Caroline M. Barron
- Published in print:
- 2004
- Published Online:
- February 2010
- ISBN:
- 9780199257775
- eISBN:
- 9780191717758
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199257775.003.01
- Subject:
- History, British and Irish Medieval History
This chapter analyses the different areas in which the Crown made demands upon the City. The most obvious demand was for financial help, but the Crown also sought military aid from the city and ...
More
This chapter analyses the different areas in which the Crown made demands upon the City. The most obvious demand was for financial help, but the Crown also sought military aid from the city and pageantry for royal celebrations. On occasion, the Crown attempted to reward royal servants with civic offices. All these demands had to be negotiated and such issues were highlighted when the Crown, as was frequently the case, was in contention, and rival claimants sought the support of the City.Less
This chapter analyses the different areas in which the Crown made demands upon the City. The most obvious demand was for financial help, but the Crown also sought military aid from the city and pageantry for royal celebrations. On occasion, the Crown attempted to reward royal servants with civic offices. All these demands had to be negotiated and such issues were highlighted when the Crown, as was frequently the case, was in contention, and rival claimants sought the support of the City.
Lance Taylor (ed.)
- Published in print:
- 2001
- Published Online:
- September 2007
- ISBN:
- 9780195145465
- eISBN:
- 9780199783960
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195145465.001.0001
- Subject:
- Economics and Finance, International
Reports on the effects of the fundamental economic policy shift in transition and developing countries after the mid‐1980s. Since that time, the “external liberalization” of international trade and ...
More
Reports on the effects of the fundamental economic policy shift in transition and developing countries after the mid‐1980s. Since that time, the “external liberalization” of international trade and finance has been among the principal forces for increasing global integration. This wave of deregulation was the central feature of globalization for the non‐industrialized world. The chapters in this book look at the experiences of nine countries – Argentina, Columbia, Cuba, India, Mexico, Russia, South Korea, Turkey, and Zimbabwe – and the often‐negative effects that liberalization has had on them. At best, the liberalization packages generated modest improvements in economic growth and distributional equity; at worst, they have been associated with increasing income inequality and slower growth, even in the presence of rising capital inflows. The country studies suggest that the effects of liberalization on growth, employment, and income distribution emerge from a complex set of forces on both the supply and demand sides of the economy. Redistribution of income and production across industries (typically from those producing traded goods to those producing nontraded goods) and groups within the labor force (typically from unskilled to skilled), as well as adverse shifts in “macro” prices such as real wage, interest, and exchange rates are part of the process. This degree of complexity and most of the unfavorable effects of deregulation were not anticipated, and are only now being widely recognized. The implication is that the liberalization strategy needs to be rethought. The contributors include policy recommendations for often‐overlooked problems and challenges posed by globalization.Less
Reports on the effects of the fundamental economic policy shift in transition and developing countries after the mid‐1980s. Since that time, the “external liberalization” of international trade and finance has been among the principal forces for increasing global integration. This wave of deregulation was the central feature of globalization for the non‐industrialized world. The chapters in this book look at the experiences of nine countries – Argentina, Columbia, Cuba, India, Mexico, Russia, South Korea, Turkey, and Zimbabwe – and the often‐negative effects that liberalization has had on them. At best, the liberalization packages generated modest improvements in economic growth and distributional equity; at worst, they have been associated with increasing income inequality and slower growth, even in the presence of rising capital inflows. The country studies suggest that the effects of liberalization on growth, employment, and income distribution emerge from a complex set of forces on both the supply and demand sides of the economy. Redistribution of income and production across industries (typically from those producing traded goods to those producing nontraded goods) and groups within the labor force (typically from unskilled to skilled), as well as adverse shifts in “macro” prices such as real wage, interest, and exchange rates are part of the process. This degree of complexity and most of the unfavorable effects of deregulation were not anticipated, and are only now being widely recognized. The implication is that the liberalization strategy needs to be rethought. The contributors include policy recommendations for often‐overlooked problems and challenges posed by globalization.
Donald Markwell
- Published in print:
- 2006
- Published Online:
- January 2007
- ISBN:
- 9780198292364
- eISBN:
- 9780191715525
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198292364.003.0006
- Subject:
- Political Science, International Relations and Politics
From July 1940 until his death in April 1946, Keynes returned to the Treasury to work on wartime and post-war issues, including several visits to the USA between 1941 and 1946. Keynes contributed to ...
More
From July 1940 until his death in April 1946, Keynes returned to the Treasury to work on wartime and post-war issues, including several visits to the USA between 1941 and 1946. Keynes contributed to the plans made for the post-war international order in three principal ways. First, he played a leading role in the creation of the Bretton Woods institutions: the International Monetary Fund (IMF) to maintain stable but adjustable exchange rates and facilitate balance of payments adjustment, and the International Bank for Reconstruction and Development (IBRD, or World Bank). Second, he negotiated the settlement of Britain’s Lend-Lease obligation to the USA, and a US loan to help Britain through its immediate post-war balance of payments difficulties. Third, he played a role in Anglo-American discussions resulting in publication of US proposals on trade and employment at the same time as the loan in December 1945. Arising from negotiations, these measures embodied, albeit imperfectly, Keynes’s liberal vision for the post-war international economy, especially his desire to lay an economic basis for a durable peace through ‘international government in economic affairs’ based on Anglo-American cooperation.Less
From July 1940 until his death in April 1946, Keynes returned to the Treasury to work on wartime and post-war issues, including several visits to the USA between 1941 and 1946. Keynes contributed to the plans made for the post-war international order in three principal ways. First, he played a leading role in the creation of the Bretton Woods institutions: the International Monetary Fund (IMF) to maintain stable but adjustable exchange rates and facilitate balance of payments adjustment, and the International Bank for Reconstruction and Development (IBRD, or World Bank). Second, he negotiated the settlement of Britain’s Lend-Lease obligation to the USA, and a US loan to help Britain through its immediate post-war balance of payments difficulties. Third, he played a role in Anglo-American discussions resulting in publication of US proposals on trade and employment at the same time as the loan in December 1945. Arising from negotiations, these measures embodied, albeit imperfectly, Keynes’s liberal vision for the post-war international economy, especially his desire to lay an economic basis for a durable peace through ‘international government in economic affairs’ based on Anglo-American cooperation.
Alexander Segovia
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199291922
- eISBN:
- 9780191603716
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199291926.003.0020
- Subject:
- Political Science, International Relations and Politics
One of the least studied aspects of programs of reparation, both in theory and in practice, is financing. This is odd given the fact that mobilizing resources, both domestic and foreign, is ...
More
One of the least studied aspects of programs of reparation, both in theory and in practice, is financing. This is odd given the fact that mobilizing resources, both domestic and foreign, is politically one of the most difficult tasks any society can undertake. This paper centers on the subject of financing reparation programs and attempts to answer the following questions: Which factors play a role in the process of mobilizing domestic and foreign resources to finance reparations? Is financing solely a technical-economic problem, or does it involve political, social, and cultural factors? Why do governments prefer financing social programs instead of programs of reparation? How do the proposals made by truth commissions regarding financing affect the viability of programs of reparation? Which factors explain the efficacy of financing models of reparation programs? In order to address these questions, the paper has been divided into three main sections. In the first, programs of reparation are analyzed from the perspective of political economy, which means that both economic and non-economic factors that influence the mobilization of domestic and foreign resources by a transitional society are taken into consideration. The second section focuses on international experiences in the area of financing programs of reparation, with the purpose of extracting some lessons. The third section presents the main conclusions of the study.Less
One of the least studied aspects of programs of reparation, both in theory and in practice, is financing. This is odd given the fact that mobilizing resources, both domestic and foreign, is politically one of the most difficult tasks any society can undertake. This paper centers on the subject of financing reparation programs and attempts to answer the following questions: Which factors play a role in the process of mobilizing domestic and foreign resources to finance reparations? Is financing solely a technical-economic problem, or does it involve political, social, and cultural factors? Why do governments prefer financing social programs instead of programs of reparation? How do the proposals made by truth commissions regarding financing affect the viability of programs of reparation? Which factors explain the efficacy of financing models of reparation programs? In order to address these questions, the paper has been divided into three main sections. In the first, programs of reparation are analyzed from the perspective of political economy, which means that both economic and non-economic factors that influence the mobilization of domestic and foreign resources by a transitional society are taken into consideration. The second section focuses on international experiences in the area of financing programs of reparation, with the purpose of extracting some lessons. The third section presents the main conclusions of the study.
Donald Markwell
- Published in print:
- 2006
- Published Online:
- January 2007
- ISBN:
- 9780198292364
- eISBN:
- 9780191715525
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198292364.003.0002
- Subject:
- Political Science, International Relations and Politics
Keynes was, in a phrase he frequently used, brought up to accept certain ideas that were central to the classical liberalism of the late 19th and early 20th centuries. He worked in the British ...
More
Keynes was, in a phrase he frequently used, brought up to accept certain ideas that were central to the classical liberalism of the late 19th and early 20th centuries. He worked in the British Treasury during the First World War to finance a war effort towards which he was increasingly hostile. He also contributed during and immediately after the war to British government thinking about how to treat the defeated enemy. But his ideas on this faced fierce resistance. This chapter traces the evolution of Keynes’s thinking on these and other issues to the end of 1918. It outlines aspects of Keynes’s thought on international issues before the First World War, especially how he was brought up to believe that free trade promoted peace; and his attitudes toward the Empire and population pressure; his approach to the First World War, conscription, and war finance; and the evolution of his thought on reparations to the end of 1918.Less
Keynes was, in a phrase he frequently used, brought up to accept certain ideas that were central to the classical liberalism of the late 19th and early 20th centuries. He worked in the British Treasury during the First World War to finance a war effort towards which he was increasingly hostile. He also contributed during and immediately after the war to British government thinking about how to treat the defeated enemy. But his ideas on this faced fierce resistance. This chapter traces the evolution of Keynes’s thinking on these and other issues to the end of 1918. It outlines aspects of Keynes’s thought on international issues before the First World War, especially how he was brought up to believe that free trade promoted peace; and his attitudes toward the Empire and population pressure; his approach to the First World War, conscription, and war finance; and the evolution of his thought on reparations to the end of 1918.
Andrei Shleifer
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780198292272
- eISBN:
- 9780191596933
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198292279.001.0001
- Subject:
- Economics and Finance, Financial Economics
This book describes an approach, alternative to the theory of efficient markets, to the study of financial markets: behavioural finance. It begins by assessing the efficient market hypothesis, ...
More
This book describes an approach, alternative to the theory of efficient markets, to the study of financial markets: behavioural finance. It begins by assessing the efficient market hypothesis, emphasising how some of its foundations are contradicted by psychological and institutional evidence. It then introduces the theory of behavioural finance and devotes the rest of the book to explore its main aspects, concentrating on the role and characteristics of noise traders, arbitrageurs, and investors. Chapters 2 through 4 focus on the limits imposed on arbitrage by factors such as risk aversion or agency problems. Two crucial conclusions are reached. First, plausible theories of arbitrage do not lead to the prediction that markets are efficient—quite the opposite. Second, the recognition that arbitrage is limited, even without specific assumptions about investor sentiment, generates new empirically testable predictions, some of which have been confirmed in the data. Chapters 5 and 6 centre on how investor sentiments are built, emphasising some empirical violations to the idea of efficient markets such as price bubbles. The book concludes suggesting that the theory of behavioural finance is indeed more effective that the efficient market theory in explaining some financial evidence.Less
This book describes an approach, alternative to the theory of efficient markets, to the study of financial markets: behavioural finance. It begins by assessing the efficient market hypothesis, emphasising how some of its foundations are contradicted by psychological and institutional evidence. It then introduces the theory of behavioural finance and devotes the rest of the book to explore its main aspects, concentrating on the role and characteristics of noise traders, arbitrageurs, and investors. Chapters 2 through 4 focus on the limits imposed on arbitrage by factors such as risk aversion or agency problems. Two crucial conclusions are reached. First, plausible theories of arbitrage do not lead to the prediction that markets are efficient—quite the opposite. Second, the recognition that arbitrage is limited, even without specific assumptions about investor sentiment, generates new empirically testable predictions, some of which have been confirmed in the data. Chapters 5 and 6 centre on how investor sentiments are built, emphasising some empirical violations to the idea of efficient markets such as price bubbles. The book concludes suggesting that the theory of behavioural finance is indeed more effective that the efficient market theory in explaining some financial evidence.
Jianjun Li and Sara Hsu (eds)
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780195380644
- eISBN:
- 9780199869329
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195380644.001.0001
- Subject:
- Economics and Finance, International, South and East Asia
Informal finance consists of non-bank financing activities, whether conducted through family and friends, local money houses, or other types of financial associations. Informal finance has provided ...
More
Informal finance consists of non-bank financing activities, whether conducted through family and friends, local money houses, or other types of financial associations. Informal finance has provided much-needed financing to small and medium enterprises (SMEs) in particular, in the face of a tightly constrained, overburdened formal banking system. Unable to obtain a bank loan, firms have relied upon individuals and informal organizations outside of the banking system in order to obtain financing for their ventures. Informal finance has played a critical role in China's economic boom of the last thirty years. This book describes the evolution, characteristics, and variation of informal finance in China, from American and Chinese perspectives. Literature by Jiang Shuxia, Jiang Xuzhao, and Li Jianjun has heretofore been available only in Chinese, while work by Kellee Tsai, Jianwen Liao, Harold Welsch, David Pistrui, and Sara Hsu has been available in English. For the first time, they come together to discuss informal financing and its many aspects. Much of the work stems from detailed surveys conducted locally, since this type of data is not normally collected by the government. Informal finance is a local and personal activity, but it also affects the macroeconomy; particularly in China, where it is pervasive.Less
Informal finance consists of non-bank financing activities, whether conducted through family and friends, local money houses, or other types of financial associations. Informal finance has provided much-needed financing to small and medium enterprises (SMEs) in particular, in the face of a tightly constrained, overburdened formal banking system. Unable to obtain a bank loan, firms have relied upon individuals and informal organizations outside of the banking system in order to obtain financing for their ventures. Informal finance has played a critical role in China's economic boom of the last thirty years. This book describes the evolution, characteristics, and variation of informal finance in China, from American and Chinese perspectives. Literature by Jiang Shuxia, Jiang Xuzhao, and Li Jianjun has heretofore been available only in Chinese, while work by Kellee Tsai, Jianwen Liao, Harold Welsch, David Pistrui, and Sara Hsu has been available in English. For the first time, they come together to discuss informal financing and its many aspects. Much of the work stems from detailed surveys conducted locally, since this type of data is not normally collected by the government. Informal finance is a local and personal activity, but it also affects the macroeconomy; particularly in China, where it is pervasive.
Christopher Balding
- Published in print:
- 2012
- Published Online:
- May 2012
- ISBN:
- 9780199842902
- eISBN:
- 9780199932498
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199842902.001.0001
- Subject:
- Economics and Finance, Financial Economics
Sovereign wealth funds are a dynamic and sizeable force in international finance. There is surprisingly little information about their history, economics, investments, and politics. This book seeks ...
More
Sovereign wealth funds are a dynamic and sizeable force in international finance. There is surprisingly little information about their history, economics, investments, and politics. This book seeks to provide a better understanding of sovereign wealth funds beginning with their history and their evolution from small stabilization funds into major institutional investors. Then the book turns to the economics and finance of sovereign wealth funds seeking to understand the unique challenges facing states that establish sovereign wealth funds and how well they accomplish their task of stabilizing small oil dependent states and managing surplus capital reserves. Despite the focus on the potential for sovereign wealth funds to leverage their financial capital into foreign policy influence, the political ramifications of concentrated public wealth is demonstrated through distorted local economies and stunted domestic politics. Using a variety of case studies from major and unique sovereign wealth fund states coupled with an analysis of their historical, economic, and financial framework, this books lays out a framework of the challenges facing sovereign wealth funds and their founding states.Less
Sovereign wealth funds are a dynamic and sizeable force in international finance. There is surprisingly little information about their history, economics, investments, and politics. This book seeks to provide a better understanding of sovereign wealth funds beginning with their history and their evolution from small stabilization funds into major institutional investors. Then the book turns to the economics and finance of sovereign wealth funds seeking to understand the unique challenges facing states that establish sovereign wealth funds and how well they accomplish their task of stabilizing small oil dependent states and managing surplus capital reserves. Despite the focus on the potential for sovereign wealth funds to leverage their financial capital into foreign policy influence, the political ramifications of concentrated public wealth is demonstrated through distorted local economies and stunted domestic politics. Using a variety of case studies from major and unique sovereign wealth fund states coupled with an analysis of their historical, economic, and financial framework, this books lays out a framework of the challenges facing sovereign wealth funds and their founding states.
John Kay
- Published in print:
- 1996
- Published Online:
- November 2003
- ISBN:
- 9780198292227
- eISBN:
- 9780191596520
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198292228.003.0009
- Subject:
- Economics and Finance, Microeconomics
Discussing the irrelevance of corporate finance to firm valuation, this chapter provides support for the assertion that the profitability of a business can only be the result of its underlying ...
More
Discussing the irrelevance of corporate finance to firm valuation, this chapter provides support for the assertion that the profitability of a business can only be the result of its underlying competitive advantage.Less
Discussing the irrelevance of corporate finance to firm valuation, this chapter provides support for the assertion that the profitability of a business can only be the result of its underlying competitive advantage.
Hans Degryse, Moshe Kim, and Steven Ongena
- Published in print:
- 2009
- Published Online:
- October 2011
- ISBN:
- 9780195340471
- eISBN:
- 9780199852406
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195340471.003.0010
- Subject:
- Economics and Finance, Microeconomics
This chapter concludes the study by summarizing the existing evidence and by providing a list of topics for further research. The list includes issues, such as the effect of the two-stage “purchasing ...
More
This chapter concludes the study by summarizing the existing evidence and by providing a list of topics for further research. The list includes issues, such as the effect of the two-stage “purchasing process” in credit markets on the estimated relationships; the development of loan conditions throughout the life-cycle of the bank; bank organization and its impact on competition; the geography of bank financing; the impact of technology on bank organization, banking geography, and banking activities; the role banks play in the development of emerging economies; the effects of monetary policy on bank behavior; the impact of the development of the regulatory and wider institutional framework on competition and bank rents; the interrelationships between social capital, trust, and the functioning of financial markets; and the causes of the banking crisis that started in August 2007 and the consequences on the development of banking products and banking in general.Less
This chapter concludes the study by summarizing the existing evidence and by providing a list of topics for further research. The list includes issues, such as the effect of the two-stage “purchasing process” in credit markets on the estimated relationships; the development of loan conditions throughout the life-cycle of the bank; bank organization and its impact on competition; the geography of bank financing; the impact of technology on bank organization, banking geography, and banking activities; the role banks play in the development of emerging economies; the effects of monetary policy on bank behavior; the impact of the development of the regulatory and wider institutional framework on competition and bank rents; the interrelationships between social capital, trust, and the functioning of financial markets; and the causes of the banking crisis that started in August 2007 and the consequences on the development of banking products and banking in general.
Tomas Björk
- Published in print:
- 2004
- Published Online:
- October 2005
- ISBN:
- 9780199271269
- eISBN:
- 9780191602849
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199271267.003.0006
- Subject:
- Economics and Finance, Financial Economics
This chapter derives the dynamics of (the value of) a so-called self-financing portfolio; the price dynamics of various assets (e.g. stocks, bonds, financial derivatives) is considered as a given. A ...
More
This chapter derives the dynamics of (the value of) a so-called self-financing portfolio; the price dynamics of various assets (e.g. stocks, bonds, financial derivatives) is considered as a given. A model is first studied in discrete time. The length of time is then tended to zero to obtain the continuous time analogs. A practice exercise is included.Less
This chapter derives the dynamics of (the value of) a so-called self-financing portfolio; the price dynamics of various assets (e.g. stocks, bonds, financial derivatives) is considered as a given. A model is first studied in discrete time. The length of time is then tended to zero to obtain the continuous time analogs. A practice exercise is included.
Gregory C. Chow
- Published in print:
- 1997
- Published Online:
- October 2011
- ISBN:
- 9780195101928
- eISBN:
- 9780199855032
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195101928.001.0001
- Subject:
- Economics and Finance, Financial Economics
This work provides a unified and simple treatment of dynamic economics using dynamic optimization as the main theme, and the method of Lagrange multipliers to solve dynamic economic problems. The ...
More
This work provides a unified and simple treatment of dynamic economics using dynamic optimization as the main theme, and the method of Lagrange multipliers to solve dynamic economic problems. The book presents the optimization framework for dynamic economics to foster an understanding of the approach. Instead of using dynamic programming, the book chooses instead to use the method of Lagrange multipliers in the analysis of dynamic optimization because it is easier and more efficient than dynamic programming, and gives an understanding of the substance of dynamic economics better. The book treats a number of topics in economics, including economic growth, macroeconomics, microeconomics, finance, and dynamic games. It also teaches by examples, using concepts to solve simple problems; it then moves to general propositions.Less
This work provides a unified and simple treatment of dynamic economics using dynamic optimization as the main theme, and the method of Lagrange multipliers to solve dynamic economic problems. The book presents the optimization framework for dynamic economics to foster an understanding of the approach. Instead of using dynamic programming, the book chooses instead to use the method of Lagrange multipliers in the analysis of dynamic optimization because it is easier and more efficient than dynamic programming, and gives an understanding of the substance of dynamic economics better. The book treats a number of topics in economics, including economic growth, macroeconomics, microeconomics, finance, and dynamic games. It also teaches by examples, using concepts to solve simple problems; it then moves to general propositions.
Max. M Edling
- Published in print:
- 2003
- Published Online:
- January 2005
- ISBN:
- 9780195148701
- eISBN:
- 9780199835096
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195148703.003.0014
- Subject:
- Political Science, American Politics
Shows how the Federalists responded to the Antifederalist objections to a stronger national government in the “fiscal‐military” sphere, thereby creating an understanding of the kind of state that was ...
More
Shows how the Federalists responded to the Antifederalist objections to a stronger national government in the “fiscal‐military” sphere, thereby creating an understanding of the kind of state that was proper to American conditions. In the debate over ratification of the US Constitution there was little discussion about the exact way in which the Federalists intended to organize the revenue administration, but nevertheless, it is the argument of this chapter that with the important exception of the assumption of the state debts, the general outline of Hamiltonian public finance was in place in 1787, and widely shared by the supporters of the Constitution. Thus, the idea that the least oppressive tax was also the most productive, the claim that adoption of the Constitution would mean a change in the structure of taxation from direct to indirect taxes and a reliance on the impost (customs duties), and the ideal of the federal government as a “waterfront state” hardly noticed by the people, were all among the most important points made in Federalist rhetoric on the fiscal powers of the Constitution. In the ratifying debate, the Federalists presented a solution to the equation of how to create a sufficiently powerful government without making unacceptable demands on society: the federal government had the right to mobilize the full resources of society at will, but in peacetime it would keep a very low profile while assuming the payment of the union's debts and the cost of defense using money raised by taxation. This federal assumption of expenses that had earlier been carried by the states, and the mode of raising the taxes to pay for it ensured that overall taxation would not increase, as the Antifederalists claimed, but would become less burdensome to the majority of the people.Less
Shows how the Federalists responded to the Antifederalist objections to a stronger national government in the “fiscal‐military” sphere, thereby creating an understanding of the kind of state that was proper to American conditions. In the debate over ratification of the US Constitution there was little discussion about the exact way in which the Federalists intended to organize the revenue administration, but nevertheless, it is the argument of this chapter that with the important exception of the assumption of the state debts, the general outline of Hamiltonian public finance was in place in 1787, and widely shared by the supporters of the Constitution. Thus, the idea that the least oppressive tax was also the most productive, the claim that adoption of the Constitution would mean a change in the structure of taxation from direct to indirect taxes and a reliance on the impost (customs duties), and the ideal of the federal government as a “waterfront state” hardly noticed by the people, were all among the most important points made in Federalist rhetoric on the fiscal powers of the Constitution. In the ratifying debate, the Federalists presented a solution to the equation of how to create a sufficiently powerful government without making unacceptable demands on society: the federal government had the right to mobilize the full resources of society at will, but in peacetime it would keep a very low profile while assuming the payment of the union's debts and the cost of defense using money raised by taxation. This federal assumption of expenses that had earlier been carried by the states, and the mode of raising the taxes to pay for it ensured that overall taxation would not increase, as the Antifederalists claimed, but would become less burdensome to the majority of the people.
Lorenzo Preve and Virginia Sarria-Allende
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199737413
- eISBN:
- 9780199775637
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199737413.001.0001
- Subject:
- Economics and Finance, Financial Economics
Working capital management is one of the most important topics in corporate finance: it relates to the operating investment of a firm and the way managers choose to finance it. This topic, mostly ...
More
Working capital management is one of the most important topics in corporate finance: it relates to the operating investment of a firm and the way managers choose to finance it. This topic, mostly ignored by academics for years, is now gaining importance as we realize that financial markets are not as efficient as they were assumed to be, especially as firms expand outside the developed economies. This book provides a general framework that helps to understand working capital in a comprehensive approach, linking operating decisions to their financial implications and to the overall business strategy.Less
Working capital management is one of the most important topics in corporate finance: it relates to the operating investment of a firm and the way managers choose to finance it. This topic, mostly ignored by academics for years, is now gaining importance as we realize that financial markets are not as efficient as they were assumed to be, especially as firms expand outside the developed economies. This book provides a general framework that helps to understand working capital in a comprehensive approach, linking operating decisions to their financial implications and to the overall business strategy.
Paul Stoneman
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199572489
- eISBN:
- 9780191722257
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199572489.003.0012
- Subject:
- Business and Management, Innovation
This chapter considers policy issues. Given the potential benefits of soft innovation it is natural to consider whether government can speed up or extend such activity. However, this is not ...
More
This chapter considers policy issues. Given the potential benefits of soft innovation it is natural to consider whether government can speed up or extend such activity. However, this is not necessarily welfare desirable. The real issue concerns whether markets will or will not, unaided, produce the welfare optimal outcome. The literature considered shows that this question cannot be answered irrefutably in either direction. Market failure is thus not a strong ground on which to base policy intervention. Alternatively, international comparisons of soft innovation performance may be used by governments as a basis for policy. The chapter shows that the UK is not the international leader in soft innovation. Looking at returns to the Community Innovation Survey provides some insight into barriers to innovations and may be argued to support certain policy interventions. There is also only limited evidence on the potential effectiveness of policies.Less
This chapter considers policy issues. Given the potential benefits of soft innovation it is natural to consider whether government can speed up or extend such activity. However, this is not necessarily welfare desirable. The real issue concerns whether markets will or will not, unaided, produce the welfare optimal outcome. The literature considered shows that this question cannot be answered irrefutably in either direction. Market failure is thus not a strong ground on which to base policy intervention. Alternatively, international comparisons of soft innovation performance may be used by governments as a basis for policy. The chapter shows that the UK is not the international leader in soft innovation. Looking at returns to the Community Innovation Survey provides some insight into barriers to innovations and may be argued to support certain policy interventions. There is also only limited evidence on the potential effectiveness of policies.
Paul Stoneman
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199572489
- eISBN:
- 9780191722257
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199572489.003.0009
- Subject:
- Business and Management, Innovation
This chapter addresses issues relating to risk and uncertainty, and particularly the choice between corporate innovation strategies of small numbers nurturing and letting a thousand flowers bloom. ...
More
This chapter addresses issues relating to risk and uncertainty, and particularly the choice between corporate innovation strategies of small numbers nurturing and letting a thousand flowers bloom. The financing of innovation is also discussed.Less
This chapter addresses issues relating to risk and uncertainty, and particularly the choice between corporate innovation strategies of small numbers nurturing and letting a thousand flowers bloom. The financing of innovation is also discussed.
Tetsuro Toya and Jennifer Amyx
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199292394
- eISBN:
- 9780191603525
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199292396.003.0003
- Subject:
- Economics and Finance, South and East Asia
This chapter has two main objectives. First, it introduces the theoretical frameworks of institutional change and organizational survival to be utilized in later chapters to make sense of the ...
More
This chapter has two main objectives. First, it introduces the theoretical frameworks of institutional change and organizational survival to be utilized in later chapters to make sense of the development in financial politics. Second, it constructs possible scenarios regarding financial reforms by identifying the actors and deriving their preferences based on observed behavioral regularities. It shows how the starting assumption — that organizations seek survival — applies more broadly to actors in the political economy. These actors include political parties, bureaucratic agencies, firms, and interest groups. Through this process, the institutions in Japanese finance (the Convoy) and public policymaking (bureaupluralism) that prevailed until the first half of the 1990s are identified.Less
This chapter has two main objectives. First, it introduces the theoretical frameworks of institutional change and organizational survival to be utilized in later chapters to make sense of the development in financial politics. Second, it constructs possible scenarios regarding financial reforms by identifying the actors and deriving their preferences based on observed behavioral regularities. It shows how the starting assumption — that organizations seek survival — applies more broadly to actors in the political economy. These actors include political parties, bureaucratic agencies, firms, and interest groups. Through this process, the institutions in Japanese finance (the Convoy) and public policymaking (bureaupluralism) that prevailed until the first half of the 1990s are identified.
Paolo Mauro, Nathan Sussman, and Yishay Yafeh
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199272693
- eISBN:
- 9780191603488
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199272697.003.0007
- Subject:
- Economics and Finance, Financial Economics
This chapter analyzes the operations of the Corporation of Foreign Bondholders (CFB) — an association of British investors holding bonds issued by foreign governments — between 1870 and 1913. It ...
More
This chapter analyzes the operations of the Corporation of Foreign Bondholders (CFB) — an association of British investors holding bonds issued by foreign governments — between 1870 and 1913. It describes the coordination among creditors fostered by the CFB and evaluates its successes and failures. It is shown that a revamped creditor association might facilitate creditor coordination today and facilitate sovereign debt crisis resolution. The CFB may have had an easier time than a comparable body would have today.Less
This chapter analyzes the operations of the Corporation of Foreign Bondholders (CFB) — an association of British investors holding bonds issued by foreign governments — between 1870 and 1913. It describes the coordination among creditors fostered by the CFB and evaluates its successes and failures. It is shown that a revamped creditor association might facilitate creditor coordination today and facilitate sovereign debt crisis resolution. The CFB may have had an easier time than a comparable body would have today.
W. M. Jacob
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780199213009
- eISBN:
- 9780191707179
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199213009.001.0001
- Subject:
- Religion, Church History
This book focuses upon the clergy of the established Church in England and Wales as a professional group, and investigates their role in their parishes and society during the ‘long 18th century’ ...
More
This book focuses upon the clergy of the established Church in England and Wales as a professional group, and investigates their role in their parishes and society during the ‘long 18th century’ between 1680 and 1840. It concentrates on the ‘lower clergy’, that is parish clergy, and their role within the broader social context of later Stuart and Georgian society. It considers the nature of professions during the period, and examines the social backgrounds; recruitment and selection; education, at school and university or otherwise; career development; and finances of the clergy. It also investigates what they actually did in their parishes in terms of conducting worship, exercising pastoral care, and providing education in the Christian faith, and their relations with the people amongst whom they lived and worked. It takes account of changing expectations during the period, especially the pressure for, and steps towards, ‘reform’ from the 1780s onwards, and, where possible, offers comparisons with people in other professions, especially doctors, lawyers, and ministers of dissenting churches. It also considers the evidence of the accountability and acceptability of the clergy to their congregations, and the extent of anticlericalism, and the means by which they were supervised by bishops and their officers. The clergy emerge as the most carefully recruited and educated of the ‘learned professions’ with a strong supervisory role exercised by bishops, in relation to a generally responsive but not uncritical or subservient laity. The book effectively challenges the received view that the majority of the clergy were inappropriately educated, poverty-stricken, and inattentive to their canonical duties.Less
This book focuses upon the clergy of the established Church in England and Wales as a professional group, and investigates their role in their parishes and society during the ‘long 18th century’ between 1680 and 1840. It concentrates on the ‘lower clergy’, that is parish clergy, and their role within the broader social context of later Stuart and Georgian society. It considers the nature of professions during the period, and examines the social backgrounds; recruitment and selection; education, at school and university or otherwise; career development; and finances of the clergy. It also investigates what they actually did in their parishes in terms of conducting worship, exercising pastoral care, and providing education in the Christian faith, and their relations with the people amongst whom they lived and worked. It takes account of changing expectations during the period, especially the pressure for, and steps towards, ‘reform’ from the 1780s onwards, and, where possible, offers comparisons with people in other professions, especially doctors, lawyers, and ministers of dissenting churches. It also considers the evidence of the accountability and acceptability of the clergy to their congregations, and the extent of anticlericalism, and the means by which they were supervised by bishops and their officers. The clergy emerge as the most carefully recruited and educated of the ‘learned professions’ with a strong supervisory role exercised by bishops, in relation to a generally responsive but not uncritical or subservient laity. The book effectively challenges the received view that the majority of the clergy were inappropriately educated, poverty-stricken, and inattentive to their canonical duties.
J. E. Stiglitz
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780195168006
- eISBN:
- 9780199783458
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195168003.003.0008
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter looks at the ethical aspects of globalization during the 1990s. It argues that in the way that they have sought to shape globalization, the advanced industrial countries and some of the ...
More
This chapter looks at the ethical aspects of globalization during the 1990s. It argues that in the way that they have sought to shape globalization, the advanced industrial countries and some of the multilateral institutions that they control have violated some basic ethical norms. Three central issues in the context of global finance are analyzed: the design of debt contracts between developed and developing countries and other aspects of lending behavior; the consequences of excessive debt; and broader issues associated with the global reserve system. Three types of ethical problems are discussed: (1) where markets (or international institutions) take advantage of their “power” and the weaknesses of the developing country to pursue their own interests at the expense of or risk to those in the developing countries; (2) where international financial institutions provide advice that works to the disadvantage of the developing countries; and (3) where the markets, and especially the international financial institutions, have not done as much as they could for the well-being of the developed countries.Less
This chapter looks at the ethical aspects of globalization during the 1990s. It argues that in the way that they have sought to shape globalization, the advanced industrial countries and some of the multilateral institutions that they control have violated some basic ethical norms. Three central issues in the context of global finance are analyzed: the design of debt contracts between developed and developing countries and other aspects of lending behavior; the consequences of excessive debt; and broader issues associated with the global reserve system. Three types of ethical problems are discussed: (1) where markets (or international institutions) take advantage of their “power” and the weaknesses of the developing country to pursue their own interests at the expense of or risk to those in the developing countries; (2) where international financial institutions provide advice that works to the disadvantage of the developing countries; and (3) where the markets, and especially the international financial institutions, have not done as much as they could for the well-being of the developed countries.
