Contributors discuss the Alaska Permanent Fund (APF) and Permanent Fund Dividend (PFD) as a model both for resource policy and for social policy. This book explores whether other states, nations, or regions would benefit from an Alaskan-style dividend. The book also looks at possible ways that the model might be altered and improved.

This book constructs an innovative theoretical analysis framework for corporate consolidation through M&A under the condition of government competition during the transition period. Under the condition of transitional economy, the government is an important agent in economic development. Government behaviors, especially government competitions, are institutional variables that affect enterprise behaviors and corporate consolidation. Based on the perspective of local government competition, starting from the essential problems of China's enterprise M&A during the transition period, and taking "the existence of M&A waves-the occurrence mechanism of M&A under government competition-the process of corporate consolidation under government competition-the macro and micro effects of M&A" as the main line, this book reveals the mechanism and effects of enterprise M&A on the evolution of industrial economic structure and regional economic structure under the paradigm of government competition. At the same time, taking "the motivations for government competition-conducts of government competition-effects of government competition" as the hidden line, the path of government competition and its impact mechanism are investigated. Relevant analysis of government competition is embodied in the logical framework of M&A and corporate consolidation.

The development of international financial centers (IFCs) has paralleled the rapid expansion of international banking and Eurocurrency activities. During the past decade and a half, the international banking and financial markets have experienced phenomenal growth along with the parallel expansion of IFCs. The size of the Eurocurrency market grew from $110 billion in 1970 to over $4,000 billion by 1987, while the total international assets of all banking institutions rose from $130 billion to $4,800 billion during the same period. Some of the preeminent IFCs are playing a major role in the international financial markets, as demonstrated by the size of their international assets: Bahamas ($144 billion), Cayman Islands ($174 billion), Singapore ($150 billion), Hong Kong ($130 billion), Bahrain ($46 billion), and Panama ($32 billion). The patterns of Euroborrowing and Eurolending activities in these IFCs have been undergoing major changes. These changes came about as a result of the introduction of the floating exchange rate system in 1973, recent financial deregulation, internationalization of the financial markets, securitization of financial assets and liabilities, and global financial innovations. Since the pioneering work of Kindleberger in 1974 on the formation of financial centers, there has not been a comprehensive study to reflect the recent developments, trends and the mystique that have surrounded the IFCs' functions and operations in the international money and capital markets.

This volume presents current developments in the fields of banking and finance from an international perspective. Featuring contributions from the 4th International Conference on Banking and Finance Perspectives (ICBFP), this volume serves as a valuable forum for discussing current issues and trends in the banking and financial sectors, especially in light of the global economic challenges triggered by financial institutions. Using the latest theoretical models, new perspectives are brought to topics such as international banking and finance, Islamic banking, fintech, and corporate finance. Offering an opportunity to explore the challenges of a rapidly changing industry, this volume will be of interest to academics, policy makers, and scholars in the fields of banking, insurance, and finance.

This book analyzes the social forces and political coalitions driving regional integration projects in Asia with a focus on ASEAN and Indonesian conglomerates. It asks which social forces, within the domestic political economy of Asian states, are driving governments to seek regional arrangements for economic governance. In particular the book asks how the emergence, reorganization, and expansion of capitalist class have conditioned political support for regional economic integration. By addressing these issues, the book emphasizes that the wellspring of regional economic institution projects stem from the process of capitalist development and the social forces it has unleashed. The book's aims place the social and class relations that underpin regional projects - rather than the institutions which result from them-at the centre of the analysis of regional integration. The research for this account draws primarily on primary documents from archival and field research conducted by the author-including company documents and in-depth interviews, government reports and policies, and trade publications and data sources, which is supplemented with secondary sources where relevant.

Due to financial market imperfections it is imperative to analyse the relationship between financial structure and the monetary policy transmission process in Europe to effectively design and implement European monetary policy. Focusing on the years 1980-1995 and providing empirical evidence for six European countries, namely Germany, France, Italy, the UK, Belgium and the Netherlands, the author discusses whether cross-country variations in financial structure have a systematic relationship with inter-country differences in the monetary transmission process. The analysis of this is invaluable as differences in financial structures across EMU countries may hamper the implementation of a common European monetary policy in the future. The conclusion is that some elements of the financial structure are clearly relevant and applicable for European monetary policy and the monetary transmission process in particular. This highly topical book will be of great interest to academics and professional economists in the field of financial, macro and monetary economics and the economics of European integration.

This textbook presents all major topics in international monetary theory, foreign exchange markets, international financial management and investment analysis. It focuses on real-world problems in the sense that it provides guidance on how to solve policy issues as well as how to complete financial assignments across the globe. This in turn helps readers gain an understanding of the theory and refine the framework. This third edition of the book incorporates three new chapters, and most of the chapters from the second edition have been updated to integrate new material, data, and/or the recent developments in the areas. The book can be used in graduate and advanced undergraduate programs in international or global finance, international monetary economics, and international financial management. It is also a valuable reference book for researchers in these areas.

This insightful collection examines the intersection between macroeconomics and finance. The key challenge in this area is to find the right measure of 'bad times' (the marginal value of wealth) to explain some assets' high average returns or low prices as compensation for those assets' tendency to pay off poorly in bad times.The volume includes a carefully chosen selection of articles that survey the various approaches to this question - including the equity premium, consumption based models, general equilibrium models and labour income/idiosyncratic risk approaches. The editor also provides a comprehensive introduction which sets these papers in context and surveys the broader literature.

This book presents a systematic review of the literature on the foreign expansion decisions of multinational banks (MNBs). With today's increasing level of globalization, many banks have expanded their activities internationally to take advantage of new opportunities in different markets. As each extension strategy brings distinctive benefits and challenges, finding an optimal approach to internationalization plays a crucial role in maximizing the advantages while decreasing the drawbacks under changing conditions. After screening 141 papers, 28 articles from leading international research journals were selected according to defined criteria in order to provide a synthesized framework connecting MNBs' decisions to enter foreign markets with the reasons and consequences. The book argues that the MNBs' main motivations for foreign expansion are related to location and ownership factors. Based on the priorities of these motives, MNBs can choose cross-border lending, greenfield investment or acquisition as an entry mode. Since each has its own benefits and challenges, the chosen strategy has further implications for both the profitability of MNBs and the economic conditions of the host country regarding the competition level, lending pattern to small and medium enterprises (SMEs), market interest rates and financial stability. After establishing a link between the main drivers of foreign expansion, the entry mode choices, and the impacts of foreign bank presence in the host country, the book offers managers of MNBs insights into the further implications. Highlighting the gaps in literature, it also appeals to researchers looking for future areas of study.

Two items were firmly on the European economic agenda in the 1990s: financial market integration and the creation of a common or single currency. The former was supposed to have been achieved in 1992 (via the Single Market Act, with some derogations), and the latter came into being on January 1, 1999. This study is concerned with a particular connection between the two themes, namely the process of financial intermediation and especially the role of banking. 1.1 Financial & Monetary Integration in Europe Up until the mid-1980s, European financial intermediation was, as else where 'on shore' in the post-war period, broadly characterised by a relatively high degree of diverse regulatory control and with cross-border restrictions (e.g., in the form of exchange controls). This resulted in the administration of interest rates and pegging of prime market yields, as well as restrictions on intermediary specialisation. Hence, it was easy to understand why price c, etition was hardly ever seen. Within this kind of environment, banks and other financial intermediaries (OFIs) competed mainly on non-price terms - for example, through the expansion of branch networks. The Single Market Programme (SMP), l launched in 1986, was in a com plex way intended to level out and open up the domestic markets of the European Union (EU) to competition from entities in other Member States."

What is money, where does it come from, what is its purpose? Does it increase national and international inequalities? Remy Herrera's book analyzes how the changes in the capitalist world system have consolidated, over the last decades, the supremacy of the U.S. dollar, but also how this hegemony has recently been challenged, both by rising State resistance initiatives and by the emergence of crypto-currencies, which raises many questions. Reviewing the situation of each continent, this book invites us to debate the liberation from the dollar domination, as well as the future of the euro, that of the CFA and CFP francs, of the Cuban peso or of the Chinese yuan, among others, but also the means to take in hand our collective future by mastering money.

This is the first book dedicated to the scrutinization of Myanmar's unofficial foreign exchange market, its roots in restrictive administrative controls on foreign exchange and international trade, and its effects on the country's economic performance. This book integrates vast pieces of records and data with first-hand information from extensive fieldwork to create an overall picture of the chaotic but seemingly efficient foreign exchange market in Myanmar, a transitional economy in Southeast Asia whose economic systems had been less known due to its isolation until recently. This book illustrates how the unofficial foreign exchange market emerged during the country's transition to a market-based economy, how informal currency deals proliferated under restrictive controls, and why they persist despite the significant economic reforms since 2011. Refuting the conventional wisdom of foreign exchange policy reforms, this research clarifies path-dependent features of foreign exchange market systems, and it discusses possible solutions for modernizing economic systems. This book is highly recommended to readers who seek an in-depth analytical narrative about informal economic activities and foreign exchange policy reforms in a fragile state.

"This publication could not be more timely. Little more than a decade after the global financial crisis of 2008, governments are once again loosening the reins over financial markets. The authors of this volume explain why that is a mistake and could invite yet another major crisis." -Benjamin Cohen, University of California, Santa Barbara, USA "Leading political scientists from several generations here offer historical depth, as well as sensible suggestions about what reforms are needed now." -John Kirton, University of Toronto, Canada, and Co-founder of the G7 Research Group "A valuable antidote to complacency for policy-makers, scholars and students." -Timothy J. Sinclair, University of Warwick, UK This book examines the long-term, previously underappreciated breakdowns in financial regulation that fed into the 2008 global financial crash. While most related literature focuses on short-term factors such as the housing bubble, low interest rates, the breakdown of credit rating services and the emergence of new financial instruments, the authors of this volume contend that the larger trends in finance which continue today are most relevant to understanding the crash. Their analysis focuses on regulatory capture, moral hazard and the reflexive challenges of regulatory intervention in order to demonstrate that financial regulation suffers from long-standing, unaddressed and fundamental weaknesses.

Sustainable finance has been one of the emerging areas of finance in the last decade. With its emphasis on environmental, social, and governance as focal points in decision-making processes, it can help to improve social well-being while also supporting sustainable recovery. Furthermore, when practiced appropriately, it has the potential to avoid financial crises. Focusing on sustainable finance, responsible banking, responsible insurance, and responsible public finance can thus drive economic resiliency and must be examined from a pre-, post-, and during-crisis period in order to effectively avoid such circumstances in the future. Global Aspects of Sustainable Finance in Times of Crises discusses theory and concepts, focuses on practices and strategies, addresses the recent challenges and trends, and presents future prospects regarding sustainable finance. It provides a comprehensive look at sustainable finance in a variety of contexts and fields and discusses contemporary issues in light of crises such as the climate crisis and the COVID-19 pandemic. Covering a wide range of topics such as climate finance, green finance, and microfinance, it is ideal for corporate managers, portfolio managers, investors, finance professionals, accountants, government officials, financial analysts, researchers, practitioners, academicians, students, and policymakers.

This book is a collection of research papers that contribute to the understanding of ongoing developments in financial institutions and markets both in the United States and globally.

History teaches us important lessons, provided we can discern its patterns. Multi-Polar Capitalism applies this insight to the crucial, yet often underappreciated issue of international monetary relations. When international monetary systems get first put into place successfully, such as the "classic" gold standard in 1879, Bretton Woods in 1945, or the dollar standard in 1982, they structure relations between the system's centre and the rest of the world so that others can catch up to the leader. But this growth-promoting constellation, a vector for accelerating globalization, runs its course eventually amidst mounting overproduction conditions in key sectors and spreading financial instability. Such periods of global crisis, from the Great Depression of the 1930s to stagflation in the 1970s and creeping deflation during much of the 2010s, force restructuring and policy reforms until conditions are ripe for a renewed phase of sustained expansion. We are facing such a turning point now. As we are moving from a US-dominated world economy towards a multi-polar configuration, we will also see the longstanding dollar standard give way to a multi-currency system. Three currency blocs rooted in the dollar, euro, and yuan will be dominated respectively by the United States, the European Union, and China, each a power centre representing a distinct variant of capitalism. Their complex mix of competition and cooperation necessitates new "rules of the game" promoting the shared pursuit of global public goods, in particular the impending zero-carbon transition, lest we allow fragmentation and conflict shape this next chapter of our history. Multi-Polar Capitalism adds to a century of research and debate on long waves, those roughly half-century cycles first identified by the great Soviet economist Nikolai Kondratiev in the early 1920s, by highlighting the role of the international monetary system in this distinct boom-and-bust pattern.

This volume presents current developments in the fields of banking and finance from an international perspective. Featuring contributions from the 3rd International Conference on Banking and Finance Perspectives (ICBFP), this volume serves as a valuable forum for discussing current issues and trends in the banking and financial sectors, especially in light of the global economic challenges triggered by financial institutions. Using the latest theoretical models, new perspectives are brought to topics such as e-finance and e-banking, Islamic banking, capital flight, bank efficiency, risk assessment, bankruptcy, investment diversification, and insider trading. Offering an opportunity to explore the challenges of a rapidly changing industry, this volume will be of interest to academics, policy makers, and scholars in the fields of banking, insurance, and finance.

This ground-breaking best-seller reveals for the first time how the mighty and mysterious Federal Reserve operates -- and how it manipulated and transformed both the American economy and the world's during the last eight crucial years. Based on extensive interviews with all the major players, Secrets of the Temple takes us inside the government institution that is in some ways more secretive than the CIA and more powerful than the President or Congress.

This book explores several challenges facing FinTech in Islamic financial institutions. Firstly, large banks and financial institutions in countries with updated and innovative technological channels will earn the technology arbitrage from FinTech. This 'size' puzzle may create a challenge for Islamic financial institutions that are of smaller size and from technologically less-developed countries. Secondly, while access to FinTech is getting broader day by day, usage of FinTech is still limited due to personal and governance-related limitations. Moreover, the level of awareness of the emerging FinTech services (i.e., bitcoin, blockchain, etc.) remains extremely poor even among the residents of technologically-advanced countries. Thirdly, use of FinTech by Islamic financial institutions is limited to Islamic banking, to users from developed countries, among young customers, and for a limited number of traditional banking services such as the deposits and payment services. Also, banks hope to use FinTech to increase the size of a new breed of technology-savvy depositors and loan customers to achieve economies of scale, which may help stabilize the banking sector. Automation in Islamic banks and the participation of Islamic financial institutions in blockchain and bitcoin domains require extensive research from Shariah-compliance as well as market and consumer-related grounds. With all the opportunities and challenges of FinTech-promoting inclusion, easier loan monitoring, and risk of Shariah non-compliance-this book explores the implications for Islamic financial institutions and will be of interest to scholars, researchers, and students of Islamic finance and financial technology.

The battle of national, state, and local governments to attract investment has been a high priority for decades. For example, US state and local governments give almost $50 billion in location incentives and over $70 billion in total subsidies annually. Developing countries often pay even more for investments despite the fact they are less able to afford to do so. Using case studies from around the world, and at all levels of government, Thomas shows that investment incentives are rarely a good policy, especially for countries lacking education and an infrastructure. Finally, he analyzes the myriad methods of controlling incentives with an emphasis on the EU's comprehensive and largely successful state aid rules, illustrated by an extended case study of Ireland.

Written for international finance executives, economists, and policymakers, this is the first book to describe in detail the money markets of the eight major developing countries of East Asia: Hong Kong, Indonesia, Korea, Malaysia, the Philippines, Singapore, Thailand, and Taiwan. Robert F. Emery makes use of the most recent and complete data available to analyze the strengths and weaknesses of each individual market and identify the main participants, the nature of the instruments used, the size of the market, and any official influences on the market. He also assesses each market in terms of its past performance, suggests possible measures to improve the market, and describes the basic ingredients for establishing a viable and growing market.

Following an introductory chapter that explains Asian money markets, the volume contains chapters on each of the eight countries that analyze their respective markets in detail. Each chapter is organized into a standard format, making it easy for the reader to locate specific information. The introductory section contains information on the country's general economy, its financial system, the structure of the money market, and significant money market developments. Subsequent sections examine individual components of the money market, such as the interbank or commercial paper market. An analytical section discusses how large a role the money market plays in the country's economy, evaluates past financial policies, and proposes future policy initiatives. The final chapter makes cross-country comparisons of the various countries' markets and indicates what lessons can be derived from the preceding analyses. Numerous explanatory tables and figures amplify points made in the text.

Earthquakes, droughts, floods, and storms are natural hazards, but unnatural disasters are the deaths and damages that result from human acts of omission and commission. Every disaster is unique, but each exposes actions by individuals and governments at different levels that, had they been different, would have resulted in fewer deaths and less damage. Prevention is possible, and this book examines what it takes to do this cost-effectively. It looks at disasters primarily through an economic lens. Economists emphasize self-interest to explain how people choose the amount of prevention, insurance, and coping. But lenses can distort as well as sharpen images, so the book also draws from other disciplines: psychology to examine how people may misperceive risks, political science to understand voting patterns, and nutrition science to see how stunting in children after a disaster impairs cognitive abilities and productivity as adults much later. Peering into the future, it shows that while urbanization and climate change will increase exposure to hazards, vulnerability can be reduced if cities are better managed. This book will be of interest to government officials, urban planners, relief agencies, NGOs, donors, and other development practitioners ."

This book examines how foreign direct investment (FDI) inflows to Central and Eastern Europe have changed after the Great Recession. It argues that beyond their cyclical effects, the economic crisis and the changing competitiveness of Central and Eastern European countries have had structural impacts on FDI in the region. FDI has traditionally been viewed as the key driver of national development, but the apparent structural shift means that focusing on cheap labour as a competitive advantage is no longer a viable strategy for the countries in the region. The authors argue that these countries need to move beyond the narrative of upgrading (attracting FDI inflows with increasingly higher value added), and focus on ensuring greater value capture instead. A potential way for doing this is by developing the conditions in which innovative national companies can emerge, thrive and eventually develop into lead firms of global value chains. The book provides readers with a highly informative account of the reasons why this shift is necessary, as well as diverse perspectives and extensive discussions on the dynamics and structural impacts of FDI in post-crisis Central and Eastern Europe.

Jacqueline Best argues that the 1990s changes in IMF, World Bank and donor policies, towards what some have called the 'Post-Washington Consensus,' were driven by an erosion of expert authority and an increasing preoccupation with policy failure. Failures such as the Asian financial crisis and the decades of despair in sub-Saharan Africa led these institutions to develop governance strategies designed to avoid failure: fostering country ownership, developing global standards, managing risk and vulnerability and measuring results. In contrast to the structural adjustment era when policymakers were confident in their solutions, this is an era of provisional governance, in which key actors are aware of the possibility of failure even as they seek to inoculate themselves against it. Best considers the implications of this shift, asking if it is a positive change and whether it is sustainable. This title is available as Open Access on Cambridge Books Online and via Knowledge Unlatched.