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Author: David Mayes
Publisher: Routledge
ISBN: 1136192344
Category : Business & Economics
Languages : en
Pages : 321
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Book Description
Many financial institutions have in recent years failed – failed either completely, and gone into bankruptcy, or failed in the sense that they have not achieved what their owners or their customers expected them to deliver. This has had significant and adverse effects on customers, taxpayers, shareholders, and sometimes management. There has been much discussion of what should be done about this, and some action has been taken. But has it been the right kind of action? Crises of the sort being experienced are low probability but high impact events. This volume, from an international group of scholars, deals with two main issues: firstly, how can the governance of the financial sector by the authorities be improved and secondly, how can the governance of firms and institutions within the sector be improved to render the probability and cost of future crises lower? Poor governance has been one of the major contributors to the global financial crisis. With better governance of and in the financial sector the financial crisis might well have been avoided altogether and certainly could have been much milder in its impact. This is not simply a case of being wise after the event. These problems were widely discussed before the event, but little action was taken. This book explores not only what the contribution of poor governance was to the crisis and to its depth, but also why it is often difficult to improve governance. The volume offers a positive critique of the measures that are being put in place in the light of the experience of the crisis and suggests how they might plausibly be improved. This book will be of particular interest to students and researchers of economics and international finance, but will also prove profitable reading for practitioners and the interested public.
Author: David Mayes
Publisher: Routledge
ISBN: 1136192344
Category : Business & Economics
Languages : en
Pages : 321
Get Book Here
Book Description
Many financial institutions have in recent years failed – failed either completely, and gone into bankruptcy, or failed in the sense that they have not achieved what their owners or their customers expected them to deliver. This has had significant and adverse effects on customers, taxpayers, shareholders, and sometimes management. There has been much discussion of what should be done about this, and some action has been taken. But has it been the right kind of action? Crises of the sort being experienced are low probability but high impact events. This volume, from an international group of scholars, deals with two main issues: firstly, how can the governance of the financial sector by the authorities be improved and secondly, how can the governance of firms and institutions within the sector be improved to render the probability and cost of future crises lower? Poor governance has been one of the major contributors to the global financial crisis. With better governance of and in the financial sector the financial crisis might well have been avoided altogether and certainly could have been much milder in its impact. This is not simply a case of being wise after the event. These problems were widely discussed before the event, but little action was taken. This book explores not only what the contribution of poor governance was to the crisis and to its depth, but also why it is often difficult to improve governance. The volume offers a positive critique of the measures that are being put in place in the light of the experience of the crisis and suggests how they might plausibly be improved. This book will be of particular interest to students and researchers of economics and international finance, but will also prove profitable reading for practitioners and the interested public.
Author: Jomo Kwame Sundaram
Publisher: Columbia University Press
ISBN: 0231527276
Category : Business & Economics
Languages : en
Pages : 561
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Book Description
The 1944 Bretton Woods conference created new institutions for international economic governance. Though flawed, the system led to a golden age in postwar reconstruction, sustained economic growth, job creation, and postcolonial development. Yet financial liberalization since the 1970s has involved deregulation and globalization, which have exacerbated instability, rather than sustained growth. In addition, the failure of Bretton Woods to provide a reserve currency enabled the dollar to fill the void, which has contributed to periodic, massive U.S. trade deficits. Our latest global financial crisis, in which all these weaknesses played a part, underscores how urgently we must reform the international financial system. Prepared for the G24 research program, a consortium of developing countries focused on financial issues, this volume argues that such reforms must be developmental. Chapters review historical trends in global liquidity, financial flows to emerging markets, and the food crisis, identifying the systemic flaws that contributed to the recent downturn. They challenge the effectiveness of recent policy and suggest criteria for regulatory reform, keeping in mind the different circumstances, capacities, and capabilities of various economies. Essays follow ongoing revisions in international banking standards, the improved management of international capital flows, the critical role of the World Trade Organization in liberalizing and globalizing financial services, and the need for international tax cooperation. They also propose new global banking and reserve currency arrangements.
Author: Yilmaz Akyuz
Publisher: Zed Books
ISBN: 9781842771556
Category : Business & Economics
Languages : en
Pages : 176
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Book Description
Instability has become global and systemic. Strengthening international institutions and arrangements would reduce the threat of crises and allow those that do occur to be better managed. These proposals take the developing world into account.
Author: Asl? Demirgüç-Kunt
Publisher: World Bank Publications
ISBN:
Category : Empresas publicas
Languages : en
Pages : 70
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Book Description
Public enterprise reform is more successful in countries whose financial systems are relatively well developed. Countries seeking to implement broad public enterprise reforms achieve greater success if they also implement substantial and well- designed financial reforms.
Author: Ariel Buira
Publisher: Anthem Press
ISBN: 0857288180
Category : Business & Economics
Languages : en
Pages : 324
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Book Description
The papers included in this book cover different aspects of the governance of the Bretton Woods institutions. They explore different options for reform and show that enhancing the participation of developing and emerging market countries in resolving the major monetary and financial problems confronting the world economy, would improve global economic performance and contribute to the elimination of world poverty.
Author: John Cioffi
Publisher: Cornell University Press
ISBN: 0801460328
Category : Political Science
Languages : en
Pages : 302
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Book Description
In Public Law and Private Power, John W. Cioffi argues that the highly politicized reform of corporate governance law has reshaped power relations within the public corporation in favor of financial interests, contributed to the profound crises of contemporary capitalism, and eroded its political foundations. Analyzing the origins of pro-shareholder and pro-financial market reforms in the United States and Germany during the past two decades, Cioffi unravels a double paradox: the expansion of law and the regulatory state at the core of the financially driven neoliberal economic model and the surprising role of Center Left parties in championing the interests of shareholders and the financial sector. Since the early 1990s, changes in law to alter the structure of the corporation and financial markets—two institutional pillars of modern capitalism—highlight the contentious regulatory politics that reshaped the legal architecture of national corporate governance regimes and thus the distribution of power and wealth among managers, investors, and labor. Center Left parties embraced reforms that strengthened shareholder rights as part of a strategy to cultivate the support of the financial sector, promote market-driven firm-level economic adjustment, and appeal to popular outrage over recurrent corporate financial scandals. The reforms played a role in fostering an increasingly unstable financially driven economic order; their implication in the global financial crisis in turn poses a threat to center-left parties and the legitimacy of contemporary finance capitalism.
Author: Gerard Caprio
Publisher: World Bank Publications
ISBN:
Category : Libre comercio
Languages : en
Pages : 31
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Book Description
Author: Gerhard Pohl
Publisher: World Bank Publications
ISBN:
Category : Europa oriental - Sector financiero
Languages : en
Pages : 22
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Book Description
Author: R. B. Johnston
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 420
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Book Description
Financial sector liberalization can spur economic growth and development, but reforms to liberalize the financial sector can also entail risks if they are not properly designed and implemented. One of the central questions for countries reforming their financial systems is how to sequence the reforms so as to maximize the benefits of liberalization and contain its risks. Edited by R. Barry Johnston and V. Sundararajan of the IMF's Monetary and Exchange Affairs Department, this book attempts to answer this and related questions by drawing lessons from financial sector reforms in selected countries. In particular, the book surveys financial sector reforms in Indonesia, Thailand, and Korea between the mid-1980s and mid-1990s.
Author: Great Britain: H.M. Treasury
Publisher: Stationery Office
ISBN: 9780101766722
Category : Business & Economics
Languages : en
Pages : 172
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Book Description
The world economy has been hit by a severe financial crisis, resulting in the worst global economic downturn for over 60 years. First and foremost, the crisis has been caused by the failure across the world of many in the banking sector to understand the true risks created by the innovation and rapid growth of interconnected, globalised markets for financial services in recent years. This document sets out the Government's analysis of the causes of the financial crisis, the action already taken to restore financial stability and the regulatory reforms necessary to strengthen the financial system for the future, so that consumers, businesses of all sectors and the economy as a whole continue to have access to the stable credit that is so essential. The Government is proposing further reforms to banking regulation that will lead to: more effective prudential regulation and supervision of firms; greater emphasis on monitoring and managing system-wide risks; greater confidence that the authorities are ready and able to deal with problems when they do arise; and greater protection for the taxpayer when an institution needs to be resolved. The Government will give increased powers to the Bank of England and Financial Services Authority. The Government's aim is for enhanced supervision of banks, better international standards, and a more responsible and efficient global financial services sector. The strategy is designed to strengthen regulation and supervision, and support better corporate governance so that, in future, financial crises will be less likely and less damaging.
