André Straus
- Published in print:
- 2011
- Published Online:
- September 2011
- ISBN:
- 9780199603503
- eISBN:
- 9780191729249
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199603503.003.0010
- Subject:
- Business and Management, Business History
From the end of the war until the beginning of the 1970s, Western Europe had not itself met all its own requirement for private capital. European concerns had been borrowing relatively heavily in New ...
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From the end of the war until the beginning of the 1970s, Western Europe had not itself met all its own requirement for private capital. European concerns had been borrowing relatively heavily in New York because of the plentiful supply of funds and lower interest rates, and because of lower issuing costs relative to European markets which were narrow and strictly controlled. However, since the end of 1958, when the principal European currencies reverted to external convertibility on current account, a number of steps had been taken both in the United Kingdom and on the continent to remove restrictions on international capital movement and to restore a truly international security market. Indeed, the Eurodollar market eased the linkages between different European money markets, and contributed to a reduction of the spreads between short-term interest rates. The Eurobond market furthermore permitted some progress in the mobility of long-term capital within Europe, but in the early 1960s it remained rather small. Despite the progress made in the integration of economies and trade, Western Europe, lacking a common currency and with inadequate political will to integrate tax policy, budgets and regulatory frameworks was prevented from meeting the expectations that had been formed for a large integrated financial market.Less
From the end of the war until the beginning of the 1970s, Western Europe had not itself met all its own requirement for private capital. European concerns had been borrowing relatively heavily in New York because of the plentiful supply of funds and lower interest rates, and because of lower issuing costs relative to European markets which were narrow and strictly controlled. However, since the end of 1958, when the principal European currencies reverted to external convertibility on current account, a number of steps had been taken both in the United Kingdom and on the continent to remove restrictions on international capital movement and to restore a truly international security market. Indeed, the Eurodollar market eased the linkages between different European money markets, and contributed to a reduction of the spreads between short-term interest rates. The Eurobond market furthermore permitted some progress in the mobility of long-term capital within Europe, but in the early 1960s it remained rather small. Despite the progress made in the integration of economies and trade, Western Europe, lacking a common currency and with inadequate political will to integrate tax policy, budgets and regulatory frameworks was prevented from meeting the expectations that had been formed for a large integrated financial market.
Stephany Griffith-Jones and José Antonio Ocampo (eds)
- Published in print:
- 2018
- Published Online:
- November 2018
- ISBN:
- 9780198827948
- eISBN:
- 9780191866630
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198827948.001.0001
- Subject:
- Economics and Finance, Financial Economics, Development, Growth, and Environmental
The topic of national development banks was largely neglected in the academic literature for a long period, and was limited to a debate between admirers and detractors of these institutions. Since ...
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The topic of national development banks was largely neglected in the academic literature for a long period, and was limited to a debate between admirers and detractors of these institutions. Since the 2007/9 financial crisis, interest in and support for these institutions have broadly increased, in developing, emerging, and developed countries alike. The key issues are understanding how such development banks work, what their main aims are, what instruments, incentives, and governance work better in general and in particular contexts, and what are their links with the private financial and corporate sector, as well as with broader government policies. This book aims to provide an in-depth study of several key cases of national development banks (in Brazil, Chile, China, Colombia, Mexico, Germany, and Peru) as well as horizontal issues such as their role in innovation and structural change, infrastructure financing, financial inclusion, environmental sustainability, the countercyclical role of development financing, and the regulatory rules that are best for these institutions. From both a research and a policymaking perspective, this book concludes that development banks can make a significant contribution to development. It analyses their roles, the link with broader economic policies, their governance, and the main instruments they use to perform their functions. The book has important policy implications for countries that have development banks, so they can improve them, but also for countries which do not yet have them, and can learn from best practice should they wish to establish them.Less
The topic of national development banks was largely neglected in the academic literature for a long period, and was limited to a debate between admirers and detractors of these institutions. Since the 2007/9 financial crisis, interest in and support for these institutions have broadly increased, in developing, emerging, and developed countries alike. The key issues are understanding how such development banks work, what their main aims are, what instruments, incentives, and governance work better in general and in particular contexts, and what are their links with the private financial and corporate sector, as well as with broader government policies. This book aims to provide an in-depth study of several key cases of national development banks (in Brazil, Chile, China, Colombia, Mexico, Germany, and Peru) as well as horizontal issues such as their role in innovation and structural change, infrastructure financing, financial inclusion, environmental sustainability, the countercyclical role of development financing, and the regulatory rules that are best for these institutions. From both a research and a policymaking perspective, this book concludes that development banks can make a significant contribution to development. It analyses their roles, the link with broader economic policies, their governance, and the main instruments they use to perform their functions. The book has important policy implications for countries that have development banks, so they can improve them, but also for countries which do not yet have them, and can learn from best practice should they wish to establish them.
Abul Maal A. Muhith
- Published in print:
- 2013
- Published Online:
- June 2014
- ISBN:
- 9780198092346
- eISBN:
- 9780199082834
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198092346.003.0032
- Subject:
- Economics and Finance, South and East Asia
The relatively more rapid return to the trend rate of growth in Asian economies compared to the Western economies affords an opportunity to focus on domestic and regional sources of growth in Asian ...
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The relatively more rapid return to the trend rate of growth in Asian economies compared to the Western economies affords an opportunity to focus on domestic and regional sources of growth in Asian countries. The global economic, monetary, and financial system needs restructuring. SAARC should have a voice in this restructuring and ensure reforms in the charters of existing institutions such as the Bretton Woods. An institution is required to work as an early warning system for the global economic, monetary, and financial system. The volatility of food and energy prices should be addressed, new thinking on global currency needs to be initiated, and price stability of essential commodities undertaken. Stock markets should cease to be dominated by a few players and intermediation of capital should be equitable for all parties. The role of the World Bank should be reviewed and emphasis placed for providing investment finance for developing countries.Less
The relatively more rapid return to the trend rate of growth in Asian economies compared to the Western economies affords an opportunity to focus on domestic and regional sources of growth in Asian countries. The global economic, monetary, and financial system needs restructuring. SAARC should have a voice in this restructuring and ensure reforms in the charters of existing institutions such as the Bretton Woods. An institution is required to work as an early warning system for the global economic, monetary, and financial system. The volatility of food and energy prices should be addressed, new thinking on global currency needs to be initiated, and price stability of essential commodities undertaken. Stock markets should cease to be dominated by a few players and intermediation of capital should be equitable for all parties. The role of the World Bank should be reviewed and emphasis placed for providing investment finance for developing countries.
