A Demon of Our Own Design:Markets, Hedge Funds, and the Perils of Financial Innovation

自己设计的恶魔:市场、套利基金与金融革新的风险

货币银行学

原   价:
175
售   价:
140.00
优惠
平台大促 低至8折优惠
作      者
出  版 社
出版时间
2008年11月14日
装      帧
平装
ISBN
9780470393758
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页      码
304
开      本
8.96 x 6.02 x 0.80
语      种
英文
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图书简介
In A Demon of Our Own Design, Richard Bookstaber paints a vivid picture of a financial world that is ever edging toward disaster. As an introduction to the paperback edition, Bookstaber discusses and analyzes the 2007/2008 credit crisis and how it relates to the rest of the materials in the book. As a hedge fund ’rocket scientist,’ Bookstaber provides an insider’s perspective to the tumultuous management decisions made by some of the world’s most powerful financial figures from Warren Buffett to Sandy Weill to John Meriwether, as well as recounting his own contribution to market calamities. He designed some of the complex options and derivatives that, combined with the globalization of the world’s markets and the ever increasing speed of transactions, allow markets to slide out of control.  And he explains why the best efforts of institutions on the front lines to create safeguards, manage risk and regulate the markets may end up contributing to instability. Bookstaber argues that many of the financial innovations and regulations that are supposed to level the playing field instead make the markets more dangerous for all the players, big and small. Drawing on his intimate knowledge of such infamous disasters as the 1987 Crash and the demise of LTCM, Bookstaber identifies the key areas that make markets vulnerable: liquidity that begets greater leverage; innovation that creates greater complexity; and a structure that demands a nonhuman level of rationality. The twofold solution he suggests, reducing complexity and breaking the tight coupling of transactions,­ goes against the prevailing winds of Wall Street, but will lead to a more robust and survivable market.
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