David Gerber
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199228225
- eISBN:
- 9780191711350
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199228225.001.0001
- Subject:
- Law, Competition Law
This book examines the relationship between law and economic globalization. It focuses on national and international efforts to protect the competitive process, exploring the critically important ...
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This book examines the relationship between law and economic globalization. It focuses on national and international efforts to protect the competitive process, exploring the critically important relationships between those two domains and the way the resulting system shapes economic activity in all parts of the world. The laws, institutions, and principles of the international domain increasingly influence national competition law development, and national competition law experience provides both the lenses through which decision makers view transnational competition issues and the incentive structures that generate their competition law decisions. The analysis examines the ideas, institutions, and people that provide the legal framework for global competition; how they evolved, how they operate today, and the forces that are likely to influence their future development. US anti-trust experience has long been at the center of this global governance picture, but European competition law experience is also rich, varied, and potentially of great value for future competition law development. China, Japan, Korea, and newer players in Latin America and Africa will also play a key role in this future, and the analysis pays close attention to them as well. On the basis of this analysis, the book analyzes current global competition law proposals and outlines a strategy that utilizes these discussions, but more specifically addresses global economic development needs. This strategy may be developed within the institutional framework of the WTO, but it may also be pursued independently.Less
This book examines the relationship between law and economic globalization. It focuses on national and international efforts to protect the competitive process, exploring the critically important relationships between those two domains and the way the resulting system shapes economic activity in all parts of the world. The laws, institutions, and principles of the international domain increasingly influence national competition law development, and national competition law experience provides both the lenses through which decision makers view transnational competition issues and the incentive structures that generate their competition law decisions. The analysis examines the ideas, institutions, and people that provide the legal framework for global competition; how they evolved, how they operate today, and the forces that are likely to influence their future development. US anti-trust experience has long been at the center of this global governance picture, but European competition law experience is also rich, varied, and potentially of great value for future competition law development. China, Japan, Korea, and newer players in Latin America and Africa will also play a key role in this future, and the analysis pays close attention to them as well. On the basis of this analysis, the book analyzes current global competition law proposals and outlines a strategy that utilizes these discussions, but more specifically addresses global economic development needs. This strategy may be developed within the institutional framework of the WTO, but it may also be pursued independently.
Ranald C. Michie
- Published in print:
- 2006
- Published Online:
- September 2007
- ISBN:
- 9780199280612
- eISBN:
- 9780191712784
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199280612.003.0009
- Subject:
- Economics and Finance, Economic History
This chapter discusses developments in the global securities market from 1970 to 1990. It shows that growth and development in the global securities market in the 1970s and 1980s were marked by two ...
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This chapter discusses developments in the global securities market from 1970 to 1990. It shows that growth and development in the global securities market in the 1970s and 1980s were marked by two major turning points: the abolition of fixed commissions on the New York Stock Exchange in May 1975, which put pressure on stock exchanges in the US and around the world; and the Big Bang in London in October 1986, which not only transformed the British securities market but also intensified the pressure for change which had already been experienced by other stock exchanges, especially in Europe. By 1990, the effects of these twin developments were visible worldwide. The securities markets re-emerged as essential components of national financial systems whilst the global securities market once again became a key element in the financial flows that brought stability to the international monetary system.Less
This chapter discusses developments in the global securities market from 1970 to 1990. It shows that growth and development in the global securities market in the 1970s and 1980s were marked by two major turning points: the abolition of fixed commissions on the New York Stock Exchange in May 1975, which put pressure on stock exchanges in the US and around the world; and the Big Bang in London in October 1986, which not only transformed the British securities market but also intensified the pressure for change which had already been experienced by other stock exchanges, especially in Europe. By 1990, the effects of these twin developments were visible worldwide. The securities markets re-emerged as essential components of national financial systems whilst the global securities market once again became a key element in the financial flows that brought stability to the international monetary system.
Ranald C. Michie
- Published in print:
- 2006
- Published Online:
- September 2007
- ISBN:
- 9780199280612
- eISBN:
- 9780191712784
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199280612.003.0010
- Subject:
- Economics and Finance, Economic History
This chapter discusses developments in the global securities markets in the late 20th century. It is shown that the securities markets once again became essential components of each national ...
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This chapter discusses developments in the global securities markets in the late 20th century. It is shown that the securities markets once again became essential components of each national financial system and provided a key element in the financial flows that redistributed savings around the world, bringing stability to the international monetary system. By 2005, a new global securities market was in full operation, which involved a degree of integration and interaction never before seen. This was the result of a culmination of technological and organizational advances during the 20th century. The securities markets had also overcome the governmental and institutional barriers that had previously restricted its development.Less
This chapter discusses developments in the global securities markets in the late 20th century. It is shown that the securities markets once again became essential components of each national financial system and provided a key element in the financial flows that redistributed savings around the world, bringing stability to the international monetary system. By 2005, a new global securities market was in full operation, which involved a degree of integration and interaction never before seen. This was the result of a culmination of technological and organizational advances during the 20th century. The securities markets had also overcome the governmental and institutional barriers that had previously restricted its development.
Ranald C. Michie
- Published in print:
- 2006
- Published Online:
- September 2007
- ISBN:
- 9780199280612
- eISBN:
- 9780191712784
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199280612.003.0007
- Subject:
- Economics and Finance, Economic History
This chapter discusses developments in the global securities market between the two world wars. Topics covered include the securities markets during the First World War, the impact of the First World ...
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This chapter discusses developments in the global securities market between the two world wars. Topics covered include the securities markets during the First World War, the impact of the First World War on global securities markets, the 1920s, the Wall Street Crash, and securities markets and national governments during the 1930s.Less
This chapter discusses developments in the global securities market between the two world wars. Topics covered include the securities markets during the First World War, the impact of the First World War on global securities markets, the 1920s, the Wall Street Crash, and securities markets and national governments during the 1930s.
Ranald C. Michie
- Published in print:
- 2006
- Published Online:
- September 2007
- ISBN:
- 9780199280612
- eISBN:
- 9780191712784
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199280612.003.0008
- Subject:
- Economics and Finance, Economic History
This chapter discusses developments in the global securities market from the onset of the Second World War to 1970. Topics covered include the impact of the Second World War, the US securities market ...
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This chapter discusses developments in the global securities market from the onset of the Second World War to 1970. Topics covered include the impact of the Second World War, the US securities market at the end of the war, securities markets outside the US, and the international securities market. It is argued that by the end of the Second World War, securities markets had become marginal appendages within financial systems, with pride of place being given to the actions of governments and banks. Government intervention was seen as the solution to all types of economic problems, whether it was a domestic shortage of finance or the stability of the international monetary system.Less
This chapter discusses developments in the global securities market from the onset of the Second World War to 1970. Topics covered include the impact of the Second World War, the US securities market at the end of the war, securities markets outside the US, and the international securities market. It is argued that by the end of the Second World War, securities markets had become marginal appendages within financial systems, with pride of place being given to the actions of governments and banks. Government intervention was seen as the solution to all types of economic problems, whether it was a domestic shortage of finance or the stability of the international monetary system.
David J. Gerber
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199228225
- eISBN:
- 9780191711350
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199228225.003.0010
- Subject:
- Law, Competition Law
This chapter ties together the preceding sections of the book. It takes a longer and broader view of the trajectories of national competition law experience and analyzes how they have been ...
More
This chapter ties together the preceding sections of the book. It takes a longer and broader view of the trajectories of national competition law experience and analyzes how they have been intertwined with transnational competition law developments. These interrelationships shape the dynamics of global competition law development and, in order to be effective, any competition law regime for global markets must be based on them. The chapter evaluates the promise of global competition law development and the obstacles to creating a more effective legal framework for global economic relations. It concludes that the early 21st century represents a major point of transition in economic and political relations, and thus a ‘constitutional moment’ in which competition law can contribute to meeting human needs and enriching economic and political opportunities around the world.Less
This chapter ties together the preceding sections of the book. It takes a longer and broader view of the trajectories of national competition law experience and analyzes how they have been intertwined with transnational competition law developments. These interrelationships shape the dynamics of global competition law development and, in order to be effective, any competition law regime for global markets must be based on them. The chapter evaluates the promise of global competition law development and the obstacles to creating a more effective legal framework for global economic relations. It concludes that the early 21st century represents a major point of transition in economic and political relations, and thus a ‘constitutional moment’ in which competition law can contribute to meeting human needs and enriching economic and political opportunities around the world.
Roy C. Smith and Ingo Walter
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780195171679
- eISBN:
- 9780199783618
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195171675.003.0002
- Subject:
- Economics and Finance, Microeconomics
This chapter examines the fundamental effects related to the evolving dominance of capital markets. By the end of the 20th century, the proportion of all financial assets held by banks had declined ...
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This chapter examines the fundamental effects related to the evolving dominance of capital markets. By the end of the 20th century, the proportion of all financial assets held by banks had declined to approximately 30% from 45% in 1980, with the difference transferred to global financial markets that had developed to an extraordinary, completely unprecedented size with market capitalization of stocks and bonds exceeding $72 trillion in 2000. These markets contained powerful forces that could quickly move funds in large quantities around the world to jump into (or out of) a suddenly discovered investment opportunity. These forces were energized by enormous turnover volumes — the value of consolidated world stock trading in 2000 was more than $47 trillion, one and a half times its market capitalization. About half of this trading occurred outside the United States, in stock markets in Europe, Asia, and Latin America.Less
This chapter examines the fundamental effects related to the evolving dominance of capital markets. By the end of the 20th century, the proportion of all financial assets held by banks had declined to approximately 30% from 45% in 1980, with the difference transferred to global financial markets that had developed to an extraordinary, completely unprecedented size with market capitalization of stocks and bonds exceeding $72 trillion in 2000. These markets contained powerful forces that could quickly move funds in large quantities around the world to jump into (or out of) a suddenly discovered investment opportunity. These forces were energized by enormous turnover volumes — the value of consolidated world stock trading in 2000 was more than $47 trillion, one and a half times its market capitalization. About half of this trading occurred outside the United States, in stock markets in Europe, Asia, and Latin America.
Ranald C. Michie
- Published in print:
- 2006
- Published Online:
- September 2007
- ISBN:
- 9780199280612
- eISBN:
- 9780191712784
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199280612.003.0006
- Subject:
- Economics and Finance, Economic History
This chapter discusses developments in the global securities market from 1900 to the onset of the First World War. By 1914, securities markets played a key role in the financial systems of the most ...
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This chapter discusses developments in the global securities market from 1900 to the onset of the First World War. By 1914, securities markets played a key role in the financial systems of the most advanced world economies and had established a niche position within the less developed countries. Though far from being the universal means through which government and business raised funds or people employed their savings, securities had achieved a high level of penetration by the most sophisticated borrowers and investors. Internationally, securities markets were instrumental in the worldwide movement of funds that provided finance for major infrastructure projects and development of the earth's minerals and oil.Less
This chapter discusses developments in the global securities market from 1900 to the onset of the First World War. By 1914, securities markets played a key role in the financial systems of the most advanced world economies and had established a niche position within the less developed countries. Though far from being the universal means through which government and business raised funds or people employed their savings, securities had achieved a high level of penetration by the most sophisticated borrowers and investors. Internationally, securities markets were instrumental in the worldwide movement of funds that provided finance for major infrastructure projects and development of the earth's minerals and oil.
John H. Dunning
- Published in print:
- 2003
- Published Online:
- November 2003
- ISBN:
- 9780199257010
- eISBN:
- 9780191596223
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199257019.003.0002
- Subject:
- Economics and Finance, International
This introductory chapter sets the background to the book and guides the reader through its main themes. The comments made are based on an exploration of three propositions. These are as follows: ...
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This introductory chapter sets the background to the book and guides the reader through its main themes. The comments made are based on an exploration of three propositions. These are as follows: first, responsible global capitalism (RGC) should be considered not as an end in itself, but as a means of providing a richer, healthier, and more meaningful lifestyle for individuals and their families, and of advancing the economic objectives and social transformation of societies; second, in order to move towards a more acceptable global capitalism, the organizational structures and managerial strategies of each of its four participating institutions, viz. markets, governments, civil society, and supra‐national entities, need to be reconfigured and strengthened; and third, RGC can be achieved and sustained only if there is a strong and generally acceptable moral ecology, underpinning the attitudes, motives and behaviour of its constituent individuals and institutions (and in a transforming global society, this basis needs continual reappraisal and careful nurturing by the appropriate suasion, incentives, and regulatory mechanisms). Before going on to discuss the main issues raised by these three propositions, Dunning briefly defines the main global concepts dealt within the chapter: globalization itself, the global market place, global capitalism, and responsible global capitalism. Some of the issues raised and addressed in the chapter are the unique characteristics of GC, and how it relates to the sister concepts of the global market place and globalization; the reasons why the inter‐related functions of the four constituents of GC are presently suboptimal, and the challenges and opportunities offered by the globalizing economy; technical and institutional failures; and what needs to be done to upgrade moral standards.Less
This introductory chapter sets the background to the book and guides the reader through its main themes. The comments made are based on an exploration of three propositions. These are as follows: first, responsible global capitalism (RGC) should be considered not as an end in itself, but as a means of providing a richer, healthier, and more meaningful lifestyle for individuals and their families, and of advancing the economic objectives and social transformation of societies; second, in order to move towards a more acceptable global capitalism, the organizational structures and managerial strategies of each of its four participating institutions, viz. markets, governments, civil society, and supra‐national entities, need to be reconfigured and strengthened; and third, RGC can be achieved and sustained only if there is a strong and generally acceptable moral ecology, underpinning the attitudes, motives and behaviour of its constituent individuals and institutions (and in a transforming global society, this basis needs continual reappraisal and careful nurturing by the appropriate suasion, incentives, and regulatory mechanisms). Before going on to discuss the main issues raised by these three propositions, Dunning briefly defines the main global concepts dealt within the chapter: globalization itself, the global market place, global capitalism, and responsible global capitalism. Some of the issues raised and addressed in the chapter are the unique characteristics of GC, and how it relates to the sister concepts of the global market place and globalization; the reasons why the inter‐related functions of the four constituents of GC are presently suboptimal, and the challenges and opportunities offered by the globalizing economy; technical and institutional failures; and what needs to be done to upgrade moral standards.
Ranald C. Michie
- Published in print:
- 2006
- Published Online:
- September 2007
- ISBN:
- 9780199280612
- eISBN:
- 9780191712784
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199280612.003.0003
- Subject:
- Economics and Finance, Economic History
This chapter discusses developments in the global securities market during the 18th century outlining progress made and the impact of revolution and war between 1789 and 1815. It is argued that the ...
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This chapter discusses developments in the global securities market during the 18th century outlining progress made and the impact of revolution and war between 1789 and 1815. It is argued that the turmoil and disruption introduced by the French Revolution in 1789 had both negative and positive consequences for the global securities market. The negative outcome was easy to see in terms of the eclipse of Amsterdam as the premier financial centre and the collapse of the international market due to of widespread defaults. The positive outcome of the period of war and revolution between 1789 and 1815 was the establishment of the London Stock Exchange in 1801 as a closed market, with control over entry and the power to enforce rules of orderly behaviour. This produced a model that was then copied by other securities markets during the years after 1815.Less
This chapter discusses developments in the global securities market during the 18th century outlining progress made and the impact of revolution and war between 1789 and 1815. It is argued that the turmoil and disruption introduced by the French Revolution in 1789 had both negative and positive consequences for the global securities market. The negative outcome was easy to see in terms of the eclipse of Amsterdam as the premier financial centre and the collapse of the international market due to of widespread defaults. The positive outcome of the period of war and revolution between 1789 and 1815 was the establishment of the London Stock Exchange in 1801 as a closed market, with control over entry and the power to enforce rules of orderly behaviour. This produced a model that was then copied by other securities markets during the years after 1815.
Ranald C. Michie
- Published in print:
- 2006
- Published Online:
- September 2007
- ISBN:
- 9780199280612
- eISBN:
- 9780191712784
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199280612.003.0004
- Subject:
- Economics and Finance, Economic History
This chapter discusses developments in the global securities market between the end of the Napoleonic wars in 1815 and the middle of the 19th century. Most of the developments in the global ...
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This chapter discusses developments in the global securities market between the end of the Napoleonic wars in 1815 and the middle of the 19th century. Most of the developments in the global securities market were isolated responses to local conditions, though they often shared common characteristics in terms of timing and the nature of the securities traded. The mid-1840s witnessed a number of speculative booms around the world in which corporate securities, especially railways, were very much at the fore. However, unlike previous booms, a degree of market integration was possible in the 1840s because of a transformation in the world-wide system of communication. Although the railway was important in providing faster transport, the greatest influence on the operation of the securities market was the development of the telegraph.Less
This chapter discusses developments in the global securities market between the end of the Napoleonic wars in 1815 and the middle of the 19th century. Most of the developments in the global securities market were isolated responses to local conditions, though they often shared common characteristics in terms of timing and the nature of the securities traded. The mid-1840s witnessed a number of speculative booms around the world in which corporate securities, especially railways, were very much at the fore. However, unlike previous booms, a degree of market integration was possible in the 1840s because of a transformation in the world-wide system of communication. Although the railway was important in providing faster transport, the greatest influence on the operation of the securities market was the development of the telegraph.
Ranald C. Michie
- Published in print:
- 2006
- Published Online:
- September 2007
- ISBN:
- 9780199280612
- eISBN:
- 9780191712784
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199280612.003.0005
- Subject:
- Economics and Finance, Economic History
This chapter discusses developments in the global securities market from the mid-nineteenth century to the year 1900. During this period, stock exchanges evolved into the most important institutions ...
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This chapter discusses developments in the global securities market from the mid-nineteenth century to the year 1900. During this period, stock exchanges evolved into the most important institutions of the capitalist world providing an essential interface between money and capital markets at national and international levels. In the process, they facilitated the mobilization of vast amounts of money to finance the world's railway systems and contributed significantly to stability of the world monetary system, normally associated with the gold standard.Less
This chapter discusses developments in the global securities market from the mid-nineteenth century to the year 1900. During this period, stock exchanges evolved into the most important institutions of the capitalist world providing an essential interface between money and capital markets at national and international levels. In the process, they facilitated the mobilization of vast amounts of money to finance the world's railway systems and contributed significantly to stability of the world monetary system, normally associated with the gold standard.
Philip G. Cerny
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199733699
- eISBN:
- 9780199776740
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199733699.003.0012
- Subject:
- Political Science, International Relations and Politics
This chapter focuses on what would seem at first glance to be the most problematic issue area today in the context of the current financial crisis and recession, what has been called ...
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This chapter focuses on what would seem at first glance to be the most problematic issue area today in the context of the current financial crisis and recession, what has been called “financialization.” The increasingly tight coupling of global financial markets, new forms of financial innovation, the politics of economic growth, and the process of economic development have led to a politics of regulatory change over the past three decades that was long believed to be stable but has proven deeply fragile. The process of so-called financial deregulation was not only promoted by self-interested capitalists, although they were key players, but also by actors in the real economy seeking new forms of investment, regulators and bureaucrats at home and in transgovernmental networks, a wide range of interest and even value groups, political parties and leaders on both right and left, neoliberal intellectuals of various stripes — not just economists — and, of course, voters and consumers. For example, people wanting to own their own homes but lacking the resources to do so were an essential part of the complex set of causes of the so-called subprime mortgage crisis in the United States, which started the process of unraveling.Less
This chapter focuses on what would seem at first glance to be the most problematic issue area today in the context of the current financial crisis and recession, what has been called “financialization.” The increasingly tight coupling of global financial markets, new forms of financial innovation, the politics of economic growth, and the process of economic development have led to a politics of regulatory change over the past three decades that was long believed to be stable but has proven deeply fragile. The process of so-called financial deregulation was not only promoted by self-interested capitalists, although they were key players, but also by actors in the real economy seeking new forms of investment, regulators and bureaucrats at home and in transgovernmental networks, a wide range of interest and even value groups, political parties and leaders on both right and left, neoliberal intellectuals of various stripes — not just economists — and, of course, voters and consumers. For example, people wanting to own their own homes but lacking the resources to do so were an essential part of the complex set of causes of the so-called subprime mortgage crisis in the United States, which started the process of unraveling.
Ranald C. Michie
- Published in print:
- 2006
- Published Online:
- September 2007
- ISBN:
- 9780199280612
- eISBN:
- 9780191712784
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199280612.003.0011
- Subject:
- Economics and Finance, Economic History
This concluding chapter presents a summation of the topics discussed in the preceding chapters. It discusses the six distinct periods in the history of the global securities market. It then considers ...
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This concluding chapter presents a summation of the topics discussed in the preceding chapters. It discusses the six distinct periods in the history of the global securities market. It then considers advances and reversals in the development of the global securities market, and the inherent conflicts in interest in the more sophisticated securities markets.Less
This concluding chapter presents a summation of the topics discussed in the preceding chapters. It discusses the six distinct periods in the history of the global securities market. It then considers advances and reversals in the development of the global securities market, and the inherent conflicts in interest in the more sophisticated securities markets.
Alan Hamlin
- Published in print:
- 2003
- Published Online:
- November 2003
- ISBN:
- 9780199257010
- eISBN:
- 9780191596223
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199257019.003.0004
- Subject:
- Economics and Finance, International
Here, Alan Hamlin revisits some of his earlier work on the moral basis, scope, and evaluation of markets, and extends his analysis to a global setting by considering both the international market ...
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Here, Alan Hamlin revisits some of his earlier work on the moral basis, scope, and evaluation of markets, and extends his analysis to a global setting by considering both the international market place and its institutional foundations. His key questions are how does the changing form and extended geographical radius of the market (for goods, services, information, and capital) affect the morality of the market and other institutions of global capitalism, and how should these considerations influence the debate on the design of the political landscape? Hamlin believes that an evolutionary, bottom‐up, and multicultural approach towards achieving more responsible and sustainable global capitalism offers the best promise, and that an upgrading of virtue to allow for moral motivations, and a more meaningful dissemination and exchange of this virtue across national boundaries (rather than the ‘economize on virtue’ market approach), is an essential prerequisite to building a more integrated global society.Less
Here, Alan Hamlin revisits some of his earlier work on the moral basis, scope, and evaluation of markets, and extends his analysis to a global setting by considering both the international market place and its institutional foundations. His key questions are how does the changing form and extended geographical radius of the market (for goods, services, information, and capital) affect the morality of the market and other institutions of global capitalism, and how should these considerations influence the debate on the design of the political landscape? Hamlin believes that an evolutionary, bottom‐up, and multicultural approach towards achieving more responsible and sustainable global capitalism offers the best promise, and that an upgrading of virtue to allow for moral motivations, and a more meaningful dissemination and exchange of this virtue across national boundaries (rather than the ‘economize on virtue’ market approach), is an essential prerequisite to building a more integrated global society.
Gordon L. Clark and Dariusz Wójcik
- Published in print:
- 2007
- Published Online:
- October 2011
- ISBN:
- 9780199213368
- eISBN:
- 9780191695858
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199213368.001.0001
- Subject:
- Business and Management, Finance, Accounting, and Banking
This book tackles crucial issues regarding the emerging global market for corporate governance. The authors describe and explain the transformation of European corporate governance in the light of ...
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This book tackles crucial issues regarding the emerging global market for corporate governance. The authors describe and explain the transformation of European corporate governance in the light of the imperatives driving global financial markets, using an innovative analytical framework. They chart the response of corporate managers to the interest of global portfolio managers in transparent and accountable modes of corporate governance. In doing so, the authors provide an innovative perspective on a rapidly changing environment, and a challenge to those who ignore the gathering momentum of global financial markets.Less
This book tackles crucial issues regarding the emerging global market for corporate governance. The authors describe and explain the transformation of European corporate governance in the light of the imperatives driving global financial markets, using an innovative analytical framework. They chart the response of corporate managers to the interest of global portfolio managers in transparent and accountable modes of corporate governance. In doing so, the authors provide an innovative perspective on a rapidly changing environment, and a challenge to those who ignore the gathering momentum of global financial markets.
Ranald C. Michie
- Published in print:
- 2006
- Published Online:
- September 2007
- ISBN:
- 9780199280612
- eISBN:
- 9780191712784
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199280612.003.0002
- Subject:
- Economics and Finance, Economic History
This chapter discusses the origins of the global securities market. The origins of the modern global securities market lie in medieval Italy, where in the city states of Venice, Genoa, and Florence ...
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This chapter discusses the origins of the global securities market. The origins of the modern global securities market lie in medieval Italy, where in the city states of Venice, Genoa, and Florence new financial arrangements emerged out of a growing trade between East and West. Early modern advances and the first speculative bubble are described. It is argued that the most remarkable thing about the early development of the securities market is the role played by governments and their need for finance due to the turbulent nature of the economics of medieval and early modern Europe. Through the creation of transferable long-term debt upon which interest was paid, governments could access funds that would, in all probability, otherwise lie idle.Less
This chapter discusses the origins of the global securities market. The origins of the modern global securities market lie in medieval Italy, where in the city states of Venice, Genoa, and Florence new financial arrangements emerged out of a growing trade between East and West. Early modern advances and the first speculative bubble are described. It is argued that the most remarkable thing about the early development of the securities market is the role played by governments and their need for finance due to the turbulent nature of the economics of medieval and early modern Europe. Through the creation of transferable long-term debt upon which interest was paid, governments could access funds that would, in all probability, otherwise lie idle.
Gordon L. Clark and Dariusz Wójcik
- Published in print:
- 2007
- Published Online:
- October 2011
- ISBN:
- 9780199213368
- eISBN:
- 9780191695858
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199213368.003.0007
- Subject:
- Business and Management, Finance, Accounting, and Banking
This chapter builds on Chapter 6 by providing a framework for analysing inter-market stock price arbitrage using Granger tests of causality to determine the interplay between leading and lagging ...
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This chapter builds on Chapter 6 by providing a framework for analysing inter-market stock price arbitrage using Granger tests of causality to determine the interplay between leading and lagging global stock markets on a 24-hour basis. It uses proprietary data on corporate governance ratings to measure and assess the responsiveness of one firm (Royal Ahold) to the stock market interests of global investors at home and abroad. Most importantly, it links the substantive fields of economic geography and finance to interrogate the performance of global stock markets, national systems of corporate governance, and corporate response. The chapter shows that the economic geography of stock market information has profound implications for the performance of global stock markets, even if the expectations imposed by institutional investors on recalcitrant firms are such that the market for information is becoming more global according to common expectations regarding standards of disclosure and transparency.Less
This chapter builds on Chapter 6 by providing a framework for analysing inter-market stock price arbitrage using Granger tests of causality to determine the interplay between leading and lagging global stock markets on a 24-hour basis. It uses proprietary data on corporate governance ratings to measure and assess the responsiveness of one firm (Royal Ahold) to the stock market interests of global investors at home and abroad. Most importantly, it links the substantive fields of economic geography and finance to interrogate the performance of global stock markets, national systems of corporate governance, and corporate response. The chapter shows that the economic geography of stock market information has profound implications for the performance of global stock markets, even if the expectations imposed by institutional investors on recalcitrant firms are such that the market for information is becoming more global according to common expectations regarding standards of disclosure and transparency.
Tim Büthe and Walter Mattli
- Published in print:
- 2011
- Published Online:
- October 2017
- ISBN:
- 9780691144795
- eISBN:
- 9781400838790
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691144795.003.0004
- Subject:
- Political Science, International Relations and Politics
This chapter examines the role of private regulators in global financial markets, with particular emphasis on institutional structure and complementarity in accounting regulation. It first provides ...
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This chapter examines the role of private regulators in global financial markets, with particular emphasis on institutional structure and complementarity in accounting regulation. It first provides an overview of how the International Accounting Standards Board (IASB) became the focal institution for setting financial reporting standards at the international level before discussing the institutional structures of IASB and corresponding institutions at the domestic level in the United States and in three European countries: Germany, France, and the United Kingdom (as well as pertinent European Union-level regional institutions). It compares accounting standard-setting in the United States and in these three countries and shows that the resulting differences in institutional complementarity put U.S. firms in an advantageous position over their European counterparts when standard-setting shifts to the international level.Less
This chapter examines the role of private regulators in global financial markets, with particular emphasis on institutional structure and complementarity in accounting regulation. It first provides an overview of how the International Accounting Standards Board (IASB) became the focal institution for setting financial reporting standards at the international level before discussing the institutional structures of IASB and corresponding institutions at the domestic level in the United States and in three European countries: Germany, France, and the United Kingdom (as well as pertinent European Union-level regional institutions). It compares accounting standard-setting in the United States and in these three countries and shows that the resulting differences in institutional complementarity put U.S. firms in an advantageous position over their European counterparts when standard-setting shifts to the international level.
Brian Griffiths
- Published in print:
- 2003
- Published Online:
- November 2003
- ISBN:
- 9780199257010
- eISBN:
- 9780191596223
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199257019.003.0008
- Subject:
- Economics and Finance, International
Brian Griffiths sets out his interpretation of the Christian attitude and response to global capitalism. After identifying the foundations of a Christian perspective, viz. the nature of the world God ...
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Brian Griffiths sets out his interpretation of the Christian attitude and response to global capitalism. After identifying the foundations of a Christian perspective, viz. the nature of the world God created, the covenants, the moral law of the Old Testament, and the Incarnation, Griffiths identifies six distinctive components of an acceptable global economy. He then goes on to distinguish between the Christian viewpoint and that of liberal economists who tend to regard the market (as one of the critical institutions of capitalism) as an autonomous entity and independent of any reference to morality; he has little sympathy for those theologians who view capitalism ’as powered by the unremitting stimulation of covetousness’, and indeed, as a Christian, he strongly defends the moral legitimacy of the concept of private ownership, and the freedom of individuals and firms to do business in the market place. At the same time, Griffiths is in no doubt that without a vigorous and clearly enunciated moral framework that embraces Christian values, the risks of extreme poverty, social injustice, and exclusivity, and the threat to the environment (the three downsides of the present state of capitalism discussed in the chapter) will remain. Finally, he avers that individual Christians and the Christian church bear a major responsibility for advocating and promulgating their beliefs and opinions, and also for cooperating with other religious persuasions, to identify ways of upgrading the moral ecology of the constituent institutions of global capitalism.Less
Brian Griffiths sets out his interpretation of the Christian attitude and response to global capitalism. After identifying the foundations of a Christian perspective, viz. the nature of the world God created, the covenants, the moral law of the Old Testament, and the Incarnation, Griffiths identifies six distinctive components of an acceptable global economy. He then goes on to distinguish between the Christian viewpoint and that of liberal economists who tend to regard the market (as one of the critical institutions of capitalism) as an autonomous entity and independent of any reference to morality; he has little sympathy for those theologians who view capitalism ’as powered by the unremitting stimulation of covetousness’, and indeed, as a Christian, he strongly defends the moral legitimacy of the concept of private ownership, and the freedom of individuals and firms to do business in the market place. At the same time, Griffiths is in no doubt that without a vigorous and clearly enunciated moral framework that embraces Christian values, the risks of extreme poverty, social injustice, and exclusivity, and the threat to the environment (the three downsides of the present state of capitalism discussed in the chapter) will remain. Finally, he avers that individual Christians and the Christian church bear a major responsibility for advocating and promulgating their beliefs and opinions, and also for cooperating with other religious persuasions, to identify ways of upgrading the moral ecology of the constituent institutions of global capitalism.
