Author: Faisal Z. Ahmed
Publisher: Cambridge University Press
ISBN: 110848865X
Category : Business & Economics
Languages : en
Pages : 201
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Book Description
Shows how financial globalization can be perilous, holding the capacity to finance the durability of authoritarian governments.
Author: Ida Bastiaens
Publisher: Cambridge University Press
ISBN: 1108628079
Category : Political Science
Languages : en
Pages : 346
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Book Description
Globalization is triggering a 'revenue shock' in developing economies. International trade taxes - once the primary source of government revenue - have been cut drastically in response to trade liberalization. Bastiaens and Rudra make the novel argument that regime type is a major determinant of revenue-raising capacity once free trade policies have been adopted. Specifically, policymakers in democracies confront greater challenges than their authoritarian counterparts when implementing tax reforms to offset liberalization's revenue shocks. The repercussions are significant: while the poor bear the brunt of this revenue shortfall in democracies, authoritarian regimes are better-off overall. Paradoxically, then, citizens of democracies suffer precisely because their freer political culture constrains governmental ability to tax and redistribute under globalization. This important contribution on the battle between open societies and the ability of governments to help their people prosper under globalization is essential reading for students and scholars of political economy, development studies and comparative politics.
Author: Jonathan H. Marks
Publisher: Oxford University Press
ISBN: 019090710X
Category : Philosophy
Languages : en
Pages : 330
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Book Description
Countless public health agencies are trying to solve our most intractable public health problems -- among them, the obesity and opioid epidemics -- by partnering with corporations responsible for creating or exacerbating those problems. We are told industry must be part of the solution. But is it time to challenge the partnership paradigm and the popular narratives that sustain it? In The Perils of Partnership, Jonathan H. Marks argues that public-private partnerships and multi-stakeholder initiatives create "webs of influence" that undermine the integrity of public health agencies; distort public health research and policy; and reinforce the framing of public health problems and their solutions in ways that are least threatening to the commercial interests of corporate "partners". We should expect multinational corporations to develop strategies of influence -- but public bodies can and should develop counter-strategies to insulate themselves from corporate influence in all its forms. Marks reviews the norms that regulate public-public interactions (separation of powers) and private-private interactions (antitrust and competition law), and argues for an analogous set of norms to govern public-private interactions. He also offers a novel framework to help public bodies identify the systemic ethical implications of their current or proposed relationships with industry actors. Marks makes a compelling case that the default public-private interaction should be at arm's length: separation, not collaboration. He calls for a new paradigm that avoids the perils of corporate influence and more effectively protects and promotes public health. The Perils of Partnership is essential reading for public health officials and policymakers -- but anyone interested in public health will recognize the urgency of this book.
Author: Leonardo E. Stanley
Publisher: Anthem Press
ISBN: 1783086750
Category : Business & Economics
Languages : en
Pages : 260
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Book Description
In the past, foreign shocks arrived to national economies mainly through trade channels, and transmissions of such shocks took time to come into effect. However, after capital globalization, shocks spread to markets almost immediately. Despite the increasing macroeconomic dangers that the situation generated at emerging markets in the South, nobody at the North was ready to acknowledge the pro-cyclicality of the financial system and the inner weakness of “decontrolled” financial innovations because they were enjoying from the “great moderation.” Monetary policy was primarily centered on price stability objectives, without considering the mounting credit and asset price booms being generated by market liquidity and the problems generated by this glut. Mainstream economists, in turn, were not majorly attracted in integrating financial factors in their models. External pressures on emerging market economies (EMEs) were not eliminated after 2008, but even increased as international capital flows augmented in relevance thereafter. Initially economic authorities accurately responded to the challenge, but unconventional monetary policies in the US began to create important spillovers in EMEs. Furthermore, in contrast to a previous surge in liquidity, funds were now transmitted to EMEs throughout the bond market. The perspective of an increase in US interest rates by the FED is generating a reversal of expectations and a sudden flight to quality. Emerging countries’ currencies began to experience higher volatility levels, and depreciation movements against a newly strong US dollar are also increasingly observed. Consequently, there are increasing doubts that the “unexpected” favorable outcome observed in most EMEs at the aftermath of the Global Financial Crisis (GFC) would remain.
Author: Lucia Quaglia
Publisher: Oxford University Press
ISBN: 0192691708
Category : Political Science
Languages : en
Pages : 241
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Book Description
Despite the role of shadow banking in the building up of the 2008 international financial crisis, the massive size of this sector, its cross-border nature, and the risks it entails for financial stability, the post-crisis regulation of shadow banking has remained rather feeble. Why? The Perils of International Regime Complexity in Shadow Banking identifies a 'game of shadows', which unfolded recursively concerning the definition, monitoring, and regulation of shadow banking internationally. Thus, states, regulators, and private actors tended to cast light away from various parts of the shadow banking system - shadow banking was (re)fined over time, its measurement was narrowed down, lessening the (perceived) need for regulation. The playing out of such a game was facilitated by the international architecture for shadow banking governance, which is a 'regime complex' characterized by the presence of multiple institutions and elemental regimes governing a set of related issues. Indeed, shadow banking is a quintessential case for demonstrating the perils of international regime complexity, which magnifies problems that are endemic in governing global finance - namely, interstate competition, disagreement between technocratic bodies, and the power of the financial industry - while splintering solutions, due to the fragmentation of regulatory authority. Empirically, this book examines various elemental regimes concerning different aspects of shadow banking, namely: international standards for defining, measuring, and monitoring global shadow banking; international standards for shadow banking entities, including money market funds, hedge funds, and investment funds; international standards for shadow banking activities, such as securitization, securities lending, and repos; international standards for bank capital exposures to shadow banking.
Author: Federico Lupo-Pasini
Publisher: Cambridge University Press
ISBN: 1107189020
Category : Business & Economics
Languages : en
Pages : 309
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Book Description
This book analyzes the dangers of financial nationalism in an interconnected global financial system, and discusses how international law might address them.
Author: Robert E. Gallman
Publisher: University of Chicago Press
ISBN: 022663311X
Category : Business & Economics
Languages : en
Pages : 401
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Book Description
When we think about history, we often think about people, events, ideas, and revolutions, but what about the numbers? What do the data tell us about what was, what is, and how things changed over time? Economist Robert E. Gallman (1926–98) gathered extensive data on US capital stock and created a legacy that has, until now, been difficult for researchers to access and appraise in its entirety. Gallman measured American capital stock from a range of perspectives, viewing it as the accumulation of income saved and invested, and as an input into the production process. He used the level and change in the capital stock as proxy measures for long-run economic performance. Analyzing data in this way from the end of the US colonial period to the turn of the twentieth century, Gallman placed our knowledge of the long nineteenth century—the period during which the United States began to experience per capita income growth and became a global economic leader—on a strong empirical foundation. Gallman’s research was painstaking and his analysis meticulous, but he did not publish the material backing to his findings in his lifetime. Here Paul W. Rhode completes this project, giving permanence to a great economist’s insights and craftsmanship. Gallman’s data speak to the role of capital in the economy, which lies at the heart of many of the most pressing issues today.
Author: Walter Mattli
Publisher: Princeton University Press
ISBN: 069121686X
Category : Business & Economics
Languages : en
Pages : 264
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Book Description
"Capital markets have undergone a dramatic transformation in the past two decades. Algorithmic high-speed supercomputing has replaced traditional floor trading and human market makers, while centralized exchanges that once ensured fairness and transparency have fragmented into a dizzying array of competing exchanges and trading platforms. Darkness by Design exposes the unseen perils of market fragmentation and 'dark' markets, some of which are deliberately designed to enable the transfer of wealth from the weak to the powerful. Walter Mattli traces the fall of the traditional exchange model of the NYSE, the world's leading stock market in the twentieth century, showing how it has come to be supplanted by fragmented markets whose governance is frequently set up to allow unscrupulous operators to exploit conflicts of interest at the expense of an unsuspecting public. Market makers have few obligations, market surveillance is neglected or impossible, enforcement is ineffective, and new technologies are not necessarily used to improve oversight but to offer lucrative preferential market access to select clients in ways that are often hidden. Mattli argues that power politics is central in today's fragmented markets. He sheds critical light on how the redistribution of power and influence has created new winners and losers in capital markets and lays the groundwork for sensible reforms to combat shady trading schemes and reclaim these markets for the long-term benefit of everyone. Essential reading for anyone with money in the stock market, Darkness by Design challenges the conventional view of markets and reveals the troubling implications of unchecked market power for the health of the global economy and society as a whole"--
Author: Kirk S. Bowman
Publisher: Penn State University Press
ISBN:
Category : Biography & Autobiography
Languages : en
Pages : 312
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Book Description
Do Third World countries benefit from having large militaries, or does this impede their development? Kirk Bowman uses statistical analysis to demonstrate that militarization has had a particularly malignant impact in this region. For his quantitative comparison he draws on longitudinal data for a sample of 76 developing countries and for 18 Latin American nations. To illuminate the causal mechanisms at work, Bowman offers a detailed comparison of Costa Rica and Honduras between 1948 and 1998. The case studies not only serve to bolster his general argument about the harmful effects of militarization but also provide many new insights into the processes of democratic consolidation and economic transformation in these two Central American countries.
Author: Jürgen Backhaus
Publisher: Springer
ISBN: 3319100556
Category : Business & Economics
Languages : en
Pages : 175
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Book Description
This book was prompted by the current, lingering financial crisis, which has its basis in the disorderly financial practices of the United States. These practices have resulted in an accumulated debt which now requires the United States to run financial policies at artificially low interest rates. In principle, these low interest rates should flood the markets with ready money. Since the spread for banks is very thin, however, and they must carefully discriminate between available risks and finance only those propositions with no risk, credit is not abundantly available. With staggering foreign debt and a myriad of other perils looming, this great nation is at peril for sure. In the tradition of the Heilbronn Symposium, the authors look at historical cases as a means of understanding the current situation and informing possible solutions to a problem that continues to affect the global economy. The volume analyzes cases such as Prussia, Greece, Italy, Estonia, and the European Union. This book will be of interest to scholars and students of economic history as well as policy makers who may benefit from an historical understanding of the economic challenges their countries currently face.
