Hisami Matsuzaki
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780198292746
- eISBN:
- 9780191603891
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198292740.003.0010
- Subject:
- Economics and Finance, South and East Asia
This chapter examines a rural weaving district within the context of ‘regional community’. The activities of traders in the Isezaki weaving district, including clothiers, factors, and local bankers, ...
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This chapter examines a rural weaving district within the context of ‘regional community’. The activities of traders in the Isezaki weaving district, including clothiers, factors, and local bankers, were strongly influenced by motives embedded in the regional community. Though the concept of ‘social capital’ is applied to interpret the findings in this chapter, the positive and negative effects of industry-community relationships on the development of the industrial district are also identified.Less
This chapter examines a rural weaving district within the context of ‘regional community’. The activities of traders in the Isezaki weaving district, including clothiers, factors, and local bankers, were strongly influenced by motives embedded in the regional community. Though the concept of ‘social capital’ is applied to interpret the findings in this chapter, the positive and negative effects of industry-community relationships on the development of the industrial district are also identified.
Hassan Malik
- Published in print:
- 2018
- Published Online:
- May 2019
- ISBN:
- 9780691170169
- eISBN:
- 9780691185002
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691170169.001.0001
- Subject:
- Economics and Finance, Economic History
Following an unprecedented economic boom fed by foreign investment, the Russian Revolution triggered the worst sovereign default in history. This book tells the dramatic story of this boom and bust, ...
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Following an unprecedented economic boom fed by foreign investment, the Russian Revolution triggered the worst sovereign default in history. This book tells the dramatic story of this boom and bust, chronicling the forgotten experiences of leading financiers of the age. Shedding critical new light on the decision making of the powerful personalities who acted as the gatekeepers of international finance, the book explains how they channeled foreign capital into Russia in the late nineteenth and early twentieth centuries. While economists have long relied on quantitative analysis to grapple with questions relating to the drivers of cross-border capital flows, this book adopts an historical approach, drawing on banking and government archives in four countries. It provides rare insights into the thinking of influential figures in world finance as they sought to navigate one of the most challenging and lucrative markets of the first modern age of globalization. The book reveals how a complex web of factors—from government interventions to competitive dynamics and cultural influences—drove a large inflow of capital during this tumultuous period in world history. The book demonstrates how the realms of finance and politics—of bankers and Bolsheviks—grew increasingly intertwined, and how investing in Russia became a political act with unforeseen repercussions.Less
Following an unprecedented economic boom fed by foreign investment, the Russian Revolution triggered the worst sovereign default in history. This book tells the dramatic story of this boom and bust, chronicling the forgotten experiences of leading financiers of the age. Shedding critical new light on the decision making of the powerful personalities who acted as the gatekeepers of international finance, the book explains how they channeled foreign capital into Russia in the late nineteenth and early twentieth centuries. While economists have long relied on quantitative analysis to grapple with questions relating to the drivers of cross-border capital flows, this book adopts an historical approach, drawing on banking and government archives in four countries. It provides rare insights into the thinking of influential figures in world finance as they sought to navigate one of the most challenging and lucrative markets of the first modern age of globalization. The book reveals how a complex web of factors—from government interventions to competitive dynamics and cultural influences—drove a large inflow of capital during this tumultuous period in world history. The book demonstrates how the realms of finance and politics—of bankers and Bolsheviks—grew increasingly intertwined, and how investing in Russia became a political act with unforeseen repercussions.
Renee Levine Melammed
- Published in print:
- 2004
- Published Online:
- April 2005
- ISBN:
- 9780195170719
- eISBN:
- 9780199835416
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195170717.003.0004
- Subject:
- Religion, Judaism
The small Jewish community of Portugal was rapidly vastly outnumbered by the incoming Spanish exiles who crossed their borders in 1492. In 1497, the king decided not to expel the Jews in his land, ...
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The small Jewish community of Portugal was rapidly vastly outnumbered by the incoming Spanish exiles who crossed their borders in 1492. In 1497, the king decided not to expel the Jews in his land, but rather subjected them all to forced conversions. Following this, anti-converso sentiment was expressed in riots in Lisbon in 1506 and eventually the Portuguese Inquisition was established in 1536 to deal with Judaizing. The conversos in Portugal could choose to remain there, as did many Lisbon bankers who even intermarried with Old Christians, or they could opt for emigration to nearby Spain once it united with Portugal in 1580, or, for that matter, they could go elsewhere. It is during this period that the converso, no matter where he lived, began to identify as a member of the Nation.Less
The small Jewish community of Portugal was rapidly vastly outnumbered by the incoming Spanish exiles who crossed their borders in 1492. In 1497, the king decided not to expel the Jews in his land, but rather subjected them all to forced conversions. Following this, anti-converso sentiment was expressed in riots in Lisbon in 1506 and eventually the Portuguese Inquisition was established in 1536 to deal with Judaizing. The conversos in Portugal could choose to remain there, as did many Lisbon bankers who even intermarried with Old Christians, or they could opt for emigration to nearby Spain once it united with Portugal in 1580, or, for that matter, they could go elsewhere. It is during this period that the converso, no matter where he lived, began to identify as a member of the Nation.
Kathryn C. Lavelle
- Published in print:
- 2011
- Published Online:
- January 2012
- ISBN:
- 9780199765348
- eISBN:
- 9780199918959
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199765348.003.0002
- Subject:
- Political Science, International Relations and Politics
This chapter compares the ratification struggle over the Treaty of Versailles with the passage of the Bretton Woods Agreement Act to demonstrate the legislature’s concern with how multilateralism ...
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This chapter compares the ratification struggle over the Treaty of Versailles with the passage of the Bretton Woods Agreement Act to demonstrate the legislature’s concern with how multilateralism would alter the checks and balances of American government, and how the institution of Congress was initially able to shape outcomes in international organizations through procedural maneuvers. The chapter argues that in order to surmount the challenges that the Covenant of the League of Nations met in the Senate, the Roosevelt administration included representatives of both political parties and key interest groups early in the process of planning the IMF and World Bank. The administration worked through the National Foreign Trade Council to mobilize a wide-ranging constituency in American civil society. As the act moved through the House and Senate, compromise with powerful committee chairs and the American Bankers Association secured passage. Compromises reached created mechanisms through which initial efforts at congressional advocacy could occur, primarily the National Advisory Council. Nonetheless, during the enactment stage, the Treasury Department organized interest groups with the goal of US membership. Ongoing effort would be required for them to play a major role in the world economy.Less
This chapter compares the ratification struggle over the Treaty of Versailles with the passage of the Bretton Woods Agreement Act to demonstrate the legislature’s concern with how multilateralism would alter the checks and balances of American government, and how the institution of Congress was initially able to shape outcomes in international organizations through procedural maneuvers. The chapter argues that in order to surmount the challenges that the Covenant of the League of Nations met in the Senate, the Roosevelt administration included representatives of both political parties and key interest groups early in the process of planning the IMF and World Bank. The administration worked through the National Foreign Trade Council to mobilize a wide-ranging constituency in American civil society. As the act moved through the House and Senate, compromise with powerful committee chairs and the American Bankers Association secured passage. Compromises reached created mechanisms through which initial efforts at congressional advocacy could occur, primarily the National Advisory Council. Nonetheless, during the enactment stage, the Treasury Department organized interest groups with the goal of US membership. Ongoing effort would be required for them to play a major role in the world economy.
Juliet Johnson
- Published in print:
- 2016
- Published Online:
- August 2016
- ISBN:
- 9781501700224
- eISBN:
- 9781501703751
- Item type:
- book
- Publisher:
- Cornell University Press
- DOI:
- 10.7591/cornell/9781501700224.001.0001
- Subject:
- Political Science, Political Economy
This book explores the unsung revolutionary campaign to transform postcommunist central banks from command-economy cash cows into Western-style monetary guardians. The book argues that a powerful ...
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This book explores the unsung revolutionary campaign to transform postcommunist central banks from command-economy cash cows into Western-style monetary guardians. The book argues that a powerful transnational central banking community concentrated in Western Europe and North America integrated postcommunist central bankers into its network, shaped their ideas about the role of central banks, and helped them develop modern tools of central banking. The detailed comparative studies of central bank development in Hungary, the Czech Republic, Slovakia, Russia, and Kyrgyzstan span from the birth of the campaign in the late 1980s to the challenges faced by central bankers after the global financial crisis. As the comfortable certainties of the past collapse around them, today's central bankers in the postcommunist world and beyond find themselves torn between allegiance to their transnational community and its principles on the one hand and their increasingly complex and politicized national roles on the other.Less
This book explores the unsung revolutionary campaign to transform postcommunist central banks from command-economy cash cows into Western-style monetary guardians. The book argues that a powerful transnational central banking community concentrated in Western Europe and North America integrated postcommunist central bankers into its network, shaped their ideas about the role of central banks, and helped them develop modern tools of central banking. The detailed comparative studies of central bank development in Hungary, the Czech Republic, Slovakia, Russia, and Kyrgyzstan span from the birth of the campaign in the late 1980s to the challenges faced by central bankers after the global financial crisis. As the comfortable certainties of the past collapse around them, today's central bankers in the postcommunist world and beyond find themselves torn between allegiance to their transnational community and its principles on the one hand and their increasingly complex and politicized national roles on the other.
James D. Tracy
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199209118
- eISBN:
- 9780191706134
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199209118.003.0003
- Subject:
- History, European Early Modern History
Wars with France made Charles V's government in Brussels dependent on the creditworthiness of the provinces. The provincial states issued long‐term bonds (underline renten), using the capital to pay ...
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Wars with France made Charles V's government in Brussels dependent on the creditworthiness of the provinces. The provincial states issued long‐term bonds (underline renten), using the capital to pay off high‐interest bankers' loans, but the states (not the central government) collected the taxes by which bonds were funded. By 1557 things looked so desperate that Philip II summoned the States General—a risk his father had carefully avoided. While the revenue plan adopted was found to be unworkable, the fact that the larger assembly had been convened to deliberate on high policy did much to enhance its prestige. Meanwhile, Antwerp's bankers followed the money; they dealt not with government officials (who now had little disposable revenue) but with the provincial parliaments.Less
Wars with France made Charles V's government in Brussels dependent on the creditworthiness of the provinces. The provincial states issued long‐term bonds (underline renten), using the capital to pay off high‐interest bankers' loans, but the states (not the central government) collected the taxes by which bonds were funded. By 1557 things looked so desperate that Philip II summoned the States General—a risk his father had carefully avoided. While the revenue plan adopted was found to be unworkable, the fact that the larger assembly had been convened to deliberate on high policy did much to enhance its prestige. Meanwhile, Antwerp's bankers followed the money; they dealt not with government officials (who now had little disposable revenue) but with the provincial parliaments.
James D. Tracy
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199209118
- eISBN:
- 9780191706134
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199209118.003.0005
- Subject:
- History, European Early Modern History
When Prince Philip toured the Low Countries in 1549, lavish festivities allowed him to greet the great nobles who commanded Habsburg armies in the region, including young William of Orange. He also ...
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When Prince Philip toured the Low Countries in 1549, lavish festivities allowed him to greet the great nobles who commanded Habsburg armies in the region, including young William of Orange. He also met the bankers, based in Antwerp, whose loans kept Habsburg armies marching, while eating up revenues, often pledged far in advance. From Castile Philip knew the ways of nobles and bankers. But nothing there prepared him for the politics of this country, a loose union of semi‐autonomous provinces; as heir apparent to Charles V, Philip had to be acclaimed separately by each local parliament, as duke of Brabant, count of Flanders, count of Holland and Zeeland, etc. Moreover, in solemn entries laid on by the towns, His Catholic Majesty had unpleasant reminders that Protestant doctrine was making inroads.Less
When Prince Philip toured the Low Countries in 1549, lavish festivities allowed him to greet the great nobles who commanded Habsburg armies in the region, including young William of Orange. He also met the bankers, based in Antwerp, whose loans kept Habsburg armies marching, while eating up revenues, often pledged far in advance. From Castile Philip knew the ways of nobles and bankers. But nothing there prepared him for the politics of this country, a loose union of semi‐autonomous provinces; as heir apparent to Charles V, Philip had to be acclaimed separately by each local parliament, as duke of Brabant, count of Flanders, count of Holland and Zeeland, etc. Moreover, in solemn entries laid on by the towns, His Catholic Majesty had unpleasant reminders that Protestant doctrine was making inroads.
Jerome Roos
- Published in print:
- 2019
- Published Online:
- May 2019
- ISBN:
- 9780691180106
- eISBN:
- 9780691184937
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691180106.003.0011
- Subject:
- Business and Management, Public Management
This chapter details how the growing dependence of the Mexican state on credit contributed to the rise of a domestic “bankers' alliance” made up of financial elites and orthodox technocrats who ...
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This chapter details how the growing dependence of the Mexican state on credit contributed to the rise of a domestic “bankers' alliance” made up of financial elites and orthodox technocrats who gradually found their position strengthened as the crisis deepened, allowing them to effectively sideline the national-popular wing of Mexico's one-party regime. The strengthened position of these groups led to the steady internalization of fiscal discipline into the Mexican state apparatus, ensuring continued debt servicing and a cooperative stance vis-à-vis foreign creditors even in the absence of outright external impositions. This turn toward compliance was eased by the fact that popular opposition to continued debt servicing remained relatively muted due to the cooptation of the main labor and peasant organizations and the absence of powerful popular mobilizations against austerity.Less
This chapter details how the growing dependence of the Mexican state on credit contributed to the rise of a domestic “bankers' alliance” made up of financial elites and orthodox technocrats who gradually found their position strengthened as the crisis deepened, allowing them to effectively sideline the national-popular wing of Mexico's one-party regime. The strengthened position of these groups led to the steady internalization of fiscal discipline into the Mexican state apparatus, ensuring continued debt servicing and a cooperative stance vis-à-vis foreign creditors even in the absence of outright external impositions. This turn toward compliance was eased by the fact that popular opposition to continued debt servicing remained relatively muted due to the cooptation of the main labor and peasant organizations and the absence of powerful popular mobilizations against austerity.
Jerome Roos
- Published in print:
- 2019
- Published Online:
- May 2019
- ISBN:
- 9780691180106
- eISBN:
- 9780691184937
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691180106.003.0015
- Subject:
- Business and Management, Public Management
This chapter traces the rise and fall of Argentina's version of the “bankers' alliance” over the course of the crisis. The state's growing dependence on credit over the course of the 1990s initially ...
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This chapter traces the rise and fall of Argentina's version of the “bankers' alliance” over the course of the crisis. The state's growing dependence on credit over the course of the 1990s initially strengthened the position of those considered to be most capable of attracting foreign credit and investment, and fulfilled a bridging role to foreign lenders. As the crisis began to bite, however, the social costs of austerity and structural adjustment gradually eroded the legitimacy of the political establishment and the country's democratic institutions more generally, leading to mass demonstrations and a demonstrable shift in popular preferences from repayment to default. The citizens' revolt eventually forced President Fernando De la Rúa and economy minister Domingo Cavallo from office, causing the third enforcement mechanism of internalized discipline to break down. The popular uprising was therefore the final push that eventually made the inevitable unstoppable.Less
This chapter traces the rise and fall of Argentina's version of the “bankers' alliance” over the course of the crisis. The state's growing dependence on credit over the course of the 1990s initially strengthened the position of those considered to be most capable of attracting foreign credit and investment, and fulfilled a bridging role to foreign lenders. As the crisis began to bite, however, the social costs of austerity and structural adjustment gradually eroded the legitimacy of the political establishment and the country's democratic institutions more generally, leading to mass demonstrations and a demonstrable shift in popular preferences from repayment to default. The citizens' revolt eventually forced President Fernando De la Rúa and economy minister Domingo Cavallo from office, causing the third enforcement mechanism of internalized discipline to break down. The popular uprising was therefore the final push that eventually made the inevitable unstoppable.
Antoin E. Murphy
- Published in print:
- 1997
- Published Online:
- November 2003
- ISBN:
- 9780198286493
- eISBN:
- 9780191596674
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019828649X.003.0003
- Subject:
- Economics and Finance, History of Economic Thought
John Law was the son of an Edinburgh goldsmith. However, his antipathy towards gold should not be considered as a type of Freudian reaction against his father but as consistent with the evolving ...
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John Law was the son of an Edinburgh goldsmith. However, his antipathy towards gold should not be considered as a type of Freudian reaction against his father but as consistent with the evolving transition of goldsmiths into credit‐creating bankers.Less
John Law was the son of an Edinburgh goldsmith. However, his antipathy towards gold should not be considered as a type of Freudian reaction against his father but as consistent with the evolving transition of goldsmiths into credit‐creating bankers.
Hassan Malik
- Published in print:
- 2018
- Published Online:
- May 2019
- ISBN:
- 9780691170169
- eISBN:
- 9780691185002
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691170169.003.0004
- Subject:
- Economics and Finance, Economic History
This chapter explores in detail the story of 1917 through the novel perspective of foreign bankers who were on the ground at the time and shows how and why some of the leading financiers in the world ...
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This chapter explores in detail the story of 1917 through the novel perspective of foreign bankers who were on the ground at the time and shows how and why some of the leading financiers in the world remained optimistic about Russia until the very eve of the Bolshevik coup. Three broad factors can be identified as contributing to the Western investment boom in the Russian markets from 1914 through late 1917. First, in contrast to later observers, many contemporary foreign investors did not perceive Russia as suffering from an economic crisis—even as late as 1917. Second, a remarkably high degree of risk appetite shaped investor decision making and was in turn the product of moral hazard from government guarantees and competitive pressures. Third, geopolitics and feelings of patriotism within the context of the First World War pushed investors to engage the Russian market in the hopes of advancing home-country interests. Finally, contemporary investors felt that by investing in Russia they were participating in the transformation of a society—a belief that would enable them to overlook much of the political instability and violence of the revolutionary events of 1917.Less
This chapter explores in detail the story of 1917 through the novel perspective of foreign bankers who were on the ground at the time and shows how and why some of the leading financiers in the world remained optimistic about Russia until the very eve of the Bolshevik coup. Three broad factors can be identified as contributing to the Western investment boom in the Russian markets from 1914 through late 1917. First, in contrast to later observers, many contemporary foreign investors did not perceive Russia as suffering from an economic crisis—even as late as 1917. Second, a remarkably high degree of risk appetite shaped investor decision making and was in turn the product of moral hazard from government guarantees and competitive pressures. Third, geopolitics and feelings of patriotism within the context of the First World War pushed investors to engage the Russian market in the hopes of advancing home-country interests. Finally, contemporary investors felt that by investing in Russia they were participating in the transformation of a society—a belief that would enable them to overlook much of the political instability and violence of the revolutionary events of 1917.
Charles Wyplosz (ed.)
- Published in print:
- 2001
- Published Online:
- October 2011
- ISBN:
- 9780199245314
- eISBN:
- 9780191697449
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199245314.001.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Much has been written about European Monetary Union (EMU), mostly concerning its desirability and whether it will ever come to exist. Now it is here, and likely to stay. The ‘next generation’ of ...
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Much has been written about European Monetary Union (EMU), mostly concerning its desirability and whether it will ever come to exist. Now it is here, and likely to stay. The ‘next generation’ of research on EMU is already under way, and this volume presents a significant sample of that research. The authors explore questions such as: How do central bankers who used to run their own banks now melt into a single pot? Are labour markets going to shape up? Is the euro becoming a world currency? The book examines the impact of EMU on the rest of the world – the developing and transition countries – and the likely evolution of trade patterns inside and outside Europe.Less
Much has been written about European Monetary Union (EMU), mostly concerning its desirability and whether it will ever come to exist. Now it is here, and likely to stay. The ‘next generation’ of research on EMU is already under way, and this volume presents a significant sample of that research. The authors explore questions such as: How do central bankers who used to run their own banks now melt into a single pot? Are labour markets going to shape up? Is the euro becoming a world currency? The book examines the impact of EMU on the rest of the world – the developing and transition countries – and the likely evolution of trade patterns inside and outside Europe.
Alan Bullock and F. W. D. Deakin
- Published in print:
- 1973
- Published Online:
- October 2011
- ISBN:
- 9780198221043
- eISBN:
- 9780191678400
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198221043.003.0007
- Subject:
- History, European Modern History
More than any other group, the bankers were accused of being the ultimate repository of power, the decisive oligarchy. ‘The bankers’ ‘are at the heart of the state. The bourgeoisie has replaced the ...
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More than any other group, the bankers were accused of being the ultimate repository of power, the decisive oligarchy. ‘The bankers’ ‘are at the heart of the state. The bourgeoisie has replaced the faubourg St Germain and the bankers are the nobility of the bourgeois class.’ The great problem of industry was to get long-term credit, but there was strong prejudice against the very notion of this. The relationship of the rich, the industrialists, and the bankers to the rest of the population has been excessively simplified in the theories holding that it was a relationship of domination. Many detailed studies will be needed on individual firms and magnates before conclusions on this subject can be attempted.Less
More than any other group, the bankers were accused of being the ultimate repository of power, the decisive oligarchy. ‘The bankers’ ‘are at the heart of the state. The bourgeoisie has replaced the faubourg St Germain and the bankers are the nobility of the bourgeois class.’ The great problem of industry was to get long-term credit, but there was strong prejudice against the very notion of this. The relationship of the rich, the industrialists, and the bankers to the rest of the population has been excessively simplified in the theories holding that it was a relationship of domination. Many detailed studies will be needed on individual firms and magnates before conclusions on this subject can be attempted.
Jonathan Charkham and Anne Simpson
- Published in print:
- 1999
- Published Online:
- October 2011
- ISBN:
- 9780198292142
- eISBN:
- 9780191684876
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198292142.003.0008
- Subject:
- Business and Management, Corporate Governance and Accountability, Business History
This chapter examines the history of the UK banking system and its relationship to commerce and industry. It discusses the position of banks as unique providers of funds in so far as they may well ...
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This chapter examines the history of the UK banking system and its relationship to commerce and industry. It discusses the position of banks as unique providers of funds in so far as they may well have charge over a company's assets. The multifaceted relationship of a bank with a company as provider of various services plus provider of funds gives it a particular and unique significance, but it is the specific role as lender that matters to most shareholders. The company is increasingly seen as a community of complementary interests. Each of these interests is best served by cooperation. Shareholders and bankers should not be viewed as competitors. Bankers for their part will benefit from the commitment that comes with a deeper relationship where a better flow of information will result in better-informed economic decisions.Less
This chapter examines the history of the UK banking system and its relationship to commerce and industry. It discusses the position of banks as unique providers of funds in so far as they may well have charge over a company's assets. The multifaceted relationship of a bank with a company as provider of various services plus provider of funds gives it a particular and unique significance, but it is the specific role as lender that matters to most shareholders. The company is increasingly seen as a community of complementary interests. Each of these interests is best served by cooperation. Shareholders and bankers should not be viewed as competitors. Bankers for their part will benefit from the commitment that comes with a deeper relationship where a better flow of information will result in better-informed economic decisions.
Alan Blinder
- Published in print:
- 2004
- Published Online:
- October 2013
- ISBN:
- 9780300100877
- eISBN:
- 9780300127508
- Item type:
- book
- Publisher:
- Yale University Press
- DOI:
- 10.12987/yale/9780300100877.001.0001
- Subject:
- Economics and Finance, Economic Systems
This book argues that, although little noticed, the face of central banking has changed significantly over the past ten to fifteen years. The author, a former vice chairman of the Federal Reserve ...
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This book argues that, although little noticed, the face of central banking has changed significantly over the past ten to fifteen years. The author, a former vice chairman of the Federal Reserve System and member of President Clinton's Council of Economic Advisers, shows that the changes, although quiet, have been sufficiently profound to constitute a revolution in central banking, and considers three of the most significant aspects of the revolution. The first is the shift toward transparency: whereas central bankers once believed in secrecy and even mystery, greater openness is now considered a virtue. The second is the transition from monetary policy decisions made by single individuals to decisions made by committees. The third change is a profoundly different attitude toward the markets, from that of stern schoolmarm to one of listener. The author examines the origins of these changes, and their pros and cons.Less
This book argues that, although little noticed, the face of central banking has changed significantly over the past ten to fifteen years. The author, a former vice chairman of the Federal Reserve System and member of President Clinton's Council of Economic Advisers, shows that the changes, although quiet, have been sufficiently profound to constitute a revolution in central banking, and considers three of the most significant aspects of the revolution. The first is the shift toward transparency: whereas central bankers once believed in secrecy and even mystery, greater openness is now considered a virtue. The second is the transition from monetary policy decisions made by single individuals to decisions made by committees. The third change is a profoundly different attitude toward the markets, from that of stern schoolmarm to one of listener. The author examines the origins of these changes, and their pros and cons.
Cyriel M. A. Pennartz
- Published in print:
- 2015
- Published Online:
- May 2016
- ISBN:
- 9780262029315
- eISBN:
- 9780262330121
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262029315.003.0010
- Subject:
- Neuroscience, Behavioral Neuroscience
This chapter explores whether the "Explanatory Gap"-the discrepancy that exists when comparing a phenomenal sensation to a neural spike-train correlate-can be approached via the concept that neural ...
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This chapter explores whether the "Explanatory Gap"-the discrepancy that exists when comparing a phenomenal sensation to a neural spike-train correlate-can be approached via the concept that neural and phenomenal phenomena are situated at different representational levels. It is argued that David Marr’s multilevel notion of mind–brain organization can be modified to accommodate the functional and representational demands applying to conscious brain systems proposed earlier. This account ranges from the single-neuron level to functional ensembles and, hence, to unimodal meta-networks and the higher level of multimodal meta-networks. No saltatory transitions in neural-to-mental activity exist between levels. The relationships between levels is described as noncausal, with higher-level phenomena corresponding to, and supervening on, lower-level phenomena. Higher-level representational entities have no independent access to lower-level processing: what is experienced at a higher level as having meaningful content cannot be directly unmasked by the same subject as being merely “neural” at a lower level. In this view meaning, situated at a high level, arises from groups of symbols coded by ensembles, in a way that allows ontogenetically developing brain systems to make arbitrary representational choices within constraints defined by spatiotemporal consistencies in sensory input.Less
This chapter explores whether the "Explanatory Gap"-the discrepancy that exists when comparing a phenomenal sensation to a neural spike-train correlate-can be approached via the concept that neural and phenomenal phenomena are situated at different representational levels. It is argued that David Marr’s multilevel notion of mind–brain organization can be modified to accommodate the functional and representational demands applying to conscious brain systems proposed earlier. This account ranges from the single-neuron level to functional ensembles and, hence, to unimodal meta-networks and the higher level of multimodal meta-networks. No saltatory transitions in neural-to-mental activity exist between levels. The relationships between levels is described as noncausal, with higher-level phenomena corresponding to, and supervening on, lower-level phenomena. Higher-level representational entities have no independent access to lower-level processing: what is experienced at a higher level as having meaningful content cannot be directly unmasked by the same subject as being merely “neural” at a lower level. In this view meaning, situated at a high level, arises from groups of symbols coded by ensembles, in a way that allows ontogenetically developing brain systems to make arbitrary representational choices within constraints defined by spatiotemporal consistencies in sensory input.
J. C. Sharman
- Published in print:
- 2017
- Published Online:
- September 2017
- ISBN:
- 9781501705519
- eISBN:
- 9781501708442
- Item type:
- book
- Publisher:
- Cornell University Press
- DOI:
- 10.7591/cornell/9781501705519.001.0001
- Subject:
- Political Science, International Relations and Politics
An unprecedented new international moral and legal rule forbids one state from hosting money stolen by the leaders of another state. The aim is to counter grand corruption or kleptocracy (“rule by ...
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An unprecedented new international moral and legal rule forbids one state from hosting money stolen by the leaders of another state. The aim is to counter grand corruption or kleptocracy (“rule by thieves”), when leaders of poorer countries loot billions of dollars at the expense of their own citizens. This money tends to end up hosted in rich countries. These host states now have a duty to block, trace, freeze, and seize these illicit funds and hand them back to the countries from which they were stolen. This book asks how this anti-kleptocracy regime came about, how well it is working, and how it could work better. Although there have been some real achievements, the international campaign against grand corruption has run into major obstacles. The vested interests of banks, lawyers, and even law enforcement often favor turning a blind eye to foreign corruption proceeds. Recovering and returning looted assets is a long, complicated, and expensive process. The book calls for better policing, preventative measures, and use of gatekeepers like bankers, lawyers, and real estate agents. It also recommends giving nongovernmental organizations and for-profit firms more scope to independently investigate corruption and seize stolen assets.Less
An unprecedented new international moral and legal rule forbids one state from hosting money stolen by the leaders of another state. The aim is to counter grand corruption or kleptocracy (“rule by thieves”), when leaders of poorer countries loot billions of dollars at the expense of their own citizens. This money tends to end up hosted in rich countries. These host states now have a duty to block, trace, freeze, and seize these illicit funds and hand them back to the countries from which they were stolen. This book asks how this anti-kleptocracy regime came about, how well it is working, and how it could work better. Although there have been some real achievements, the international campaign against grand corruption has run into major obstacles. The vested interests of banks, lawyers, and even law enforcement often favor turning a blind eye to foreign corruption proceeds. Recovering and returning looted assets is a long, complicated, and expensive process. The book calls for better policing, preventative measures, and use of gatekeepers like bankers, lawyers, and real estate agents. It also recommends giving nongovernmental organizations and for-profit firms more scope to independently investigate corruption and seize stolen assets.
Guy Rowlands
- Published in print:
- 2012
- Published Online:
- January 2013
- ISBN:
- 9780199585076
- eISBN:
- 9780191744600
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199585076.001.0001
- Subject:
- History, European Modern History, Economic History
The financial humbling of a great power in any age demands explanation. In the War of the Spanish Succession (1701–14) Louis XIV's France had to fight way beyond its borders and the costs of war rose ...
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The financial humbling of a great power in any age demands explanation. In the War of the Spanish Succession (1701–14) Louis XIV's France had to fight way beyond its borders and the costs of war rose to unprecedented heights. With royal income falling as economic activity slowed down, the widening gap between revenue and expenditure led the government into a series of desperate expedients. Ever-larger quantities of credit, often obtained through fairly novel and poorly-understood financial instruments, were combined with ill-advised monetary manipulations. Moreover, through poor ministerial management the system of earmarking revenues for spending descended into chaos. All this forced up the cost of loans, foreign exchange, and military logistics as government contractors and bankers built the mounting risks into the price of their contracts and sought to profit from the situation. There was already a problem with controlling royal contractors, who ran the entire financial machinery, but this only grew worse, not least because the government further indemnified and bailed out men deemed too essential to fail. In some cases entrepreneurs even managed to penetrate the corridors of the ministries, either as heads of royal agencies or even as junior ministers. This added up to nothing less than an early military-industrial complex. As state debt climbed to astronomical levels and financial instruments collapsed in value France's chances of remaining the superpower of the age shrank. The military decline of a great power often goes hand-in-hand with its financial decline, but rarely so dramatically as in early eighteenth-century France.Less
The financial humbling of a great power in any age demands explanation. In the War of the Spanish Succession (1701–14) Louis XIV's France had to fight way beyond its borders and the costs of war rose to unprecedented heights. With royal income falling as economic activity slowed down, the widening gap between revenue and expenditure led the government into a series of desperate expedients. Ever-larger quantities of credit, often obtained through fairly novel and poorly-understood financial instruments, were combined with ill-advised monetary manipulations. Moreover, through poor ministerial management the system of earmarking revenues for spending descended into chaos. All this forced up the cost of loans, foreign exchange, and military logistics as government contractors and bankers built the mounting risks into the price of their contracts and sought to profit from the situation. There was already a problem with controlling royal contractors, who ran the entire financial machinery, but this only grew worse, not least because the government further indemnified and bailed out men deemed too essential to fail. In some cases entrepreneurs even managed to penetrate the corridors of the ministries, either as heads of royal agencies or even as junior ministers. This added up to nothing less than an early military-industrial complex. As state debt climbed to astronomical levels and financial instruments collapsed in value France's chances of remaining the superpower of the age shrank. The military decline of a great power often goes hand-in-hand with its financial decline, but rarely so dramatically as in early eighteenth-century France.
Ewald Engelen, Ismail Ertürk, Julie Froud, Sukhdev Johal, Adam Leaver, Michael Moran, Adriana Nilsson, and Karel Williams
- Published in print:
- 2011
- Published Online:
- January 2012
- ISBN:
- 9780199589081
- eISBN:
- 9780191731150
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199589081.003.0009
- Subject:
- Business and Management, Finance, Accounting, and Banking, Political Economy
In this concluding chapter, we do not produce lists of changes required to fix the financial system, but instead reflect on the preceding analysis to find some bearings that could lead towards a much ...
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In this concluding chapter, we do not produce lists of changes required to fix the financial system, but instead reflect on the preceding analysis to find some bearings that could lead towards a much more political analysis of, and intervention against, finance. The introduction to this book reframes the crisis as an elite political debacle rather than some kind of socio-technical accident. The front half of the book describes the aggrandisement of finance under cover of a dubious alibi about financial innovation, while the back half analyses the collapse of public regulation before the crisis and the frustration of financial reform after the crisis across several different jurisdictions. In this conclusion, we draw the political corollary by envisaging a reassertion of democratic control through a combination of measures that both make finance simpler and, through cultural and political changes, change the relation between political and financial elites.Less
In this concluding chapter, we do not produce lists of changes required to fix the financial system, but instead reflect on the preceding analysis to find some bearings that could lead towards a much more political analysis of, and intervention against, finance. The introduction to this book reframes the crisis as an elite political debacle rather than some kind of socio-technical accident. The front half of the book describes the aggrandisement of finance under cover of a dubious alibi about financial innovation, while the back half analyses the collapse of public regulation before the crisis and the frustration of financial reform after the crisis across several different jurisdictions. In this conclusion, we draw the political corollary by envisaging a reassertion of democratic control through a combination of measures that both make finance simpler and, through cultural and political changes, change the relation between political and financial elites.
Edward Morris
- Published in print:
- 2015
- Published Online:
- May 2016
- ISBN:
- 9780231170543
- eISBN:
- 9780231540506
- Item type:
- chapter
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231170543.003.0001
- Subject:
- Business and Management, Business History
The chapter chronicles the life of J. Pierpont Morgan and his rise to becoming America’s most important banker.
The chapter chronicles the life of J. Pierpont Morgan and his rise to becoming America’s most important banker.
