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Author: Augusto de la Torre Publisher: World Bank Publications ISBN: Category : Globalization Languages : en Pages : 41
Book Description
This paper argues that short termism, dollarization, and the use of foreign jurisdictions are endogenous ways of coping with systemic risks prevalent in emerging markets. They represent a symptom at least as much as a problem. These coping mechanisms are jointly determined and the choice of one of them involves risk tradeoffs. Various conclusions can be derived from the analysis. First, because of the dominance of dollar contracts over short-duration contracts, dedollarization might be much more difficult to achieve than often believed. Second, one-dimensional policies aimed at reducing currency and duration mismatches might just displace risk and not diminish it. Third, as systemic risks rise, the market equilibrium settles in favor of investor protection against price risk (through dollar and short-duration contracts) at the expense of exposure to credit risk. Finally, the option value to litigate in the event of default might explain this equilibrium outcome.
Author: Augusto de la Torre Publisher: World Bank Publications ISBN: Category : Globalization Languages : en Pages : 41
Book Description
This paper argues that short termism, dollarization, and the use of foreign jurisdictions are endogenous ways of coping with systemic risks prevalent in emerging markets. They represent a symptom at least as much as a problem. These coping mechanisms are jointly determined and the choice of one of them involves risk tradeoffs. Various conclusions can be derived from the analysis. First, because of the dominance of dollar contracts over short-duration contracts, dedollarization might be much more difficult to achieve than often believed. Second, one-dimensional policies aimed at reducing currency and duration mismatches might just displace risk and not diminish it. Third, as systemic risks rise, the market equilibrium settles in favor of investor protection against price risk (through dollar and short-duration contracts) at the expense of exposure to credit risk. Finally, the option value to litigate in the event of default might explain this equilibrium outcome.
Author: Frederic S. Mishkin Publisher: Princeton University Press ISBN: 1400829445 Category : Business & Economics Languages : en Pages : 321
Book Description
Many prominent critics regard the international financial system as the dark side of globalization, threatening disadvantaged nations near and far. But in The Next Great Globalization, eminent economist Frederic Mishkin argues the opposite: that financial globalization today is essential for poor nations to become rich. Mishkin argues that an effectively managed financial globalization promises benefits on the scale of the hugely successful trade and information globalizations of the nineteenth and twentieth centuries. This financial revolution can lift developing nations out of squalor and increase the wealth and stability of emerging and industrialized nations alike. By presenting an unprecedented picture of the potential benefits of financial globalization, and by showing in clear and hard-headed terms how these gains can be realized, Mishkin provides a hopeful vision of the next phase of globalization. Mishkin draws on historical examples to caution that mismanagement of financial globalization, often aided and abetted by rich elites, can wreak havoc in developing countries, but he uses these examples to demonstrate how better policies can help poor nations to open up their economies to the benefits of global investment. According to Mishkin, the international community must provide incentives for developing countries to establish effective property rights, banking regulations, accounting practices, and corporate governance--the institutions necessary to attract and manage global investment. And the West must be a partner in integrating the financial systems of rich and poor countries--to the benefit of both. The Next Great Globalization makes the case that finance will be a driving force in the twenty-first-century economy, and demonstrates how this force can and should be shaped to the benefit of all, especially the disadvantaged nations most in need of growth and prosperity.
Author: Greg N Gregoriou Publisher: CRC Press ISBN: 1439818541 Category : Business & Economics Languages : en Pages : 630
Book Description
Explores the Origin of the Recent Banking Crisis and how to Preclude Future CrisesShedding new light on the recent worldwide banking debacle, The Banking Crisis Handbook presents possible remedies as to what should have been done prior, during, and after the crisis. With contributions from well-known academics and professionals, the book contains e
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1498331815 Category : Business & Economics Languages : en Pages : 41
Book Description
This paper reports on developments in the Financial Sector Assessment Program (FSAP) since the last Board review of the FSAP in spring 2003 and discusses staff views of the programs evolution.
Author: World Bank Publisher: World Bank Publications ISBN: 9780821364574 Category : Business & Economics Languages : en Pages : 204
Book Description
The World Bank's research is intended to address critical issues and problems facing member governments in developing and transition economies. How can the governments of the poorest countries generate enough revenue to provide the education and health services essential to reducing poverty and promoting growth and development? How can poor countries attract investors to build the infrastructure their economies need? How can they develop systems to bring clean water to the 2 billion people without it today? How can they train teachers and bring to class the 115 million children who have not yet received any education? And how can rich countries be persuaded to lower market barriers, helping to reverse the decline in export prices for poor countries that has left them earning less from trade today than in the 1970s? These are the types of questions that are addressed in this edition of 'The World Bank Research Program: Abstracts from Current Studies'. This volume reports on research projects initiated, under way, or completed from July 2003 through June 2004. It covers 151 research projects on several broad development related issues, including agriculture, health, education, environment, infrastructure, investment climate, and more. The abstract for each project describes the questions addressed, the analytic methods used, the findings to date, and policy implications.
Author: Peter Gluckman Publisher: OUP Oxford ISBN: 0191578819 Category : Science Languages : en Pages : 299
Book Description
We have built a world that no longer fits our bodies. Our genes - selected through our evolution - and the many processes by which our development is tuned within the womb, limit our capacity to adapt to the modern urban lifestyle. There is a mismatch. We are seeing the impact of this mismatch in the explosion of diabetes, heart disease and obesity. But it also has consequences in earlier puberty and old age. Bringing together the latest scientific research in evolutionary biology, development, medicine, anthropology and ecology, Peter Gluckman and Mark Hanson, both leading medical scientists, argue that many of our problems as modern-day humans can be understood in terms of this fundamental and growing mismatch. It is an insight that we ignore at our peril.
Author: Philip J L Parker Publisher: Lulu.com ISBN: 024495870X Category : Business & Economics Languages : en Pages : 442
Book Description
The book "Financial markets and the ACI Dealing Certificate" is intended for Treasury professionals and ACI Dealing Certificate (Sept. 2017 syllabus) candidates. The ACI Dealing Certificate is a foundation programme that allows candidates to acquire a working knowledge of the structure and operation of the major financial markets (foreign exchange, money markets and derivatives), including the ability to apply the fundamental mathematics used in these markets and the basic skills required for competent participation. The industry-standard qualification also demands a basic understanding of ALM and risk management principles and internationally accepted best practices required to be followed by market participants. The ACI qualification, therefore this book, is designed for: - Recent entrants and junior dealers (0-18 months experience) in the dealing room - financial institution and corporate treasury personnel - Middle office and operations personnel - bank compliance and risk officers.
Author: Robert Hudson Publisher: Routledge ISBN: 1136594744 Category : Business & Economics Languages : en Pages : 366
Book Description
In this massive and truly remarkable work, the authors present the most comprehensive and well-structured book ever published for treasurers and financial managers in banking. Although the problems and opportunities inherent in contemporary banking are presented, the book is devoted to the understanding and use of the capital markets in the broadest sense--to enhance the overall strength of banks and finance companies. The authors provide extensive treatment of such topics as: money markets; foreign exchange markets; bills, CDs and commercial paper; Eurobond markets; markets in derivative instruments, etc.
Author: Robert J. Haggerty Publisher: Cambridge University Press ISBN: 9780521576628 Category : Family & Relationships Languages : en Pages : 448
Book Description
Many children's behavioral problems have multiple causes, and most children with one problem behavior also have others. The co-occurence and interrelatedness of risk factors and problem behavior is certainly an important area of research. This volume recognizes the complexity of the developmental processes that influence coping and resilience and the roles sociocultural factors play. The contributors focus on four themes that have emerged in the study of risk and coping over the past decade: interrelatedness of risk and problems, individual variability in resilience and susceptibility to stress, processes and mechanisms linking multiple stressors to multiple outcomes, and interventions and prevention. Psychologists, pediatricians, and others involved in the research or care of children will take great interest in this text.
Author: Augusto de la Torre
Author: Augusto de la Torre
Author: Frederic S. Mishkin
Author: Greg N Gregoriou
Author: International Monetary Fund
Author: World Bank
Author: Peter Gluckman
Author: Philip J L Parker
Author: Robert Hudson
Author: 
Author: Robert J. Haggerty