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Capital Market Liberalization: The Arguments For and Against

Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar

in Stability with Growth: Macroeconomics, Liberalization and Development

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199288144
eISBN:
9780191603884
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199288143.003.0010
Subject:
Economics and Finance, Development, Growth, and Environmental

Although there is now a general recognition that capital market liberalization failed to help developing countries achieve economic growth and stability, the important question remains of why the ... More


Stability with Growth: Macroeconomics, Liberalization and Development

Joseph Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199288144
eISBN:
9780191603884
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0199288143.001.0001
Subject:
Economics and Finance, Development, Growth, and Environmental

This book discusses the current debates on macroeconomics, capital market liberalization, and development, and develops a new framework within which one can assess alternative policies. The authors ... More


Interventions in Capital Markets

Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar

in Stability with Growth: Macroeconomics, Liberalization and Development

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199288144
eISBN:
9780191603884
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199288143.003.0012
Subject:
Economics and Finance, Development, Growth, and Environmental

Although there is now a general recognition that capital market liberalization failed to help developing countries achieve economic growth and stability, there are still a number of unresolved ... More


The Rise and the Institutional Framework of Markets in the High and Late Middle Ages

Bas van Bavel

in Manors and Markets: Economy and Society in the Low Countries 500-1600

Published in print:
2010
Published Online:
May 2010
ISBN:
9780199278664
eISBN:
9780191707032
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199278664.003.0005
Subject:
History, European Medieval History

This chapter discusses the rise of market exchange in land, labour, capital, and goods in the 10th to 16th centuries. It focuses on the institutional framework in which exchange was organized, in ... More


A Formal Approach: Capital Market Failures

Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar

in Stability with Growth: Macroeconomics, Liberalization and Development

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199288144
eISBN:
9780191603884
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199288143.003.0011
Subject:
Economics and Finance, Development, Growth, and Environmental

Underlying the failure of CML was an overly simple model that assumed efficient and complete markets. There are, however, problems with externalities and weak or absent insurance markets, especially ... More


Formal Approaches

Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar

in Stability with Growth: Macroeconomics, Liberalization and Development

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199288144
eISBN:
9780191603884
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199288143.003.0009
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter discusses advances in formal economic theory by examining how different positions among economists arise from their different assumptions and models. The discussion focuses on ways in ... More


Governing the Modern Corporation: Capital Markets, Corporate Control, and Economic Performance

Roy C. Smith and Ingo Walter

Published in print:
2006
Published Online:
September 2006
ISBN:
9780195171679
eISBN:
9780199783618
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0195171675.001.0001
Subject:
Economics and Finance, Microeconomics

This book examines the effective governance, monitoring, and control of corporations and financial markets, drawing on the lessons of history and with a firm focus on the future. The book is divided ... More


Irrational Exuberance

Roy C. Smith and Ingo Walter

in Governing the Modern Corporation: Capital Markets, Corporate Control, and Economic Performance

Published in print:
2006
Published Online:
September 2006
ISBN:
9780195171679
eISBN:
9780199783618
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195171675.003.0001
Subject:
Economics and Finance, Microeconomics

This chapter examines the nature, effects, and consequences of the bubble of 1995-2000. The 20th century experienced four exceptional stock market booms in the United States that have been called ... More


The New Financial Markets

Roy C. Smith and Ingo Walter

in Governing the Modern Corporation: Capital Markets, Corporate Control, and Economic Performance

Published in print:
2006
Published Online:
September 2006
ISBN:
9780195171679
eISBN:
9780199783618
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195171675.003.0002
Subject:
Economics and Finance, Microeconomics

This chapter examines the fundamental effects related to the evolving dominance of capital markets. By the end of the 20th century, the proportion of all financial assets held by banks had declined ... More


Shareholder Value, Investor Engagement, and Management Practice: a Normative Evaluation

Roderick Martin, Peter D. Casson, and Tahir M. Nisar

in Investor Engagement: Investors and Management Practice under Shareholder Value

Published in print:
2007
Published Online:
September 2007
ISBN:
9780199202607
eISBN:
9780191707896
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199202607.003.0008
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter adopts a normative standpoint in examining both shareholder value and investor engagement. Shareholder value analyses exaggerate the weakness of internal control systems, overestimate ... More


Effects on Capital Markets

E. Philip Davis

in Pension Funds: Retirement-Income Security and Capital Markets: An International Perspective

Published in print:
1998
Published Online:
March 2012
ISBN:
9780198293040
eISBN:
9780191684944
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198293040.003.0008
Subject:
Economics and Finance, Financial Economics, Public and Welfare

In Chapter 1, it was suggested that an overriding effect on corporate finance as well as the evolution of capital markets may be brought about by the development of pension funds. This chapter thus ... More


Investment Banking: Institutions, Politics, and Law

Alan D. Morrison and William J. Wilhelm, Jr.

Published in print:
2007
Published Online:
May 2007
ISBN:
9780199296576
eISBN:
9780191712036
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199296576.001.0001
Subject:
Economics and Finance, Financial Economics

This book provides an economic rationale for the dominant role of investment banks in the capital markets, and uses it to explain both the historical evolution of and recent changes to the investment ... More


Worldwide Financial Reporting: The Development and Future of Accounting Standards

George J. Benston, Michael Bromwich, Robert E. Litan, and Alfred Wagenhofer

Published in print:
2006
Published Online:
February 2006
ISBN:
9780195305838
eISBN:
9780199783342
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0195305833.001.0001
Subject:
Economics and Finance, Financial Economics

This book provides readers with reasonably concise descriptions of the state of global markets, the benefits and limitations of financial accounting and accounting/auditing standards, and the ... More


Global Equity Markets

Roy C. Smith, Ingo Walter, and Gayle Delong

in Global Banking

Published in print:
2012
Published Online:
May 2012
ISBN:
9780195335934
eISBN:
9780199932146
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195335934.003.0005
Subject:
Economics and Finance, Economic Systems

This chapter discusses the extraordinary growth in international stocks. Issuers tap international stock markets to increase the pool of available funds, lower costs of raising capital, expand their ... More


The International Opening-up the Paris Bourse: Overdraft-Economy Curbs and Market Dynamics

Olivier Feiertag

in London and Paris as International Financial Centres in the Twentieth Century

Published in print:
2005
Published Online:
September 2007
ISBN:
9780199269495
eISBN:
9780191710162
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199269495.003.0011
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter examines the ability of the Paris Bourse from the 1950s onwards to maintain a marginal but nevertheless persistent level, the return of the franc to external convertibility, and ... More


Capital Market Liberalization, Globalization, and the IMF

Joseph E. Stiglitz

in Capital Market Liberalization and Development

Published in print:
2008
Published Online:
May 2008
ISBN:
9780199230587
eISBN:
9780191710896
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199230587.003.0003
Subject:
Economics and Finance, Development, Growth, and Environmental

Capital market liberalization, especially the rules governing short-term cross-border capital flows, is one of the most controversial aspects of globalization. The IMF and the US Treasury have tried ... More


Financial Instability 1966–1990

E. Philip Davis

in Debt, Financial Fragility, and Systemic Risk

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198233312
eISBN:
9780191596124
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198233310.003.0007
Subject:
Economics and Finance, Financial Economics

In this chapter, we test the theories of financial instability outlined in Ch. 5 against evidence from six periods of financial instability since 1973, namely the UK secondary banking crisis of ... More


Introducing the Key Questions

Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar

in Stability with Growth: Macroeconomics, Liberalization and Development

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199288144
eISBN:
9780191603884
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199288143.003.0001
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter introduces the book and lays out the key questions of macroeconomic policy. Economists differ greatly in their views and policy prescriptions. All economic policies, though, have ... More


Established Connections and New Opportunities. London as an International Financial Centre, 1914–1958

Philip L. Cottrell

in London and Paris as International Financial Centres in the Twentieth Century

Published in print:
2005
Published Online:
September 2007
ISBN:
9780199269495
eISBN:
9780191710162
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199269495.003.0008
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter discusses the effects of the First World War on the City, reviewing opportunities for much greater dealings in foreign exchange and the ‘bill on London's rapid revival’. The war not only ... More


From Domestic to International, 1850–1914

Ranald C. Michie

in The London Stock Exchange: A History

Published in print:
2001
Published Online:
November 2003
ISBN:
9780199242559
eISBN:
9780191596643
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199242550.003.0004
Subject:
Economics and Finance, Economic History, Financial Economics

The first section of this chapter looks at the internationalization of the London securities market over the period from 1850 to 1914. This was influenced both by transferable securities becoming ... More


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