Access your Project MUSE content using one of the login options below Close(X)
Browse Results For:
A New Paradigm for Risk Management
Financial markets respond to information virtually instantaneously. Each new piece of information influences the prices of assets and their correlations with each other, and as the system rapidly changes, so too do correlation forecasts. This fast-evolving environment presents econometricians with the challenge of forecasting dynamic correlations, which are essential inputs to risk measurement, portfolio allocation, derivative pricing, and many other critical financial activities. In Anticipating Correlations, Nobel Prize-winning economist Robert Engle introduces an important new method for estimating correlations for large systems of assets: Dynamic Conditional Correlation (DCC).
Engle demonstrates the role of correlations in financial decision making, and addresses the economic underpinnings and theoretical properties of correlations and their relation to other measures of dependence. He compares DCC with other correlation estimators such as historical correlation, exponential smoothing, and multivariate GARCH, and he presents a range of important applications of DCC. Engle presents the asymmetric model and illustrates it using a multicountry equity and bond return model. He introduces the new FACTOR DCC model that blends factor models with the DCC to produce a model with the best features of both, and illustrates it using an array of U.S. large-cap equities. Engle shows how overinvestment in collateralized debt obligations, or CDOs, lies at the heart of the subprime mortgage crisis--and how the correlation models in this book could have foreseen the risks. A technical chapter of econometric results also is included.
Based on the Econometric and Tinbergen Institutes Lectures, Anticipating Correlations puts powerful new forecasting tools into the hands of researchers, financial analysts, risk managers, derivative quants, and graduate students.
Migration and Tourism in the Indonesian Borderlands
Since the late 1960s the Indonesian island of Batam has been transformed from a sleepy fishing village to a booming frontier town, where foreign investment, mostly from neighboring Singapore, converges with inexpensive land and labor. Indonesian female migrants dominate the island’s economic landscape both as factory workers and as prostitutes servicing working class tourists from Singapore. Indonesians also move across the border in search of work in Malaysia and Singapore as plantation and construction workers or maids. Export processing zones such as Batam are both celebrated and vilified in contemporary debates on economic globalization. The Anxieties of Mobility moves beyond these dichotomies to explore the experiences of migrants and tourists who pass through Batam. Johan Lindquist’s extensive fieldwork allows him to portray globalization in terms of relationships that bind individuals together over long distances rather than as a series of impersonal economic transactions. He offers a unique ethnographic perspective, drawing together the worlds of factory workers and prostitutes, migrants and tourists, and creating a compelling account of everyday life in a borderland characterized by dramatic capitalist expansion. The book uses three Indonesian concepts (merantau, malu, liar) to shed light on the mobility of migrants and tourists on Batam. The first refers to a person’s relationship with home while in the process of migration. The second signifies the shame or embarrassment felt when one is between accepted roles and emotional states. The third, liar, literally means "wild" and is used to identify those who are out of place, notably squatters, couples in premarital cohabitation, and prostitutes without pimps. These sometimes overlapping concepts allow the book to move across geographical and metaphorical boundaries and between various economies.
The American Automobile Industry in World War II
Throughout World War II, Detroit's automobile manufacturers accounted for one-fifth of the dollar value of the nation's total war production, and this amazing output from "the arsenal of democracy" directly contributed to the allied victory. In fact, automobile makers achieved such production miracles that many of their methods were adopted by other defense industries, particularly the aircraft industry. In Arsenal of Democracy: The American Automobile Industry in World War II, award-winning historian Charles K. Hyde details the industry's transition to a wartime production powerhouse and some of its notable achievements along the way. Hyde examines several innovative cooperative relationships that developed between the executive branch of the federal government, U.S. military services, automobile industry leaders, auto industry suppliers, and the United Automobile Workers (UAW) union, which set up the industry to achieve production miracles. He goes on to examine the struggles and achievements of individual automakers during the war years in producing items like aircraft engines, aircraft components, and complete aircraft; tanks and other armored vehicles; jeeps, trucks, and amphibians; guns, shells, and bullets of all types; and a wide range of other weapons and war goods ranging from search lights to submarine nets and gyroscopes. Hyde also considers the important role played by previously underused workers-namely African Americans and women-in the war effort and their experiences on the line. Arsenal of Democracy includes an analysis of wartime production nationally, on the automotive industry level, by individual automakers, and at the single plant level. For this thorough history, Hyde has consulted previously overlooked records collected by the Automobile Manufacturers Association that are now housed in the National Automotive History Collection of the Detroit Public Library. Automotive historians, World War II scholars, and American history buffs will welcome the compelling look at wartime industry in Arsenal of Democracy.
Art as Politics explores the intersection of art, identity politics, and tourism in Sulawesi, Indonesia. Based on long-term ethnographic research from the 1980s to the present, the book offers a nuanced portrayal of the Sa’dan Toraja, a predominantly Christian minority group in the world’s most populous Muslim country. Celebrated in anthropological and tourism literatures for their spectacular traditional houses, sculpted effigies of the dead, and pageantry-filled funeral rituals, the Toraja have entered an era of accelerated engagement with the global economy marked by on-going struggles over identity, religion, and social relations. In her engaging account, Kathleen Adams chronicles how various Toraja individuals and groups have drawn upon artistically-embellished "traditional" objects—as well as monumental displays, museums, UNESCO ideas about "word heritage," and the World Wide Web—to shore up or realign aspects of a cultural heritage perceived to be under threat. She also considers how outsiders—be they tourists, art collectors, members of rival ethnic groups, or government officials—have appropriated and reframed Toraja art objects for their own purposes. Her account illustrates how art can serve as a catalyst in identity politics, especially in the context of tourism and social upheaval. Ultimately, this insightful work prompts readers to rethink persistent and pernicious popular assumptions—that tourism invariably brings a loss of agency to local communities or that tourist art is a compromised form of expression. Art as Politics promises to be a favorite with students and scholars of anthropology, sociology, cultural studies, ethnic relations, art, and Asian studies.
Military Leadership from George Washington to Colin Powell
What essential leadership lessons do we learn by distilling the actions and ideas of great military commanders such as George Washington, Dwight D. Eisenhower, and Colin Powell? That is the fundamental question underlying The Art of Command: Military Leadership from George Washington to Colin Powell. The book illustrates that great leaders become great through conscious effort—a commitment not only to develop vital skills but also to surmount personal shortcomings. Harry S. Laver, Jeffrey J. Matthews, and the other contributing authors identify nine core characteristics of highly effective leadership, such as integrity, determination, vision, and charisma, and nine significant figures in American military history whose careers embody those qualities. The Art of Command examines each figure’s strengths and weaknesses and how those attributes affected their leadership abilities, offering a unique perspective of military leadership in American history. Laver and Matthews have assembled a list of contributors from military, academic, and professional circles, which allows the book to encompass diverse approaches to the study of leadership.
Realities and Prospects
The past decade has witnessed rapid development in ASEAN-China relations. Both sides now have more in common than before, though differences still exist. ASEAN and China have established a promising strategic partnership ensuring peace, stability, co-operation as well as prosperity for the region. New challenges will, however, continue to emerge to test the resolve of the partnership. This book examines some of the areas of convergence and divergence and the possible trajectories of the development of ASEAN-China relations.
Foundations and Future Prospects
In 2012, Russia assumes the Chairmanship of APEC, and is keen to build on its memberships of both the East Asia Summit (EAS) and the Asia-Europe Meeting (ASEM). Russia is geographically and historically part of Asia and the Asia Pacific, and has been a dialogue partner of ASEAN since 1996. Still, the obstacles of distance and languages have led ASEAN member states and Russia to know and interact little between both sides. As growth poles in the world economy, there is much benefit in greater interaction between their rich economies. To commemorate the 15th Anniversary of the Russia-ASEAN dialogue partnership in 2011, the ASEAN Studies Centre at ISEAS and its counterpart from MGIMO-University, Moscow co-organized a two-day conference that year, in which papers were presented offering perspectives from Russia and the ten ASEAN member states. Representatives from academia, and the public and private sectors offered insights on topics including geopolitics, bilateral relations, business and economics, and culture and education. This is a timely book that affords the reader insights into where ASEAN-Russia relations currently stand and suggests how they can improve and move forward.
The book presents a unique combination of the study of contemporary and historical practices between Asia and Europe and brings forth some of the latest thinking on the subject. Recent debates have centered primarily on contemporary aspects of the Europe-Asia partnership in terms of international relations and economic linkages. The present volume complements this political and economic interest in Europe-Asia relationship by focusing on the academic, social and cultural connections between the two regions. The contributions in this volume have a contemporary focus but contextualize the themes within a historical perspective. They deal with academic discourses on the region, on modernity and entrepreneurship; they discuss the long-term exchange of knowledge in specific scientific fields; and they focus on the cultural interconnections in the area of film, literature and migration. The originality of this book lies in its interdisciplinary approach to the question of Asia-Europe and in its emphasis on the multifaceted complexity of the relationship between these two regions. It brings together the diversity of local histories, ideas, and agencies in both Europe and Asia into a universal project of knowledge formation in order to reveal their contribution to the making of the world we are in. Contributors: Syed Farid Alatas, Gregory Clancey, John Kleinen, Van Nguyen-Marshall, Henk Schulte Nordholt, Paravin J. Patel, Maurizio Peleggi, Satish Saberwal, Vineeta Sinha
Regional Co-operation in Asia
As ASEAN Vision 2020 proclaims, the members of ASEAN have achieved remarkable success in economic growth, stability and poverty reduction, over the past decades. There are, however, still diverse debates as to the factors which contributed to the success, with no conclusive assessment.This volume reviews the domestic reforms effectively introduced by ASEAN members after the 1997 financial crisis and what could be done to accelerate such reforms. With the entry of the 4 new members into ASEAN, possible measures to strengthen both intra- and extra-ASEAN regional cooperation frameworks are sought so that the 10 ASEAN members can make a smooth economic and social transformation to tackle globalization and accommodate the two highly competitive giant economies, China and India.The study also seeks to identify what could be the role of Japan in promoting its economic relations with the ASEAN-10 under the ongoing framework of the WTO and the ASEAN-Plus-Three in the light of the current trend towards greater regionalism in Europe and the Americas.
Although emerging economies as a group performed well during the global recession, weathering the recession better than advanced economies, there were sharp differences among them and across regions. The emerging economies of Asia had the most favorable outcomes, surviving the ravages of the global financial crisis with relatively modest declines in growth rates in most cases. China and India maintained strong growth during the crisis and played an important role in facilitating global economic recovery.
In this informative volume, the second in a series on emerging markets, editors Masahiro Kawai and Eswar Prasad and the contributors analyze the major domestic macroeconomic and financial policy issues that could limit the growth potential of Asian emerging markets, such as rising inflation and surging capital inflows, with the accompanying risks of asset and credit market bubbles and of rapid currency appreciation. The book examines strategies to promote financial stability, including reforms for financial market development and macroprudential supervision and regulation.