This book argues that poor countries need additional, cross-border capital channeled to the private sector for employment generation, growth, and poverty reduction. For that, innovative financing ...mechanisms are necessary. The volume brings together various market-based innovative methods of raising development finance including securitization of future flow receivables, diaspora bonds, and the role of shadow sovereign ratings in facilitating access to international capital markets.
Arbitraging Japan Miyazaki, Hirokazu
2013., 20121202, 2013, 2013-01-01, 20130101
eBook
For many financial market professionals worldwide, the era of high finance is over. The times in which bankers and financiers were the primary movers and shakers of both economy and society have come ...to an abrupt halt. What has this shift meant for the future of capitalism? What has it meant for the future of the financial industry? What about the lives and careers of financial operators who were once driven by utopian visions of economic, social, and personal transformation? And what does it mean for critics of capitalism who have long predicted the end of financial institutions? Hirokazu Miyazaki answers these questions through a close examination of the careers and intellectual trajectories of a group of pioneering derivatives traders in Japan during the 1990s and 2000s.
Capital ideas Chwieroth, Jeffrey M; Chwieroth, Jeffrey M
2010., 20091214, 2009, 2010, 2010-02-02, 2010-01-01, 20100101
eBook
The right of governments to employ capital controls has always been the official orthodoxy of the International Monetary Fund, and the organization's formal rules providing this right have not ...changed significantly since the IMF was founded in 1945. But informally, among the staff inside the IMF, these controls became heresy in the 1980s and 1990s, prompting critics to accuse the IMF of indiscriminately encouraging the liberalization of controls and precipitating a wave of financial crises in emerging markets in the late 1990s. In Capital Ideas, Jeffrey Chwieroth explores the inner workings of the IMF to understand how its staff's thinking about capital controls changed so radically. In doing so, he also provides an important case study of how international organizations work and evolve.
This open access handbook compares fiscal federalism arrangements in eleven federal/ decentralized countries. Each chapter examines an individual country, laying out its constitutional design as ...relates to fiscal powers and the division of those powers between levels of government. Specifically, the analyses consider powers of taxation, spending, regulation, and more. Focusing on Australia, Brazil, Canada, Ethiopia, Germany, India, Italy, South Africa, Spain, Switzerland, and the United States, the contributors provide a fascinating account of how federal countries are confronting the traditional challenges of conflicts over division of fiscal powers while also coping with the ongoing challenges of globalization and citizen empowerment that arise from the information revolution. As a companion to the Forum of Federations Handbook of Federal Countries 2020, this volume considers how relationships and roles in different orders of government are being reshaped, and shows how local solutions inspired by global principles help strengthen government accountability and improve citizens’ quality of life. This is an open access book.
Americans pay famously close attention to "the market," obsessively watching trends, patterns, and swings and looking for clues in every fluctuation. In Reading the Market, Peter Knight explores the ...Gilded Age origins and development of this peculiar interest. He tracks the historic shift in market operations from local to national while examining how present-day ideas about the nature of markets are tied to past genres of financial representation.Drawing on the late nineteenth-century explosion of art, literature, and media, which sought to dramatize the workings of the stock market for a wide audience, Knight shows how ordinary Americans became both emotionally and financially invested in the market. He analyzes popular investment manuals, brokers’ newsletters, newspaper columns, magazine articles, illustrations, and cartoons. He also introduces readers to fiction featuring financial tricksters, which was characterized by themes of personal trust and insider information. The book reveals how the popular culture of the period shaped the very idea of the market as a self-regulating mechanism by making the impersonal abstractions of high finance personal and concrete.From the rise of ticker-tape technology to the development of conspiracy theories, Reading the Market argues that commentary on the Stock Exchange between 1870 and 1915 changed how Americans understood finance—and explains what our pervasive interest in Wall Street says about us now.
This edited volume contains eight studies of financial sector challenges in Africa that served as background studies for Financing Africa: Through the Crisis and Beyond. One of the major challenges ...for African financial systems is to expand financial services to a larger share of the population. The chapters in this area cover microfinance in Africa, the role of technology, reforms of payment infrastructure, and financing agriculture. Two chapters cover challenges in increasing long-term finance; one covers housing finance and the other the role of sovereign wealth fund. The book also contains a detailed discussion of bank regulation and supervision, especially in light of the current regulatory reforms in Europe and North America. The final chapter provides a political economy perspective, discussing the conditions for activist government policies in the financial sector.
This book provides an overview of the practice of Islamic finance and the historical roots that define its modes of operation. The focus of the book is analytical and forward-looking. It shows that ...Islamic finance exists mainly as a form of rent-seeking legal-arbitrage. In every aspect of finance - from personal loans to investment banking, and from market structure to corporate governance - Islamic finance aims to replicate in Islamic forms the substantive functions of contemporary financial instruments, markets, and institutions. By attempting to replicate the substance of contemporary financial practice using pre-modern contract forms, Islamic finance has arguably failed to serve the objectives of Islamic law. This book proposes refocusing Islamic finance on substance rather than form. This approach would entail abandoning the paradigm of 'Islamization' of every financial practice. It would also entail reorienting the brand-name of Islamic finance to emphasize issues of community banking, micro-finance, and socially responsible investment.
Wenkai He shows why England and Japan, facing crises in public finance, developed the tools and institutions of a modern fiscal state, while China, facing similar circumstances, did not. He's ...explanation for China's failure at a critical moment illuminates one of the most important but least understood transformations of the modern world.
This book explores the formation, development, and characteristics of modern China's finance, focusing especially on Guangdong province as a case study to illustrate both the macro-level trends and ...the micro-level reality. The chronological range of this book is mainly from the late Qing period to the early Republican Era ending in 1937, when the full-scale Second Sino-Japanese War broke out. After the concept of modern finance was introduced to China for the first time in the late Qing period, the efforts to build modern finance continued in the Republican Era both nationally and locally. But this process was interrupted by the outbreak of the war against Japan in 1937 and, having been derailed, did not subsequently recover due to the subsequent civil war between the Kuomintang and the Chinese Communist Party. This interrupted process of financial modernization was resumed with Reform and Opening-up, launched in 1978. Therefore, in order to illustrate the structural transformation and persistent characteristics of China’s fiscal system, this book also includes discussions of the early Qing period and current Chinese finance.
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