Sharan Jagpal
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780195371055
- eISBN:
- 9780199870745
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195371055.003.0023
- Subject:
- Business and Management, Marketing
This chapter shows how multinational firms can use marketing-finance fusion to choose international strategies. It discusses the pros and cons of international diversification to privately and ...
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This chapter shows how multinational firms can use marketing-finance fusion to choose international strategies. It discusses the pros and cons of international diversification to privately and publicly held firms, whether or not the firm should choose country-specific product designs, how the firm should measure and reward the performances of its country managers, what type of organizational structure the firm should use, how the firm should choose an outsourcing strategy, and what performance metrics the firm should use to measure and reward managerial performance in its outsourcing centers.Less
This chapter shows how multinational firms can use marketing-finance fusion to choose international strategies. It discusses the pros and cons of international diversification to privately and publicly held firms, whether or not the firm should choose country-specific product designs, how the firm should measure and reward the performances of its country managers, what type of organizational structure the firm should use, how the firm should choose an outsourcing strategy, and what performance metrics the firm should use to measure and reward managerial performance in its outsourcing centers.
Héctor Ochoa
- Published in print:
- 2007
- Published Online:
- January 2008
- ISBN:
- 9780199233755
- eISBN:
- 9780191715549
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199233755.003.0006
- Subject:
- Business and Management, International Business
This chapter presents the results of a study conducted in Colombia to determine how some Latin American companies successfully expanded into international markets, and to identify business models and ...
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This chapter presents the results of a study conducted in Colombia to determine how some Latin American companies successfully expanded into international markets, and to identify business models and common characteristics of these companies and their affiliates in other regions worldwide. The foods division of the Colombian ‘Grupo Empresarial Antioqueño’ (Antioquia Business Group), which consists of a conglomerate of companies owned by Inversiones Nacional de Chocolates, was selected for analysis because it is probably the group that has achieved the greatest success in Colombia in the globalization process. The study identifies the outstanding characteristics that enabled the group to develop the core competences that provided the foundations for establishing successful strategies to penetrate different international markets; learn from the different cultures associated with those markets, but at the same time expand its own culture in those places, specially in the retailing activity to neighbourhood stores; and develop processes to manage risks, add value to the products, and face the increasing competition from other multinational firms.Less
This chapter presents the results of a study conducted in Colombia to determine how some Latin American companies successfully expanded into international markets, and to identify business models and common characteristics of these companies and their affiliates in other regions worldwide. The foods division of the Colombian ‘Grupo Empresarial Antioqueño’ (Antioquia Business Group), which consists of a conglomerate of companies owned by Inversiones Nacional de Chocolates, was selected for analysis because it is probably the group that has achieved the greatest success in Colombia in the globalization process. The study identifies the outstanding characteristics that enabled the group to develop the core competences that provided the foundations for establishing successful strategies to penetrate different international markets; learn from the different cultures associated with those markets, but at the same time expand its own culture in those places, specially in the retailing activity to neighbourhood stores; and develop processes to manage risks, add value to the products, and face the increasing competition from other multinational firms.
Eric Bussière
- Published in print:
- 2005
- Published Online:
- September 2007
- ISBN:
- 9780199269495
- eISBN:
- 9780191710162
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199269495.003.0013
- Subject:
- Business and Management, Finance, Accounting, and Banking
The first section of this chapter analyses the way the two banks fitted into the international market and managed, by putting their advantages and international alliances to good use, to win an ...
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The first section of this chapter analyses the way the two banks fitted into the international market and managed, by putting their advantages and international alliances to good use, to win an enviable position in the Euroissues sector. The second section analyses the options open with regard to the positioning of French banks on that particular market once the initial leadership of the City banks had been challenged. The third second shows that the opening-up was embryonic and too short term. In the fourth section, however, it emerges that the activity of French banks on the international market was one of the means by which rivalry and competition were reintroduced, and that existing analyses of the role of the state in the liberalization of French banking and development of the French economy need some further thought.Less
The first section of this chapter analyses the way the two banks fitted into the international market and managed, by putting their advantages and international alliances to good use, to win an enviable position in the Euroissues sector. The second section analyses the options open with regard to the positioning of French banks on that particular market once the initial leadership of the City banks had been challenged. The third second shows that the opening-up was embryonic and too short term. In the fourth section, however, it emerges that the activity of French banks on the international market was one of the means by which rivalry and competition were reintroduced, and that existing analyses of the role of the state in the liberalization of French banking and development of the French economy need some further thought.
Masaaki Kotabe
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199241828
- eISBN:
- 9780191596834
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199241821.003.0017
- Subject:
- Economics and Finance, International
The state of the art in research in international marketing is examined for the 1990–9 period, with particular emphasis on the conceptual framework and theory development in the field. This decade ...
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The state of the art in research in international marketing is examined for the 1990–9 period, with particular emphasis on the conceptual framework and theory development in the field. This decade was chosen deliberately as it provides a fairly broad time frame to probe any significant changes in the field, both in terms of (1) the substance of research and (2) the methodologies used, and to see to what extent these two fundamental concerns raised in the 1980s have been addressed. Thus, the study takes stock of research in international marketing to see if the discipline has overcome the deficiencies outlined in previous review articles. The earlier review articles classified the research streams fairly broadly, encompassing issues from the macro‐environment to marketing management to consumer behaviour. To make this review of the international marketing literature comparable to those of the 1980s, the literature classification employed by Douglas and Craig in 1992 (competitive strategy; strategic alliances; sourcing; multinational company performance) is also employed here.Less
The state of the art in research in international marketing is examined for the 1990–9 period, with particular emphasis on the conceptual framework and theory development in the field. This decade was chosen deliberately as it provides a fairly broad time frame to probe any significant changes in the field, both in terms of (1) the substance of research and (2) the methodologies used, and to see to what extent these two fundamental concerns raised in the 1980s have been addressed. Thus, the study takes stock of research in international marketing to see if the discipline has overcome the deficiencies outlined in previous review articles. The earlier review articles classified the research streams fairly broadly, encompassing issues from the macro‐environment to marketing management to consumer behaviour. To make this review of the international marketing literature comparable to those of the 1980s, the literature classification employed by Douglas and Craig in 1992 (competitive strategy; strategic alliances; sourcing; multinational company performance) is also employed here.
Roy C. Smith, Ingo Walter, and Gayle Delong
- Published in print:
- 2012
- Published Online:
- May 2012
- ISBN:
- 9780195335934
- eISBN:
- 9780199932146
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195335934.003.0005
- Subject:
- Economics and Finance, Economic Systems
This chapter discusses the extraordinary growth in international stocks. Issuers tap international stock markets to increase the pool of available funds, lower costs of raising capital, expand their ...
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This chapter discusses the extraordinary growth in international stocks. Issuers tap international stock markets to increase the pool of available funds, lower costs of raising capital, expand their investor base, and/or avoid domestic regulatory complications. Investors move to international markets to improve portfolio performance and to lower risks. Both groups' interests have been furthered by the erosion of regulatory barriers, including exchange controls, limits on ownership, limits on participation in domestic markets, and obstructive listing and trading practices. Capital market integration is leading to a single world equity market. Investment houses stand prepared to make markets twenty-four hours a day in selected stocks. The infrastructure for such activity is being consolidated, sharpened, and challenged by new opportunities and competitive pressures.Less
This chapter discusses the extraordinary growth in international stocks. Issuers tap international stock markets to increase the pool of available funds, lower costs of raising capital, expand their investor base, and/or avoid domestic regulatory complications. Investors move to international markets to improve portfolio performance and to lower risks. Both groups' interests have been furthered by the erosion of regulatory barriers, including exchange controls, limits on ownership, limits on participation in domestic markets, and obstructive listing and trading practices. Capital market integration is leading to a single world equity market. Investment houses stand prepared to make markets twenty-four hours a day in selected stocks. The infrastructure for such activity is being consolidated, sharpened, and challenged by new opportunities and competitive pressures.
E. Philip Davis
- Published in print:
- 1995
- Published Online:
- November 2003
- ISBN:
- 9780198233312
- eISBN:
- 9780191596124
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198233310.003.0007
- Subject:
- Economics and Finance, Financial Economics
In this chapter, we test the theories of financial instability outlined in Ch. 5 against evidence from six periods of financial instability since 1973, namely the UK secondary banking crisis of ...
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In this chapter, we test the theories of financial instability outlined in Ch. 5 against evidence from six periods of financial instability since 1973, namely the UK secondary banking crisis of December 1973, the Herstatt crisis of June 1974, the advent of the LDC Debt Crisis in August 1982, the crisis in the FRN market of December 1986, the equity market crash of October 1987, and the US thrifts crises of the 1980s. Background on wholesale financial markets—in which most of the crises occurred—is provided in Sect. 1. In Sect. 2, the events of the periods of financial disorder are outlined. Three crises took place largely in international capital markets; one linked international and domestic and the other two were purely in domestic financial markets. Virtually all occurred in unregulated or liberalized financial markets. Section 3 sets these crises in the context of the long‐run behaviour of prices and quantities in the financial markets with a graphical illustration of the 1966–90 period. The behaviour of key economic indicators as well as market prices and quantities surrounding these events is examined in more detail in Sect. 4. These sections permit a qualitative evaluation in Sect. 5 of the theories of crisis; the results also cast light on the behaviour of financial markets under stress and give indications of appropriate policy responses.Less
In this chapter, we test the theories of financial instability outlined in Ch. 5 against evidence from six periods of financial instability since 1973, namely the UK secondary banking crisis of December 1973, the Herstatt crisis of June 1974, the advent of the LDC Debt Crisis in August 1982, the crisis in the FRN market of December 1986, the equity market crash of October 1987, and the US thrifts crises of the 1980s. Background on wholesale financial markets—in which most of the crises occurred—is provided in Sect. 1. In Sect. 2, the events of the periods of financial disorder are outlined. Three crises took place largely in international capital markets; one linked international and domestic and the other two were purely in domestic financial markets. Virtually all occurred in unregulated or liberalized financial markets. Section 3 sets these crises in the context of the long‐run behaviour of prices and quantities in the financial markets with a graphical illustration of the 1966–90 period. The behaviour of key economic indicators as well as market prices and quantities surrounding these events is examined in more detail in Sect. 4. These sections permit a qualitative evaluation in Sect. 5 of the theories of crisis; the results also cast light on the behaviour of financial markets under stress and give indications of appropriate policy responses.
Markus Venzin
- Published in print:
- 2009
- Published Online:
- October 2011
- ISBN:
- 9780199535200
- eISBN:
- 9780191701153
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199535200.001.0001
- Subject:
- Business and Management, Finance, Accounting, and Banking, Strategy
A new era of global banking and insurance is emerging, with leading banks eager to serve international markets. This book explores the issues that arise for banks in their strategic choices as they ...
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A new era of global banking and insurance is emerging, with leading banks eager to serve international markets. This book explores the issues that arise for banks in their strategic choices as they move into these new international markets. This book challenges conventional assumptions from the international management literature on topics such as the limits of globalization, the importance of cultural and institutional distance, the nature of economies of scale and scope, the existence of first mover advantages, the logic behind the global value chain configuration, the speed and timing of market entry, as well as organizational architecture. It focuses on fundamental strategic decisions such as when, where, and how to enter foreign markets and how to design the organizational architecture of the multinational financial services firm. Using simple theoretical frameworks illustrated by case examples, this book provides a guide to the challenges of the international market for financial services firms.Less
A new era of global banking and insurance is emerging, with leading banks eager to serve international markets. This book explores the issues that arise for banks in their strategic choices as they move into these new international markets. This book challenges conventional assumptions from the international management literature on topics such as the limits of globalization, the importance of cultural and institutional distance, the nature of economies of scale and scope, the existence of first mover advantages, the logic behind the global value chain configuration, the speed and timing of market entry, as well as organizational architecture. It focuses on fundamental strategic decisions such as when, where, and how to enter foreign markets and how to design the organizational architecture of the multinational financial services firm. Using simple theoretical frameworks illustrated by case examples, this book provides a guide to the challenges of the international market for financial services firms.
Philip Manow
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780198297567
- eISBN:
- 9780191600104
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198297564.003.0006
- Subject:
- Political Science, Comparative Politics
This is the second of three chapters on the role of economic interests, and of systems for representing those interests, in the politics of welfare state reform. They explore the linkages between ...
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This is the second of three chapters on the role of economic interests, and of systems for representing those interests, in the politics of welfare state reform. They explore the linkages between national welfare states and national economies, and examine the processes through which economic actors press their interests on policy makers. Section 1 of Manow's chapter offers a critical account of contributions that predict the formation of new political coalitions along the cleavage line between those firms and workers that are forced to adjust to international market pressures and those that enjoy domestic shelter from globalized markets; a brief discussion is included of the relative importance of the electorate in current welfare reforms as compared with the role played by organized interests of capital and labour. Section 2 presents a transaction cost argument that seeks to identify one central logic linking production and protection in continental welfare states and coordinated market economies, respectively; the central argument is that generous welfare state programmes may enhance and not diminish international competitiveness and can be part of the comparative institutional advantage of an economy rather than solely contributing to its comparative cost disadvantage. Section 3 concludes by briefly discussing the implications of the argument presented in Sect. 2 for the present debate on the compensatory role of the welfare state in a globalized economy.Less
This is the second of three chapters on the role of economic interests, and of systems for representing those interests, in the politics of welfare state reform. They explore the linkages between national welfare states and national economies, and examine the processes through which economic actors press their interests on policy makers. Section 1 of Manow's chapter offers a critical account of contributions that predict the formation of new political coalitions along the cleavage line between those firms and workers that are forced to adjust to international market pressures and those that enjoy domestic shelter from globalized markets; a brief discussion is included of the relative importance of the electorate in current welfare reforms as compared with the role played by organized interests of capital and labour. Section 2 presents a transaction cost argument that seeks to identify one central logic linking production and protection in continental welfare states and coordinated market economies, respectively; the central argument is that generous welfare state programmes may enhance and not diminish international competitiveness and can be part of the comparative institutional advantage of an economy rather than solely contributing to its comparative cost disadvantage. Section 3 concludes by briefly discussing the implications of the argument presented in Sect. 2 for the present debate on the compensatory role of the welfare state in a globalized economy.
Ranald C. Michie
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199242559
- eISBN:
- 9780191596643
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199242550.003.0007
- Subject:
- Economics and Finance, Economic History, Financial Economics
As a successor to the previous chapter, which looked at organizational change in the London Stock Exchange between the two World Wars, this one looks at the changing market place over the same ...
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As a successor to the previous chapter, which looked at organizational change in the London Stock Exchange between the two World Wars, this one looks at the changing market place over the same period. The first part of the chapter discusses competition from British provincial stock exchanges, from international arbitrage, and from North American and continental banks. The second part looks at the money market, and the last looks at the capital (securities) market and reduced international market.Less
As a successor to the previous chapter, which looked at organizational change in the London Stock Exchange between the two World Wars, this one looks at the changing market place over the same period. The first part of the chapter discusses competition from British provincial stock exchanges, from international arbitrage, and from North American and continental banks. The second part looks at the money market, and the last looks at the capital (securities) market and reduced international market.
Alfred Maizels, Robert Bacon, and George Mavrotas
- Published in print:
- 1997
- Published Online:
- October 2011
- ISBN:
- 9780198233381
- eISBN:
- 9780191678981
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198233381.003.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Initially, the international commodity markets experienced high short-term price instability. Although there still were important commodities that showed short-term instability, real commodity prices ...
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Initially, the international commodity markets experienced high short-term price instability. Although there still were important commodities that showed short-term instability, real commodity prices underwent a downward trend that began in 1980. This change had a number of negative effects particularly in terms of the export earnings, foreign debt size, and the ability to obtain substantial progress of developing countries. To evolve a set of measures for raising depressed commodity prices and commodity export earning levels, negations between developing and developed countries had to be prioritized. This chapter highlights the fact that these measures are crucial in formulating an international strategy for improving and hastening the development process particularly for low income countries and those dependent on commodities.Less
Initially, the international commodity markets experienced high short-term price instability. Although there still were important commodities that showed short-term instability, real commodity prices underwent a downward trend that began in 1980. This change had a number of negative effects particularly in terms of the export earnings, foreign debt size, and the ability to obtain substantial progress of developing countries. To evolve a set of measures for raising depressed commodity prices and commodity export earning levels, negations between developing and developed countries had to be prioritized. This chapter highlights the fact that these measures are crucial in formulating an international strategy for improving and hastening the development process particularly for low income countries and those dependent on commodities.
Michael Bowe and James W. Dean
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199241828
- eISBN:
- 9780191596834
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199241821.003.0020
- Subject:
- Economics and Finance, International
A selective, critical survey is provided of the academic literature on the financial management policy of multinational enterprises (MNEs). The focus of much of the current research is the two major ...
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A selective, critical survey is provided of the academic literature on the financial management policy of multinational enterprises (MNEs). The focus of much of the current research is the two major themes of financial management policy in relation to the increasing volatility of real and financial asset prices in the international financial environment of MNEs; and international market segmentation. The main parts of the chapter discuss the enhanced importance of recent increases in asset price volatility, the classification and management of risk exposure, the management of financial risk by MNEs, and issues relating to the effective implementation of a risk management system within the governance structure of an MNE.Less
A selective, critical survey is provided of the academic literature on the financial management policy of multinational enterprises (MNEs). The focus of much of the current research is the two major themes of financial management policy in relation to the increasing volatility of real and financial asset prices in the international financial environment of MNEs; and international market segmentation. The main parts of the chapter discuss the enhanced importance of recent increases in asset price volatility, the classification and management of risk exposure, the management of financial risk by MNEs, and issues relating to the effective implementation of a risk management system within the governance structure of an MNE.
Edmund Cannon and Ian Tonks
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199216994
- eISBN:
- 9780191711978
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199216994.003.0005
- Subject:
- Business and Management, Pensions and Pension Management
This chapter examines the structure and prevalence of annuity markets in a number of selected countries around the world: Australia, Chile, Germany, Italy, Singapore, Sweden, Switzerland, and USA. It ...
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This chapter examines the structure and prevalence of annuity markets in a number of selected countries around the world: Australia, Chile, Germany, Italy, Singapore, Sweden, Switzerland, and USA. It provides an international context for annuity markets.Less
This chapter examines the structure and prevalence of annuity markets in a number of selected countries around the world: Australia, Chile, Germany, Italy, Singapore, Sweden, Switzerland, and USA. It provides an international context for annuity markets.
Sergio L. Schmukler
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199230587
- eISBN:
- 9780191710896
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199230587.003.0002
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter discusses the benefits and risks that financial globalization entails for developing countries. Financial globalization can lead to large benefits, particularly the development of the ...
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This chapter discusses the benefits and risks that financial globalization entails for developing countries. Financial globalization can lead to large benefits, particularly the development of the financial system. But financial globalization can also create crises and contagion. The net effect of financial globalization is likely to be positive in the long run, with risks being more prevalent immediately after countries liberalize. So far only some countries, sectors, and firms have taken advantage of globalization. As financial systems turn global, individual governments no longer have policy instruments at their disposal. This means that there is an increasing need, and potential, for some form of international financial policy cooperation.Less
This chapter discusses the benefits and risks that financial globalization entails for developing countries. Financial globalization can lead to large benefits, particularly the development of the financial system. But financial globalization can also create crises and contagion. The net effect of financial globalization is likely to be positive in the long run, with risks being more prevalent immediately after countries liberalize. So far only some countries, sectors, and firms have taken advantage of globalization. As financial systems turn global, individual governments no longer have policy instruments at their disposal. This means that there is an increasing need, and potential, for some form of international financial policy cooperation.
Lars‐Gunnar Mattsson
- Published in print:
- 1999
- Published Online:
- November 2003
- ISBN:
- 9780198296041
- eISBN:
- 9780191596070
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198296045.003.0011
- Subject:
- Economics and Finance, Microeconomics
Stresses the embeddedness of the individual firm in the network of firms with which it necessarily has ties; this ‘markets‐as‐networks’ approach interprets the generic governance structure for ...
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Stresses the embeddedness of the individual firm in the network of firms with which it necessarily has ties; this ‘markets‐as‐networks’ approach interprets the generic governance structure for production systems to be multidimensional exchange relationships between actors, typically firms. A key notion here is one of coordination and interdependence in these long‐term—but by no means static—relationships, but in turn, it is argued, there are dynamic, indirect, and direct interactions between such relationships, and in a fundamental way, the relationships determine the constraints and opportunities under which the firm operates. The markets‐as‐networks approach is thus designed to incorporate both change and stability. The issue of different types of overlap between networks is singled out for scrutiny, especially as it relates to the international context. Applying these constructs, the author finds the approach to be especially well suited to improve understanding of the dynamic interaction between the international firm, and the international markets and industries.Less
Stresses the embeddedness of the individual firm in the network of firms with which it necessarily has ties; this ‘markets‐as‐networks’ approach interprets the generic governance structure for production systems to be multidimensional exchange relationships between actors, typically firms. A key notion here is one of coordination and interdependence in these long‐term—but by no means static—relationships, but in turn, it is argued, there are dynamic, indirect, and direct interactions between such relationships, and in a fundamental way, the relationships determine the constraints and opportunities under which the firm operates. The markets‐as‐networks approach is thus designed to incorporate both change and stability. The issue of different types of overlap between networks is singled out for scrutiny, especially as it relates to the international context. Applying these constructs, the author finds the approach to be especially well suited to improve understanding of the dynamic interaction between the international firm, and the international markets and industries.
H. Kent Baker and Leigh A. Riddick (eds)
- Published in print:
- 2012
- Published Online:
- May 2013
- ISBN:
- 9780199754656
- eISBN:
- 9780199979462
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199754656.001.0001
- Subject:
- Economics and Finance, Financial Economics, International
This book reflects the new diversity of interest in international finance that summarizes and synthesizes developments in the many and varied areas that are now viewed as having international ...
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This book reflects the new diversity of interest in international finance that summarizes and synthesizes developments in the many and varied areas that are now viewed as having international content. The book attempts to differentiate between what is known, what is believed, and what is still being debated about international finance. The book consists of five major topics: (1) exchange rates and risk management, (2) international financial markets and institutions, (3) international investing, (4) international financial management, and (5) special topics. The chapters cover market integration, financial crises, and the links between financial markets and development in some detail as they relate to these areas.Less
This book reflects the new diversity of interest in international finance that summarizes and synthesizes developments in the many and varied areas that are now viewed as having international content. The book attempts to differentiate between what is known, what is believed, and what is still being debated about international finance. The book consists of five major topics: (1) exchange rates and risk management, (2) international financial markets and institutions, (3) international investing, (4) international financial management, and (5) special topics. The chapters cover market integration, financial crises, and the links between financial markets and development in some detail as they relate to these areas.
Robert J. Shiller
- Published in print:
- 1998
- Published Online:
- November 2003
- ISBN:
- 9780198294184
- eISBN:
- 9780191596926
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198294182.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics, Financial Economics
This book, which is part of the distinguished Clarendon Lectures in Economics series, puts forward a unique and authoritative set of detailed proposals for establishing new markets for the management ...
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This book, which is part of the distinguished Clarendon Lectures in Economics series, puts forward a unique and authoritative set of detailed proposals for establishing new markets for the management of the biggest economic risks facing governments and society. Robert Shiller argues that we have largely the wrong financial markets, and that establishing new ones may fundamentally alter and diminish international economic fluctuations (and thus enable better risk management) and reduce the inequality of incomes. Shiller argues that although some risks, such as natural disaster or temporary unemployment, are shared by society, most risks are borne by the individual, and standards of living are determined by luck. He investigates whether a new technology of markets could make risk sharing possible and shows how new contracts could be designed to hedge all manner of risks to the individual's living standards. He proposes new international markets for perpetual claims on national incomes, and on components and aggregates of national incomes, concluding that these markets may well dwarf our stock markets in their activity and significance. He also argues for new liquid international markets for residential and commercial property. Establishing such unprecedented new markets presents some important technical problems that Shiller attempts to solve with proposals for implementing futures markets on perpetual claims on incomes, and for the construction of index numbers for cash settlement of risk management contracts. These new markets could fundamentally alter and diminish international economic fluctuations, and reduce the inequality of incomes around the world. Much of the book is technical, and it is intended mostly for economists, contract designers at futures and options exchanges, originators of swaps and other financial deals, and designers of retail products associated with risk management (such as insurance, pension plans, and mortgages). However, the material within the book is mostly arranged so that a non‐technical reader can follow the broad themes, and until Ch. 6, most of the technical material is relegated to appendices.Less
This book, which is part of the distinguished Clarendon Lectures in Economics series, puts forward a unique and authoritative set of detailed proposals for establishing new markets for the management of the biggest economic risks facing governments and society. Robert Shiller argues that we have largely the wrong financial markets, and that establishing new ones may fundamentally alter and diminish international economic fluctuations (and thus enable better risk management) and reduce the inequality of incomes. Shiller argues that although some risks, such as natural disaster or temporary unemployment, are shared by society, most risks are borne by the individual, and standards of living are determined by luck. He investigates whether a new technology of markets could make risk sharing possible and shows how new contracts could be designed to hedge all manner of risks to the individual's living standards. He proposes new international markets for perpetual claims on national incomes, and on components and aggregates of national incomes, concluding that these markets may well dwarf our stock markets in their activity and significance. He also argues for new liquid international markets for residential and commercial property. Establishing such unprecedented new markets presents some important technical problems that Shiller attempts to solve with proposals for implementing futures markets on perpetual claims on incomes, and for the construction of index numbers for cash settlement of risk management contracts. These new markets could fundamentally alter and diminish international economic fluctuations, and reduce the inequality of incomes around the world. Much of the book is technical, and it is intended mostly for economists, contract designers at futures and options exchanges, originators of swaps and other financial deals, and designers of retail products associated with risk management (such as insurance, pension plans, and mortgages). However, the material within the book is mostly arranged so that a non‐technical reader can follow the broad themes, and until Ch. 6, most of the technical material is relegated to appendices.
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.
Andrés Solimano
- Published in print:
- 2004
- Published Online:
- January 2005
- ISBN:
- 9780199278558
- eISBN:
- 9780191601590
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199278555.003.0009
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Remittances from migrants are a growing force, and this chapter considers the role that they can play in financing development. To an important extent, they finance consumption, and are an ...
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Remittances from migrants are a growing force, and this chapter considers the role that they can play in financing development. To an important extent, they finance consumption, and are an international mechanism of social protection based on private transfers; they can also contribute to financing investment, providing community infrastructure and funds for the financing of new enterprises. The motives for making such remittances, and the problems of measuring their extent are considered, as are the variety of financial entities through which they are channelled, and policies for reducing the cost of remittances and enhancing their development potential. The chapter is organised in five main sections which: discuss global and regional trends in remittance flows and their growing importance as a source of external transfers to developing countries; examine measurement issues and discuss the main micro‐motives for remittances and the implications of their cyclical behaviour for stability; analyse the development impact of remittances (effects on savings, investment, growth, poverty, income distribution); overview the international market for remittances, and provide evidence on the costs of sending remittances to various country groups; and highlights policies for reducing the costs of sending remittances and thus enhancing their developmental impact.Less
Remittances from migrants are a growing force, and this chapter considers the role that they can play in financing development. To an important extent, they finance consumption, and are an international mechanism of social protection based on private transfers; they can also contribute to financing investment, providing community infrastructure and funds for the financing of new enterprises. The motives for making such remittances, and the problems of measuring their extent are considered, as are the variety of financial entities through which they are channelled, and policies for reducing the cost of remittances and enhancing their development potential. The chapter is organised in five main sections which: discuss global and regional trends in remittance flows and their growing importance as a source of external transfers to developing countries; examine measurement issues and discuss the main micro‐motives for remittances and the implications of their cyclical behaviour for stability; analyse the development impact of remittances (effects on savings, investment, growth, poverty, income distribution); overview the international market for remittances, and provide evidence on the costs of sending remittances to various country groups; and highlights policies for reducing the costs of sending remittances and thus enhancing their developmental impact.
Jane W. D’arista and Stephany Griffith-Jones
- Published in print:
- 2001
- Published Online:
- October 2011
- ISBN:
- 9780198296867
- eISBN:
- 9780191685286
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198296867.003.0003
- Subject:
- Economics and Finance, Development, Growth, and Environmental, Macro- and Monetary Economics
In the advent of various developments in international financial markets, foreign portfolio investments have assumed an emerging role as a channel for international capital flows to a number of ...
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In the advent of various developments in international financial markets, foreign portfolio investments have assumed an emerging role as a channel for international capital flows to a number of developing countries. While these countries experienced several challenges between 1979 to 1982 because of the recession, oil price increase, and the shift in US macroeconomic policy, the period between 1983 and 1989 entailed a decline in the net international capital flows received by developing countries because of the high levels of negative net transfers of resources from various countries in Latin America to banks. Since foreign direct investments were the only option of channeling in net capital flows for countries in the Western Hemisphere, such also became the case for developing countries in Asia. This chapter examines the implications of utilizing foreign portfolio investments in facilitating international capital flows specifically to developing countries.Less
In the advent of various developments in international financial markets, foreign portfolio investments have assumed an emerging role as a channel for international capital flows to a number of developing countries. While these countries experienced several challenges between 1979 to 1982 because of the recession, oil price increase, and the shift in US macroeconomic policy, the period between 1983 and 1989 entailed a decline in the net international capital flows received by developing countries because of the high levels of negative net transfers of resources from various countries in Latin America to banks. Since foreign direct investments were the only option of channeling in net capital flows for countries in the Western Hemisphere, such also became the case for developing countries in Asia. This chapter examines the implications of utilizing foreign portfolio investments in facilitating international capital flows specifically to developing countries.
Gerald K. Helleiner (ed.)
- Published in print:
- 1992
- Published Online:
- October 2011
- ISBN:
- 9780198283591
- eISBN:
- 9780191684456
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198283591.003.0010
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter attempts to model the competitive conditions Korean firms faced and their successful entry into a highly dynamic commodity memory market. Semiconductor memory chips are regarded as among ...
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This chapter attempts to model the competitive conditions Korean firms faced and their successful entry into a highly dynamic commodity memory market. Semiconductor memory chips are regarded as among the most important components of modern computer and communication equipment. It was surprising that late-coming Korean firms entered this market successfully without any direct governmental subsidy or practices of implicit market restriction. The chapter discusses the structural changes in the market and environment of the Korean semiconductor industry and examines the importance of industrial and trade policy in Korea. It then examines the model of dynamic oligopoly in the international market.Less
This chapter attempts to model the competitive conditions Korean firms faced and their successful entry into a highly dynamic commodity memory market. Semiconductor memory chips are regarded as among the most important components of modern computer and communication equipment. It was surprising that late-coming Korean firms entered this market successfully without any direct governmental subsidy or practices of implicit market restriction. The chapter discusses the structural changes in the market and environment of the Korean semiconductor industry and examines the importance of industrial and trade policy in Korea. It then examines the model of dynamic oligopoly in the international market.
