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Global Power Transition and the Future of the European Union
Today, the European Union faces challenges that threaten not only internal cohesion but also its position in the global system. This book is about the future of the EU in the light of global power transition taking place in the twenty-first century and demonstrates how its future rests on a delicate balance between policy challenge, member states’ interests, and convergence or divergence of societal values across its peoples. The book examines factors behind the decline of the EU relative to the rise of China and other powers in the global hierarchy and what policy options are available for EU leaders to implement in order to compete as a global actor. It analyses determinants of regional integration and key policy challenges the EU faces in its quest for an "ever deeper union," and identifies significant factors (i.e., power relations, economic relations, emergent social values across the EU) that can explain the likelihood of further integration or conflict between EU member states. This text will be essential reading for scholars, students, and practitioners interested in European Union politics international relations, security studies, and comparative politics.
The EU Law of Economic and Monetary Union
An authoritative reference work on the legal framework of European economic and monetary union, this book comprehensively analyses the legal foundations, institutions, and substantive legal issues in EU monetary integration.
Routledge Handbook of Financial Technology and Law
Financial technology is rapidly changing and shaping financial services and markets. These changes are considered making the future of finance a digital one.This Handbook analyses developments in the financial services, products and markets that are being reshaped by technologically driven changes with a view to their policy, regulatory, supervisory and other legal implications. The Handbook aims to illustrate the crucial role the law has to play in tackling the revolutionary developments in the financial sector by offering a framework of legally enforceable principles and values in which such innovations might take place without threatening the acquis of financial markets law and more gener...
Too-Big-to-Fail in Banking
This book provides a comprehensive summary of the latest academic research on the important topic of too-big-to-fail (TBTF) in banking. It explains TBTF from various perspectives including the range of regulatory measures proposed to counter TBTF, most notably the globally accepted regulation of global-systemically important banks (G-SIBs) and its main tool of capital surcharges. The empirical analysis quantifies the shareholder value of the G-SIB attribution by using quarterly observations from more than 750 global banks between Q2 2008 and Q3 2015. The main finding is that G-SIBs are confronted with a substantial relative valuation discount compared to non-G-SIBs. From the end of 2011 unti...
Crises and Integration in European Banking Union
It is conventional wisdom among scholars, policymakers, and other observers that crises are one of the primary drivers of European integration. However, while many crises have indeed spurred deeper integration, there is also no shortage of crises that failed to produce meaningful deepening, or even led to disintegration. The literature on European integration has to date failed to develop a theory to identify ex ante which crises are most likely to produce integrating reform. Crises and Integration in European Banking Union addresses that gap, building a theory of how the combination of crisis severity and origin indicates whether a crisis will produce deep reform, modest reform, or a persis...
The Palgrave Handbook of Technological Finance
This handbook provides the first comprehensive overview of the fast-evolving alternative finance space and makes a timely and in-depth contribution to the literature in this area. Bringing together expert contributions in the field from both practitioners and academics, in one of the most dynamic parts of the financial sector, it provides a solid reference for this exciting discipline. Divided into six parts, Section 1 presents a high-level overview of the technologically-enabled finance space. It also offers a historical perspective on technological finance models and outlines different business models. Section 2 analyses digital currencies including guides to bitcoins, other cryptocurrenci...
Asset Pricing under Asymmetric Information
Asset prices are driven by public news and information that is often dispersed among many market participants. These agents try to infer each other's information by analyzing price processes. In the past two decades, theoretical research in financial economics has significantly advanced our understanding of the informational aspects of price processes. This book provides a detailed and up-to-date survey of this important body of literature. The book begins by demonstrating how to model asymmetric information and higher-order knowledge. It then contrasts competitive and strategic equilibrium concepts under asymmetric information. It also illustrates the dependence of information efficiency an...
Optimal Expectations
This paper introduces a tractable, structural model of subjective beliefs. Forward-looking agents care about expected future utility flows, and hence have higher current felicity if they believe that better outcomes are more likely. On the other hand, biased expectations lead to poorer decisions and worse realized outcomes on average. Optimal expectations balance these forces by maximizing average felicity. A small bias in beliefs typically leads to first-order gains due to increased anticipatory utility and only to second-order costs due to distorted behavior. We show that in a portfolio choice problem, agents overestimate the return on their investment and exhibit a preference for skewness. In general equilibrium, agents' prior beliefs are endogenously heterogeneous. Finally, in a consumption-saving problem with stochastic income, agents are both overconfident and overoptimistic.
Optimal Beliefs, Asset Prices, and the Preference for Skewed Returns
Human beings want to believe that good outcomes in the future are more likely, but also want to make good decisions that increase average outcomes in the future. We consider a general equilibrium model with complete markets and show that when investors hold beliefs that optimally balance these two incentives, portfolio holdings and asset prices match six observed patterns: (i) because the cost of biased beliefs are typically second-order, investors typically hold biased assessments of probabilities and so are not perfectly diversified according to objective metrics; (ii) because the costs of biased beliefs temper these biases, the utility costs of the lack of diversification are limited; (ii...
