Hiroshi Oda
- Published in print:
- 2009
- Published Online:
- May 2009
- ISBN:
- 9780199232185
- eISBN:
- 9780191705335
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199232185.001.1
- Subject:
- Law, Comparative Law
This text contains the latest edition of this book. It covers the basis of the Japanese legal system, the civil code, business related laws, and other laws including criminal law and procedure, and ...
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This text contains the latest edition of this book. It covers the basis of the Japanese legal system, the civil code, business related laws, and other laws including criminal law and procedure, and foreign relations law. Since the last edition, Japanese law has undergone major reform all of which is reflected in the new text. In particular, the new edition covers the new company law and the Financial Products Trading Law, both of which have been completely overhauled. After the ‘lost decade’ following the collapse of the ‘bubble economy’ in 1990, Japan has gone through a major reform — deregulation or ‘regulatory reform’. Accordingly, major changes took place in almost every area of law. There was a large-scale ‘Justice System Reform’ which encompassed various changes in the court system, the introduction of lay assessors in the criminal procedure, a new law school system, etc. Company law, which was embodied in the Commercial Code, was completely overhauled under a different concept and became a separate law — the Company Law of 2005. Securities and Exchange Law was replaced by the Financial Instruments and Exchange Law in 2006. Even the Civil Code, which had remained more or less unchanged (except for family and succession) since the late 19th century, has gone through significant changes. Certainly there are many positive results coming out of these reforms, but also there have been some doubtful changes. Thee outcome of the reforms of the past decade is yet to be assessed. These changes and their impact are covered in this book.Less
This text contains the latest edition of this book. It covers the basis of the Japanese legal system, the civil code, business related laws, and other laws including criminal law and procedure, and foreign relations law. Since the last edition, Japanese law has undergone major reform all of which is reflected in the new text. In particular, the new edition covers the new company law and the Financial Products Trading Law, both of which have been completely overhauled. After the ‘lost decade’ following the collapse of the ‘bubble economy’ in 1990, Japan has gone through a major reform — deregulation or ‘regulatory reform’. Accordingly, major changes took place in almost every area of law. There was a large-scale ‘Justice System Reform’ which encompassed various changes in the court system, the introduction of lay assessors in the criminal procedure, a new law school system, etc. Company law, which was embodied in the Commercial Code, was completely overhauled under a different concept and became a separate law — the Company Law of 2005. Securities and Exchange Law was replaced by the Financial Instruments and Exchange Law in 2006. Even the Civil Code, which had remained more or less unchanged (except for family and succession) since the late 19th century, has gone through significant changes. Certainly there are many positive results coming out of these reforms, but also there have been some doubtful changes. Thee outcome of the reforms of the past decade is yet to be assessed. These changes and their impact are covered in this book.
Armando Francesco Borghesani
- Published in print:
- 2007
- Published Online:
- January 2008
- ISBN:
- 9780199213603
- eISBN:
- 9780191707421
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199213603.001.0001
- Subject:
- Physics, Condensed Matter Physics / Materials
In liquid helium, an electron is surrounded by a cavity called an electron bubble of 20 Ångstroms in diameter. A positive helium ion is solvated by an electrostriction induced solid helium-ice shell ...
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In liquid helium, an electron is surrounded by a cavity called an electron bubble of 20 Ångstroms in diameter. A positive helium ion is solvated by an electrostriction induced solid helium-ice shell called a snowball of 7 Ångstroms in diameter. By studying their transport properties, these objects are well suited for the testing of the microscopic properties of superfluidity. At low temperatures and with small electric fields, the drift velocity of the charges depends on their interaction with the elementary excitations of the superfluid: phonons, rotons, and 3He atomic impurities. At higher fields, ions produce quantized vortex rings and vortex lines and studying these sheds light on quantum hydrodynamics. In the fermionic liquid, the 3He isotope ion transport properties display important pieces of information on the coupling of a charge to a Fermi liquid and on the richer topological structure of the superfluid phases appearing at ultralow temperatures. In the normal liquid phases of both isotopes, ions and electrons are used to probe classical hydrodynamics at the λ-transition and at the liquid-vapor transition at which long-range critical fluctuations of the appropriate order parameter occur. Several experiments have investigated the structure of electron bubbles. Electron drift velocity measurements in dense helium gas have elucidated the dynamics of electron bubble formation. This book provides a review of the more than forty-year-long experimental and theoretical research on the transport properties of electrons and ions in liquid and gaseous helium.Less
In liquid helium, an electron is surrounded by a cavity called an electron bubble of 20 Ångstroms in diameter. A positive helium ion is solvated by an electrostriction induced solid helium-ice shell called a snowball of 7 Ångstroms in diameter. By studying their transport properties, these objects are well suited for the testing of the microscopic properties of superfluidity. At low temperatures and with small electric fields, the drift velocity of the charges depends on their interaction with the elementary excitations of the superfluid: phonons, rotons, and 3He atomic impurities. At higher fields, ions produce quantized vortex rings and vortex lines and studying these sheds light on quantum hydrodynamics. In the fermionic liquid, the 3He isotope ion transport properties display important pieces of information on the coupling of a charge to a Fermi liquid and on the richer topological structure of the superfluid phases appearing at ultralow temperatures. In the normal liquid phases of both isotopes, ions and electrons are used to probe classical hydrodynamics at the λ-transition and at the liquid-vapor transition at which long-range critical fluctuations of the appropriate order parameter occur. Several experiments have investigated the structure of electron bubbles. Electron drift velocity measurements in dense helium gas have elucidated the dynamics of electron bubble formation. This book provides a review of the more than forty-year-long experimental and theoretical research on the transport properties of electrons and ions in liquid and gaseous helium.
A.F. Borghesani
- Published in print:
- 2007
- Published Online:
- January 2008
- ISBN:
- 9780199213603
- eISBN:
- 9780191707421
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199213603.003.0025
- Subject:
- Physics, Condensed Matter Physics / Materials
This chapter explains why the dynamics and evolution of the formation of electron bubbles has been investigated by looking at how the electron mobility changes as a function of the density of helium ...
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This chapter explains why the dynamics and evolution of the formation of electron bubbles has been investigated by looking at how the electron mobility changes as a function of the density of helium gas.Less
This chapter explains why the dynamics and evolution of the formation of electron bubbles has been investigated by looking at how the electron mobility changes as a function of the density of helium gas.
Roy C. Smith and Ingo Walter
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780195171679
- eISBN:
- 9780199783618
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195171675.001.0001
- Subject:
- Economics and Finance, Microeconomics
This book examines the effective governance, monitoring, and control of corporations and financial markets, drawing on the lessons of history and with a firm focus on the future. The book is divided ...
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This book examines the effective governance, monitoring, and control of corporations and financial markets, drawing on the lessons of history and with a firm focus on the future. The book is divided into four parts. Part I consists of two chapters: the first considers the nature, effects, and consequences of the bubble of 1995-2000; the second chapter assesses the more fundamental effects related to the evolving dominance of capital markets, which has changed the way corporate executives perceive their role and the expectations they are required to meet. Part II consists of three chapters that explore the internal governance function of corporations. Part III includes three chapters that examine the modern roles and practices of institutional investors, auditors, and banks and brokerages in conducting the fiduciary and governance functions allocated to them in the capital-market system. Part IV examines the evolution of the legal and regulatory system supporting the markets, and focuses on its troubling impotence as a consequence of modern political realities. It analyzes how conflicts of interest have become a more serious threat to the well-being of the market system than before.Less
This book examines the effective governance, monitoring, and control of corporations and financial markets, drawing on the lessons of history and with a firm focus on the future. The book is divided into four parts. Part I consists of two chapters: the first considers the nature, effects, and consequences of the bubble of 1995-2000; the second chapter assesses the more fundamental effects related to the evolving dominance of capital markets, which has changed the way corporate executives perceive their role and the expectations they are required to meet. Part II consists of three chapters that explore the internal governance function of corporations. Part III includes three chapters that examine the modern roles and practices of institutional investors, auditors, and banks and brokerages in conducting the fiduciary and governance functions allocated to them in the capital-market system. Part IV examines the evolution of the legal and regulatory system supporting the markets, and focuses on its troubling impotence as a consequence of modern political realities. It analyzes how conflicts of interest have become a more serious threat to the well-being of the market system than before.
Roy C. Smith and Ingo Walter
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780195171679
- eISBN:
- 9780199783618
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195171675.003.0001
- Subject:
- Economics and Finance, Microeconomics
This chapter examines the nature, effects, and consequences of the bubble of 1995-2000. The 20th century experienced four exceptional stock market booms in the United States that have been called ...
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This chapter examines the nature, effects, and consequences of the bubble of 1995-2000. The 20th century experienced four exceptional stock market booms in the United States that have been called “bubbles”. Economist Richard Sylla describes these periods (1905, 1928, 1958, 1998) as times when the 10-year moving averages of real rates of return on stocks reached peaks from which they rapidly descended (or crashed) a year to two later. Of these four bubbles, the ones that peaked in 1928 and 1998, leading to crashes in 1929 and 2000, respectively, were the ones of greatest significance. The 2000 crash involved more financial wreckage than earlier crashes. It was followed by scandals that were front-page stories for months, and public interest in the market collapse and its causes and consequences was intense. The causes of the 2000-2002 crash are analyzed.Less
This chapter examines the nature, effects, and consequences of the bubble of 1995-2000. The 20th century experienced four exceptional stock market booms in the United States that have been called “bubbles”. Economist Richard Sylla describes these periods (1905, 1928, 1958, 1998) as times when the 10-year moving averages of real rates of return on stocks reached peaks from which they rapidly descended (or crashed) a year to two later. Of these four bubbles, the ones that peaked in 1928 and 1998, leading to crashes in 1929 and 2000, respectively, were the ones of greatest significance. The 2000 crash involved more financial wreckage than earlier crashes. It was followed by scandals that were front-page stories for months, and public interest in the market collapse and its causes and consequences was intense. The causes of the 2000-2002 crash are analyzed.
Peter B. E. Hill
- Published in print:
- 2003
- Published Online:
- April 2004
- ISBN:
- 9780199257522
- eISBN:
- 9780191601026
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199257523.003.0007
- Subject:
- Political Science, Political Economy
Attempts to identify the effects of this law on the yakuza. Unfortunately the introduction of this law coincided with the bursting of Japan's economic bubble. Both these events have had a significant ...
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Attempts to identify the effects of this law on the yakuza. Unfortunately the introduction of this law coincided with the bursting of Japan's economic bubble. Both these events have had a significant impact on the yakuza's fortunes and these are therefore both examined here.Less
Attempts to identify the effects of this law on the yakuza. Unfortunately the introduction of this law coincided with the bursting of Japan's economic bubble. Both these events have had a significant impact on the yakuza's fortunes and these are therefore both examined here.
Assaf Razin
- Published in print:
- 2015
- Published Online:
- May 2016
- ISBN:
- 9780262028592
- eISBN:
- 9780262327701
- Item type:
- book
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262028592.001.0001
- Subject:
- Economics and Finance, International
This book aims at parsing and explaining some key forces that feature in every one of the global and regional financial crises and monetary crises that erupted in the world economy over the past ...
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This book aims at parsing and explaining some key forces that feature in every one of the global and regional financial crises and monetary crises that erupted in the world economy over the past decades. The text presents historical accounts of the recent major financial crises and then proceeds to present and explain the main streams of theories on the financial crises that featured in these historical episodes: banking crises and panics; credit frictions and market freezes; currency regime crises, births and bursts of asset bubbles, and conflicting forces behind the volatility of international capital flows. The book also deals with the emergence of a new paradigm: the development of the late twentieth- and early twenty-first-century macroeconomic analytical framework from the pre-2008 paradigm of modern macroeconomic thinking that served as the workhorse of policy making. The old model had been used to provide the theoretical underpinning for monetary and fiscal policy making in the period known as the Great Moderation. But, as part of the intellectual awakening after the 2008 global crisis, there is a surge of remodeling efforts aimed at the development of an analytical framework that can underpin monetary and fiscal policy making in the era of the Great Recession.Less
This book aims at parsing and explaining some key forces that feature in every one of the global and regional financial crises and monetary crises that erupted in the world economy over the past decades. The text presents historical accounts of the recent major financial crises and then proceeds to present and explain the main streams of theories on the financial crises that featured in these historical episodes: banking crises and panics; credit frictions and market freezes; currency regime crises, births and bursts of asset bubbles, and conflicting forces behind the volatility of international capital flows. The book also deals with the emergence of a new paradigm: the development of the late twentieth- and early twenty-first-century macroeconomic analytical framework from the pre-2008 paradigm of modern macroeconomic thinking that served as the workhorse of policy making. The old model had been used to provide the theoretical underpinning for monetary and fiscal policy making in the period known as the Great Moderation. But, as part of the intellectual awakening after the 2008 global crisis, there is a surge of remodeling efforts aimed at the development of an analytical framework that can underpin monetary and fiscal policy making in the era of the Great Recession.
A.F. Borghesani
- Published in print:
- 2007
- Published Online:
- January 2008
- ISBN:
- 9780199213603
- eISBN:
- 9780191707421
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199213603.003.0026
- Subject:
- Physics, Condensed Matter Physics / Materials
The phenomenon of self-trapping is well known in helium and in different systems, such as electrons in ammonia, Positronium in dense helium gas, and so on. It is known that localization occurs when ...
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The phenomenon of self-trapping is well known in helium and in different systems, such as electrons in ammonia, Positronium in dense helium gas, and so on. It is known that localization occurs when the balance between exchange repulsive forces, thermal energy, expansion work, and polarization energy is such that the excess free energy of the localized state is lower than that of the extended state. Several physical mechanisms have been proposed to explain how the electron bubble forms, including trapping on virtual or resonant states due to density fluctuations. Stabilization of the localized state is obtained by sound wave emission of the new-born, oscillating bubble. The breathing mode of the cavity around an helium excimer in liquid helium has been also measured.Less
The phenomenon of self-trapping is well known in helium and in different systems, such as electrons in ammonia, Positronium in dense helium gas, and so on. It is known that localization occurs when the balance between exchange repulsive forces, thermal energy, expansion work, and polarization energy is such that the excess free energy of the localized state is lower than that of the extended state. Several physical mechanisms have been proposed to explain how the electron bubble forms, including trapping on virtual or resonant states due to density fluctuations. Stabilization of the localized state is obtained by sound wave emission of the new-born, oscillating bubble. The breathing mode of the cavity around an helium excimer in liquid helium has been also measured.
Peter Temin and Hans-Joachim Voth
- Published in print:
- 2013
- Published Online:
- January 2013
- ISBN:
- 9780199944279
- eISBN:
- 9780199980789
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199944279.003.0006
- Subject:
- Economics and Finance, Economic History
This chapter begins by connecting the South Sea Bubble with the British government's need to finance its wars. It explored the use of a debt-equity swap to lower its interest cost. The bubble ...
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This chapter begins by connecting the South Sea Bubble with the British government's need to finance its wars. It explored the use of a debt-equity swap to lower its interest cost. The bubble resulted from a good idea badly designed and administered. Hoare's Bank made a healthy profit from buying and selling stock in the South Sea Company in 1720. Examination of the bank's lending to other investors reveals that the bank understood it was riding a bubble. The bank required more and more collateral for loans as the price of South Sea shares rose. Hoare's Bank sold out in time to retain its profits; Isaac Newton was not so lucky.Less
This chapter begins by connecting the South Sea Bubble with the British government's need to finance its wars. It explored the use of a debt-equity swap to lower its interest cost. The bubble resulted from a good idea badly designed and administered. Hoare's Bank made a healthy profit from buying and selling stock in the South Sea Company in 1720. Examination of the bank's lending to other investors reveals that the bank understood it was riding a bubble. The bank required more and more collateral for loans as the price of South Sea shares rose. Hoare's Bank sold out in time to retain its profits; Isaac Newton was not so lucky.
Josh Bivens
- Published in print:
- 2011
- Published Online:
- August 2016
- ISBN:
- 9780801450150
- eISBN:
- 9780801460654
- Item type:
- book
- Publisher:
- Cornell University Press
- DOI:
- 10.7591/cornell/9780801450150.001.0001
- Subject:
- Economics and Finance, Public and Welfare
This book relays a compelling narrative of the U.S. economy's struggle to emerge from the Great Recession of 2008. It explains the causes and impact on working Americans of the most catastrophic ...
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This book relays a compelling narrative of the U.S. economy's struggle to emerge from the Great Recession of 2008. It explains the causes and impact on working Americans of the most catastrophic economic policy failure since the 1920s. Economic growth since the late 1970s has been slow and inequitably distributed, largely as a result of poor policy choices. These choices only got worse in the 2000s, leading to an anemic economic expansion. What growth we did see in the economy was fueled by staggering increases in private-sector debt and a housing bubble that artificially inflated wealth by trillions of dollars. As had been predicted, the bursting of the housing bubble had disastrous consequences for the broader economy, spurring a financial crisis and a rise in joblessness that dwarfed those resulting from any recession since the Great Depression. The fallout from the Great Recession makes it near certain that there will be yet another lost decade of income growth for typical families, whose incomes had not been boosted by the previous decade's sluggish and localized economic expansion. In its broad narrative of how the economy has failed to deliver for most Americans over much of the past three decades, the book also offers compelling graphic evidence on jobs, incomes, wages, and other measures of economic well-being most relevant to low-and middle-income workers. It tracks these trends carefully, giving a lesson in economic history that is readable yet rigorous in its analysis.Less
This book relays a compelling narrative of the U.S. economy's struggle to emerge from the Great Recession of 2008. It explains the causes and impact on working Americans of the most catastrophic economic policy failure since the 1920s. Economic growth since the late 1970s has been slow and inequitably distributed, largely as a result of poor policy choices. These choices only got worse in the 2000s, leading to an anemic economic expansion. What growth we did see in the economy was fueled by staggering increases in private-sector debt and a housing bubble that artificially inflated wealth by trillions of dollars. As had been predicted, the bursting of the housing bubble had disastrous consequences for the broader economy, spurring a financial crisis and a rise in joblessness that dwarfed those resulting from any recession since the Great Depression. The fallout from the Great Recession makes it near certain that there will be yet another lost decade of income growth for typical families, whose incomes had not been boosted by the previous decade's sluggish and localized economic expansion. In its broad narrative of how the economy has failed to deliver for most Americans over much of the past three decades, the book also offers compelling graphic evidence on jobs, incomes, wages, and other measures of economic well-being most relevant to low-and middle-income workers. It tracks these trends carefully, giving a lesson in economic history that is readable yet rigorous in its analysis.
Roy C. Smith, Ingo Walter, and Gayle Delong
- Published in print:
- 2012
- Published Online:
- May 2012
- ISBN:
- 9780195335934
- eISBN:
- 9780199932146
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195335934.003.0010
- Subject:
- Economics and Finance, Economic Systems
Hedge funds, private equity investments, and other forms of alternative investments that offer the possibility of enhanced portfolio returns on a risk-adjusted basis have been available to ...
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Hedge funds, private equity investments, and other forms of alternative investments that offer the possibility of enhanced portfolio returns on a risk-adjusted basis have been available to sophisticated investors and institutions for many years. In the early 2000s, trillions of dollars of new investment funds that flowed into alternative investments and contributed to the bubbles of the 2004–2007 markets suffered proportionately when the bubble burst. Banks were attracted to and participated in the surge in alternative investments in many ways, as lenders, agents, and as principal investors in funds distributed to clients. The multiple exposures of banks to mortgage-backed and nonmortgage asset-backed securities, and to hedge funds and private equity funds caused them a high degree of distress, forced writedowns of assets, and compelled banks to raise additional capital. Consequently, many banks that were once active in alternative asset investments became much less so as the industry deleveraged and lost momentum. By 2010, only a few banks were still active as major players in this industry.Less
Hedge funds, private equity investments, and other forms of alternative investments that offer the possibility of enhanced portfolio returns on a risk-adjusted basis have been available to sophisticated investors and institutions for many years. In the early 2000s, trillions of dollars of new investment funds that flowed into alternative investments and contributed to the bubbles of the 2004–2007 markets suffered proportionately when the bubble burst. Banks were attracted to and participated in the surge in alternative investments in many ways, as lenders, agents, and as principal investors in funds distributed to clients. The multiple exposures of banks to mortgage-backed and nonmortgage asset-backed securities, and to hedge funds and private equity funds caused them a high degree of distress, forced writedowns of assets, and compelled banks to raise additional capital. Consequently, many banks that were once active in alternative asset investments became much less so as the industry deleveraged and lost momentum. By 2010, only a few banks were still active as major players in this industry.
Giovanni Piersanti
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199653126
- eISBN:
- 9780191741210
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199653126.003.0006
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This chapter concludes the book and discusses some hotly debated issues in crises prevention, with special emphasis on the role of assets prices movements and the optimal choice of an exchange rate ...
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This chapter concludes the book and discusses some hotly debated issues in crises prevention, with special emphasis on the role of assets prices movements and the optimal choice of an exchange rate regime.Less
This chapter concludes the book and discusses some hotly debated issues in crises prevention, with special emphasis on the role of assets prices movements and the optimal choice of an exchange rate regime.
Antoin E. Murphy
- Published in print:
- 1989
- Published Online:
- November 2003
- ISBN:
- 9780198286820
- eISBN:
- 9780191596681
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198286821.001.0001
- Subject:
- Economics and Finance, History of Economic Thought
This book analyses the career and writings of the enigmatic Irish‐born economist Richard Cantillon, a banker and entrepreneur. Cantillon's work is examined in the context of the stock market ...
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This book analyses the career and writings of the enigmatic Irish‐born economist Richard Cantillon, a banker and entrepreneur. Cantillon's work is examined in the context of the stock market speculation generated by John Law's Mississippi System and the South Sea Bubble of 1720. Cantillon was an active trader in this period and made a considerable fortune by correctly anticipating the market crashes of both the Mississippi Company and the South Sea Bubble.Cantillon's Essai sur la nature du commerce en général (1755) was one of the great analytical works of economics of the eighteenth century. In it, Cantillon showed how to construct a basic model of the macroeconomy and the role of money in such a model. Cantillon was the first to introduce the role of the entrepreneur into economic analysis. He also provided considerable insights into value theory, the circular flow of income, the monetary approach to the balance of payments, and the law of one price. It is contended that his book represents an intellectual refutation of John Law's System. Cantillon's murder in London in 1734 raises some intriguing questions as to what exactly may have happened.Less
This book analyses the career and writings of the enigmatic Irish‐born economist Richard Cantillon, a banker and entrepreneur. Cantillon's work is examined in the context of the stock market speculation generated by John Law's Mississippi System and the South Sea Bubble of 1720. Cantillon was an active trader in this period and made a considerable fortune by correctly anticipating the market crashes of both the Mississippi Company and the South Sea Bubble.
Cantillon's Essai sur la nature du commerce en général (1755) was one of the great analytical works of economics of the eighteenth century. In it, Cantillon showed how to construct a basic model of the macroeconomy and the role of money in such a model. Cantillon was the first to introduce the role of the entrepreneur into economic analysis. He also provided considerable insights into value theory, the circular flow of income, the monetary approach to the balance of payments, and the law of one price. It is contended that his book represents an intellectual refutation of John Law's System. Cantillon's murder in London in 1734 raises some intriguing questions as to what exactly may have happened.
Antoin E. Murphy
- Published in print:
- 1997
- Published Online:
- November 2003
- ISBN:
- 9780198286493
- eISBN:
- 9780191596674
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019828649X.001.0001
- Subject:
- Economics and Finance, History of Economic Thought
Despite his popular reputation as a rake and a gambler, John Law (1671–1729) left a remarkable legacy of economic concepts at a time when economic conceptualization was very much at an embryonic ...
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Despite his popular reputation as a rake and a gambler, John Law (1671–1729) left a remarkable legacy of economic concepts at a time when economic conceptualization was very much at an embryonic stage. His vision of a monetary and financial system was more of the twenty‐first rather than the eighteenth century. Law believed in an economy of banknotes and credit where specie had no role to play. He was the first economic writer to use concepts such as demand and supply, the demand for and supply of money, the money‐in‐advance requirement, the circular flow of income, and the law of one price. Law was able to implement his economic theory in the form of economic policy during the Mississippi System that he created. This produced Europe's first stock market boom and crash. The collapse of the Mississippi System and closely afterwards the crash of the South Sea Bubble led to a lasting impression of Law as a failure. This book seeks to dispel this view.Less
Despite his popular reputation as a rake and a gambler, John Law (1671–1729) left a remarkable legacy of economic concepts at a time when economic conceptualization was very much at an embryonic stage. His vision of a monetary and financial system was more of the twenty‐first rather than the eighteenth century. Law believed in an economy of banknotes and credit where specie had no role to play. He was the first economic writer to use concepts such as demand and supply, the demand for and supply of money, the money‐in‐advance requirement, the circular flow of income, and the law of one price. Law was able to implement his economic theory in the form of economic policy during the Mississippi System that he created. This produced Europe's first stock market boom and crash. The collapse of the Mississippi System and closely afterwards the crash of the South Sea Bubble led to a lasting impression of Law as a failure. This book seeks to dispel this view.
Matthew P. Drennan
- Published in print:
- 2015
- Published Online:
- May 2016
- ISBN:
- 9780300209587
- eISBN:
- 9780300216349
- Item type:
- chapter
- Publisher:
- Yale University Press
- DOI:
- 10.12987/yale/9780300209587.003.0007
- Subject:
- Political Science, Public Policy
Has rising income inequality or rising household debt or a housing price bubble played a role in serious economic decline in the past? Did a rising average propensity to consume, and thus a falling ...
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Has rising income inequality or rising household debt or a housing price bubble played a role in serious economic decline in the past? Did a rising average propensity to consume, and thus a falling rate of saving, warn of unsustainable consumption leading to a serious economic decline before the present recession? Those are the questions considered in this chapter, and they all receive the same answer: yes.Less
Has rising income inequality or rising household debt or a housing price bubble played a role in serious economic decline in the past? Did a rising average propensity to consume, and thus a falling rate of saving, warn of unsustainable consumption leading to a serious economic decline before the present recession? Those are the questions considered in this chapter, and they all receive the same answer: yes.
Simon James Bytheway and Mark Metzler
- Published in print:
- 2016
- Published Online:
- May 2017
- ISBN:
- 9781501704949
- eISBN:
- 9781501705953
- Item type:
- book
- Publisher:
- Cornell University Press
- DOI:
- 10.7591/cornell/9781501704949.001.0001
- Subject:
- History, Economic History
In recent decades, Tokyo, London, and New York have been the sites of credit bubbles of historically unprecedented magnitude. Central bankers have enjoyed almost unparalleled power and autonomy. They ...
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In recent decades, Tokyo, London, and New York have been the sites of credit bubbles of historically unprecedented magnitude. Central bankers have enjoyed almost unparalleled power and autonomy. They have cooperated to construct and preserve towering structures of debt, reshaping relations of power and ownership around the world. This book explores how this financialized form of globalism took shape a century ago, when Tokyo joined London and New York as a major financial center. This book shows that close cooperation between central banks began along an unexpected axis, between London and Tokyo, around the year 1900, with the Bank of England's secret use of large Bank of Japan funds to intervene in the London markets. Central-bank cooperation became multilateral during World War I—the moment when Japan first emerged as a creditor country. In 1919 and 1920, as Japan, Great Britain, and the United States adopted deflation policies, the results of cooperation were realized in the world's first globally coordinated program of monetary policy. It was also in 1920 that Wall Street bankers moved to establish closer ties with Tokyo. The text tells the story of how the first age of central-bank power and pride ended in the disaster of the Great Depression, when a rush for gold brought the system crashing down. In all of this, we see also the quiet but surprisingly central place of Japan. We see it again today, in the way that Japan has unwillingly led the world into a new age of post-bubble economics.Less
In recent decades, Tokyo, London, and New York have been the sites of credit bubbles of historically unprecedented magnitude. Central bankers have enjoyed almost unparalleled power and autonomy. They have cooperated to construct and preserve towering structures of debt, reshaping relations of power and ownership around the world. This book explores how this financialized form of globalism took shape a century ago, when Tokyo joined London and New York as a major financial center. This book shows that close cooperation between central banks began along an unexpected axis, between London and Tokyo, around the year 1900, with the Bank of England's secret use of large Bank of Japan funds to intervene in the London markets. Central-bank cooperation became multilateral during World War I—the moment when Japan first emerged as a creditor country. In 1919 and 1920, as Japan, Great Britain, and the United States adopted deflation policies, the results of cooperation were realized in the world's first globally coordinated program of monetary policy. It was also in 1920 that Wall Street bankers moved to establish closer ties with Tokyo. The text tells the story of how the first age of central-bank power and pride ended in the disaster of the Great Depression, when a rush for gold brought the system crashing down. In all of this, we see also the quiet but surprisingly central place of Japan. We see it again today, in the way that Japan has unwillingly led the world into a new age of post-bubble economics.
Stefano Atzeni and JÜrgen Meyer-Ter-Vehn
- Published in print:
- 2004
- Published Online:
- January 2008
- ISBN:
- 9780198562641
- eISBN:
- 9780191714030
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198562641.003.0008
- Subject:
- Physics, Nuclear and Plasma Physics
This chapter is devoted to hydrodynamic instabilities. Internal confinement fusion (ICF) capsule implosions are inherently unstable. In particular, the Rayleigh-Taylor instability (RTI) developing at ...
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This chapter is devoted to hydrodynamic instabilities. Internal confinement fusion (ICF) capsule implosions are inherently unstable. In particular, the Rayleigh-Taylor instability (RTI) developing at the beam accelerated capsule outer surface tends to destroy the imploding shell, while the deceleration-phase RTI occurring at the inner surface of the stagnating capsule hinders the formation of a central hot spot. Control of this instability is a major challenge facing ICF. Richtmyer-Meshkov (RMI) and Kelvin-Helmholtz (KHI) instabilities also occur in ICF. Starting from basic theory, the instability linear theory is developed in much detail, including the stabilizing effect of ablation on RTI (ablative stabilization). The resulting dispersion relation is then applied to actual ICF implosions, deriving the admissible levels of non-uniformity in capsule make and implosion drive. The nonlinear growth of bubbles and spikes, including turbulent mixing are also described.Less
This chapter is devoted to hydrodynamic instabilities. Internal confinement fusion (ICF) capsule implosions are inherently unstable. In particular, the Rayleigh-Taylor instability (RTI) developing at the beam accelerated capsule outer surface tends to destroy the imploding shell, while the deceleration-phase RTI occurring at the inner surface of the stagnating capsule hinders the formation of a central hot spot. Control of this instability is a major challenge facing ICF. Richtmyer-Meshkov (RMI) and Kelvin-Helmholtz (KHI) instabilities also occur in ICF. Starting from basic theory, the instability linear theory is developed in much detail, including the stabilizing effect of ablation on RTI (ablative stabilization). The resulting dispersion relation is then applied to actual ICF implosions, deriving the admissible levels of non-uniformity in capsule make and implosion drive. The nonlinear growth of bubbles and spikes, including turbulent mixing are also described.
Stephen M. Bainbridge
- Published in print:
- 2012
- Published Online:
- May 2012
- ISBN:
- 9780199772421
- eISBN:
- 9780199932696
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199772421.001.0001
- Subject:
- Law, Company and Commercial Law
The years from 2000 to 2010 were bookended by two major economic crises. The bursting of the dotcom bubble and the extended bear market of 2000 to 2002 prompted Congress to pass the Sarbanes–Oxley ...
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The years from 2000 to 2010 were bookended by two major economic crises. The bursting of the dotcom bubble and the extended bear market of 2000 to 2002 prompted Congress to pass the Sarbanes–Oxley Act, which was directed at core aspects of corporate governance. At the end of the decade came the bursting of the housing bubble, followed by a severe credit crunch, and the worst economic downturn in decades. In response, Congress passed the Dodd–Frank Act, which changed vast swathes of financial regulation. Among these changes were a number of significant corporate governance reforms. This book asks two questions about these changes. First, are they a good idea that will improve corporate governance? Second, what do they tell us about the relative merits of the federal government and the states as sources of corporate governance regulation? Traditionally, corporate law was the province of the states. Today, however, the federal government is increasingly engaged in corporate governance regulation. The changes examined in this work provide a series of case studies in which to explore the question of whether federalization will lead to better outcomes. The book analyzes these changes in the context of corporate governance, executive compensation, corporate fraud and disclosure, shareholder activism, corporate democracy, and declining US capital market competitiveness.Less
The years from 2000 to 2010 were bookended by two major economic crises. The bursting of the dotcom bubble and the extended bear market of 2000 to 2002 prompted Congress to pass the Sarbanes–Oxley Act, which was directed at core aspects of corporate governance. At the end of the decade came the bursting of the housing bubble, followed by a severe credit crunch, and the worst economic downturn in decades. In response, Congress passed the Dodd–Frank Act, which changed vast swathes of financial regulation. Among these changes were a number of significant corporate governance reforms. This book asks two questions about these changes. First, are they a good idea that will improve corporate governance? Second, what do they tell us about the relative merits of the federal government and the states as sources of corporate governance regulation? Traditionally, corporate law was the province of the states. Today, however, the federal government is increasingly engaged in corporate governance regulation. The changes examined in this work provide a series of case studies in which to explore the question of whether federalization will lead to better outcomes. The book analyzes these changes in the context of corporate governance, executive compensation, corporate fraud and disclosure, shareholder activism, corporate democracy, and declining US capital market competitiveness.
Markus K. Brunnermeier
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780198296980
- eISBN:
- 9780191596025
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198296983.001.0001
- Subject:
- Economics and Finance, Financial Economics
Asset prices are driven by public news and information that is dispersed among many market participants. Traditional asset pricing theories have assumed that all investors hold symmetric information. ...
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Asset prices are driven by public news and information that is dispersed among many market participants. Traditional asset pricing theories have assumed that all investors hold symmetric information. Research in the past two decades has shown that the inclusion of asymmetric information drastically alters traditional results. This book provides a detailed up‐to‐date survey that serves as a map for students and other researchers navigating through this literature.The book starts by introducing the reader to different knowledge, equilibrium, and efficiency concepts. After explaining no‐trade theorems, it highlights the important role of asymmetric information in explaining the existence and anatomy of bubbles. The subsequent overview of market microstructure models shows how information is reflected in prices and how traders can infer it from prices. Insights derived from herding models are used to provide explanations for stock market crashes. If investors have short horizons, price correcting arbitrage activity is limited and investors have a tendency to focus on the same (possible unimportant) news, a phenomena that led Keynes to compare the stock market with a beauty contest. The book concludes with a brief summary of bank runs and their connection to financial crises.In summary, models with asymmetric information provide a better understanding of bubbles, crashes, and other market inefficiencies and frictions.Less
Asset prices are driven by public news and information that is dispersed among many market participants. Traditional asset pricing theories have assumed that all investors hold symmetric information. Research in the past two decades has shown that the inclusion of asymmetric information drastically alters traditional results. This book provides a detailed up‐to‐date survey that serves as a map for students and other researchers navigating through this literature.
The book starts by introducing the reader to different knowledge, equilibrium, and efficiency concepts. After explaining no‐trade theorems, it highlights the important role of asymmetric information in explaining the existence and anatomy of bubbles. The subsequent overview of market microstructure models shows how information is reflected in prices and how traders can infer it from prices. Insights derived from herding models are used to provide explanations for stock market crashes. If investors have short horizons, price correcting arbitrage activity is limited and investors have a tendency to focus on the same (possible unimportant) news, a phenomena that led Keynes to compare the stock market with a beauty contest. The book concludes with a brief summary of bank runs and their connection to financial crises.
In summary, models with asymmetric information provide a better understanding of bubbles, crashes, and other market inefficiencies and frictions.
Didier Sornette
- Published in print:
- 2017
- Published Online:
- May 2018
- ISBN:
- 9780691175959
- eISBN:
- 9781400885091
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691175959.001.0001
- Subject:
- Business and Management, Finance, Accounting, and Banking
The scientific study of complex systems has transformed a wide range of disciplines in recent years, enabling researchers in both the natural and social sciences to model and predict phenomena as ...
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The scientific study of complex systems has transformed a wide range of disciplines in recent years, enabling researchers in both the natural and social sciences to model and predict phenomena as diverse as earthquakes, global warming, demographic patterns, financial crises, and the failure of materials. This book applies the author's experience in these areas to propose a simple, powerful, and general theory of how, why, and when stock markets crash. Most attempts to explain market failures seek to pinpoint triggering mechanisms that occur hours, days, or weeks before the collapse. This book proposes a radically different view: the underlying cause can be sought months and even years before the abrupt, catastrophic event in the build-up of cooperative speculation, which often translates into an accelerating rise of stock market prices, otherwise known as a “bubbles.” The book unearths remarkable insights and some predictions—among them, that the “end of the growth era” will occur around 2050. The book probes major historical precedents, from the decades-long “tulip mania” in the Netherlands that wilted suddenly in 1637 to the South Sea Bubble that ended with the first huge market crash in England in 1720, to the Great Crash of October 1929 and Black Monday in 1987, to cite just a few. It concludes that most explanations other than cooperative self-organization fail to account for the subtle bubbles by which the markets lay the groundwork for catastrophe.Less
The scientific study of complex systems has transformed a wide range of disciplines in recent years, enabling researchers in both the natural and social sciences to model and predict phenomena as diverse as earthquakes, global warming, demographic patterns, financial crises, and the failure of materials. This book applies the author's experience in these areas to propose a simple, powerful, and general theory of how, why, and when stock markets crash. Most attempts to explain market failures seek to pinpoint triggering mechanisms that occur hours, days, or weeks before the collapse. This book proposes a radically different view: the underlying cause can be sought months and even years before the abrupt, catastrophic event in the build-up of cooperative speculation, which often translates into an accelerating rise of stock market prices, otherwise known as a “bubbles.” The book unearths remarkable insights and some predictions—among them, that the “end of the growth era” will occur around 2050. The book probes major historical precedents, from the decades-long “tulip mania” in the Netherlands that wilted suddenly in 1637 to the South Sea Bubble that ended with the first huge market crash in England in 1720, to the Great Crash of October 1929 and Black Monday in 1987, to cite just a few. It concludes that most explanations other than cooperative self-organization fail to account for the subtle bubbles by which the markets lay the groundwork for catastrophe.
