Jerome L. Stein
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199280575
- eISBN:
- 9780191603501
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199280576.001.0001
- Subject:
- Economics and Finance, Financial Economics
This book focuses on the interaction between equilibrium real exchange rates, optimal external debt, endogenous optimal growth, and current account balances in a world of uncertainty. The theoretical ...
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This book focuses on the interaction between equilibrium real exchange rates, optimal external debt, endogenous optimal growth, and current account balances in a world of uncertainty. The theoretical parts result from interdisciplinary research between economics and state of the art applied mathematics. From the economic theory and the mathematics of stochastic optimal control, benchmarks are derived for the optimal debt and equilibrium real exchange rate in an environment where both the return on capital and the real rate of interest are stochastic variables. The theoretically derived equilibrium real exchange rate — the natural real exchange rate (NATREX) — is where the real exchange rate is heading. These benchmarks are applied to answer the following questions: What is a theoretically based empirical measure of a “misaligned” exchange rate that increases the probability of a significant depreciation or a currency crisis? What is a theoretically based empirical measure of an “excess” debt that increases the probability of a debt crisis? What is the interaction between an excess debt and a misaligned exchange rate? The theory is applied to evaluate the Euro exchange rate, the exchange rates of the transition economies of Eastern Europe, the sustainability of U.S. current account deficits, and derives warning signals of the Asian crises, defaults, and debt crises in emerging markets.Less
This book focuses on the interaction between equilibrium real exchange rates, optimal external debt, endogenous optimal growth, and current account balances in a world of uncertainty. The theoretical parts result from interdisciplinary research between economics and state of the art applied mathematics. From the economic theory and the mathematics of stochastic optimal control, benchmarks are derived for the optimal debt and equilibrium real exchange rate in an environment where both the return on capital and the real rate of interest are stochastic variables. The theoretically derived equilibrium real exchange rate — the natural real exchange rate (NATREX) — is where the real exchange rate is heading. These benchmarks are applied to answer the following questions: What is a theoretically based empirical measure of a “misaligned” exchange rate that increases the probability of a significant depreciation or a currency crisis? What is a theoretically based empirical measure of an “excess” debt that increases the probability of a debt crisis? What is the interaction between an excess debt and a misaligned exchange rate? The theory is applied to evaluate the Euro exchange rate, the exchange rates of the transition economies of Eastern Europe, the sustainability of U.S. current account deficits, and derives warning signals of the Asian crises, defaults, and debt crises in emerging markets.
Stefano Bartolini
- Published in print:
- 2005
- Published Online:
- February 2006
- ISBN:
- 9780199286430
- eISBN:
- 9780191603242
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199286434.001.0001
- Subject:
- Political Science, European Union
This study focuses on the historical configuration of territorial borders and functional boundaries of the European nation states, and interprets integration as a process of transcendence, ...
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This study focuses on the historical configuration of territorial borders and functional boundaries of the European nation states, and interprets integration as a process of transcendence, redefinition, and shift of those same boundaries that alters the nature of the nation states’ domestic political structures. The core of the argument concerns the relationship between the institutional design of the new Brussels centre, the boundary redefinitions that result from its political production, and the consequences of both these processes on the established national and emerging European political structures. The EU is interpreted through three key conceptual tools: ‘centre formation’, ‘system building’, and ‘political structuring’. The ‘centre formation’ — with limited administrative and fiscal capabilities and strong regulatory and judicial capabilities — is not accompanied by ‘system building’ in the field of cultural integration, social sharing institutions, and participation rights, that is, by institutions forcing its components to stay within it beyond the mere instrumental calculations. Given that for any new centre a balance must exist between its system building capacity and the scope and reach of its political production, the argument is that the ambitious political production of the EU is clearly out of balance with its weak system building capacity. As far as the ‘political structuring’ is concerned, this work argues that the institutional design of the Union and its weak system building militate to date against any stable form of political structuring for its representative actors, while its growing political production tends to undermine national mechanisms of political representation and legitimation. Under these conditions, any institutional democratization without political structuring may turn into facade electioneering, at best, or dangerous experiments, at worst. In the view of classical sociology — that takes the existence of a certain overlap between social identities, political boundaries, and social practices as a precondition for establishing political agency and a ‘rational’ political order — the EU is both a source of problems but also a possible solution to them. It can be seen as a project for regaining some degree of coherence between extended social practices, social identities, solidarity ties, and rules of deliberation at the European level. Most of the ideas expressed in this book show how problematic this project is believed to be.Less
This study focuses on the historical configuration of territorial borders and functional boundaries of the European nation states, and interprets integration as a process of transcendence, redefinition, and shift of those same boundaries that alters the nature of the nation states’ domestic political structures. The core of the argument concerns the relationship between the institutional design of the new Brussels centre, the boundary redefinitions that result from its political production, and the consequences of both these processes on the established national and emerging European political structures. The EU is interpreted through three key conceptual tools: ‘centre formation’, ‘system building’, and ‘political structuring’. The ‘centre formation’ — with limited administrative and fiscal capabilities and strong regulatory and judicial capabilities — is not accompanied by ‘system building’ in the field of cultural integration, social sharing institutions, and participation rights, that is, by institutions forcing its components to stay within it beyond the mere instrumental calculations. Given that for any new centre a balance must exist between its system building capacity and the scope and reach of its political production, the argument is that the ambitious political production of the EU is clearly out of balance with its weak system building capacity. As far as the ‘political structuring’ is concerned, this work argues that the institutional design of the Union and its weak system building militate to date against any stable form of political structuring for its representative actors, while its growing political production tends to undermine national mechanisms of political representation and legitimation. Under these conditions, any institutional democratization without political structuring may turn into facade electioneering, at best, or dangerous experiments, at worst. In the view of classical sociology — that takes the existence of a certain overlap between social identities, political boundaries, and social practices as a precondition for establishing political agency and a ‘rational’ political order — the EU is both a source of problems but also a possible solution to them. It can be seen as a project for regaining some degree of coherence between extended social practices, social identities, solidarity ties, and rules of deliberation at the European level. Most of the ideas expressed in this book show how problematic this project is believed to be.
Chris Jones
- Published in print:
- 2005
- Published Online:
- July 2005
- ISBN:
- 9780199281978
- eISBN:
- 9780191602535
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199281971.001.0001
- Subject:
- Economics and Finance, Public and Welfare
Important results in the applied welfare literature are used to extend a conventional Harberger cost-benefit analysis. A conventional welfare equation is obtained for marginal policy changes in a ...
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Important results in the applied welfare literature are used to extend a conventional Harberger cost-benefit analysis. A conventional welfare equation is obtained for marginal policy changes in a general equilibrium economy with tax distortions. It is extended to accommodate internationally traded goods, time, income taxes, and non-tax distortions, including externalities, non-competitive behaviour, public goods, and price-quantity controls. The welfare analysis is developed in stages, and where possible is explained using diagrams, to make it more amenable to the different institutional arrangements encountered in applied work. Computable welfare expressions are solved using demand-supply elasticities. In a conventional cost-benefit analysis, lump sum transfers are used to separate the welfare effects of individual policy variables. This is important because it allows policy evaluation to be divided across specialist agencies. These transfers are carefully examined to identify the important role played by the marginal social cost of public funds (MCF) in policy evaluation when governments balance their budgets with distorting taxes. This book separates income effects for marginal policy changes in the shadow value of government revenue. As a scaling coefficient that converts efficiency effects into dollar changes in private surplus, it makes income effects irrelevant in single (aggregated) consumer economies, and conveniently isolates distributional effects in heterogeneous consumer economies. This decomposition is used to test for Pareto improvements, and to examine the separate, but related roles of the shadow value of government revenue and the MCF in applied work.Less
Important results in the applied welfare literature are used to extend a conventional Harberger cost-benefit analysis. A conventional welfare equation is obtained for marginal policy changes in a general equilibrium economy with tax distortions. It is extended to accommodate internationally traded goods, time, income taxes, and non-tax distortions, including externalities, non-competitive behaviour, public goods, and price-quantity controls. The welfare analysis is developed in stages, and where possible is explained using diagrams, to make it more amenable to the different institutional arrangements encountered in applied work. Computable welfare expressions are solved using demand-supply elasticities. In a conventional cost-benefit analysis, lump sum transfers are used to separate the welfare effects of individual policy variables. This is important because it allows policy evaluation to be divided across specialist agencies. These transfers are carefully examined to identify the important role played by the marginal social cost of public funds (MCF) in policy evaluation when governments balance their budgets with distorting taxes. This book separates income effects for marginal policy changes in the shadow value of government revenue. As a scaling coefficient that converts efficiency effects into dollar changes in private surplus, it makes income effects irrelevant in single (aggregated) consumer economies, and conveniently isolates distributional effects in heterogeneous consumer economies. This decomposition is used to test for Pareto improvements, and to examine the separate, but related roles of the shadow value of government revenue and the MCF in applied work.
Jerome L. Stein and Polly Reynolds Allen
- Published in print:
- 1998
- Published Online:
- November 2003
- ISBN:
- 9780198293064
- eISBN:
- 9780191596940
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198293062.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics, International
The NATREX approach offers an alternative paradigm to the Purchasing Power Parity for equilibrium real exchange rates. NATREX is the acronym for NATural Real EXchange, referring to a medium‐run, ...
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The NATREX approach offers an alternative paradigm to the Purchasing Power Parity for equilibrium real exchange rates. NATREX is the acronym for NATural Real EXchange, referring to a medium‐run, inter‐cyclical equilibrium real exchange rate, determined by real, fundamental factors. Importantly, the NATREX is a moving equilibrium real exchange rate, responding to continual changes in exogenous and endogenous real fundamentals. In a world of high capital mobility, the fundamentals of thrift, productivity, capital intensity, and net debt to foreigners become particularly important, influencing desired long‐term capital flows and altering the equilibrium real exchange rate. The NATREX approach identifies and models the fundamental determinants of equilibrium real exchange rates, consistent with their recent empirical movements in various countries.The NATREX model is a dynamic stock‐flow growth model. The goal of the NATREX approach is primarily empirical – to explain movements of medium‐ to long‐run real exchange rates in terms of the fundamental real variables of thrift and productivity, assuming that real exchange rates do adjust toward their equilibrium level, although with a lag. A family of consistent general equilibrium models – of rational, optimizing behavior, determining medium‐run equilibrium real exchange rates – forms the core of the NATREX approach. These models provide logical economic justifications for the empirical results.Less
The NATREX approach offers an alternative paradigm to the Purchasing Power Parity for equilibrium real exchange rates. NATREX is the acronym for NATural Real EXchange, referring to a medium‐run, inter‐cyclical equilibrium real exchange rate, determined by real, fundamental factors. Importantly, the NATREX is a moving equilibrium real exchange rate, responding to continual changes in exogenous and endogenous real fundamentals. In a world of high capital mobility, the fundamentals of thrift, productivity, capital intensity, and net debt to foreigners become particularly important, influencing desired long‐term capital flows and altering the equilibrium real exchange rate. The NATREX approach identifies and models the fundamental determinants of equilibrium real exchange rates, consistent with their recent empirical movements in various countries.
The NATREX model is a dynamic stock‐flow growth model. The goal of the NATREX approach is primarily empirical – to explain movements of medium‐ to long‐run real exchange rates in terms of the fundamental real variables of thrift and productivity, assuming that real exchange rates do adjust toward their equilibrium level, although with a lag. A family of consistent general equilibrium models – of rational, optimizing behavior, determining medium‐run equilibrium real exchange rates – forms the core of the NATREX approach. These models provide logical economic justifications for the empirical results.
W. Max. Corden
- Published in print:
- 1997
- Published Online:
- November 2003
- ISBN:
- 9780198775348
- eISBN:
- 9780191715471
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198775342.001.0001
- Subject:
- Economics and Finance, International
Expounds the normative theory of trade policy and sets out a framework for analysing trade and other intervention policies in the presence of domestic distortions. It includes discussion of static ...
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Expounds the normative theory of trade policy and sets out a framework for analysing trade and other intervention policies in the presence of domestic distortions. It includes discussion of static and dynamic arguments for protection, especially the infant industry argument, effects of trade policy on income distribution, monopoly, X‐efficiency, foreign investment, and capital accumulation, and the choice between tariffs and subsidies as methods of protection. Chapters especially written for the second edition cover the environment and trade policy, strategic trade policy, and the relationship between trade policy and the exchange rate. The book contains many diagrams and very little mathematics.Less
Expounds the normative theory of trade policy and sets out a framework for analysing trade and other intervention policies in the presence of domestic distortions. It includes discussion of static and dynamic arguments for protection, especially the infant industry argument, effects of trade policy on income distribution, monopoly, X‐efficiency, foreign investment, and capital accumulation, and the choice between tariffs and subsidies as methods of protection. Chapters especially written for the second edition cover the environment and trade policy, strategic trade policy, and the relationship between trade policy and the exchange rate. The book contains many diagrams and very little mathematics.
J. C. R. Dow and I. D. Saville
- Published in print:
- 1990
- Published Online:
- November 2003
- ISBN:
- 9780198283195
- eISBN:
- 9780191596186
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198283199.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This book has been written to work on two levels. On the one hand, it provides a theory of monetary policy, focusing on the role of the central bank in determining and effecting policy. It also ...
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This book has been written to work on two levels. On the one hand, it provides a theory of monetary policy, focusing on the role of the central bank in determining and effecting policy. It also examines the relationship of the central banks to the public and private sectors. Both authors have extensive experience working in the Bank of England, and so are attempting to transfer this experience to the area of economic theory. The theoretical analysis is complemented by an examination of the successes and failures of monetary policy in the UK from the mid‐1960s. As such, the book acts as an important work for students of economics and economic theory, but is also accessible to those involved in policy‐making, journalism, and other interested parties.Less
This book has been written to work on two levels. On the one hand, it provides a theory of monetary policy, focusing on the role of the central bank in determining and effecting policy. It also examines the relationship of the central banks to the public and private sectors. Both authors have extensive experience working in the Bank of England, and so are attempting to transfer this experience to the area of economic theory. The theoretical analysis is complemented by an examination of the successes and failures of monetary policy in the UK from the mid‐1960s. As such, the book acts as an important work for students of economics and economic theory, but is also accessible to those involved in policy‐making, journalism, and other interested parties.
Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780199288144
- eISBN:
- 9780191603884
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199288143.003.0006
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter extends the analysis of the previous chapter to an open economy by introducing exchange rate policy; analyzing the complex relationships between exchange rate, fiscal, and monetary ...
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This chapter extends the analysis of the previous chapter to an open economy by introducing exchange rate policy; analyzing the complex relationships between exchange rate, fiscal, and monetary policies; and examining the ways in which capital flows complicate traditional analyses. Despite the greater complexities associated with open economy macroeconomics, the policy conclusions for a closed economy remain remarkably unaffected. While Keynesians and heterodox economists believe that government should actively intervene, conservatives remain skeptical about the desirability of such interventions. The objective of this chapter is to shed some light on how economists can come to such diverse views on economic policy. The first section examines the macroeconomic effects of exchange rates on employment, trade, inflation, aggregate demand, growth, and balance sheets. The second section examines the complex interactions between fiscal, monetary, and exchange rate policies in open economies with either fixed or flexible exchange rate regimes. This section also examines the effects of interest rates and exchange rates on capital flows in both crisis and non-crisis situations.Less
This chapter extends the analysis of the previous chapter to an open economy by introducing exchange rate policy; analyzing the complex relationships between exchange rate, fiscal, and monetary policies; and examining the ways in which capital flows complicate traditional analyses. Despite the greater complexities associated with open economy macroeconomics, the policy conclusions for a closed economy remain remarkably unaffected. While Keynesians and heterodox economists believe that government should actively intervene, conservatives remain skeptical about the desirability of such interventions. The objective of this chapter is to shed some light on how economists can come to such diverse views on economic policy. The first section examines the macroeconomic effects of exchange rates on employment, trade, inflation, aggregate demand, growth, and balance sheets. The second section examines the complex interactions between fiscal, monetary, and exchange rate policies in open economies with either fixed or flexible exchange rate regimes. This section also examines the effects of interest rates and exchange rates on capital flows in both crisis and non-crisis situations.
Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780199288144
- eISBN:
- 9780191603884
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199288143.003.0007
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter looks at exchange rate management and other policy options for an open economy. It begins with an introductory discussion of overall macroeconomic management for open economies, ...
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This chapter looks at exchange rate management and other policy options for an open economy. It begins with an introductory discussion of overall macroeconomic management for open economies, including the issues of internal and external balance and inflation targeting. It then examines how countries can attempt to manage the exchange rate. Topics covered in this section include the benefits of maintaining an undervalued exchange rate in some developing countries, government interventions to smooth out exchange rate fluctuations, and the trade-off between stability and flexibility when choosing an exchange rate regime. The chapter concludes with an analysis of other policy options in open economies, including heterodox microeconomic interventions, public sector liability management, and debt restructuring.Less
This chapter looks at exchange rate management and other policy options for an open economy. It begins with an introductory discussion of overall macroeconomic management for open economies, including the issues of internal and external balance and inflation targeting. It then examines how countries can attempt to manage the exchange rate. Topics covered in this section include the benefits of maintaining an undervalued exchange rate in some developing countries, government interventions to smooth out exchange rate fluctuations, and the trade-off between stability and flexibility when choosing an exchange rate regime. The chapter concludes with an analysis of other policy options in open economies, including heterodox microeconomic interventions, public sector liability management, and debt restructuring.
Masahiko Aoki
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199218530
- eISBN:
- 9780191711510
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199218530.003.0003
- Subject:
- Business and Management, Corporate Governance and Accountability, Strategy
This chapter formulates political-exchange and social-exchange games that corporations and their stakeholders play along with other agents in society. Multiple equilibria of the political exchange ...
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This chapter formulates political-exchange and social-exchange games that corporations and their stakeholders play along with other agents in society. Multiple equilibria of the political exchange game are identified as discrete forms of political states, and institutional complementarity of each of them with a particular corporate governance form is discussed. Agents, including corporations, also engage in social-exchange games using social symbols to derive social payoffs, and strategically calculate tradeoffs between social and materialistic payoffs. CSR is understood as a means for corporations to accumulate their own social capital in this game. The chapter then inquires why the value of corporate social capital is partially internalized by share markets and what its implications are to stakeholders' interests, corporate governance, and social welfare.Less
This chapter formulates political-exchange and social-exchange games that corporations and their stakeholders play along with other agents in society. Multiple equilibria of the political exchange game are identified as discrete forms of political states, and institutional complementarity of each of them with a particular corporate governance form is discussed. Agents, including corporations, also engage in social-exchange games using social symbols to derive social payoffs, and strategically calculate tradeoffs between social and materialistic payoffs. CSR is understood as a means for corporations to accumulate their own social capital in this game. The chapter then inquires why the value of corporate social capital is partially internalized by share markets and what its implications are to stakeholders' interests, corporate governance, and social welfare.
Kyösti Kontturi, Lasse Murtomäki, and José A. Manzanares
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780199533817
- eISBN:
- 9780191714825
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199533817.001.0001
- Subject:
- Physics, Condensed Matter Physics / Materials
Modelling of heterogeneous processes, such as electrochemical reactions, extraction, or ion-exchange, usually requires solving the transport problem associated with the process. Since the processes ...
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Modelling of heterogeneous processes, such as electrochemical reactions, extraction, or ion-exchange, usually requires solving the transport problem associated with the process. Since the processes at the phase boundary are described by scalar quantities and transport quantities are vectors or tensors, the coupling of them can take place only via conservation of mass, charge, or momentum. In this book transport of ionic species is addressed in a versatile manner, emphasizing the mutual coupling of fluxes in particular. Treatment is based on the formalism of irreversible thermodynamics, i.e., on linear (ionic) phenomenological equations, from which the most frequently used Nernst-Planck equation is derived. Limitations and assumptions made are discussed in detail. The Nernst-Planck equation is applied to selected problems at the electrodes and in membranes. Mathematical derivations are presented so that the reader can learn the methodology of solving transport problems. Each chapter contains a large number of exercises.Less
Modelling of heterogeneous processes, such as electrochemical reactions, extraction, or ion-exchange, usually requires solving the transport problem associated with the process. Since the processes at the phase boundary are described by scalar quantities and transport quantities are vectors or tensors, the coupling of them can take place only via conservation of mass, charge, or momentum. In this book transport of ionic species is addressed in a versatile manner, emphasizing the mutual coupling of fluxes in particular. Treatment is based on the formalism of irreversible thermodynamics, i.e., on linear (ionic) phenomenological equations, from which the most frequently used Nernst-Planck equation is derived. Limitations and assumptions made are discussed in detail. The Nernst-Planck equation is applied to selected problems at the electrodes and in membranes. Mathematical derivations are presented so that the reader can learn the methodology of solving transport problems. Each chapter contains a large number of exercises.
Michio Morishima
- Published in print:
- 1963
- Published Online:
- November 2003
- ISBN:
- 9780198281450
- eISBN:
- 9780191596650
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198281455.001.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This book brings together papers that were published by the author in several journals, and which have been revised and contain some new material. The main model carried through the whole book is ...
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This book brings together papers that were published by the author in several journals, and which have been revised and contain some new material. The main model carried through the whole book is Leontief's input–output system, which is dynamized from various points of view. Chapter 1 discusses formal similarities between the exchange equilibrium under weak gross substitutability and the static input–output system. Chapter 2 is concerned with the stability of the mixed Walras–Leontief system. Chapters 3 and 4 are companion chapters dealing with a mixture of the dynamic Leontief system and the Walrasian model of capital formation. Chapters 5 and 6 are devoted to an analysis of the von Neumann model of economic expansion, which may be considered as a variant of the dynamic Leontief system. Finally, an Appendix generalizes the classical theorems on non‐negative matrices to systems of non‐linear and homogeneous functions.Less
This book brings together papers that were published by the author in several journals, and which have been revised and contain some new material. The main model carried through the whole book is Leontief's input–output system, which is dynamized from various points of view. Chapter 1 discusses formal similarities between the exchange equilibrium under weak gross substitutability and the static input–output system. Chapter 2 is concerned with the stability of the mixed Walras–Leontief system. Chapters 3 and 4 are companion chapters dealing with a mixture of the dynamic Leontief system and the Walrasian model of capital formation. Chapters 5 and 6 are devoted to an analysis of the von Neumann model of economic expansion, which may be considered as a variant of the dynamic Leontief system. Finally, an Appendix generalizes the classical theorems on non‐negative matrices to systems of non‐linear and homogeneous functions.
Helga Drummond
- Published in print:
- 1996
- Published Online:
- October 2011
- ISBN:
- 9780198289531
- eISBN:
- 9780191684722
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198289531.001.0001
- Subject:
- Business and Management, Organization Studies, HRM / IR
Getting organizations going is one thing, stopping them is another. This book examines how and why organizations become trapped in disastrous decisions. The focal point is Project Taurus, an IT ...
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Getting organizations going is one thing, stopping them is another. This book examines how and why organizations become trapped in disastrous decisions. The focal point is Project Taurus, an IT venture commissioned by the London Stock Exchange and supported by numerous City Institutions. Taurus was intended to transform London's antiquated manual share settlement procedures into a state of the art electronic system that would be the envy of the world. The project collapsed after three years of intensive work and investments totalling almost 500 million pounds. This book is an in-depth study of escalation in decision making. It is based on interviews with a number of people who played a key role and presents a readable account of what actually happened. At the same time, it sets the case in the broader literature of decision making.Less
Getting organizations going is one thing, stopping them is another. This book examines how and why organizations become trapped in disastrous decisions. The focal point is Project Taurus, an IT venture commissioned by the London Stock Exchange and supported by numerous City Institutions. Taurus was intended to transform London's antiquated manual share settlement procedures into a state of the art electronic system that would be the envy of the world. The project collapsed after three years of intensive work and investments totalling almost 500 million pounds. This book is an in-depth study of escalation in decision making. It is based on interviews with a number of people who played a key role and presents a readable account of what actually happened. At the same time, it sets the case in the broader literature of decision making.
Partha Dasgupta
- Published in print:
- 1995
- Published Online:
- November 2003
- ISBN:
- 9780198288350
- eISBN:
- 9780191596094
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198288352.003.0009
- Subject:
- Economics and Finance, Development, Growth, and Environmental
The main part of this chapter discusses decentralization and central guidance in relation to resource allocation. There are seven sections: (1) competitive mechanisms in the private realm; (2) the ...
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The main part of this chapter discusses decentralization and central guidance in relation to resource allocation. There are seven sections: (1) competitive mechanisms in the private realm; (2) the existence of competitive equilibrium; (3) competitive markets and efficiency; (4) the implementation of just allocations in the private realm; (5) pluralism and exchange restrictions (exchange control) in the public realm; (6) producer versus consumer taxation; and (7) national income in a pluralist society. An extra and separate section (designated Chapter *7) gives a theoretical presentation on real national income as a measure of general well-being.Less
The main part of this chapter discusses decentralization and central guidance in relation to resource allocation. There are seven sections: (1) competitive mechanisms in the private realm; (2) the existence of competitive equilibrium; (3) competitive markets and efficiency; (4) the implementation of just allocations in the private realm; (5) pluralism and exchange restrictions (exchange control) in the public realm; (6) producer versus consumer taxation; and (7) national income in a pluralist society. An extra and separate section (designated Chapter *7) gives a theoretical presentation on real national income as a measure of general well-being.
Marc Stears
- Published in print:
- 2006
- Published Online:
- October 2011
- ISBN:
- 9780199291632
- eISBN:
- 9780191700668
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199291632.001.0001
- Subject:
- Political Science, Political Theory
In the first three decades of the 20th century, two groups of radical political theorists — one British and one American — were bound together in a unique ideological relationship. This book provides ...
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In the first three decades of the 20th century, two groups of radical political theorists — one British and one American — were bound together in a unique ideological relationship. This book provides an examination of the intellectual dialogue that constituted that bond. Drawing on archival research, and employing methods of conceptual analysis, it examines the efforts of these two initially distinctive political movements to forge a single ideology capable of motivating far-reaching reform in both of their countries. In so doing, the book emphasizes the exceptional development of American progressivism and British socialism, arguing that the intellectual inspirations and political programmes of both movements were constantly shaped and reshaped by international ideological exchange. It analyses the complex political demands of these movements and enables the works of their leading protagonists, including G. D. H. Cole, Herbert Croly, Harold Laski, and Walter Lippmann, to emerge as significant contributions to modern political thought.Less
In the first three decades of the 20th century, two groups of radical political theorists — one British and one American — were bound together in a unique ideological relationship. This book provides an examination of the intellectual dialogue that constituted that bond. Drawing on archival research, and employing methods of conceptual analysis, it examines the efforts of these two initially distinctive political movements to forge a single ideology capable of motivating far-reaching reform in both of their countries. In so doing, the book emphasizes the exceptional development of American progressivism and British socialism, arguing that the intellectual inspirations and political programmes of both movements were constantly shaped and reshaped by international ideological exchange. It analyses the complex political demands of these movements and enables the works of their leading protagonists, including G. D. H. Cole, Herbert Croly, Harold Laski, and Walter Lippmann, to emerge as significant contributions to modern political thought.
Jonathan Charkham and Anne Simpson
- Published in print:
- 1999
- Published Online:
- October 2011
- ISBN:
- 9780198292142
- eISBN:
- 9780191684876
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198292142.003.0004
- Subject:
- Business and Management, Corporate Governance and Accountability, Business History
This chapter discusses the role of regulation in corporate governance. The UK system has generally depended on a mixture of primary and secondary legislation with rules made by various non-statutory ...
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This chapter discusses the role of regulation in corporate governance. The UK system has generally depended on a mixture of primary and secondary legislation with rules made by various non-statutory bodies, some of which may, like the Stock Exchange, work under the umbrella of some legislation, and some, like the Cadbury Committee, with no umbrella at all. The creation of the Financial Services Authority is surely helpful. The work of the takeover panel is makes for interesting analysis. It can change its rules without reference to any other authority and has no means of enforcing its rules beyond what supporters are willing to do. Yet UK shareholders have good cause to be grateful to it, because it has succeeded in ensuring relatively equal treatment between them. It has established the rules of conduct about the purchase of shares in the market and governs the timetable and what must and must not be said.Less
This chapter discusses the role of regulation in corporate governance. The UK system has generally depended on a mixture of primary and secondary legislation with rules made by various non-statutory bodies, some of which may, like the Stock Exchange, work under the umbrella of some legislation, and some, like the Cadbury Committee, with no umbrella at all. The creation of the Financial Services Authority is surely helpful. The work of the takeover panel is makes for interesting analysis. It can change its rules without reference to any other authority and has no means of enforcing its rules beyond what supporters are willing to do. Yet UK shareholders have good cause to be grateful to it, because it has succeeded in ensuring relatively equal treatment between them. It has established the rules of conduct about the purchase of shares in the market and governs the timetable and what must and must not be said.
Jonathan Charkham and Anne Simpson
- Published in print:
- 1999
- Published Online:
- October 2011
- ISBN:
- 9780198292142
- eISBN:
- 9780191684876
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198292142.003.0020
- Subject:
- Business and Management, Corporate Governance and Accountability, Business History
This chapter examines the multinational company, the shareholders, diversification through international investment, private shareholders, and future developments to globalization. There will ...
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This chapter examines the multinational company, the shareholders, diversification through international investment, private shareholders, and future developments to globalization. There will inevitably be further convergence on accounting practices; the more firms seek to raise capital internationally or seek quotation on overseas stock exchanges, the more likely this becomes. If tax is simplified too, so that expenses are reduced, another obstacle will be easier to surmount — as a more efficient flow of capital should ensue. All this may lead to foreign-held stakes growing in significance and if so the incentive for foreign institutions to monitor their investments will increase. The trends towards globalization will not lead to an erosion of differences in domestic markets, other than what is absolutely essential for transparency of information and protection of shareholder rights in order to attract international capital; but beyond this, nations will cherish their special emphasis on particular aspects of a corporate purpose.Less
This chapter examines the multinational company, the shareholders, diversification through international investment, private shareholders, and future developments to globalization. There will inevitably be further convergence on accounting practices; the more firms seek to raise capital internationally or seek quotation on overseas stock exchanges, the more likely this becomes. If tax is simplified too, so that expenses are reduced, another obstacle will be easier to surmount — as a more efficient flow of capital should ensue. All this may lead to foreign-held stakes growing in significance and if so the incentive for foreign institutions to monitor their investments will increase. The trends towards globalization will not lead to an erosion of differences in domestic markets, other than what is absolutely essential for transparency of information and protection of shareholder rights in order to attract international capital; but beyond this, nations will cherish their special emphasis on particular aspects of a corporate purpose.
Ruben Lee
- Published in print:
- 2011
- Published Online:
- October 2017
- ISBN:
- 9780691133539
- eISBN:
- 9781400836970
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691133539.003.0007
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This chapter presents a series of case studies illustrating how specific exchanges have actually been governed in particular contexts. The following institutions and contexts are described in turn: ...
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This chapter presents a series of case studies illustrating how specific exchanges have actually been governed in particular contexts. The following institutions and contexts are described in turn: the proposed iX merger between Deutsche Börse and the London Stock Exchange (LSE), and its subsequent collapse, in 2000; the “Penny Stocks Incident” at Hong Kong Exchanges and Clearing Ltd. in 2002; the attempted takeover of the LSE by NASDAQ over the period 2006–8; Euronext's purchase of London International Financial Futures and Options Exchange in 2001; the resignation of the chairman/CEO of the New York Stock Exchange in 2003; and the purchase by the “Murakami Fund” of a major block of shares in the Osaka Securities Exchange in 2005. A few brief general lessons from each case study are also identified.Less
This chapter presents a series of case studies illustrating how specific exchanges have actually been governed in particular contexts. The following institutions and contexts are described in turn: the proposed iX merger between Deutsche Börse and the London Stock Exchange (LSE), and its subsequent collapse, in 2000; the “Penny Stocks Incident” at Hong Kong Exchanges and Clearing Ltd. in 2002; the attempted takeover of the LSE by NASDAQ over the period 2006–8; Euronext's purchase of London International Financial Futures and Options Exchange in 2001; the resignation of the chairman/CEO of the New York Stock Exchange in 2003; and the purchase by the “Murakami Fund” of a major block of shares in the Osaka Securities Exchange in 2005. A few brief general lessons from each case study are also identified.
Judith Andre
- Published in print:
- 1995
- Published Online:
- November 2003
- ISBN:
- 9780198280088
- eISBN:
- 9780191599927
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198280084.003.0009
- Subject:
- Political Science, Political Theory
Judith Andre examines the issue of the scope of the market. She offers a framework for thinking about the issue of blocked exchanges that draws upon concepts of ownership, alienation, and the impact ...
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Judith Andre examines the issue of the scope of the market. She offers a framework for thinking about the issue of blocked exchanges that draws upon concepts of ownership, alienation, and the impact of the market on exchanges, interactions, and market participants. She shows where Michael Walzer's notion of dominance fits into her wider taxonomy of the limits of the market.Less
Judith Andre examines the issue of the scope of the market. She offers a framework for thinking about the issue of blocked exchanges that draws upon concepts of ownership, alienation, and the impact of the market on exchanges, interactions, and market participants. She shows where Michael Walzer's notion of dominance fits into her wider taxonomy of the limits of the market.
Mark Thatcher
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780199245680
- eISBN:
- 9780191715273
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199245680.003.0004
- Subject:
- Political Science, Political Economy
This chapter analyses how and why two forms of internationalisation — transnational technological and economic developments and reforms in the US — were met with institutional inertia, or at most ...
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This chapter analyses how and why two forms of internationalisation — transnational technological and economic developments and reforms in the US — were met with institutional inertia, or at most limited divergent reforms in France, West Germany, and Italy between the mid-1960s and 1985. It shows that the two forms of internationalisation placed major pressures on traditional sectoral institutions that were very long-standing and protective of suppliers, such as public ownership of stock exchanges, legal monopolies, and the allocation of regulatory powers to governments and associations of brokers and exchanges. They led to debates in all three countries on modest reform proposals. Yet even limited alterations were largely blocked, due to the failure of governments to form a strong alliance with the leaders of stock exchanges that could overcome opposition to change. Instead, either poorly-functioning institutions were continued or non-institutional responses to internationalisation pressures were found.Less
This chapter analyses how and why two forms of internationalisation — transnational technological and economic developments and reforms in the US — were met with institutional inertia, or at most limited divergent reforms in France, West Germany, and Italy between the mid-1960s and 1985. It shows that the two forms of internationalisation placed major pressures on traditional sectoral institutions that were very long-standing and protective of suppliers, such as public ownership of stock exchanges, legal monopolies, and the allocation of regulatory powers to governments and associations of brokers and exchanges. They led to debates in all three countries on modest reform proposals. Yet even limited alterations were largely blocked, due to the failure of governments to form a strong alliance with the leaders of stock exchanges that could overcome opposition to change. Instead, either poorly-functioning institutions were continued or non-institutional responses to internationalisation pressures were found.
Mark Thatcher
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780199245680
- eISBN:
- 9780191715273
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199245680.003.0005
- Subject:
- Political Science, Political Economy
Britain is treated separately because it had a different institutional starting point in the securities sector, reformed earlier and then influenced the other three countries, and followed a specific ...
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Britain is treated separately because it had a different institutional starting point in the securities sector, reformed earlier and then influenced the other three countries, and followed a specific ‘British reform path’. Between the mid-1960s and the early 1980s, despite pressures from transnational technological and economic developments, traditionalists in the London Stock Exchange successfully fought to retain their inheritance. However, the position changed greatly after the early 1980s. The LSE was transformed from a private British club into a listed company open to takeover. Reversing decades of self-regulation, powers were delegated to new independent financial regulatory authorities. Reforms were led by British state actors. They were triggered for domestic reasons, but thereafter, international factors became important, as British policy makers became concerned about regulatory competition from the US, and selectively used US reforms to justify changes. The chapter therefore shows the importance of US policies in the strategies of domestic policy makers and their legitimation of reforms.Less
Britain is treated separately because it had a different institutional starting point in the securities sector, reformed earlier and then influenced the other three countries, and followed a specific ‘British reform path’. Between the mid-1960s and the early 1980s, despite pressures from transnational technological and economic developments, traditionalists in the London Stock Exchange successfully fought to retain their inheritance. However, the position changed greatly after the early 1980s. The LSE was transformed from a private British club into a listed company open to takeover. Reversing decades of self-regulation, powers were delegated to new independent financial regulatory authorities. Reforms were led by British state actors. They were triggered for domestic reasons, but thereafter, international factors became important, as British policy makers became concerned about regulatory competition from the US, and selectively used US reforms to justify changes. The chapter therefore shows the importance of US policies in the strategies of domestic policy makers and their legitimation of reforms.
