常规对冲应用中使用标准衍生工具的范围。

本卷中的文章涵盖两大主题。一个主题强调识别、建模和对冲特定类型的金融和商业风险的方法。此类别中的文章考虑风险测量技术，例如风险价值和极值理论；新类别的风险，例如流动性风险；风险管理的新金融工具和市场，例如基于天气和灾难性保险风险的衍生合约；最后是信用风险，这已成为风险管理最重要的实际领域之一。第二个主题强调从公司和整个金融体系的角度进行风险管理。此类别的文章分析国际舞台上的风险管理，包括支付和结算风险和主权风险定价、从监管机构的角度进行风险管理以及金融机构的风险管理。本卷中的文章从学术研究人员、市场分析师和从业人员以及政府观察员的角度研究了风险管理的“最新进展”。

Very often, we associate the dawn of modern financial theory with Harry Markowitz who in the 1950s introduced the formal mathematics of probability theory to the problem of managing risk in an asset portfolio. The 1970s saw the advent of formal models for pricing options and other derivative contracts, whose primary purpose was also financial risk management and hedging. But events in the 1990s made it clear that effective risk management is a critical element for success, and indeed, for long term survival, not only for financial institutions, but also for industrial firms, and even for nonprofit organizations and governmental bodies. These recent events vividly show that the world is filled with all manner of risks, and so risk management must extend far beyond the use of standard derivative instruments in routine hedging applications.

The articles in this volume cover two broad themes. One theme emphasizes methods for identifying, modeling, and hedging specific types of financial and business risks. Articles in this category consider the technology of risk measurement, such as Value at Risk and extreme value theory; new classes of risk, such as liquidity risk; new financial instruments and markets for risk management, such as derivative contracts based on weather and on catastrophic insurance risks; and finally, credit risk, which has become one of the most important areas of practical interest for risk management. The second theme stresses risk management from the perspective of the firm and the financial system as a whole. Articles in this category analyze risk management in the international arena, including payment and settlement risks and sovereign risk pricing, risk management from the regulator's viewpoint, and risk management for financial institutions. The articles in this volume examine the "State of the Art" in risk management from the standpoint of academic researchers, market analysts and practitioners, and government observers.