Recent Developments in Alternative Finance: Empirical Assessments and Economic Implications

by Fredj Jawadi, William A. Barnett

Overview

Since the global financial crisis began in 2008-2009, there has been a strong decline in financial markets and investment, and significant economic recession for most developed and emerging economies. Accordingly, new forms of alternative finance, management, control, accounting, trading and investment are being sought. Alternative finance presents challenges intended to stimulate investment and promote economic growth and development, as well as provide a return on investment during turbulent times. This volume aims to provide the reader with a comprehensive understanding of alternative finance in its various forms. It addresses the impact of the financial crisis and the failure of monetary and financial institutions to manage financial markets and handle the recent downturn. It also presents and discusses new research findings associated with alternative forms of investment and finance, and their economic and political implications.

Product Details

ISBN-13:	9781781903995
Publisher:	Emerald Group Publishing Limited
Publication date:	11/28/2012
Series:	International Symposia in Economic Theory and Econometrics , #22
Pages:	347
Product dimensions:	6.14(w) x 9.21(h) x 1.30(d)

About the Author

William A. Barnett is Oswald Distinguished Professor of Macroeconomics at the University of Kansas and Director at the Center for financial Stability in New York City. He was previously Research Economist at the Board of Governors of the Federal Reserve System in Washington, D.C.; Stuart Centennial Professor of Economics at the University of Texas at Austin; and Professor of Economics at Washington University in St. Louis. William Barnett has been a leading researcher in macroeconomics and econometrics. He is one of the pioneers in the study of chaos and nonlinearity in socioeconomic contexts, as well as a major figure in the study of the aggregation problem, which lies at the heart of how individual and aggregate data are related. He is Editor of the Emerald monograph series International Symposia in Economic Theory and Econometrics, and Editor of the journal Macroeconomic Dynamics, published by Cambridge University Press. He received his BS degree from MIT, his MBA from the University of California at Berkeley, and his MA and Ph.D. from Carnegie Mellon University. He has published 32 books (as either author or editor) and over 160 articles in professional journals. His research has been published in seven languages.

Fredj Jawadi is an Associate Professor at the University of Evry Val d'Essonne in France. His research focuses on nonlinear Time Series Econometrics applied to finance and macroeconomics. He has written and edited several books in Economics and Finance, and authored several papers published in international journals.

Table of Contents

List of Contributors vii

Editorial Advisory Board Members ix

Introduction xi

Acknowledgments xvii

1 Divisia Monetary Aggregates for the GCC Countries Ryadh M. Alkhareif William A. Barnett 1

2 Euro Zone Bond Market and Economic Growth: Evidence from a Time Series Analysis Iuliana Matei 39

3 International Portfolio Choice: The Case of Market Competition Makram Bellalah Sonia Ben Said 53

4 Can the Wealth-to-Income Ration be a Useful Predictor in Alternative Finance? Evidence from the Housing Risk Premium Manuel J. Rocha Armada Ricardo M. Sousa 67

5 The Challenges of the Mutual Financial Sphere: Statutes to the Test Development Michel Roux 81

6 The Origins of Mutualist Finance Philippe Naszályi 107

7 Can Cooperative Banking Become an Alternative to Capitalist Finance? Daniel Bachet 143

8 Alternative Financial Decision Principles: Theoretical Foundations of Islamic Banks' Capital Structure Kaouther Toumi Waël Louhichi Jean-Laurent Viviani 157

9 Islamic Finance: An Alternative Finance or an Antidote to the Crisis of Capitalism? Geneviève Causse 173

10 The Emergence of Solidarity Employee Savings in France Aude d'Andria 197

11 Mood-Misattribution Effect on Energy Finance: A Biorhythm Approach Marc Joëts 213

12 Is Microcredit a Real Innovation? Laurence Attuel-Mendès 235

13 Estimation of Non-Gaussian Returns: The Hedge Funds Case Naceur Naguez Jean-Luc Prigent 247

14 Hedge Funds and Dynamic Risk Modeling Wafa Kammoun Masmoudi 273

15 Evaluation of Hedge Fund Returns Value at Risk Using GARCH Models Sabrina Khanniche 315