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ISBN: 047182240X, 9780471822400Издательство: John Wiley & Sons
When it first published in spring 1998, Derivatives: The Wild Beast of Finance made bold predictions and recommendations for the future of global finance. Alfred Steinherr explained that, without effective risk management, the incredible explosion in theuse and value of derivatives could destabilise the entire global market structure. His views and suggested solutions were not universally accepted. And then, suddenly, in the space of a few months many of the inherent dangers he set out became reality ? the Asian crisis took a vicious toll on the tiger economies and the Russian bear collapsed, heralding the ultimate destruction of the most celebrated hedge fund of recent years ? Long-Term Capital Management. The knock-on effect of the LTCM collapse was so severe that the US Fed was forced to intervene. In this extensively revised paperback edition, Alfred Steinherr brings the story up to date and uses the opportunity to analyse and reflect on the effectiveness of the...