Financial Risk Management Identification, Measurement and Management
This book provides a quantitative overview of corporate risk management for both financial and non-financial organisations. It systematically explores a range of important risks, including interest rate risk, equity risk, commodity price risk, credit risk
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ancisco Javier Población García
Financial Risk Management
Francisco Javier Población García
Financial Risk Management Identification, Measurement and Management
Francisco Javier Población García European Central Bank Frankfurt am Main, Germany
ISBN 978-3-319-41365-5 ISBN 978-3-319-41366-2 (eBook) DOI 10.1007/978-3-319-41366-2 Library of Congress Control Number: 2016958311 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Cover image © Maciej Bledowski / Alamy Stock Photo Cover design by Tom Howey Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Freedom, Sancho, is one of the most precious gifts that heaven has bestowed upon men; no treasures that the earth holds buried or the sea conceals can compare with it; for freedom, as for honour, life may and should be ventured . . . (Don Quixote of La Mancha, Chapter LVIII, second part: The Ingenious Gentleman Don Quixote of La Mancha, Miguel de Cervantes Saavedra)
To my father
Preface
In recent times, risk analysis and management has become of great importance in the world of business, but unfortunately, as highlighted by the deep economic crisis we have become immersed in, this management has not always been based on purely financial criteria, mainly due to ignorance of such in certain areas. Perhaps that is what has driven me to write this book. However, I think my underlying motivation to continue and complete this task has been the desire to show that risk is not something negative but quite the opposite, something very positive, as it is the inevitable consequence of freedom. In other words, if there were no risk, there would be no freedom, and as was taught by the famous one-armed man of Lepanto (the name given to Cervantes after fighting in the Battle of Lepanto) th
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