Capital Ungoverned

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Capital Ungoverned

Michael Maurice Loriaux
Capital Ungoverned Book PDF

Author : Michael Maurice Loriaux
Publisher : Cornell University Press
Page : 254 pages
File Size : 42,7 Mb
Release : 1997
Category : Business & Economics
ISBN : 080148281X

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Capital Ungoverned by Michael Maurice Loriaux Pdf

Japan, South Korea, Mexico, France, and Spain once exercised significant control over the allocation of credit, and used that control to facilitate economic adjustment and industrial development. In the 1980s all that changed. Why and how these states dismantled their activist credit policies is the subject of Capital Ungoverned. The volume brings together five specialists in the economics and politics of these various states to assess the internal and global changes that prompted them to adopt financial liberalization.Comparison reveals the distinctive political and institutional logic that guided liberalization in each country--from the role of a newly dominant capitalist class in Korea to the replacement of state financing by private financing and self-financing in Japan, from the maneuvers of the banking establishment in Spain to attempts to attract foreign capital in Mexico. At the same time, these cases clarify the importance of international factors, in particular the shifts that occurred in U.S. policy as it sought to respond to the effects of uneven growth in the world economy.

The New Masters of Capital

Timothy J. Sinclair
The New Masters of Capital Book PDF

Author : Timothy J. Sinclair
Publisher : Cornell University Press
Page : 204 pages
File Size : 45,6 Mb
Release : 2014-04-08
Category : Political Science
ISBN : 9780801471780

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The New Masters of Capital by Timothy J. Sinclair Pdf

In The New Masters of Capital, Timothy J. Sinclair examines a key aspect of the global economy—the rating agencies. In the global economy, trust is formalized in the daily operations of such firms as Moody's and Standard & Poor's, which continuously monitor the financial health of bond-issuers ranging from private corporations to local and national governments. Their judgments affect unimaginably large sums, approximately $30 trillion in outstanding debt issues, according to a recent Moody's estimate. The difference between an AA and a BB rating may cost millions of dollars in interest payments or determine if a corporation or government can even issue bonds. Without bond rating agencies, there would be no standard means to compare risks in the global economy, and international investment would be problematic. Most observers assume that the agencies are neutral and scientific, and that they interpret their role in narrowly economic terms. But these agencies, by their nature, wield extraordinary power and exert massive influence over public policy. Sinclair offers a highly accessible account of these institutions, their origins, and the rating processes they use to judge creditworthiness. Illustrated with a wide range of cases, this book offers a fresh assessment of the role of an often-overlooked institution in the dynamics of modern global capitalism.

The Political Economy of Capital Market Reforms in Southeast Asia

X. Zhang
The Political Economy of Capital Market Reforms in Southeast Asia Book PDF

Author : X. Zhang
Publisher : Springer
Page : 273 pages
File Size : 46,8 Mb
Release : 2011-09-13
Category : Political Science
ISBN : 9780230346468

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The Political Economy of Capital Market Reforms in Southeast Asia by X. Zhang Pdf

In this book, Xiaoke Zhang addresses two fundamental political and policy questions: why do politicians have heterogeneous incentives to pursue public-regarding policies through capital market reforms and why do they differ in their abilities to initiate and implement market reform policies decisively and resolutely?

Capital Mobility and Distributional Conflict in Chile, South Korea, and Turkey

Kurtuluş Gemici
Capital Mobility and Distributional Conflict in Chile South Korea and Turkey Book PDF

Author : Kurtuluş Gemici
Publisher : Routledge
Page : 216 pages
File Size : 41,6 Mb
Release : 2020-05-04
Category : Social Science
ISBN : 9780429762086

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Capital Mobility and Distributional Conflict in Chile, South Korea, and Turkey by Kurtuluş Gemici Pdf

Why did many emerging countries pursue risky financial opening policies in a reckless manner, even after the painful example of the Latin American debt crisis? Unlike trade liberalization, which has mostly been beneficial in emerging countries, the removal of capital controls has led to boom-bust patterns in many countries. It is not simply driven by class or sectoral interests, nor is it just a result of ideational changes in policy-making circles, or international pressure. Gemici argues that to fully understand the motivation for these policies, we need to take into account distributional struggles prior to their enactment. In this book, Gemici shows that conflictual distributional relations significantly increase the likelihood of capital account liberalization. Through in-depth comparative case studies, he also demonstrates that countries which liberalize in the most comprehensive manner tend to be the countries characterized by a high degree of distributional conflict. The case studies – Argentina, Chile, South Korea , and Turkey – have been chosen to maximise variation in distributional relations and to escape regional clustering, showing quite different trajectories of capital account liberalization. This will be of great interest to readers in sociology, international political economy and heterodox economics, as well as specialists in the countries examined.

Global Monetary Governance

Benjamin J. Cohen
Global Monetary Governance Book PDF

Author : Benjamin J. Cohen
Publisher : Routledge
Page : 348 pages
File Size : 47,8 Mb
Release : 2007-12-06
Category : Business & Economics
ISBN : 9781135978624

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Global Monetary Governance by Benjamin J. Cohen Pdf

Benjamin J. Cohen has been one of the most original and influential writers on international political economy. This book provides an overview of his contribution to the field, grouped around the central theme of global monetary governance. The book is divided into three sections: challenges to systemic governance - examines the challenge of governance of the international monetary system looking at such crucial issues as monetary reform, the growth of capital markets and financial globalization dealing with financial crisis – looks at efforts to deal effectively with financial crises, analyzing the relationships between governments and banks in the management of international debt problems and the case for capital controls. There are case studies of the Asian financial crisis and several other key instances of instability in world markets the new geography of money – analyzes the crisis of legitimacy created by a global system where governing authority is exercised now more by market forces than by sovereign states. It explores the geopolitical implications of the competition between the two most widely used currencies in the world today, the US dollar and the Euro and spells out the main implications for policy makers. The concluding chapters evaluate the merits and prospects for the two most widely discussed policy alternatives available to governments responsible for the world’s many less competitive currencies – dollarization or monetary union.

International Financial Governance under Stress

Geoffrey R. D. Underhill,Xiaoke Zhang
International Financial Governance under Stress Book PDF

Author : Geoffrey R. D. Underhill,Xiaoke Zhang
Publisher : Cambridge University Press
Page : 411 pages
File Size : 55,9 Mb
Release : 2003-04-03
Category : Business & Economics
ISBN : 9781139434843

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International Financial Governance under Stress by Geoffrey R. D. Underhill,Xiaoke Zhang Pdf

Persistent episodes of global financial crises have placed the existing system of international monetary and financial governance under stress. The resulting economic turmoil provides a focal point for rethinking the norms and institutions of global financial architecture and the policy options of public and private authorities at national, regional and transnational levels. This volume moves beyond analysis of the causes and consequences of recent financial crises and concentrates on issues of policy. Written by distinguished scholars, it focuses on the tension between global market structures and national policy imperatives. Accessible to both specialists and general readers, the analysis is coherent across a broad range of theoretical and empirical cases. Offering a series of reasoned policy responses to financial integration and crises, the volume grapples directly with the institutional and often-neglected normative dimensions of international financial architecture. The volume thus constitutes required reading for scholars and policy-makers.

The Re-Emergence of Global Finance

G. Burn
The Re Emergence of Global Finance Book PDF

Author : G. Burn
Publisher : Springer
Page : 231 pages
File Size : 53,9 Mb
Release : 2006-04-19
Category : Business & Economics
ISBN : 9780230501591

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The Re-Emergence of Global Finance by G. Burn Pdf

Gary Burn examines how in 1950s London, City bankers invented a new form of money and escaped offshore, beyond the jurisdiction of monetary authority. This is the story of the Eurodollar and the re-emergence of global capital. It tells how the City discarded sterling and reclaimed its historic role as the world's foremost financial centre.

World Financial Orders

Paul Langley
World Financial Orders Book PDF

Author : Paul Langley
Publisher : Routledge
Page : 209 pages
File Size : 52,5 Mb
Release : 2003-08-27
Category : Business & Economics
ISBN : 9781134521401

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World Financial Orders by Paul Langley Pdf

World Financial Orders challenges the predominance of neo-liberalism as a mode of knowledge about contemporary world finance, and claims that it neglects the social and political bases as well as the malign consequences of change. He looks to the field of International Political Economy (IPE) to construct an alternative mode, one that critically restores society and politics. An 'historical' approach to IPE is advanced that accounts for modern world finance since the seventeenth century as a succession of structurally distinct hierarchical social orders. This book will be of interest to those working in the field of IPE and to those scholars, researchers and students from across the social sciences who seek to challenge the common-sense, neo-liberal explanation of contemporary world finance.

Economic Governance in the Age of Globalization

William K. Tabb
Economic Governance in the Age of Globalization Book PDF

Author : William K. Tabb
Publisher : Columbia University Press
Page : 529 pages
File Size : 49,6 Mb
Release : 2004-06-02
Category : Political Science
ISBN : 9780231505758

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Economic Governance in the Age of Globalization by William K. Tabb Pdf

Rapid growth, reduced poverty, and stable societies: the announced benefits of the world economy celebrated by neoliberal proponents of "the Washington consensus" have failed to materialize. What does this failure mean for future world order and the U.S. role as global hegemon? Addressing this crucial question, William Tabb argues that global economic institutions such as the World Bank and the International Monetary Fund constitute a nascent international state for which all previous models of sovereignty, accountability and equity are inadequate. Integrating economics and political science, Tabb traces the emergence of this global state from the closing days of World War II and examines its future prospects. Even as the United States will continue to dominate the emerging structures of world governance, Tabb maintains, it will have to change the assumptions behind its championing of classical models of international free trade. A new financial architecture must encompass debt forgiveness, multilateral agreements on investment, and a more inclusive model of growth in the twenty-first century.

Greece’s New Political Economy

George Pagoulatos
Greece s New Political Economy Book PDF

Author : George Pagoulatos
Publisher : Springer
Page : 271 pages
File Size : 50,6 Mb
Release : 2003-03-12
Category : Political Science
ISBN : 9780230504660

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Greece’s New Political Economy by George Pagoulatos Pdf

Greece's New Political Economy traces the course of Greece from a postwar developmental state to its current participation in the Euro-zone. Taking an innovative comparative approach, George Pagoulatos examines the political economy of financial interventionism and liberalization, banking politics, relations between the government and central bank, the winners and losers of financial reform, the effects of globalization and EMU and the implications of the new economic role of the state. This book will be an indispensable reference work for anyone seeking to understand the Greek political economy in the light of major contemporary debates.

Foreign Investments and Political Regimes

Oksan Bayulgen
Foreign Investments and Political Regimes Book PDF

Author : Oksan Bayulgen
Publisher : Cambridge University Press
Page : 289 pages
File Size : 54,6 Mb
Release : 2010
Category : Investments, Foreign
ISBN : 9780521425889

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Foreign Investments and Political Regimes by Oksan Bayulgen Pdf

"Political democratization and economic globalization have been two of the most important global trends of the past few decades. But, how are they connected? Do the domestic political institutions affect a country's attractiveness to foreign investors? Can countries that democratize attract relatively more foreign investments? Drawing on three in-depth case studies of oil-rich countries and statistical analyses of 132 countries over three decades, Oksan Bayulgen demonstrates that the link between democratization and FDI is nonlinear. Both authoritarian regimes and consolidated democracies have institutional capabilities that, though different, are attractive to foreign investors. Democracies can provide long-term stability, and authoritarian regimes can offer considerable flexibility. The regimes that have started on the road to democracy, but have not yet completed it, tend to have political institutions that provide neither flexibility nor stability. These hybrid regimes, then, also find it relatively more difficult to construct a policy environment that is attractive to foreign investments. These findings have deep implications for the link between democratization and globalization, but also how globalization may affect political, social, and economic development"--Provided by publisher.

China’s Financial Opening

Yu Wai Vic Li
China s Financial Opening Book PDF

Author : Yu Wai Vic Li
Publisher : Routledge
Page : 212 pages
File Size : 52,9 Mb
Release : 2018-03-13
Category : Social Science
ISBN : 9781351750165

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China’s Financial Opening by Yu Wai Vic Li Pdf

The twenty-first century has not only seen China become one of the world’s largest trading nations, but also its gradual integration into the global financial system. Chinese-sponsored project financing schemes, such as the Belt-and-Road Initiative and the Asian Infrastructure Investment Bank, and the expanding international footprint of the renminbi, have raised the specter of Beijing shaping established market rules and practices with its financial firepower. These dramatic developments beyond the "Great Wall of Money" have overshadowed the equally remarkable opening of China’s domestic capital markets. These include initiatives that make cross-border equity trade and investment easier; attempts to internationalize exclusively domestic-oriented equity markets; and creation of the first offshore renminbi hub in Hong Kong, paving the way for the "big bang" of renminbi use worldwide. Li interrogates the domestic political dynamics underlying the dizzying switches between liberalization and restriction. This book argues that the interplay between the pro-opening coalitions and dissenting parties has been central to the policymaking process. Financial opening has not only been driven by central bureaucratic actors, but also by financial industry interests and the local authorities of financial centers acting in concert as coalitions. The local and financial constituents have shaped policy agendas and priorities, and defined and framed liberalizing initiatives in ways that appealed to bureaucratic entities. They also sought wider political support by capitalizing on connections with top decision-making elites. To allay opposition and maintain political and technical consensus, the coalition constituents have offered concessions to dissenting parties over implementation specifics. This, however, has not always succeeded. Dissenting parties who recognized adverse distributional and policy risk implications inherent in the opening initiatives might decline concessionary offers, leading to policy tendencies other than opening. As one of the very first political economy contributions to studies of China’s financial opening from the 2000s, this book will appeal to researchers of international political economy, East Asia and China specialists, and financial practitioners and policymakers wanting to make sense of the country’s liberalizing logic.

Controlling Credit

Eric Monnet
Controlling Credit Book PDF

Author : Eric Monnet
Publisher : Cambridge University Press
Page : 353 pages
File Size : 40,9 Mb
Release : 2018-11-15
Category : Business & Economics
ISBN : 9781108415019

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Controlling Credit by Eric Monnet Pdf

Monnet analyzes monetary and central bank policy during the mid-twentieth century through close examination of the Banque de France.

International Harmonization of Financial Regulation?

Hyoung-kyu Chey
International Harmonization of Financial Regulation Book PDF

Author : Hyoung-kyu Chey
Publisher : Routledge
Page : 228 pages
File Size : 46,8 Mb
Release : 2014-01-02
Category : Business & Economics
ISBN : 9781134500871

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International Harmonization of Financial Regulation? by Hyoung-kyu Chey Pdf

It is often argued that international financial regulation has been substantially strengthened over the past decades through the international harmonization of financial regulation. There are, however, still frequent outbreaks of painful financial crises, including the recent 2008 global financial crisis. This raises doubts about the conventional claims of the strengthening of international financial regulation. This book provides an in-depth political economy study of the adoptions in Japan, Korea and Taiwan of the 1988 Basel Capital Accord, the now so-called Basel I, which has been at the center of international banking regulation over the past three decades, highlighting the domestic politics surrounding it. The book illustrates that, despite banks’ formal compliance with the Accord in these countries, their compliance was often cosmetic due to extensive regulatory forbearance that allowed their real capital soundness to weaken. Domestic politics thus ultimately determined national implementations of the Accord. This book provides its novel innovative study of the Accord through scores of interviews with bank regulators and analysis of various primary documents. It suggests that the actual effectiveness of international financial regulation relies ultimately on the domestic politics surrounding it. It implies as well that the past trend of international harmonization of financial regulation may be illusory, to at least some extent, in terms of its actual effectiveness. This book may interest not only political economists but also scholars working on the intersection of law, economics and institutions.

Building a Global Bank

Mauro F. Guillén,Adrian Tschoegl
Building a Global Bank Book PDF

Author : Mauro F. Guillén,Adrian Tschoegl
Publisher : Princeton University Press
Page : 278 pages
File Size : 50,6 Mb
Release : 2008-07-01
Category : Business & Economics
ISBN : 9781400828333

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Building a Global Bank by Mauro F. Guillén,Adrian Tschoegl Pdf

In 2004, Spain's Banco Santander purchased Britain's Abbey National Bank in a deal valued at fifteen billion dollars--an acquisition that made Santander one of the ten largest financial institutions in the world. Here, Mauro Guillén and Adrian Tschoegl tackle the question of how this once-sleepy, family-run provincial bank in a developing economy transformed itself into a financial-services group with more than sixty-six million customers on three continents. Founded 150 years ago in the Spanish port city of the same name, Santander is the only large bank in the world where three successive generations of one family have led top management and the board of directors. But Santander is fully modern. Drawing on rich data and in-depth interviews with family members and managers, Guillén and Tschoegl reveal how strategic decisions by the family and complex political, social, technological, and economic forces drove Santander's unprecedented rise to global prominence. The authors place the bank in this competitive milieu, comparing it with its rivals in Europe and America, and showing how Santander, faced with growing competition in Spain and Europe, sought growth opportunities in Latin America and elsewhere. They also address the complexities of managerial succession and family leadership, and weigh the implications of Santander's stellar rise for the consolidation of European banking. Building a Global Bank tells the fascinating story behind this powerful corporation's remarkable transformation--and of the family behind it.