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Books > Law > Laws of other jurisdictions & general law > Financial, taxation, commercial, industrial law > Financial law
The law of secured transactions has seen dramatic changes in the
last decade. International organisations, particularly the United
Nations Commission on International Trade Law (UNCITRAL), have been
working towards the creation of international legal standards aimed
at the modernisation and harmonisation of secured financing laws
(eg, the United Nations Convention on the Assignment of Receivables
in International Trade, the UNCITRAL Legislative Guide on Secured
Transactions and its Intellectual Property Supplement, the UNCITRAL
Guide on the Implementation of a Security Rights Registry and the
UNCITRAL Model Law on Secured Transactions). The overall theme of
this book is international (or cross-border) secured transactions
law. It assembles contributions from some of the most authoritative
academic voices on secured financing law. This publication will be
of interest to those involved in secured transactions around the
world, including policy-makers, practitioners, judges, arbitrators
and academics.
The maintenance of financial stability is a key objective of
monetary policy, but the record of regulators in achieving this has
been lamentable in recent years. This failure has been matched by
an equivalent inability to establish an appropriate theoretical
basis for financial regulation. In this book, the authors
demonstrate how to enhance the theory, modeling and practice of
such regulation. The main determinant of financial instability is
the default of financial institutions. The authors highlight the
importance of the appropriate incorporation of default into
macro-financial models and its interaction with liquidity. Besides
covering the historical development and current stance of financial
regulation, the book includes a number of policy-oriented chapters
revealing how the authors' modeling approach can improve the
process. This authoritative book will serve as a basis for future
work on financial stability management for both academics and
policy makers and provide guidance on how to undertake crisis
prevention and resolution.
Gordon Brown was a past-master at sneaking in new taxes by stealth,
but his efforts as Chancellor and then Prime Minister were merely
the latest in a long line of party leaders desperate to extract
more money from reluctant taxpayers. This book challenges the need
for government to resort to such underhand practices which
undermine the economy, killing the goose which lays the golden
eggs, and the integrity of the political process. The author argues
that not only does taxation flout the principle of private
property, but it 'is a primal cause of both inflation and
unemployment. Regardless of this, the freely elected governments of
contemporary trading economies - with the acquiescence of their
electorates - persist in raising the major part, if not all, of
their revenues by means of taxation. The immediate cause of such
action by governments...is ignorance of any acceptable alternative
method of raising sufficient public revenue.' Burgess shows how the
development of Keynes' general theory of employment 'leads to the
conclusion that an open trading economy is likely to be most
competitive, and therefore most prosperous, only when taxation is
abolished' - but government must be funded. How can this be done
without taxation? To provide an answer he refines Alfred Marshall's
distinction between the public and private value of property to
reveal an alternative, peculiarly public source of revenue. Unlike
a tax, defined by a former Labour Chancellor, Hugh Dalton, as 'a
compulsory contribution imposed by a public authority, irrespective
of the exact amount of service rendered to the taxpayer in return',
the 'public value' identified by Marshall would deliver an exact
equivalence between the benefits enjoyed and the amount paid. On
the basis of this widely accepted definition, therefore, it is not
a tax but the price for services rendered like any other
transaction - the price fixed by the market. The author shows how
reform may be introduced with a minimum of disruption, so that
politicians with an eye to re-election can achieve measurable
results during the lifetime of a parliament.
The Research Handbook on Central Banking focuses on global central
banks as institutions and not abstractions, providing historical
and practical detail about how central banks work and the
challenges they face. This Research Handbook offers the most
interdisciplinary treatment of global central banks published to
date by addressing key questions regarding where they come from,
how they have changed, and the challenges they face during
uncertain times. Divided into two parts, the Research Handbook
firstly takes readers on a global tour, covering central banks in
the US, Latin America, Europe, Eastern Europe, Japan, China,
Africa, and more. In the second part, authors delve into themes of
broad application, including transparency, independence,
unconventional monetary policy, payment systems, and crisis
response. The interdisciplinary mix of contributors include some of
the most prominent names in central banking as well as a new
generation of scholars who are shaping the conversation about
central banks and their role in global politics, economics, and
society at large. Interdisciplinary and innovative, this Research
Handbook will prove essential reading for scholars focusing on
central banks, financial regulation, global governance, and related
areas, as well as for central bankers and employees at central
banks. Contributors include: C. Adam, K. Alexander, A. Berg, R.
Bhala, D. Bholat, C. Borio, F. Capie, P. Conti-Brown, R.
Darbyshire, F. Decker, B. Geva, C. Goodhart, A.G. Haldane, L.I.
Jacome, H. James, J. Johnson, R.B. Kahn, H. Kanda, C. Kaufmann,
R.M. Lastra, X. Liu, S. McCracken, E.E. Meade, S.T. Omarova, R.
Portillo, M. Raskin, A.L. Riso, R. Smits, P. Tucker, F. Unsal, R.H.
Weber, G. Wood, T. Yamanaka, D. Yermack, A. Zabai, Z. Zhou, C.
Zilioli
The achievement of financial stability is one of the most pressing
issues today. This timely and innovative book provides an
analytical framework to assess financial (in)stability as an
equilibrium phenomenon compatible with the orderly functioning of a
modern market economy. The authors expertly show how good
regulatory policy can be implemented and that its effects on the
real as well as the nominal side of the economy can be properly
analyzed. The core of their approach is to take realistic account
of the interaction between endogenous default, agent heterogeneity
and money and liquidity, and suggest how a quantifiable metric of
financial fragility could be developed. This insightful book will
serve as a basis for future work on financial stability management
for both academics and policy makers and provide guidance on how to
undertake crisis prevention and resolution.
This up-to-date book takes a fresh look at regulation and risk and
argues that the allure of regulation lies in its capacity to reduce
risk while preserving the benefits of trade, travel and commerce.
Regulation appears as a politically attractive, targeted and
effective way to ensure that disasters of the past are not
repeated. Diverse challenges are tackled through regulatory means -
including the industrial, financial and terrorist-related hazards
analyzed in this book. Fiona Haines' empirical work shows, however,
that regulation attempts to reduce risks beyond their stated remit
of preventing future disaster. Her analysis reveals a complex nexus
between risk and regulation where fulfilment of regulatory
potential depends on managing three fundamentally different types
of risk: actuarial, socio-cultural and political. This complex risk
management task affects both reform and compliance efforts,
generating tension and paradoxical outcomes. Nonetheless, Haines
argues, enhancing political legitimacy and public reassurance are
central, not peripheral, to successful regulation. This insightful
book will appeal to academics, researchers and postgraduate
researchers working in regulation across law, politics, sociology,
criminology and public management. Masters of public management,
MBA students, public administrators and regulators, as well as
political commentators, will also find this book invaluable.
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