Annette Miae Kim
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780195369397
- eISBN:
- 9780199871032
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195369397.001.0001
- Subject:
- Economics and Finance, Financial Economics
Why have some countries been able to escape the usual dead end of international development efforts and build explosively growing capitalist economies? Based on years of fieldwork, this book provides ...
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Why have some countries been able to escape the usual dead end of international development efforts and build explosively growing capitalist economies? Based on years of fieldwork, this book provides an account of the first generation of entrepreneurs in Vietnam in comparison to those in other transition countries. Focusing on the emergence of private land development firms in Ho Chi Minh City, this book shows how within seven years the private sector produced the majority of all new houses in the real estate market. This book demonstrates that capitalist entrepreneurialism was not the result of state initiative, properly incentivized policies, or individual personality traits. Rather, a society-wide reconstruction of cognitive paradigms enabled entrepreneurs to emerge and transform Vietnam from a poor, centrally planned economy into one of the fastest growing, market economies in the world.Less
Why have some countries been able to escape the usual dead end of international development efforts and build explosively growing capitalist economies? Based on years of fieldwork, this book provides an account of the first generation of entrepreneurs in Vietnam in comparison to those in other transition countries. Focusing on the emergence of private land development firms in Ho Chi Minh City, this book shows how within seven years the private sector produced the majority of all new houses in the real estate market. This book demonstrates that capitalist entrepreneurialism was not the result of state initiative, properly incentivized policies, or individual personality traits. Rather, a society-wide reconstruction of cognitive paradigms enabled entrepreneurs to emerge and transform Vietnam from a poor, centrally planned economy into one of the fastest growing, market economies in the world.
You‐tien Hsing
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199568048
- eISBN:
- 9780191721632
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199568048.003.0003
- Subject:
- Business and Management, Political Economy
Chapter 2 discusses local politics at the municipal government level. It focuses on land battles in the urban core between high‐ranking state units (or “socialist land masters”) ...
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Chapter 2 discusses local politics at the municipal government level. It focuses on land battles in the urban core between high‐ranking state units (or “socialist land masters”) and municipal governments. It argues that while the socialist land masters occupy premium land parcels inherited from the planned economy, the municipal government's authority is reinforced by a modernist discourse, Western urban planning doctrines, and recent policies that grant authority over state‐owned urban land to the territorial government. Rather than settling the matter of power in the city, however, municipal leaders' granted authority is tested and defined by their political, regulatory, organizational, and moral authority in negotiations with those above, within, and below them. The municipal government's regulatory capacity is especially challenged by a fragmented real estate industry that includes players from state, non‐state, and hybrid sectors.Less
Chapter 2 discusses local politics at the municipal government level. It focuses on land battles in the urban core between high‐ranking state units (or “socialist land masters”) and municipal governments. It argues that while the socialist land masters occupy premium land parcels inherited from the planned economy, the municipal government's authority is reinforced by a modernist discourse, Western urban planning doctrines, and recent policies that grant authority over state‐owned urban land to the territorial government. Rather than settling the matter of power in the city, however, municipal leaders' granted authority is tested and defined by their political, regulatory, organizational, and moral authority in negotiations with those above, within, and below them. The municipal government's regulatory capacity is especially challenged by a fragmented real estate industry that includes players from state, non‐state, and hybrid sectors.
You‐tien Hsing
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199568048
- eISBN:
- 9780191721632
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199568048.003.0005
- Subject:
- Business and Management, Political Economy
Chapter 4 shifts the geographical focus to the urban edge of metropolitan centers, and from urban to rural land. It outlines the land battles between expansionist urban ...
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Chapter 4 shifts the geographical focus to the urban edge of metropolitan centers, and from urban to rural land. It outlines the land battles between expansionist urban governments at the municipal and district levels and rural governments at the county and township levels. The struggle between urban and rural governments is set in the historical shift in which industrialism has largely given way to urbanism since the late 1990s. Drawing on the changing political discourse, urban governments have moved to incorporate scattered industrial estates formerly controlled by rural governments. As a result, the urban fringe becomes a primary site of capital accumulation, territorial expansion, and consolidation vital to urban governments' local state‐building projects. The urban government's logic of property‐based accumulation and territorial expansion builds on itself and finds expression in massive‐scale mega projects like “new cities” and “university cities” built on former village land in the outskirts of the city.Less
Chapter 4 shifts the geographical focus to the urban edge of metropolitan centers, and from urban to rural land. It outlines the land battles between expansionist urban governments at the municipal and district levels and rural governments at the county and township levels. The struggle between urban and rural governments is set in the historical shift in which industrialism has largely given way to urbanism since the late 1990s. Drawing on the changing political discourse, urban governments have moved to incorporate scattered industrial estates formerly controlled by rural governments. As a result, the urban fringe becomes a primary site of capital accumulation, territorial expansion, and consolidation vital to urban governments' local state‐building projects. The urban government's logic of property‐based accumulation and territorial expansion builds on itself and finds expression in massive‐scale mega projects like “new cities” and “university cities” built on former village land in the outskirts of the city.
Lawrence Stone
- Published in print:
- 1993
- Published Online:
- October 2011
- ISBN:
- 9780198202547
- eISBN:
- 9780191675393
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198202547.003.0005
- Subject:
- History, British and Irish Early Modern History
This story is unusual only in the degree of brutality used by Thomas Trust in his efforts to force his wife to surrender to him her property, which had been settled on trustees for her exclusive use. ...
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This story is unusual only in the degree of brutality used by Thomas Trust in his efforts to force his wife to surrender to him her property, which had been settled on trustees for her exclusive use. Fathers of daughters had first begun to make these trusts in the late 17th century, and almost at once Chancery began to protect them. But many husbands naturally resisted, and the struggle to obtain possession of the trust estates of wives was fought out in household after household from then until the late 19th century, when Parliament at last legislated to provide secure protection for married women's property.Less
This story is unusual only in the degree of brutality used by Thomas Trust in his efforts to force his wife to surrender to him her property, which had been settled on trustees for her exclusive use. Fathers of daughters had first begun to make these trusts in the late 17th century, and almost at once Chancery began to protect them. But many husbands naturally resisted, and the struggle to obtain possession of the trust estates of wives was fought out in household after household from then until the late 19th century, when Parliament at last legislated to provide secure protection for married women's property.
Jean Tirole
- Published in print:
- 2010
- Published Online:
- October 2017
- ISBN:
- 9780691145235
- eISBN:
- 9781400834648
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691145235.003.0002
- Subject:
- Business and Management, Finance, Accounting, and Banking
This chapter aims to contribute to the debate on financial system reform. The first part describes what is perceived to be a massive regulatory failure, a breakdown that goes all the way from ...
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This chapter aims to contribute to the debate on financial system reform. The first part describes what is perceived to be a massive regulatory failure, a breakdown that goes all the way from regulatory fundamentals to prudential implementation. The second part discusses some implications of recent events for financial sector regulation. It argues that to avoid a repetition of the financial crisis, we need both to change public policies that contributed to the crisis (particularly the mortgage crisis) and to institute financial reforms. Desirable reforms of public policy regarding real estate lending include promoting consumer protection and reducing subsidies. Financial regulation must also be international. The creation of supranational regulatory structures has become increasingly urgent in a world in which institutions and counterparties are truly international.Less
This chapter aims to contribute to the debate on financial system reform. The first part describes what is perceived to be a massive regulatory failure, a breakdown that goes all the way from regulatory fundamentals to prudential implementation. The second part discusses some implications of recent events for financial sector regulation. It argues that to avoid a repetition of the financial crisis, we need both to change public policies that contributed to the crisis (particularly the mortgage crisis) and to institute financial reforms. Desirable reforms of public policy regarding real estate lending include promoting consumer protection and reducing subsidies. Financial regulation must also be international. The creation of supranational regulatory structures has become increasingly urgent in a world in which institutions and counterparties are truly international.
FRANCES HARRIS
- Published in print:
- 1991
- Published Online:
- October 2011
- ISBN:
- 9780198202240
- eISBN:
- 9780191675232
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198202240.003.0024
- Subject:
- History, British and Irish Modern History
When Sarah died, she was in possession of twenty-seven estates, all of which she acquired on her own, and this was equivalent to a large amount of capital value, and even an annual rent roll. She ...
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When Sarah died, she was in possession of twenty-seven estates, all of which she acquired on her own, and this was equivalent to a large amount of capital value, and even an annual rent roll. She also kept a rather huge sum in the Bank of England, almost all of which was passed on to John Spencer upon her death. However, Spencer claimed to have no disposable money as bulk of this inheritance was used to cover legacy and debt payments. It is important to note that the debts that Marlborough left were so great that the extra income incurred did not have a significant impact on paying the debt. This final chapter states that the consolidation of Sarah's biography was not made until one of Sarah's descendants recognized and justified everything that Sarah had done for their family.Less
When Sarah died, she was in possession of twenty-seven estates, all of which she acquired on her own, and this was equivalent to a large amount of capital value, and even an annual rent roll. She also kept a rather huge sum in the Bank of England, almost all of which was passed on to John Spencer upon her death. However, Spencer claimed to have no disposable money as bulk of this inheritance was used to cover legacy and debt payments. It is important to note that the debts that Marlborough left were so great that the extra income incurred did not have a significant impact on paying the debt. This final chapter states that the consolidation of Sarah's biography was not made until one of Sarah's descendants recognized and justified everything that Sarah had done for their family.
Shanta Acharya and Elroy Dimson
- Published in print:
- 2007
- Published Online:
- May 2007
- ISBN:
- 9780199210916
- eISBN:
- 9780191705816
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199210916.003.0006
- Subject:
- Economics and Finance, Financial Economics
Like absolute return strategies, property or real estate assets serve not only as a powerful diversifier, but they also protect the portfolio by generating returns that are not typically correlated ...
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Like absolute return strategies, property or real estate assets serve not only as a powerful diversifier, but they also protect the portfolio by generating returns that are not typically correlated with other traditional assets such as publicly traded equities. Colleges in Oxford and Cambridge historically owned significant property assets in their endowment portfolios. Their decision to maintain a relatively high proportion of property assets today is driven by the desire to diversify risk as well as to secure a steady source of income.Less
Like absolute return strategies, property or real estate assets serve not only as a powerful diversifier, but they also protect the portfolio by generating returns that are not typically correlated with other traditional assets such as publicly traded equities. Colleges in Oxford and Cambridge historically owned significant property assets in their endowment portfolios. Their decision to maintain a relatively high proportion of property assets today is driven by the desire to diversify risk as well as to secure a steady source of income.
Peter Coss
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199560004
- eISBN:
- 9780191723094
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199560004.003.0010
- Subject:
- History, British and Irish Medieval History
The gentry were acutely law-minded. This was as true in the late 13th and early 14th centuries as ever it was to be later. At the heart of this law-mindedness was the need and the determination to ...
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The gentry were acutely law-minded. This was as true in the late 13th and early 14th centuries as ever it was to be later. At the heart of this law-mindedness was the need and the determination to protect their estates; perhaps one should say to protect their family and their estates, for in their thinking the two were essentially interchangeable. Protection has, of course, a purely physical dimension, and there can hardly have been a secular lord who would not have subscribed to the ethic of the strong, sword-bearing right arm in defence of one's rights. However, as historians have come to recognize, the real knee-jerk reaction if one's property was threatened was to the law, principally and increasingly throughout the 13th century and beyond to the courts of the English common law. It is a truism that this was a litigious age and that the gentry were litigious by predilection. Their law-mindedness, however, became so much a part of gentry behaviour as to be more than just a propensity to seek out writs and legal remedies. Rather it became deeply rooted in gentry culture itself. This aspect of gentry culture has a series of interlocking dimensions and an examination of these will be the subject of this chapter.Less
The gentry were acutely law-minded. This was as true in the late 13th and early 14th centuries as ever it was to be later. At the heart of this law-mindedness was the need and the determination to protect their estates; perhaps one should say to protect their family and their estates, for in their thinking the two were essentially interchangeable. Protection has, of course, a purely physical dimension, and there can hardly have been a secular lord who would not have subscribed to the ethic of the strong, sword-bearing right arm in defence of one's rights. However, as historians have come to recognize, the real knee-jerk reaction if one's property was threatened was to the law, principally and increasingly throughout the 13th century and beyond to the courts of the English common law. It is a truism that this was a litigious age and that the gentry were litigious by predilection. Their law-mindedness, however, became so much a part of gentry behaviour as to be more than just a propensity to seek out writs and legal remedies. Rather it became deeply rooted in gentry culture itself. This aspect of gentry culture has a series of interlocking dimensions and an examination of these will be the subject of this chapter.
Peter Coss
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199560004
- eISBN:
- 9780191723094
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199560004.003.0005
- Subject:
- History, British and Irish Medieval History
This chapter examines two estates whose records survive in the archive of the Multons of Frampton. One is Frampton itself, the home farm of the Multons. It represents the knightly, more established, ...
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This chapter examines two estates whose records survive in the archive of the Multons of Frampton. One is Frampton itself, the home farm of the Multons. It represents the knightly, more established, end of the gentry spectrum. The other is the estate of the Cobeldykes, centring upon Wyberton, representing the sub-knightly stratum of the gentry whose upward striving did so much to broaden and strengthen the character of the gentry. Their meagre patrimony was boosted by the profits of service of various kinds. The fact that their respective account rolls are both from precisely the same period, the mid- to late-1320s, makes their comparison all the more valuable. These estates are examined in terms of both their structure and their exploitation.Less
This chapter examines two estates whose records survive in the archive of the Multons of Frampton. One is Frampton itself, the home farm of the Multons. It represents the knightly, more established, end of the gentry spectrum. The other is the estate of the Cobeldykes, centring upon Wyberton, representing the sub-knightly stratum of the gentry whose upward striving did so much to broaden and strengthen the character of the gentry. Their meagre patrimony was boosted by the profits of service of various kinds. The fact that their respective account rolls are both from precisely the same period, the mid- to late-1320s, makes their comparison all the more valuable. These estates are examined in terms of both their structure and their exploitation.
Peter Coss
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199560004
- eISBN:
- 9780191723094
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199560004.003.0006
- Subject:
- History, British and Irish Medieval History
This chapter examines the degree to which gentry estates were commercially orientated. It shows that consumption needs were of vital importance, but landowners in general, or at least their ...
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This chapter examines the degree to which gentry estates were commercially orientated. It shows that consumption needs were of vital importance, but landowners in general, or at least their officials, required a degree of commercial sense if manors were to be run successfully. Although the search for agrarian capitalism in this period has tended to muddy the waters and there was no new spirit of enterprise enveloping the smaller landowners, it remains likely that some of the gentry were interested in estate management and even in farming techniques.Less
This chapter examines the degree to which gentry estates were commercially orientated. It shows that consumption needs were of vital importance, but landowners in general, or at least their officials, required a degree of commercial sense if manors were to be run successfully. Although the search for agrarian capitalism in this period has tended to muddy the waters and there was no new spirit of enterprise enveloping the smaller landowners, it remains likely that some of the gentry were interested in estate management and even in farming techniques.
Julian Swann
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9780197265383
- eISBN:
- 9780191760433
- Item type:
- chapter
- Publisher:
- British Academy
- DOI:
- 10.5871/bacad/9780197265383.003.0001
- Subject:
- History, European Early Modern History
This chapter examines the historiographical debates inspired by the French Revolution, discussing how the impact of the Revisionist attack on the social (or Marxist) interpretation led to a richer, ...
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This chapter examines the historiographical debates inspired by the French Revolution, discussing how the impact of the Revisionist attack on the social (or Marxist) interpretation led to a richer, but ultimately more confused picture as historians pursued a wide variety of political, cultural, and intellectual approaches to the origins of 1789. It argues that current historiography has reached something of an impasse and that in order to understand the breakdown of the absolute monarch it is necessary to reconsider the central political preoccupations of the absolute monarchy, that is to say its military, diplomatic, colonial, and financial policies, and to examine how these interacted with broader social and cultural issues, such as the need to manage social elites, to cope with the expectations of public opinion, and to cope with the broader intellectual changes that were undermining deference for a monarch still officially justified as reigning by the grace of God.Less
This chapter examines the historiographical debates inspired by the French Revolution, discussing how the impact of the Revisionist attack on the social (or Marxist) interpretation led to a richer, but ultimately more confused picture as historians pursued a wide variety of political, cultural, and intellectual approaches to the origins of 1789. It argues that current historiography has reached something of an impasse and that in order to understand the breakdown of the absolute monarch it is necessary to reconsider the central political preoccupations of the absolute monarchy, that is to say its military, diplomatic, colonial, and financial policies, and to examine how these interacted with broader social and cultural issues, such as the need to manage social elites, to cope with the expectations of public opinion, and to cope with the broader intellectual changes that were undermining deference for a monarch still officially justified as reigning by the grace of God.
Munro Price
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9780197265383
- eISBN:
- 9780191760433
- Item type:
- chapter
- Publisher:
- British Academy
- DOI:
- 10.5871/bacad/9780197265383.003.0005
- Subject:
- History, European Early Modern History
The actions and writings during the pre-revolution of the maréchal de Castries, minister of the marine from 1780 to 1787, shed significant new light on the absolute monarchy at the moment of its ...
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The actions and writings during the pre-revolution of the maréchal de Castries, minister of the marine from 1780 to 1787, shed significant new light on the absolute monarchy at the moment of its fall. Castries resigned his ministry in September 1787, a gesture that was widely and correctly interpreted as a refusal to serve under the new first minister, Loménie de Brienne. Yet from his retirement Castries sent a series of memoranda, most probably to his patroness Marie Antoinette, detailing his views on almost every aspect of the unfolding crisis right up until July 1789. They reveal Castries as an ‘English-style’ constitutional monarchist, convinced that the crown's problems could only be solved by the speedy convocation of the estates general, without whose consent taxation would henceforth be illegal. Castries' role in the years 1787–1789 thus offers a prime example of the loss of confidence in the absolute monarchy among those who should have been its staunchest defenders.Less
The actions and writings during the pre-revolution of the maréchal de Castries, minister of the marine from 1780 to 1787, shed significant new light on the absolute monarchy at the moment of its fall. Castries resigned his ministry in September 1787, a gesture that was widely and correctly interpreted as a refusal to serve under the new first minister, Loménie de Brienne. Yet from his retirement Castries sent a series of memoranda, most probably to his patroness Marie Antoinette, detailing his views on almost every aspect of the unfolding crisis right up until July 1789. They reveal Castries as an ‘English-style’ constitutional monarchist, convinced that the crown's problems could only be solved by the speedy convocation of the estates general, without whose consent taxation would henceforth be illegal. Castries' role in the years 1787–1789 thus offers a prime example of the loss of confidence in the absolute monarchy among those who should have been its staunchest defenders.
Donald Maurice
- Published in print:
- 2004
- Published Online:
- May 2008
- ISBN:
- 9780195156904
- eISBN:
- 9780199868339
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195156904.003.0011
- Subject:
- Music, History, Western
This chapter explores the complexities of copyright law, highlighting the extraordinary uniqueness of the circumstances that surround this work. With two wills (Hungarian and American), differing ...
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This chapter explores the complexities of copyright law, highlighting the extraordinary uniqueness of the circumstances that surround this work. With two wills (Hungarian and American), differing laws in Hungary and the United States, two sons from different mothers, the saga of the Bartók Estate, the existence of two Bartók Archives (Budapest and Florida), and finally the co-existence of different copyright periods in different parts of the world, the issues are indeed complex. The chapter concludes that copyright on the Viola Concerto expired in Australasia in 1999, but continues elsewhere until 2024. The use of materials produced in Australasia in other parts of the world, particularly the sales of scores and recordings, remains a grey area.Less
This chapter explores the complexities of copyright law, highlighting the extraordinary uniqueness of the circumstances that surround this work. With two wills (Hungarian and American), differing laws in Hungary and the United States, two sons from different mothers, the saga of the Bartók Estate, the existence of two Bartók Archives (Budapest and Florida), and finally the co-existence of different copyright periods in different parts of the world, the issues are indeed complex. The chapter concludes that copyright on the Viola Concerto expired in Australasia in 1999, but continues elsewhere until 2024. The use of materials produced in Australasia in other parts of the world, particularly the sales of scores and recordings, remains a grey area.
Robert J. Shiller
- Published in print:
- 1998
- Published Online:
- November 2003
- ISBN:
- 9780198294184
- eISBN:
- 9780191596926
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198294182.003.0005
- Subject:
- Economics and Finance, Macro- and Monetary Economics, Financial Economics
There are other income factors, besides the aggregate national income and labour income factors discussed in Ch. 4, that contribute as much uncertainty to the incomes of individuals and organizations ...
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There are other income factors, besides the aggregate national income and labour income factors discussed in Ch. 4, that contribute as much uncertainty to the incomes of individuals and organizations as do many risks currently traded in financial markets. If those who retail insurance policies against risks of changes in values of claims on incomes or service flows are to be able to tailor their insurance to the various exposures that their different clients have to these risks, they will want to layoff in hedging markets the risks of changes in these income factors that influence them because they are providing the insurance policies. This chapter considers some of the most salient of these other markets: real estate, unincorporated business, and privately held corporations, consumer and producer price index futures, agriculture, and art and collectibles. It also presents some ideas on systematic approaches to finding other markets, including modelling the tendency for co‐movement of incomes and inferring the underlying factors, i.e. looking for the major risk factors to incomes for which new markets would be most useful.Less
There are other income factors, besides the aggregate national income and labour income factors discussed in Ch. 4, that contribute as much uncertainty to the incomes of individuals and organizations as do many risks currently traded in financial markets. If those who retail insurance policies against risks of changes in values of claims on incomes or service flows are to be able to tailor their insurance to the various exposures that their different clients have to these risks, they will want to layoff in hedging markets the risks of changes in these income factors that influence them because they are providing the insurance policies. This chapter considers some of the most salient of these other markets: real estate, unincorporated business, and privately held corporations, consumer and producer price index futures, agriculture, and art and collectibles. It also presents some ideas on systematic approaches to finding other markets, including modelling the tendency for co‐movement of incomes and inferring the underlying factors, i.e. looking for the major risk factors to incomes for which new markets would be most useful.
David T. Beers and Neil Wallace
- Published in print:
- 2013
- Published Online:
- October 2017
- ISBN:
- 9780691158709
- eISBN:
- 9781400847648
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691158709.003.0007
- Subject:
- Economics and Finance, Economic History
This chapter examines the recent substantial depreciation of the Hong Kong dollar. From 1974 until October 1983, Hong Kong's officially professed monetary policy allowed both the quantity and the ...
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This chapter examines the recent substantial depreciation of the Hong Kong dollar. From 1974 until October 1983, Hong Kong's officially professed monetary policy allowed both the quantity and the exchange value of Hong Kong currency to be determined by market forces (or to float). Between mid-1980 and October 1983, when the government announced a new policy, the U.S. dollar value of the Hong Kong dollar fell about 33 percent. During that period, there also occurred substantial declines (even in terms of local currency) in all the value of assets located in Hong Kong—Hong Kong real estate and common stock in Hong Kong companies. The chapter first provides an overview of Hong Kong's monetary system before discussing its official float policy. It also considers the options available to the Hong Kong government if it were to have pegged the exchange rate for its currency to one or several foreign currencies.Less
This chapter examines the recent substantial depreciation of the Hong Kong dollar. From 1974 until October 1983, Hong Kong's officially professed monetary policy allowed both the quantity and the exchange value of Hong Kong currency to be determined by market forces (or to float). Between mid-1980 and October 1983, when the government announced a new policy, the U.S. dollar value of the Hong Kong dollar fell about 33 percent. During that period, there also occurred substantial declines (even in terms of local currency) in all the value of assets located in Hong Kong—Hong Kong real estate and common stock in Hong Kong companies. The chapter first provides an overview of Hong Kong's monetary system before discussing its official float policy. It also considers the options available to the Hong Kong government if it were to have pegged the exchange rate for its currency to one or several foreign currencies.
Allan A. Tulchin
- Published in print:
- 2010
- Published Online:
- September 2010
- ISBN:
- 9780199736522
- eISBN:
- 9780199866229
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199736522.003.0005
- Subject:
- Religion, History of Christianity
This chapter discusses Nîmes’s cahier de doléances, written for the Pontoise session of the national Estates General of 1561. It was written by the Protestant party, which wove together religious and ...
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This chapter discusses Nîmes’s cahier de doléances, written for the Pontoise session of the national Estates General of 1561. It was written by the Protestant party, which wove together religious and political grievances that made it overwhelmingly popular, and greatly aided conversion efforts. It advocated seizing some of the Catholic Church’s benefices to pay off royal debts and increase poor relief. It also espoused contractualism through provisions greatly increasing the power of the Estates General, including provisions for regular meetings. Finally, it also advocated religious reform, but while clearly Protestant, it avoided antagonizing reform-minded Catholics.Less
This chapter discusses Nîmes’s cahier de doléances, written for the Pontoise session of the national Estates General of 1561. It was written by the Protestant party, which wove together religious and political grievances that made it overwhelmingly popular, and greatly aided conversion efforts. It advocated seizing some of the Catholic Church’s benefices to pay off royal debts and increase poor relief. It also espoused contractualism through provisions greatly increasing the power of the Estates General, including provisions for regular meetings. Finally, it also advocated religious reform, but while clearly Protestant, it avoided antagonizing reform-minded Catholics.
Julian S. Alworth and Giampaolo Arachi
- Published in print:
- 2012
- Published Online:
- May 2012
- ISBN:
- 9780199698165
- eISBN:
- 9780191738630
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199698165.003.0001
- Subject:
- Economics and Finance, Financial Economics
This book originated from a conference held in Milan in April 2009. That conference addressed the issue of what lessons for tax policy could be drawn from the financial crisis. The papers presented ...
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This book originated from a conference held in Milan in April 2009. That conference addressed the issue of what lessons for tax policy could be drawn from the financial crisis. The papers presented at the conference examined whether tax arrangements in many countries and across jurisdictions may have influenced decision making and been a causal element in the crisis. The general conclusion from these papers was that the tax system had on balance played a minor role in triggering the crisis but that the crisis had served to underscore a number of weaknesses in existing tax systems. Since then the debate has focused on a number of other issues, many of which relate to the use of tax policy to address the problems in financial markets resulting from the crisis. This book attempts to provide a broad overview of these many disparate issues. This introduction summarizes the main themes that are raised in this book and highlights why the issue of how best to tax the financial sector will remain high on the agenda of future tax policy debates.Less
This book originated from a conference held in Milan in April 2009. That conference addressed the issue of what lessons for tax policy could be drawn from the financial crisis. The papers presented at the conference examined whether tax arrangements in many countries and across jurisdictions may have influenced decision making and been a causal element in the crisis. The general conclusion from these papers was that the tax system had on balance played a minor role in triggering the crisis but that the crisis had served to underscore a number of weaknesses in existing tax systems. Since then the debate has focused on a number of other issues, many of which relate to the use of tax policy to address the problems in financial markets resulting from the crisis. This book attempts to provide a broad overview of these many disparate issues. This introduction summarizes the main themes that are raised in this book and highlights why the issue of how best to tax the financial sector will remain high on the agenda of future tax policy debates.
Michael Keen, Alexander Klemm, and Victoria Perry
- Published in print:
- 2012
- Published Online:
- May 2012
- ISBN:
- 9780199698165
- eISBN:
- 9780191738630
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199698165.003.0002
- Subject:
- Economics and Finance, Financial Economics
Did taxation have any role in precipitating the financial crisis? Are there lessons to be drawn for tax reform once the crisis has passed? This chapter reviews the main channels by which tax effects ...
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Did taxation have any role in precipitating the financial crisis? Are there lessons to be drawn for tax reform once the crisis has passed? This chapter reviews the main channels by which tax effects might have been felt, and which may require forceful attention. These include, in particular, the large tax biases favouring debt finance, and, in some countries, investment in housing. The complexities of national tax codes, and the international interaction of these, have, moreover, encouraged the use of complicated financial instruments and international tax planning, reducing transparency. Tax distortions did not trigger the 2008 crisis—in the sense that there are no obvious tax changes likely to have triggered it—but they are likely to have contributed by leading to higher leverage and more complexity than would otherwise have been the case. Most of these distortions have long been a source of concern, but dealing with them may be more important than previously supposed.Less
Did taxation have any role in precipitating the financial crisis? Are there lessons to be drawn for tax reform once the crisis has passed? This chapter reviews the main channels by which tax effects might have been felt, and which may require forceful attention. These include, in particular, the large tax biases favouring debt finance, and, in some countries, investment in housing. The complexities of national tax codes, and the international interaction of these, have, moreover, encouraged the use of complicated financial instruments and international tax planning, reducing transparency. Tax distortions did not trigger the 2008 crisis—in the sense that there are no obvious tax changes likely to have triggered it—but they are likely to have contributed by leading to higher leverage and more complexity than would otherwise have been the case. Most of these distortions have long been a source of concern, but dealing with them may be more important than previously supposed.
Robert Wyatt and John Andrew Johnson
- Published in print:
- 2007
- Published Online:
- October 2011
- ISBN:
- 9780195327113
- eISBN:
- 9780199851249
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195327113.003.0076
- Subject:
- Music, Popular
This chapter presents the text of an article in the September 27, 1938, issue of the New York Herald Tribune, which reported that George Gershwin left a net estate of $341,089 to his mother. The ...
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This chapter presents the text of an article in the September 27, 1938, issue of the New York Herald Tribune, which reported that George Gershwin left a net estate of $341,089 to his mother. The residuary value of Rhapsody in Blue was appraised at $50,125, his score An American in Paris at $5,000, Of Thee I Sing at $4,000 and his Concerto in F at $1,750.Less
This chapter presents the text of an article in the September 27, 1938, issue of the New York Herald Tribune, which reported that George Gershwin left a net estate of $341,089 to his mother. The residuary value of Rhapsody in Blue was appraised at $50,125, his score An American in Paris at $5,000, Of Thee I Sing at $4,000 and his Concerto in F at $1,750.
Zoltan J. Acs
- Published in print:
- 2013
- Published Online:
- October 2017
- ISBN:
- 9780691148625
- eISBN:
- 9781400846818
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691148625.003.0006
- Subject:
- Political Science, Public Policy
This chapter examines American-style capitalism from the perspective of the currents of prosperity, and how philanthropy became a part of American-style capitalism. American philanthropists ...
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This chapter examines American-style capitalism from the perspective of the currents of prosperity, and how philanthropy became a part of American-style capitalism. American philanthropists presumably value a strong capitalist system because it is the system that nurtured their individual success. Thus, they seem to recognize that the strength of American capitalism resides neither in the size or influence of an industry or a set of firms nor in a country's GDP. Rather, as philanthropists have put it, the strength of capitalism is measured in a more aspirational way. The chapter first provides an overview of changes in American capitalism and the rise of a new Gilded Age economy before discussing the role of universities in sustaining a society that valued learning, innovation, and competition. It also considers the estate tax as a policy that could strengthen the relationship between entrepreneurship, philanthropy, and opportunity in America.Less
This chapter examines American-style capitalism from the perspective of the currents of prosperity, and how philanthropy became a part of American-style capitalism. American philanthropists presumably value a strong capitalist system because it is the system that nurtured their individual success. Thus, they seem to recognize that the strength of American capitalism resides neither in the size or influence of an industry or a set of firms nor in a country's GDP. Rather, as philanthropists have put it, the strength of capitalism is measured in a more aspirational way. The chapter first provides an overview of changes in American capitalism and the rise of a new Gilded Age economy before discussing the role of universities in sustaining a society that valued learning, innovation, and competition. It also considers the estate tax as a policy that could strengthen the relationship between entrepreneurship, philanthropy, and opportunity in America.
