EMILIOS AVGOULEAS
- Published in print:
- 2005
- Published Online:
- January 2010
- ISBN:
- 9780199244522
- eISBN:
- 9780191715105
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199244522.003.0001
- Subject:
- Law, Competition Law
The history of financial markets is full of epic gains and colossal catastrophes that leave devastating financial hardship behind. Market abuse is one of the main causes of such market anomalies and ...
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The history of financial markets is full of epic gains and colossal catastrophes that leave devastating financial hardship behind. Market abuse is one of the main causes of such market anomalies and of large-scale frauds. This book examines the mechanics of insider dealing and market manipulation and the rationales underlying their regulation. The book uses traditional legal analysis in the discussion of legal and regulatory rules dealing with market abuse. At the same time, it employs some of the assumptions of economic analysis to evaluate the effectiveness of market abuse regulations in the United Kingdom and the rest of the European Union (EU). The advent of the new European Community regulation for financial markets enables the researcher to deal with the EU regime for market abuse in a unitary fashion without engaging in a detailed study of applicable rules in each Member State.Less
The history of financial markets is full of epic gains and colossal catastrophes that leave devastating financial hardship behind. Market abuse is one of the main causes of such market anomalies and of large-scale frauds. This book examines the mechanics of insider dealing and market manipulation and the rationales underlying their regulation. The book uses traditional legal analysis in the discussion of legal and regulatory rules dealing with market abuse. At the same time, it employs some of the assumptions of economic analysis to evaluate the effectiveness of market abuse regulations in the United Kingdom and the rest of the European Union (EU). The advent of the new European Community regulation for financial markets enables the researcher to deal with the EU regime for market abuse in a unitary fashion without engaging in a detailed study of applicable rules in each Member State.
Mark Metzler
- Published in print:
- 2006
- Published Online:
- March 2012
- ISBN:
- 9780520244207
- eISBN:
- 9780520931794
- Item type:
- book
- Publisher:
- University of California Press
- DOI:
- 10.1525/california/9780520244207.001.0001
- Subject:
- History, Asian History
This book, an account of Japan's financial history and the Japanese gold standard in the pivotal years before World War II, provides a new perspective on the global political dynamics of the era by ...
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This book, an account of Japan's financial history and the Japanese gold standard in the pivotal years before World War II, provides a new perspective on the global political dynamics of the era by placing Japan, rather than Europe, at the center of the story. Focusing on the fall of liberalism in Japan in late 1931 and the global politics of money that were at the center of the crisis, the book asks why successive Japanese governments from 1920 to 1931 carried out policies that deliberately induced deflation and depression. Its search for answers stretches from Edo to London to the ragged borderlands of the Japanese empire and from the eighteenth century to the 1950s, integrating political and monetary analysis to shed light on the complex dynamics of money, empire, and global hegemony. The book's detailed and wide ranging account illuminates a range of issues including Japan's involvement in the economic dynamics that shook interwar Europe, the character of U.S. isolationism, and the rise of fascism as an international phenomenon.Less
This book, an account of Japan's financial history and the Japanese gold standard in the pivotal years before World War II, provides a new perspective on the global political dynamics of the era by placing Japan, rather than Europe, at the center of the story. Focusing on the fall of liberalism in Japan in late 1931 and the global politics of money that were at the center of the crisis, the book asks why successive Japanese governments from 1920 to 1931 carried out policies that deliberately induced deflation and depression. Its search for answers stretches from Edo to London to the ragged borderlands of the Japanese empire and from the eighteenth century to the 1950s, integrating political and monetary analysis to shed light on the complex dynamics of money, empire, and global hegemony. The book's detailed and wide ranging account illuminates a range of issues including Japan's involvement in the economic dynamics that shook interwar Europe, the character of U.S. isolationism, and the rise of fascism as an international phenomenon.
David A. Moss
- Published in print:
- 2011
- Published Online:
- August 2013
- ISBN:
- 9780262015615
- eISBN:
- 9780262295789
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262015615.003.0008
- Subject:
- Economics and Finance, Economic Systems
This chapter first takes into account the history of financial crises in America, citing financial crises as a regular and often debilitating feature of American life. The lack of a crisis for about ...
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This chapter first takes into account the history of financial crises in America, citing financial crises as a regular and often debilitating feature of American life. The lack of a crisis for about 50 years, here, is attributed to the federal government’s active role in managing financial risk. This is a role which began to blossom in 1933 with the passage of the Glass-Steagall Act, which introduced federal deposit insurance, expanded federal supervision of banks, and separated commercial banking from investment banking. Critics of the Glass-Steagall Act, however, cited problems that could have arisen, such as the undermining of the nation’s financial system, or the encouragement of excessive risk taking or “moral hazard.” In the end, private financial institutions and markets cannot always be relied upon to manage risk effectively on their own. As a result, the best way to address the issue is through the identification and systematic regulation of significant financial institutions on an ongoing basis.Less
This chapter first takes into account the history of financial crises in America, citing financial crises as a regular and often debilitating feature of American life. The lack of a crisis for about 50 years, here, is attributed to the federal government’s active role in managing financial risk. This is a role which began to blossom in 1933 with the passage of the Glass-Steagall Act, which introduced federal deposit insurance, expanded federal supervision of banks, and separated commercial banking from investment banking. Critics of the Glass-Steagall Act, however, cited problems that could have arisen, such as the undermining of the nation’s financial system, or the encouragement of excessive risk taking or “moral hazard.” In the end, private financial institutions and markets cannot always be relied upon to manage risk effectively on their own. As a result, the best way to address the issue is through the identification and systematic regulation of significant financial institutions on an ongoing basis.
Francisco Vidal Luna and Herbert S. Klein
- Published in print:
- 2018
- Published Online:
- January 2019
- ISBN:
- 9781503602007
- eISBN:
- 9781503604124
- Item type:
- book
- Publisher:
- Stanford University Press
- DOI:
- 10.11126/stanford/9781503602007.001.0001
- Subject:
- History, Latin American History
This volume is the continuation of an earlier study of colonial and imperial São Paulo and covers the period 1850-1950. These volumes are the first full scale survey of the economy and society of the ...
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This volume is the continuation of an earlier study of colonial and imperial São Paulo and covers the period 1850-1950. These volumes are the first full scale survey of the economy and society of the state of São Paulo in this two century period in any language. Today São Paulo is the most populated state of Brazil and also the richest and most industrialized one. It is also the world leader in the production of sugar cane and orange juice and houses one of the world’s major airplane manufacturers. Its GDP today is almost double the size of Portugal or Finland and close to the size of the entire economy of Colombia or Venezuela and its capital city is one of the top five metropolitan centers in the world. This volume shows how the region of São Paulo went from being one of the more marginal and backward areas of the nation to its leading agricultural, industrial and financial center. Special emphasis is given to the creation of a modern state government and finances in the late 19th and early 20th centuries as well as the evolution of tis coffee economy and its internal market as well as its leading role it played in the integration of over two million European and Asian immigrants into Brazilian society.Less
This volume is the continuation of an earlier study of colonial and imperial São Paulo and covers the period 1850-1950. These volumes are the first full scale survey of the economy and society of the state of São Paulo in this two century period in any language. Today São Paulo is the most populated state of Brazil and also the richest and most industrialized one. It is also the world leader in the production of sugar cane and orange juice and houses one of the world’s major airplane manufacturers. Its GDP today is almost double the size of Portugal or Finland and close to the size of the entire economy of Colombia or Venezuela and its capital city is one of the top five metropolitan centers in the world. This volume shows how the region of São Paulo went from being one of the more marginal and backward areas of the nation to its leading agricultural, industrial and financial center. Special emphasis is given to the creation of a modern state government and finances in the late 19th and early 20th centuries as well as the evolution of tis coffee economy and its internal market as well as its leading role it played in the integration of over two million European and Asian immigrants into Brazilian society.
Youssef Cassis, Giuseppe De Luca, and Massimo Florio (eds)
- Published in print:
- 2016
- Published Online:
- January 2016
- ISBN:
- 9780198713418
- eISBN:
- 9780191781841
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198713418.001.0001
- Subject:
- Economics and Finance, Economic History
Although funding infrastructure has always been a challenging issue in any country and at any time, the topic is still largely unexplored. A European history of infrastructure financing over the long ...
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Although funding infrastructure has always been a challenging issue in any country and at any time, the topic is still largely unexplored. A European history of infrastructure financing over the long term does not yet exist, and the purpose of this book is to partially fill that gap. It explores the diverse historical paths pursued in order to solve the problem of infrastructure finance in various European countries, drawing upon the findings of an international and interdisciplinary research project. Economic historians, economists, and engineers grouped together to investigate case studies showing paradigmatic examples and to unravel their specificities across the Old Continent by combining evidence from the literature and untapped sources. The volume is structured into four sections; after an introductory chapter by the editors, the first section offers ‘horizontal’ contributions that encompass the entire history of European infrastructure finance. The other three sections deal with one single sector each, namely water, transport, and telecommunications. The recipients of this investigation are not only economic historians but also all those who deal with infrastructure planning, such as policymakers, economists, and engineers, who have to disentangle complex problems relating to financing issues. They all can draw from these chapters’ original insights and interactions between theory and policy issues. The book shows that one single pattern fitting all does not exist in infrastructure financing, and it invites us to consider history as a research laboratory in which to understand why the economic and financial dogmas of our times are challenged by past experience.Less
Although funding infrastructure has always been a challenging issue in any country and at any time, the topic is still largely unexplored. A European history of infrastructure financing over the long term does not yet exist, and the purpose of this book is to partially fill that gap. It explores the diverse historical paths pursued in order to solve the problem of infrastructure finance in various European countries, drawing upon the findings of an international and interdisciplinary research project. Economic historians, economists, and engineers grouped together to investigate case studies showing paradigmatic examples and to unravel their specificities across the Old Continent by combining evidence from the literature and untapped sources. The volume is structured into four sections; after an introductory chapter by the editors, the first section offers ‘horizontal’ contributions that encompass the entire history of European infrastructure finance. The other three sections deal with one single sector each, namely water, transport, and telecommunications. The recipients of this investigation are not only economic historians but also all those who deal with infrastructure planning, such as policymakers, economists, and engineers, who have to disentangle complex problems relating to financing issues. They all can draw from these chapters’ original insights and interactions between theory and policy issues. The book shows that one single pattern fitting all does not exist in infrastructure financing, and it invites us to consider history as a research laboratory in which to understand why the economic and financial dogmas of our times are challenged by past experience.
Mary A. O’Sullivan
- Published in print:
- 2016
- Published Online:
- November 2016
- ISBN:
- 9780199584444
- eISBN:
- 9780191830266
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199584444.003.0010
- Subject:
- Business and Management, Finance, Accounting, and Banking, International Business
The conclusion returns to the big questions that animate the book, drawing out what it tells about the timing, the operation, and the dynamics of the US securities markets. It argues that seeing the ...
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The conclusion returns to the big questions that animate the book, drawing out what it tells about the timing, the operation, and the dynamics of the US securities markets. It argues that seeing the history of the US securities markets as inextricably rooted in the broader dynamics of the economic history of the United States suggests a different conception of financial history from the dominant one today. In addition, the book shows that the impact of political and other institutions on the evolution of US securities markets was strongly conditioned by the dynamics of the financial and productive sectors of the US economy. Finally, the book suggests that if we want to understand the economic role that securities markets play in the economy, it is essential that we understand them as they actually existed, rather than imagining them as they never were.Less
The conclusion returns to the big questions that animate the book, drawing out what it tells about the timing, the operation, and the dynamics of the US securities markets. It argues that seeing the history of the US securities markets as inextricably rooted in the broader dynamics of the economic history of the United States suggests a different conception of financial history from the dominant one today. In addition, the book shows that the impact of political and other institutions on the evolution of US securities markets was strongly conditioned by the dynamics of the financial and productive sectors of the US economy. Finally, the book suggests that if we want to understand the economic role that securities markets play in the economy, it is essential that we understand them as they actually existed, rather than imagining them as they never were.
Steven Parfitt
- Published in print:
- 2017
- Published Online:
- May 2017
- ISBN:
- 9781781383186
- eISBN:
- 9781786944030
- Item type:
- chapter
- Publisher:
- Liverpool University Press
- DOI:
- 10.5949/liverpool/9781781383186.003.0003
- Subject:
- History, Political History
British and Irish Knights depended on the fortunes of American Knights from beginning to end. This chapter gives a brief sketch of the rise of the British and Irish assemblies, some idea of their ...
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British and Irish Knights depended on the fortunes of American Knights from beginning to end. This chapter gives a brief sketch of the rise of the British and Irish assemblies, some idea of their geographical scope and size, and explores the nature of those international ties and the consequences that flowed from them. British and Irish workers were attracted to the Knights through the American Great Upheaval, the financial help and organisers that Americans sent them, and the steps Knights took to build an international community. Finally, this chapter emphasises the importance of the Irish diaspora in the history of the Knights of Labor as a whole, and its racial and imperial implications for their history.Less
British and Irish Knights depended on the fortunes of American Knights from beginning to end. This chapter gives a brief sketch of the rise of the British and Irish assemblies, some idea of their geographical scope and size, and explores the nature of those international ties and the consequences that flowed from them. British and Irish workers were attracted to the Knights through the American Great Upheaval, the financial help and organisers that Americans sent them, and the steps Knights took to build an international community. Finally, this chapter emphasises the importance of the Irish diaspora in the history of the Knights of Labor as a whole, and its racial and imperial implications for their history.
David Chambers, Elroy Dimson, and Justin Foo
- Published in print:
- 2015
- Published Online:
- September 2015
- ISBN:
- 9780226201832
- eISBN:
- 9780226201979
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226201979.003.0004
- Subject:
- Economics and Finance, Microeconomics
Founded in 1441, King’s College was one of Cambridge University’s wealthiest colleges, endowed with a vast agricultural portfolio. John Maynard Keynes was appointed bursar just after WWI and ...
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Founded in 1441, King’s College was one of Cambridge University’s wealthiest colleges, endowed with a vast agricultural portfolio. John Maynard Keynes was appointed bursar just after WWI and initiated a major reallocation to equities, an innovation at least as radical as the late 20th century commitment to illiquid assets by Harvard and Yale. Keynes initially pursued a market-timing approach to investment with mixed success and failed to anticipate the 1929 market crash. Thereafter, his switch to a patient buy-and-hold strategy allowed him to maintain his commitment to equities in the subsequent market slump, reflecting the natural advantages that accrue to long horizon investors. Keynes’ innovations in endowment asset management, implemented over a dynamic period of capital market development and economic turbulence remain of great relevance to modern investors emerging from the Great Recession.Less
Founded in 1441, King’s College was one of Cambridge University’s wealthiest colleges, endowed with a vast agricultural portfolio. John Maynard Keynes was appointed bursar just after WWI and initiated a major reallocation to equities, an innovation at least as radical as the late 20th century commitment to illiquid assets by Harvard and Yale. Keynes initially pursued a market-timing approach to investment with mixed success and failed to anticipate the 1929 market crash. Thereafter, his switch to a patient buy-and-hold strategy allowed him to maintain his commitment to equities in the subsequent market slump, reflecting the natural advantages that accrue to long horizon investors. Keynes’ innovations in endowment asset management, implemented over a dynamic period of capital market development and economic turbulence remain of great relevance to modern investors emerging from the Great Recession.
Jan Luiten van Zanden, Sarah Carmichael, and Tine De Moor
- Published in print:
- 2019
- Published Online:
- March 2019
- ISBN:
- 9780190847883
- eISBN:
- 9780190847913
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780190847883.001.0001
- Subject:
- Economics and Finance, Economic History, Development, Growth, and Environmental
This book argues that the position of women in late medieval and early modern Europe was relatively strong. This, van Zanden, De Moor, and Carmichael argue, is evident from the fact that marriage was ...
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This book argues that the position of women in late medieval and early modern Europe was relatively strong. This, van Zanden, De Moor, and Carmichael argue, is evident from the fact that marriage was usually based on consensus, implying that women had a clear say in their marriage. The authors analyze the medieval roots of this European Marriage Pattern, demonstrating that it was much stronger in northwestern Europe than in the Mediterranean. That women had considerable agency was one of the factors behind the rise of Europe in the centuries before the Industrial Revolution. This had huge consequences for the average age of marriage (which was very high), fertility (which was restricted by the high age of marriage), human capital formation (resulting in high levels of numeracy and literacy), and labor-force participation by women. However, the authors also explore the negative effects of the European Marriage Pattern, such as the greater vulnerability of these relatively small families, and the large group of single women, subject to external shocks particularly in old age. Special institutions emerged, such as the beguinages, to cope with these pressures. Finally, by comparing these European households with household patterns in the rest of Eurasia, this book puts the European Marriage Pattern into global perspective.Less
This book argues that the position of women in late medieval and early modern Europe was relatively strong. This, van Zanden, De Moor, and Carmichael argue, is evident from the fact that marriage was usually based on consensus, implying that women had a clear say in their marriage. The authors analyze the medieval roots of this European Marriage Pattern, demonstrating that it was much stronger in northwestern Europe than in the Mediterranean. That women had considerable agency was one of the factors behind the rise of Europe in the centuries before the Industrial Revolution. This had huge consequences for the average age of marriage (which was very high), fertility (which was restricted by the high age of marriage), human capital formation (resulting in high levels of numeracy and literacy), and labor-force participation by women. However, the authors also explore the negative effects of the European Marriage Pattern, such as the greater vulnerability of these relatively small families, and the large group of single women, subject to external shocks particularly in old age. Special institutions emerged, such as the beguinages, to cope with these pressures. Finally, by comparing these European households with household patterns in the rest of Eurasia, this book puts the European Marriage Pattern into global perspective.
Jan Luiten
- Published in print:
- 2019
- Published Online:
- March 2019
- ISBN:
- 9780190847883
- eISBN:
- 9780190847913
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780190847883.003.0004
- Subject:
- Economics and Finance, Economic History, Development, Growth, and Environmental
In this chapter, the authors analyze the functioning of private capital markets in Holland in the late medieval period. They argue that in the absence of banks and state agencies involved in the ...
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In this chapter, the authors analyze the functioning of private capital markets in Holland in the late medieval period. They argue that in the absence of banks and state agencies involved in the supply of credit, entrepreneurs' access to credit was determined by two interrelated factors. The first was protection of property rights and the extent to which properties could be used as collateral. The second was interest rates for borrowing money at the time, as well as the obligations of such borrowing compared with the interest rates on risk-free investments. The chapter’s case study is the small town of Edam and its surrounding countryside, De Zeevang, during the fifteenth and sixteenth centuries. The authors show that many households (whether headed by men or women) owned financial assets and/or debts, and the degree of financial sophistication was relatively high.Less
In this chapter, the authors analyze the functioning of private capital markets in Holland in the late medieval period. They argue that in the absence of banks and state agencies involved in the supply of credit, entrepreneurs' access to credit was determined by two interrelated factors. The first was protection of property rights and the extent to which properties could be used as collateral. The second was interest rates for borrowing money at the time, as well as the obligations of such borrowing compared with the interest rates on risk-free investments. The chapter’s case study is the small town of Edam and its surrounding countryside, De Zeevang, during the fifteenth and sixteenth centuries. The authors show that many households (whether headed by men or women) owned financial assets and/or debts, and the degree of financial sophistication was relatively high.
