Philip Booth (economist)
Encyclopedia
Professor Philip Booth is a British economist. He is Editorial and Programme Director at the Institute of Economic Affairs
(2002–present) and Professor of Insurance and Risk Management at Cass Business School, City University. His primary areas of research and writing are social insurance, financial regulation
and Catholic social teaching. He has been responsible for new insights in the pricing of risk in banking (published in the British Actuarial Journal) and the development of models for pricing upward only rent review options in real estate contracts. He has also published other prize-winning work in the field of real estate modelling and asset liability management – the topic of his PhD.
Philip Booth is also a Fellow of Blackfriars Hall, Oxford University, a Fellow of the Institute of Actuaries
, a Fellow of the Royal Statistical Society
and an Honorary Member of the Society of Actuaries of Poland. His undergraduate degree (in economics) was from the University of Durham and his PhD (in finance) from City University. He also holds the Certificate in Finance and Investment of the Institute of Actuaries.
(1998–1999), and worked there as a special adviser on financial stability issues from 1999-2002. He was head of the Department of Real Estate Finance and Investment in City University from 2000–2001 and Associate Dean of City University Business School (now Cass Business School) from 2001 until joining the IEA in September 2002. During the 1990s he led a number of projects developing insurance, finance and actuarial science teaching in Central and Eastern Europe with Dr. Krzysztof Stroiński. For this work he was given an award by the Polish Chamber of Insurance and the Polish Society of Actuaries. He was Vice chairman of the Public Sector Pensions Commission, an initiative set up by the Institute of Economic Affairs, the Institute of Directors
and others in Dec 2009. The Commission released its final report in July 2010.
Books by Philip Booth include Catholic Social Teaching and the Market Economy, The Road to Economic Freedom (a compilation of work by a number of Nobel Prize Winners in economics), Verdict on the Crash, Christian Perspectives on the Financial Crash (as editor and/or co-author) and a number of other publications on policy issues. In the field of actuarial science and finance, he is co-author of Modern Actuarial Theory and Practice and Investment Mathematics and co-editor of Issues in Monetary Policy: the relationship between money and financial markets. He contributes articles regularly to the Catholic press on issues relating Catholic social teaching to economics.
Institute of Economic Affairs
The Institute of Economic Affairs , founded in 1955, styles itself the UK's pre-eminent free-market think-tank. Its mission is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social...
(2002–present) and Professor of Insurance and Risk Management at Cass Business School, City University. His primary areas of research and writing are social insurance, financial regulation
Financial regulation
Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the integrity of the financial system...
and Catholic social teaching. He has been responsible for new insights in the pricing of risk in banking (published in the British Actuarial Journal) and the development of models for pricing upward only rent review options in real estate contracts. He has also published other prize-winning work in the field of real estate modelling and asset liability management – the topic of his PhD.
Philip Booth is also a Fellow of Blackfriars Hall, Oxford University, a Fellow of the Institute of Actuaries
Institute of Actuaries
The Institute of Actuaries was one of the two professional which represented actuaries in the United Kingdom . The Institute was based in England, while the other body, the Faculty of Actuaries, was based in Scotland...
, a Fellow of the Royal Statistical Society
Royal Statistical Society
The Royal Statistical Society is a learned society for statistics and a professional body for statisticians in the UK.-History:It was founded in 1834 as the Statistical Society of London , though a perhaps unrelated London Statistical Society was in existence at least as early as 1824...
and an Honorary Member of the Society of Actuaries of Poland. His undergraduate degree (in economics) was from the University of Durham and his PhD (in finance) from City University. He also holds the Certificate in Finance and Investment of the Institute of Actuaries.
Career
He began his career working in the Investment Department of Axa Equity and Law (1985–1988). Since then he has had a period on secondment to the Bank of EnglandBank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
(1998–1999), and worked there as a special adviser on financial stability issues from 1999-2002. He was head of the Department of Real Estate Finance and Investment in City University from 2000–2001 and Associate Dean of City University Business School (now Cass Business School) from 2001 until joining the IEA in September 2002. During the 1990s he led a number of projects developing insurance, finance and actuarial science teaching in Central and Eastern Europe with Dr. Krzysztof Stroiński. For this work he was given an award by the Polish Chamber of Insurance and the Polish Society of Actuaries. He was Vice chairman of the Public Sector Pensions Commission, an initiative set up by the Institute of Economic Affairs, the Institute of Directors
Institute of Directors
The Institute of Directors is a UK-based organisation, established in 1903 and incorporated by royal charter in 1906 to support, represent and set standards for company directors...
and others in Dec 2009. The Commission released its final report in July 2010.
Writing
Philip Booth has written widely on pensions, social insurance and financial regulation. He is author, co-author and editor of several books and think tank publications. He is editor of the journal Economic Affairs, Associate Editor of the Annals of Actuarial Science and the British Actuarial Journal, Assistant Editor of the Journal of Property Research and on the editorial board of the International Journal of Enterprise Solutions to Poverty.Books by Philip Booth include Catholic Social Teaching and the Market Economy, The Road to Economic Freedom (a compilation of work by a number of Nobel Prize Winners in economics), Verdict on the Crash, Christian Perspectives on the Financial Crash (as editor and/or co-author) and a number of other publications on policy issues. In the field of actuarial science and finance, he is co-author of Modern Actuarial Theory and Practice and Investment Mathematics and co-editor of Issues in Monetary Policy: the relationship between money and financial markets. He contributes articles regularly to the Catholic press on issues relating Catholic social teaching to economics.
Select Bibliography
- Booth P M, D. Besar, K. K. Chan, A.K.L. Milne, J. Pickles (2010 forthcoming), 'Systemic Risk in Financial Services', British Actuarial Journal
- Booth P M (ed) (2010), 'Christian Perspectives on the Financial Crash', London: St Pauls
- Booth P M, Arthur T G (2010), 'Does Britain Need a Financial Regulator? Statutory regulation, private regulation and financial markets', London: Institute of Economic Affairs
- Booth P M (ed) (2009), 'Verdict on the Crash: Causes and Policy Implications', ed. Hobart Paperback, London, UK: Institute of Economic Affairs
- Booth P M (2009), 'Learning from the crash, and teaching after it' in Samuel Gregg and James Stoner (ed.), Profit, Prudence and Virtue: essays in ethics and business management, UK and US: Imprint Academic
- Booth P M, Wellings R (2009), 'Introductory chapter in Globalization and Free Trade' in Philip Booth and Richard Wellings (ed.), UK: Edward Elgar
- Booth P M, Wellings R (ed) (2009), 'Globalization and Free Trade', UK: Edward Elgar
- Booth P (2008), 'The young held to ransom - a public choice analysis of the UK state pension system', Economic Affairs, 28(3)
- Booth P M (2008), 'Market Failure: a failed paradigm', Economic Affairs, 28(4)
- Booth P M (2008), 'Modern Business and its Moral and Ethical Dilemmas in a Globalized World' in Ian HarperIan HarperIan Harper FASSA FAICD is an Australian economist. He was the inaugural chairman of the Australian Fair Pay Commission before that body was abolished in 2009....
and Samuel Gregg (ed.), Christian Theology and Market Economics, UK: Edward Elgar - Booth P. M. (2007), '“Freedom with Publicity” – the actuarial profession and insurance regulation from 1844-1945', Annals of Actuarial Science, 2(1)
- Booth P. M., Morrison A. (2007), 'Regulatory Competition and Life Insurance Solvency Regulation in the EU and the USA', North American Actuarial Journal, 11
- Booth (ed) P. M. (2007), 'Catholic Social Teaching and the Market Economy', Institute of Economic Affairs, Hobart Paperback 34
- Booth P.M., Whetstone L. (2007), 'Half a Cheer for Fair Trade', Economic Affairs, 27(2)
- Booth P, Kent Matthews (ed) (2006), 'Issues in Monetary Policy: the relationship between money and financial markets', UK: Wiley
- Booth P. M. (ed) (2006), 'Were 364 Economists All Wrong?', London, UK: Institute of Economic Affairs
- Booth P. M., Meadowcroft J. (ed) (2006), 'The Road to Economic Freedom (two volumes)', Edward Elgar
- Booth P M (ed) (2006), 'Towards a Liberal Utopia (second edition)', ed. 2nd, Continuum
- Booth P, Deborah Cooper (2005), 'The Way Out of the Pensions Quagmire', Institute of Economic Affairs, Research Monograph(60)
- Booth P, Gl Marcato (2004), 'The Measurement and Modelling of Commercial Real Estate Performance', British Actuarial Journal, 10(1)
- Booth P. M., A. Adams, D. Bowie, D. Freeth and P. England (2003), 'Investment Mathematics', Wiley
- Booth P. M., A. T. Adams and B. D. MacGregor (2003), 'Lease Terms, Option Pricing and the Financial Characteristics of Property', British Actuarial Journal, 9(3)
- Booth P. M., D. E. P. Walsh (2001), 'The Application of Financial Theory to the Pricing of Upward Only Rent Reviews', Journal of Property Research, 18(1),
- Booth P. M., D. E. P. Walsh (2001), 'An Option Pricing Approach to Valuing Upward Only Rent Review Properties with Multiple Reviews', Insurance: Mathematics and Economics, 28(2)
- Booth P. M., Y. Yakoubov (2000), 'Investment Policy for Defined Contribution Pension Schemes Close to Retirement: an Analysis of the "Lifestyle" Concept', North American Actuarial Journal, 4(2)
- Booth P. M. (2000), 'Caring for the Long Term', Politeia, London, UK
- Booth P. M., G. Dickinson (1998), 'The Insurance Solution' in Tom Sorrell (ed.), Chapter in Health Insurance and Ethics, Routledge, London, U.K.
- Booth P, J. N. Allan, R. J. Verrall and D. E. P. Walsh (1998), 'The Management of Risk in Banking', British Actuarial Journal, 4(4)
- Booth P. M. (1998), 'The Transition from Social Insecurity', Economic Affairs, 18(1)
- Booth P (1998), 'The Problems with PAYGO Pensions', Journal of Pensions Management, 4(3)
- Booth P. M. (1997), 'The Political Economy of Regulation', British Actuarial Journal, 3(3)
- Booth P., A. Adams, D. Bloomfield, and P. England (1993), 'Investment Mathematics and Statistics', Kluwer Academic Publishers