Robert Lensink, Mark McGillivray, and Pham Thi Thu Trà
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780199204762
- eISBN:
- 9780191603860
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199204764.003.0008
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Since 1986, Vietnam has gone through a process of economic reforms — a so-called ‘doimoi’, which included the liberalization of the financial sector. The most profound financial sector reform came in ...
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Since 1986, Vietnam has gone through a process of economic reforms — a so-called ‘doimoi’, which included the liberalization of the financial sector. The most profound financial sector reform came in 1995, when commercial banks were allowed to freely set deposit rates to enhance competition in raising funds. This paper commences with an overview of the Vietnamese financial sector and a survey of the main reforms to this sector implemented since the late 1980s. A descriptive analysis is then provided, which compares some key characteristics of pre- and post-financial reform borrowing and savings activities using the Vietnam Living Standard Surveys of 1992/93 and 1997/98. The paper then provides an econometric analysis of the determinants of loans from different types of lenders, examining the extent to which this was affected by the financial reforms.Less
Since 1986, Vietnam has gone through a process of economic reforms — a so-called ‘doimoi’, which included the liberalization of the financial sector. The most profound financial sector reform came in 1995, when commercial banks were allowed to freely set deposit rates to enhance competition in raising funds. This paper commences with an overview of the Vietnamese financial sector and a survey of the main reforms to this sector implemented since the late 1980s. A descriptive analysis is then provided, which compares some key characteristics of pre- and post-financial reform borrowing and savings activities using the Vietnam Living Standard Surveys of 1992/93 and 1997/98. The paper then provides an econometric analysis of the determinants of loans from different types of lenders, examining the extent to which this was affected by the financial reforms.
Mauricio Drelichman and Hans-Joachim Voth
- Published in print:
- 2014
- Published Online:
- October 2017
- ISBN:
- 9780691151496
- eISBN:
- 9781400848430
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691151496.001.0001
- Subject:
- Economics and Finance, Economic History
Why do lenders time and again loan money to sovereign borrowers who promptly go bankrupt? When can this type of lending work? As the United States and many European nations struggle with mountains of ...
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Why do lenders time and again loan money to sovereign borrowers who promptly go bankrupt? When can this type of lending work? As the United States and many European nations struggle with mountains of debt, historical precedents can offer valuable insights. This book looks at one famous case—the debts and defaults of Philip II of Spain. Ruling over one of the largest and most powerful empires in history, King Philip defaulted four times. Yet he never lost access to capital markets and could borrow again within a year or two of each default. Exploring the shrewd reasoning of the lenders who continued to offer money, the book analyzes the lessons from this historical example. Using detailed new evidence collected from sixteenth-century archives, the book examines the incentives and returns of lenders. It provides powerful evidence that in the right situations, lenders not only survive despite defaults—they thrive. It also demonstrates that debt markets cope well, despite massive fluctuations in expenditure and revenue, when lending functions like insurance. The book unearths unique sixteenth-century loan contracts that offered highly effective risk sharing between the king and his lenders, with payment obligations reduced in bad times. A fascinating story of finance and empire, this book offers an intelligent model for keeping economies safe in times of sovereign debt crises and defaults.Less
Why do lenders time and again loan money to sovereign borrowers who promptly go bankrupt? When can this type of lending work? As the United States and many European nations struggle with mountains of debt, historical precedents can offer valuable insights. This book looks at one famous case—the debts and defaults of Philip II of Spain. Ruling over one of the largest and most powerful empires in history, King Philip defaulted four times. Yet he never lost access to capital markets and could borrow again within a year or two of each default. Exploring the shrewd reasoning of the lenders who continued to offer money, the book analyzes the lessons from this historical example. Using detailed new evidence collected from sixteenth-century archives, the book examines the incentives and returns of lenders. It provides powerful evidence that in the right situations, lenders not only survive despite defaults—they thrive. It also demonstrates that debt markets cope well, despite massive fluctuations in expenditure and revenue, when lending functions like insurance. The book unearths unique sixteenth-century loan contracts that offered highly effective risk sharing between the king and his lenders, with payment obligations reduced in bad times. A fascinating story of finance and empire, this book offers an intelligent model for keeping economies safe in times of sovereign debt crises and defaults.
Max. M Edling
- Published in print:
- 2003
- Published Online:
- January 2005
- ISBN:
- 9780195148701
- eISBN:
- 9780199835096
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195148703.003.0013
- Subject:
- Political Science, American Politics
Presents the Antifederalist objections to a stronger national government in the “fiscal‐military” sphere, with this chapter looking closely at Antifederalist objections to the federal fiscal powers ...
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Presents the Antifederalist objections to a stronger national government in the “fiscal‐military” sphere, with this chapter looking closely at Antifederalist objections to the federal fiscal powers of the US Constitution, and the answers of the Federalists to these. Only rarely did the Antifederalists raise any objections to the right of Congress to borrow money, but the fact that they seemed to accept that public borrowing might sometimes be necessary did not mean that they accepted the need for an unlimited federal power over taxation. In their opposition to the Constitution's tax clauses, the Antifederalists continued an Anglo‐American political tradition of opposition against state growth that in turn is but an instant of a universal resistance to the centralization of power characteristic of early modern Europe. The Antifederalist opposition centered on the future role of the state legislatures: in Antifederalist thought the state assembly had come to take on the function filled by the House of Commons in English “Country” thought, so it was regarded as a crucial barrier against government abuse and as the only institution that made possible taxation with the consent of the governed.Less
Presents the Antifederalist objections to a stronger national government in the “fiscal‐military” sphere, with this chapter looking closely at Antifederalist objections to the federal fiscal powers of the US Constitution, and the answers of the Federalists to these. Only rarely did the Antifederalists raise any objections to the right of Congress to borrow money, but the fact that they seemed to accept that public borrowing might sometimes be necessary did not mean that they accepted the need for an unlimited federal power over taxation. In their opposition to the Constitution's tax clauses, the Antifederalists continued an Anglo‐American political tradition of opposition against state growth that in turn is but an instant of a universal resistance to the centralization of power characteristic of early modern Europe. The Antifederalist opposition centered on the future role of the state legislatures: in Antifederalist thought the state assembly had come to take on the function filled by the House of Commons in English “Country” thought, so it was regarded as a crucial barrier against government abuse and as the only institution that made possible taxation with the consent of the governed.
David Stasavage
- Published in print:
- 2011
- Published Online:
- October 2017
- ISBN:
- 9780691140575
- eISBN:
- 9781400838875
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691140575.001.0001
- Subject:
- Economics and Finance, Economic History
This book provides the first comprehensive look at the joint development of representative assemblies and public borrowing in Europe during the medieval and early modern eras. It argues that unique ...
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This book provides the first comprehensive look at the joint development of representative assemblies and public borrowing in Europe during the medieval and early modern eras. It argues that unique advances in political representation allowed certain European states to gain early and advantageous access to credit, but the emergence of an active form of political representation itself depended on two underlying factors: compact geography and a strong mercantile presence. The book shows that active representative assemblies were more likely to be sustained in geographically small polities. These assemblies, dominated by mercantile groups that lent to governments, were in turn more likely to preserve access to credit. Given these conditions, smaller European city-states, such as Genoa and Cologne, had an advantage over larger territorial states, including France and Castile, because mercantile elites structured political institutions in order to effectively monitor public credit. While creditor oversight of public funds became an asset for city-states in need of finance, the book suggests that the long-run implications were more ambiguous. City-states with the best access to credit often had the most closed and oligarchic systems of representation, hindering their ability to accept new economic innovations. This eventually transformed certain city-states from economic dynamos into rentier republics. Exploring the links between representation and debt in medieval and early modern Europe, the book contributes to broad debates about state formation and Europe's economic rise.Less
This book provides the first comprehensive look at the joint development of representative assemblies and public borrowing in Europe during the medieval and early modern eras. It argues that unique advances in political representation allowed certain European states to gain early and advantageous access to credit, but the emergence of an active form of political representation itself depended on two underlying factors: compact geography and a strong mercantile presence. The book shows that active representative assemblies were more likely to be sustained in geographically small polities. These assemblies, dominated by mercantile groups that lent to governments, were in turn more likely to preserve access to credit. Given these conditions, smaller European city-states, such as Genoa and Cologne, had an advantage over larger territorial states, including France and Castile, because mercantile elites structured political institutions in order to effectively monitor public credit. While creditor oversight of public funds became an asset for city-states in need of finance, the book suggests that the long-run implications were more ambiguous. City-states with the best access to credit often had the most closed and oligarchic systems of representation, hindering their ability to accept new economic innovations. This eventually transformed certain city-states from economic dynamos into rentier republics. Exploring the links between representation and debt in medieval and early modern Europe, the book contributes to broad debates about state formation and Europe's economic rise.
Farah Godrej
- Published in print:
- 2011
- Published Online:
- January 2012
- ISBN:
- 9780199782062
- eISBN:
- 9780199919123
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199782062.003.0004
- Subject:
- Political Science, Political Theory, Comparative Politics
Chapter 4 turns to the question of “self-relocation,” which refers to the relocation of the site of experience and understanding within the Western academy, using the knowledges, methods and ...
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Chapter 4 turns to the question of “self-relocation,” which refers to the relocation of the site of experience and understanding within the Western academy, using the knowledges, methods and practices of inquiry gained from the dislocation process, and bringing them to bear on traditionally-learned frames and modes of inquiry. This chapter presents two possible models or modes of transcultural learning. The first one suggests that texts can speak polyvocally, and that creative interpretation across time and space is a necessary outcome of transcultural borrowing. In so doing, texts and ideas will often mutate in a piecemeal manner, leading to the transcultural application of ideas in a discrete, fractured and disaggregated manner. The second suggests that the only appropriate method of importing texts or ideas across cultural boundaries is one that faithfully preserves organic, holistic nature of the idea or text. Using Gandhi’s theory of nonviolence or ahimsa as an illuminating lens, I argue that pitfalls of transcultural borrowing and creative learning underscore the crucial importance of prior existential engagement with traditions and their cultural products.Less
Chapter 4 turns to the question of “self-relocation,” which refers to the relocation of the site of experience and understanding within the Western academy, using the knowledges, methods and practices of inquiry gained from the dislocation process, and bringing them to bear on traditionally-learned frames and modes of inquiry. This chapter presents two possible models or modes of transcultural learning. The first one suggests that texts can speak polyvocally, and that creative interpretation across time and space is a necessary outcome of transcultural borrowing. In so doing, texts and ideas will often mutate in a piecemeal manner, leading to the transcultural application of ideas in a discrete, fractured and disaggregated manner. The second suggests that the only appropriate method of importing texts or ideas across cultural boundaries is one that faithfully preserves organic, holistic nature of the idea or text. Using Gandhi’s theory of nonviolence or ahimsa as an illuminating lens, I argue that pitfalls of transcultural borrowing and creative learning underscore the crucial importance of prior existential engagement with traditions and their cultural products.
J. C. R. Dow and I. D. Saville
- Published in print:
- 1990
- Published Online:
- November 2003
- ISBN:
- 9780198283195
- eISBN:
- 9780191596186
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198283199.003.0002
- Subject:
- Economics and Finance, Macro- and Monetary Economics
The focus is on the banking system and how it is likely to operate if it is able to function without state interference. It presents a discussion as to how an economy with rising money incomes leads ...
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The focus is on the banking system and how it is likely to operate if it is able to function without state interference. It presents a discussion as to how an economy with rising money incomes leads to a growth in the stock of money (an analysis important for later discussions of monetary control). It focuses on the flows of money from lenders to borrowers and analyses the differences between public‐ and private‐sector borrowing on potential bank growth. There is also a brief analysis on the relationships of banks to money markets.Less
The focus is on the banking system and how it is likely to operate if it is able to function without state interference. It presents a discussion as to how an economy with rising money incomes leads to a growth in the stock of money (an analysis important for later discussions of monetary control). It focuses on the flows of money from lenders to borrowers and analyses the differences between public‐ and private‐sector borrowing on potential bank growth. There is also a brief analysis on the relationships of banks to money markets.
Bernd Heine and Tania Kuteva
- Published in print:
- 2006
- Published Online:
- September 2007
- ISBN:
- 9780199297337
- eISBN:
- 9780191711220
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199297337.001.0001
- Subject:
- Linguistics, Sociolinguistics / Anthropological Linguistics
The main goal of this book is to demonstrate that the languages and dialects of Europe are becoming increasingly alike. This unifying process — that goes at least as far back as the Roman empire — is ...
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The main goal of this book is to demonstrate that the languages and dialects of Europe are becoming increasingly alike. This unifying process — that goes at least as far back as the Roman empire — is accelerating and affects every one of Europe’s 150 or so languages, including those of different families such as Basque and Finnish. The changes are by no means restricted to lexical borrowing, but involve every grammatical aspect of the language. They are usually so minute that neither native speakers nor trained linguists notice them. But they accumulate and give rise to new grammatical structures that lead, in turn, to new patterns of areal relationship. The book describes linguistic transfer from one language to another in terms of grammatical replication, using grammaticalization theory as a framework. The linguistic domains covered in more detail are definite and indefinite articles, possession, case marking, and the relationship between questions and subordination.Less
The main goal of this book is to demonstrate that the languages and dialects of Europe are becoming increasingly alike. This unifying process — that goes at least as far back as the Roman empire — is accelerating and affects every one of Europe’s 150 or so languages, including those of different families such as Basque and Finnish. The changes are by no means restricted to lexical borrowing, but involve every grammatical aspect of the language. They are usually so minute that neither native speakers nor trained linguists notice them. But they accumulate and give rise to new grammatical structures that lead, in turn, to new patterns of areal relationship. The book describes linguistic transfer from one language to another in terms of grammatical replication, using grammaticalization theory as a framework. The linguistic domains covered in more detail are definite and indefinite articles, possession, case marking, and the relationship between questions and subordination.
Emi Morita
- Published in print:
- 2009
- Published Online:
- January 2009
- ISBN:
- 9780195327359
- eISBN:
- 9780199870639
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195327359.003.0011
- Subject:
- Linguistics, Sociolinguistics / Anthropological Linguistics
Choosing an appropriate self‐reference term from the many possibilities offered by the language is a social competence expected of Japanese speakers, and a way to display their understanding of their ...
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Choosing an appropriate self‐reference term from the many possibilities offered by the language is a social competence expected of Japanese speakers, and a way to display their understanding of their social role at a given moment in a given context. Using Silverstein's model of nested indexical orders as an analytical tool, this chapter examines first‐ and second‐generation Japanese Americans' borrowing of the English first person self‐reference term me in their Japanese discourse – something strictly illegitimazed in Japan. Analyzing naturally occurring language use of immigrant communities, this chapter argues that this borrowing is an example of an emergent – and ongoingly transformative – entextualization of possible new community norms. In particular, by examining how the culturally transgressive use of me becomes an increasingly community validated norm when transplanted in American soil, the findings of this chapter make visible the contingent efficacy of a community's validation (or non‐validation) of new forms of language use.Less
Choosing an appropriate self‐reference term from the many possibilities offered by the language is a social competence expected of Japanese speakers, and a way to display their understanding of their social role at a given moment in a given context. Using Silverstein's model of nested indexical orders as an analytical tool, this chapter examines first‐ and second‐generation Japanese Americans' borrowing of the English first person self‐reference term me in their Japanese discourse – something strictly illegitimazed in Japan. Analyzing naturally occurring language use of immigrant communities, this chapter argues that this borrowing is an example of an emergent – and ongoingly transformative – entextualization of possible new community norms. In particular, by examining how the culturally transgressive use of me becomes an increasingly community validated norm when transplanted in American soil, the findings of this chapter make visible the contingent efficacy of a community's validation (or non‐validation) of new forms of language use.
Asif Agha
- Published in print:
- 2009
- Published Online:
- January 2009
- ISBN:
- 9780195327359
- eISBN:
- 9780199870639
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195327359.003.0015
- Subject:
- Linguistics, Sociolinguistics / Anthropological Linguistics
Code‐centric accounts of bilingualism obscure the processes whereby bilingual utterances acquire social significance by viewing them simply as admixtures of pre‐existing grammatical codes. This ...
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Code‐centric accounts of bilingualism obscure the processes whereby bilingual utterances acquire social significance by viewing them simply as admixtures of pre‐existing grammatical codes. This chapter proposes an alternative account: (1) Bilingual speakers produce speech tokens of varying degrees of fidelity to grammatical types (in matrix or source language) and, conversely, of varying degrees of type‐hybridity (blending category types across languages); and (2) speakers tend reflexively to re‐analyze degrees of fractional fit (of form tokens to types) as register contrasts among “social types” (types of person speaking, of activity or conduct performed through speech). Bilingual interaction thereby imposes a social‐characterological logic of register evaluation upon a logic of grammatical variation, producing contrastive models of person and activity type, some among which remain relevant only to the current interaction, while others become widely known (to bilinguals, or to monolinguals in one or the other language community) through forms of institutional dissemination.Less
Code‐centric accounts of bilingualism obscure the processes whereby bilingual utterances acquire social significance by viewing them simply as admixtures of pre‐existing grammatical codes. This chapter proposes an alternative account: (1) Bilingual speakers produce speech tokens of varying degrees of fidelity to grammatical types (in matrix or source language) and, conversely, of varying degrees of type‐hybridity (blending category types across languages); and (2) speakers tend reflexively to re‐analyze degrees of fractional fit (of form tokens to types) as register contrasts among “social types” (types of person speaking, of activity or conduct performed through speech). Bilingual interaction thereby imposes a social‐characterological logic of register evaluation upon a logic of grammatical variation, producing contrastive models of person and activity type, some among which remain relevant only to the current interaction, while others become widely known (to bilinguals, or to monolinguals in one or the other language community) through forms of institutional dissemination.
Roger W. Shuy
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780195328837
- eISBN:
- 9780199870165
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195328837.003.0013
- Subject:
- Linguistics, Sociolinguistics / Anthropological Linguistics
A 111-page book about how to increase gas mileage in cars was the alleged source of a one-page promotional piece widely distributed by an oil company. The author and publisher of the book brought a ...
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A 111-page book about how to increase gas mileage in cars was the alleged source of a one-page promotional piece widely distributed by an oil company. The author and publisher of the book brought a copyright infringement suit against the oil company, which in turn countered that the parts it borrowed fell under the copyright fair use doctrine. The author and publisher invoked the legal concepts of proportionality, substantial similarity, and originality. All of the fifty-five “tips” in the defendant's piece were the same as those in the book, effective measures of proportionality and originality. Substantial similarity also was found in the pamphlet's speech acts, speech act sequencing, lexical borrowing, minor changes in grammar such as plural for singular nouns, verb tense, ratios, topics, and topic sequencing.Less
A 111-page book about how to increase gas mileage in cars was the alleged source of a one-page promotional piece widely distributed by an oil company. The author and publisher of the book brought a copyright infringement suit against the oil company, which in turn countered that the parts it borrowed fell under the copyright fair use doctrine. The author and publisher invoked the legal concepts of proportionality, substantial similarity, and originality. All of the fifty-five “tips” in the defendant's piece were the same as those in the book, effective measures of proportionality and originality. Substantial similarity also was found in the pamphlet's speech acts, speech act sequencing, lexical borrowing, minor changes in grammar such as plural for singular nouns, verb tense, ratios, topics, and topic sequencing.
Mauricio Drelichman and Hans-Joachim Voth
- Published in print:
- 2014
- Published Online:
- October 2017
- ISBN:
- 9780691151496
- eISBN:
- 9781400848430
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691151496.003.0001
- Subject:
- Economics and Finance, Economic History
This prologue provides an overview of state debts and sovereign default in the sixteenth century, looking in particular at Philip II's defaults. The debts and defaults of Philip II suggest that there ...
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This prologue provides an overview of state debts and sovereign default in the sixteenth century, looking in particular at Philip II's defaults. The debts and defaults of Philip II suggest that there is another way for financing government borrowing: prearranged reduction in what a government owes and has to pay to creditors in bad times. Indeed, lenders agreed to forego interest or extend the maturity of loans if the king experienced a bad shock. This system exhibited remarkable stability, bringing essentially the same banking dynasties together with the monarch for over half a century, providing financing and insurance. Another remarkable feature of the debt issuance system evolved by Philip II and his financiers is the stability of the banking institutions, the main innovation of which was an effective “risk transfer” mechanism.Less
This prologue provides an overview of state debts and sovereign default in the sixteenth century, looking in particular at Philip II's defaults. The debts and defaults of Philip II suggest that there is another way for financing government borrowing: prearranged reduction in what a government owes and has to pay to creditors in bad times. Indeed, lenders agreed to forego interest or extend the maturity of loans if the king experienced a bad shock. This system exhibited remarkable stability, bringing essentially the same banking dynasties together with the monarch for over half a century, providing financing and insurance. Another remarkable feature of the debt issuance system evolved by Philip II and his financiers is the stability of the banking institutions, the main innovation of which was an effective “risk transfer” mechanism.
Mauricio Drelichman and Hans-Joachim Voth
- Published in print:
- 2014
- Published Online:
- October 2017
- ISBN:
- 9780691151496
- eISBN:
- 9781400848430
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691151496.003.0004
- Subject:
- Economics and Finance, Economic History
This chapter describes the fiscal institutions and borrowing instruments available to the Crown. The Castilian portfolio of fiscal and financial instruments was remarkably complete for its time. The ...
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This chapter describes the fiscal institutions and borrowing instruments available to the Crown. The Castilian portfolio of fiscal and financial instruments was remarkably complete for its time. The revenue technology was a mix of useful adaptations of medieval legacy taxes combined with newer excises and trade duties. On the financing side, the Crown had both long- and short-term debt instruments at its disposal. Although the long-term juros (annuities and perpetuities) were technically nominative, they were widely traded in the secondary market, supplying a key element for the correct pricing of debt. On the short-term front, asientos—which refer to a wide variety of agreements—allowed the Crown to smooth the volatile silver revenues, leverage income outside the purview of the Cortes—Castile's representative assembly—and quickly shift resources throughout the empire.Less
This chapter describes the fiscal institutions and borrowing instruments available to the Crown. The Castilian portfolio of fiscal and financial instruments was remarkably complete for its time. The revenue technology was a mix of useful adaptations of medieval legacy taxes combined with newer excises and trade duties. On the financing side, the Crown had both long- and short-term debt instruments at its disposal. Although the long-term juros (annuities and perpetuities) were technically nominative, they were widely traded in the secondary market, supplying a key element for the correct pricing of debt. On the short-term front, asientos—which refer to a wide variety of agreements—allowed the Crown to smooth the volatile silver revenues, leverage income outside the purview of the Cortes—Castile's representative assembly—and quickly shift resources throughout the empire.
Katarzyna Anna Bilicka, Michael P. Devereux, and Clemens Fuest
- Published in print:
- 2012
- Published Online:
- May 2012
- ISBN:
- 9780199698165
- eISBN:
- 9780191738630
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199698165.003.0010
- Subject:
- Economics and Finance, Financial Economics
This chapter analyses the economic situation in the UK as it attempts to recover from the financial and economic crisis that began in 2008. In particular, we focus on the probability that the fiscal ...
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This chapter analyses the economic situation in the UK as it attempts to recover from the financial and economic crisis that began in 2008. In particular, we focus on the probability that the fiscal consolidation, introduced by the new coalition government in 2010, is likely to be expansionary or contractionary. To analyse this we first briefly survey the large economic literature on the impact of government borrowing on economic growth. We identify the key factors that empirical evidence suggests affect the probability that a fiscal consolidation will be expansionary. We then examine these factors in the context of the UK to identify whether they are favourable or not towards the consolidation being expansionary.Less
This chapter analyses the economic situation in the UK as it attempts to recover from the financial and economic crisis that began in 2008. In particular, we focus on the probability that the fiscal consolidation, introduced by the new coalition government in 2010, is likely to be expansionary or contractionary. To analyse this we first briefly survey the large economic literature on the impact of government borrowing on economic growth. We identify the key factors that empirical evidence suggests affect the probability that a fiscal consolidation will be expansionary. We then examine these factors in the context of the UK to identify whether they are favourable or not towards the consolidation being expansionary.
Philip Burton
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780198269885
- eISBN:
- 9780191600449
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198269889.003.0012
- Subject:
- Religion, Early Christian Studies
An analysis of the use of loan‐words in the Old Latin Gospels, both as a translation feature and as an index of their status in late Latin general. Particular attention is given to the semantic ...
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An analysis of the use of loan‐words in the Old Latin Gospels, both as a translation feature and as an index of their status in late Latin general. Particular attention is given to the semantic fields in which lexical borrowing is most likely; to the motivation for these loans; and to the degree of assimilation to native Latin phonology and morphology.Less
An analysis of the use of loan‐words in the Old Latin Gospels, both as a translation feature and as an index of their status in late Latin general. Particular attention is given to the semantic fields in which lexical borrowing is most likely; to the motivation for these loans; and to the degree of assimilation to native Latin phonology and morphology.
Franco Cavazza
- Published in print:
- 2004
- Published Online:
- September 2007
- ISBN:
- 9780199264827
- eISBN:
- 9780191718403
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199264827.003.0003
- Subject:
- Classical Studies, Literary Studies: Classical, Early, and Medieval
Gellius often discusses questions of etymology, sometimes following other writers' work, sometimes apparently offering suggestions of his own. This chapter employs source-criticism to isolate ...
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Gellius often discusses questions of etymology, sometimes following other writers' work, sometimes apparently offering suggestions of his own. This chapter employs source-criticism to isolate etymologies that seem to be his own (while acknowledging the possibility that they may not be), compares them with the findings of modern linguistics, and relates them to the etymological principles current amongst ancient grammarians, in particular borrowing from Greek, suffixation, composition out of two words, or use by antiphrasis to mean the opposite of the expected sense. He makes intelligent and informed use of these principles, proving himself an expert in the ars grammatica. Most of his derivations by suffixation or composition are correct, as are most derivations from Greek if the category is extended to include the common Indo-European descent of which antiquity had no notion.Less
Gellius often discusses questions of etymology, sometimes following other writers' work, sometimes apparently offering suggestions of his own. This chapter employs source-criticism to isolate etymologies that seem to be his own (while acknowledging the possibility that they may not be), compares them with the findings of modern linguistics, and relates them to the etymological principles current amongst ancient grammarians, in particular borrowing from Greek, suffixation, composition out of two words, or use by antiphrasis to mean the opposite of the expected sense. He makes intelligent and informed use of these principles, proving himself an expert in the ars grammatica. Most of his derivations by suffixation or composition are correct, as are most derivations from Greek if the category is extended to include the common Indo-European descent of which antiquity had no notion.
Julian Johnson
- Published in print:
- 2009
- Published Online:
- May 2009
- ISBN:
- 9780195372397
- eISBN:
- 9780199870844
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195372397.003.0004
- Subject:
- Music, History, Western, Opera
The Wunderhorn songs, and the symphonies that draw on them, are discussed in relation to the idea of Humor as understood in romantic literature (especially Jean Paul) as an inverted form of the ...
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The Wunderhorn songs, and the symphonies that draw on them, are discussed in relation to the idea of Humor as understood in romantic literature (especially Jean Paul) as an inverted form of the sublime and also to the idea of the carnivalesque as understood by Bakhtin. Both are related to the idea of irony in Mahler's music and explored through considering the tone with which his music speaks—in both the Wunderhorn songs and the symphonies. The chapter also explores the extent to which Mahler's music is constituted from borrowed voices, understood both as allusions to other historical styles as well as more direct echoes of the music of other composers. Incidences of quotation are rare in Mahler and are much less important than his weaving together of plural stylistic idioms.Less
The Wunderhorn songs, and the symphonies that draw on them, are discussed in relation to the idea of Humor as understood in romantic literature (especially Jean Paul) as an inverted form of the sublime and also to the idea of the carnivalesque as understood by Bakhtin. Both are related to the idea of irony in Mahler's music and explored through considering the tone with which his music speaks—in both the Wunderhorn songs and the symphonies. The chapter also explores the extent to which Mahler's music is constituted from borrowed voices, understood both as allusions to other historical styles as well as more direct echoes of the music of other composers. Incidences of quotation are rare in Mahler and are much less important than his weaving together of plural stylistic idioms.
Paul Langley
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780199236596
- eISBN:
- 9780191717079
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199236596.001.0001
- Subject:
- Economics and Finance, Financial Economics
Grounded in literature from the sociology of finance and international political economy, and informed by extensive empirical research, this book explores the unprecedented relationships that now ...
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Grounded in literature from the sociology of finance and international political economy, and informed by extensive empirical research, this book explores the unprecedented relationships that now bind Anglo-American society with the financial markets. As mutual funds have increased in popularity and pension provision has been transformed, many more individuals and households have come to invest in stocks and shares. As consumer borrowing has risen dramatically and mortgage finance has embraced those deemed sub-prime, so the repayments of credit card holders and mortgagors have provided the basis for the issue and trading of bonds and other market instruments. This book shows how financial market networks have come to extend well beyond Wall Street and the City of London, becoming embedded and embodied in routine saving and borrowing in the US and UK. Society's new-found relationships with the markets are also shown, however, to be marked by stark inequalities, manifest contradictions, and political dissent.Less
Grounded in literature from the sociology of finance and international political economy, and informed by extensive empirical research, this book explores the unprecedented relationships that now bind Anglo-American society with the financial markets. As mutual funds have increased in popularity and pension provision has been transformed, many more individuals and households have come to invest in stocks and shares. As consumer borrowing has risen dramatically and mortgage finance has embraced those deemed sub-prime, so the repayments of credit card holders and mortgagors have provided the basis for the issue and trading of bonds and other market instruments. This book shows how financial market networks have come to extend well beyond Wall Street and the City of London, becoming embedded and embodied in routine saving and borrowing in the US and UK. Society's new-found relationships with the markets are also shown, however, to be marked by stark inequalities, manifest contradictions, and political dissent.
Charles E. Hill
- Published in print:
- 2004
- Published Online:
- January 2005
- ISBN:
- 9780199264582
- eISBN:
- 9780191602085
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199264589.003.0003
- Subject:
- Religion, Biblical Studies
Reflects on the reception of the consensus by the majority, its resistance by a minority, and the consequences of the question for the academy and the Church. Outlines the three empirical bases for ...
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Reflects on the reception of the consensus by the majority, its resistance by a minority, and the consequences of the question for the academy and the Church. Outlines the three empirical bases for the consensus and sets the orientation for the study that will follow. Finally, it gives attention to a critical but seldom examined factor in the debate, the ‘quotation standard’ employed by scholars to determine literary borrowing on the part of early writers. While ‘clear’ or ‘explicit quotations’ are desired and often demanded before scholars will affirm that a given source was used by a given writer, such standards do not always accord with known practices in antiquity.Less
Reflects on the reception of the consensus by the majority, its resistance by a minority, and the consequences of the question for the academy and the Church. Outlines the three empirical bases for the consensus and sets the orientation for the study that will follow. Finally, it gives attention to a critical but seldom examined factor in the debate, the ‘quotation standard’ employed by scholars to determine literary borrowing on the part of early writers. While ‘clear’ or ‘explicit quotations’ are desired and often demanded before scholars will affirm that a given source was used by a given writer, such standards do not always accord with known practices in antiquity.
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/9780199765348.003.0007
- Subject:
- Political Science, International Relations and Politics
In this chapter, the IMF, World Bank, and Congress entered the revived stage of the relationship among them. The revival was triggered externally by the international dimensions of the 2008 financial ...
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In this chapter, the IMF, World Bank, and Congress entered the revived stage of the relationship among them. The revival was triggered externally by the international dimensions of the 2008 financial crisis. Internal change in the legislature came from the election of democratic President Barack Obama, ending the earlier period of divided government. The chapter argues that through congressional advocacy efforts, the IMF received an increase in its New Arrangements to Borrow, following an informal agreement to modify some conditionality and transparency practices. The World Bank achieved the authorization and appropriation for the fifteenth replenishment of the International Development Association, with provisions over the use of the labor indicator in the Doing Business report. The role of the IMF in the Eurozone bailouts associated with the Greek and Irish crises is not conclusive in 2011. However, the era of divided government that facilitated a certain degree of support for the Bretton Woods institutions ended with the close of the 111th Congress. The length and character of the revival faces the obstacle of the collapse of the traditional constituencies of support for the IMF and World Bank in the international banking communities in the long term.Less
In this chapter, the IMF, World Bank, and Congress entered the revived stage of the relationship among them. The revival was triggered externally by the international dimensions of the 2008 financial crisis. Internal change in the legislature came from the election of democratic President Barack Obama, ending the earlier period of divided government. The chapter argues that through congressional advocacy efforts, the IMF received an increase in its New Arrangements to Borrow, following an informal agreement to modify some conditionality and transparency practices. The World Bank achieved the authorization and appropriation for the fifteenth replenishment of the International Development Association, with provisions over the use of the labor indicator in the Doing Business report. The role of the IMF in the Eurozone bailouts associated with the Greek and Irish crises is not conclusive in 2011. However, the era of divided government that facilitated a certain degree of support for the Bretton Woods institutions ended with the close of the 111th Congress. The length and character of the revival faces the obstacle of the collapse of the traditional constituencies of support for the IMF and World Bank in the international banking communities in the long term.
Louis Hyman
- Published in print:
- 2011
- Published Online:
- October 2017
- ISBN:
- 9780691140681
- eISBN:
- 9781400838400
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691140681.003.0006
- Subject:
- History, American History: 20th Century
This chapter examines postwar consumer credit. Many in the postwar United States achieved a material prosperity that, in debt's absence, they could not have attained. Indeed, this postwar prosperity ...
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This chapter examines postwar consumer credit. Many in the postwar United States achieved a material prosperity that, in debt's absence, they could not have attained. Indeed, this postwar prosperity enabled suburbanites with good incomes to live as well as their perhaps wealthier neighborhoods, even if they had little savings. However, this equality of consumption reinforced inequalities of wealth. While the amount loaned grew tremendously in the postwar period, the growth rate for outstanding debt remained relatively flat. Borrowing remained a viable strategy, not only because of rising incomes, but also because all consumer credit remained tax deductible. In such a favorable climate for borrowing, Americans borrowed their way to prosperity.Less
This chapter examines postwar consumer credit. Many in the postwar United States achieved a material prosperity that, in debt's absence, they could not have attained. Indeed, this postwar prosperity enabled suburbanites with good incomes to live as well as their perhaps wealthier neighborhoods, even if they had little savings. However, this equality of consumption reinforced inequalities of wealth. While the amount loaned grew tremendously in the postwar period, the growth rate for outstanding debt remained relatively flat. Borrowing remained a viable strategy, not only because of rising incomes, but also because all consumer credit remained tax deductible. In such a favorable climate for borrowing, Americans borrowed their way to prosperity.
