In the world's developing countries, foreign investment in natural resources brings into contact competing interests that are often characterised by unequal balances of negotiating power - from multinational corporations and host governments, through to the local people affected by the influx of foreign investment. The growing integration of the world economy has been accompanied by rapid and extensive developments in the national and international norms that regulate investment and its impact - including investment law, natural resource law and human rights law. These legal developments affect the 'shadow' that the law casts over the multiple negotiations that characterise international investment projects in the developing world. Drawing on international law, the national law of selected jurisdictions and the contracts concluded in a large investment project, Human Rights, Natural Resource and Investment Law in a Globalised World explores the ways in which the law protects the varied property rights that are at play in foreign investment projects in developing countries, with a focus on Africa. Through an integrated analysis of seemingly disparate fields of law, this book sheds new light on how the law mediates the competing interests that come into contact as a result of economic globalisation, whilst also providing new insights on the changing nature of state sovereignty and on the relationship between law and power in a globalised world. This book will be of interest to scholars, students and informed practitioners working in the fields of international investment and human rights law, comparative law, socio-legal studies, and development studies.

The world of finance has been revolutionized in the last twenty years by factors such as the liberalization and subsequent integration of global financial markets and the advances in computing and communications technology. These important changes have led to a stream of financial innovations and theoretical breakthroughs in the area of pricing diverse financial instruments. More than ever before, we witness a process where international securities are traded in a global marketplace.This comprehensive collection encompasses the most recent contributions in the area of international securities. It includes the most important articles on current issues and future development in this key area of international finance. It will be an essential source of reference to researchers, students and practitioners alike.

Raymond F. Mikesell deals with sources of conflict between private foreign investors and the governments of developing countries. He concludes that government ownership and control will expand and that foreign investors are most likely to become sellers of their special services rather than remain investors who act freely for the benefit of parent companies. Originally published in 1971.

This book examines the credit needs and the borrowing behaviour of rural households in China in recent years. It is based on in-depth analysis of the status of households indebtedness and borrowing behaviour; the performance of Rural Credit Cooperatives (RCCs), as well as resources of informal finance. Before 2006, RCCs are virtually the only source of formal credit for rural households in China and were subject to a series of reforms from 1996 to 2003. The reforms aimed to transform RCCs into market-oriented institutions and, more importantly, help them meet the increasing demands of farmers for varied financial services, and thereby contribute effectively to economic transformation in rural China.

Based on a micro-study of three villages, at different stages of development with dissimilar economic characteristics in Jiangxi province, this book investigates the sources of finance, formal and informal, in rural areas and the different types of credit that farmers require. It examines the patterns of credit required by rural households at different stages of agricultural processes, and the institutions from which they obtain loans. It demonstrates the importance of innovative institutional arrangements in rural China and new instruments that give farmers access to formal rural financial markets and enable them to utilize credit effectively, concluding that further reforms to RCCs are necessary for RCCs to be truly effective.

Economic theory indicates that financial markets play a prominent role to the efficient allocation of resources in the modern world. Financial markets can fulfil this role if they enjoy the confidence of investors and are free of abuse. The financial frauds associated with the collapse of Enron and the major crises in world leading corporations such as WorldCom, Adelphia, Tyco, and the 'Wall Street financial scandals' have shown that fraud, manipulation, and insider dealing retain a catastrophic presence in modern financial markets. Proper deterrence of market abuse is necessary not only for the effective operation of modern financial markets, but also for regaining investor confidence. This book analyses the mechanics and regulation of two of the most harmful market practices in the modern financial world: insider dealing and market manipulation, which together comprise the offence of market abuse. Avgouleas examines the UK and EC regimes from an interdisciplinary perspective, also making extensive and critical use of US case law. He emphasizes the economic analysis of anti-fraud manipulation regulations and their effects upon market welfare and explores the possible deterrent benefits of civil law remedies.

Monetary and Financial Integration in West Africa details the progress, challenges faced, and potential of the project intended to create a West African Monetary Zone (WAMZ) between Gambia, Ghana, Guinea, Nigeria and Sierra Leone. Given the trend towards regionalization of economic ties across the world, especially after the successful launch of the euro, a detailed analysis of the WAMZ is needed. As this is the first book on monetary and financial integration in Gambia, Ghana, Guinea, Nigeria and Sierra Leone, it is an essential read for anyone interested in economic development in West Africa, and indeed in Africa as a whole. This book is extremely well-researched, with detail on virtually all aspects of economic integration in the region; with issues ranging from the institutional details of integration, trade and financial market integration, to progress on convergence of macroeconomic fundamentals to the required payments system infrastructure. The book deploys solid empirical facts and sophisticated analyses to thoroughly defend its assertions. This collection is a valuable contribution and an excellent companion book for monetary economics or international economics classes as well as African development literature. It will provide students and researchers with an exciting chance to apply concepts of, for example, optimum currency areas, central bank structure or monetary policy approaches, to a real-world case of potential monetary union. Dr. Temitope W. Oshikoya and his collaborators have written the authoritative book on the subject of monetary union in the West African Monetary Zone. As is evident in the level of detail of the book, Dr. Oshikoya brings rich field experience from his role as Director General and CEO of the West African Monetary Institute. This book will be of interest to postgraduates and researchers in development economics; as well as policymakers, monetary authorities and development practitioners.

This highly relevant study provides an incisive analysis of a critical phase in recent East Asian financial history, exploring the underlying causes of the financial crisis that struck Indonesia during the second half of 1997.

Matsumoto's extensive commercial experience in Indonesian finance during these critical years, allows him to skilfully argue that the roots of the crisis lay in the period of capital liberalization undertaken during the boom years from 1994 to 1997 which encouraged the development of fragile and unstable financial structures, involving increased corporate leverage, reliance on external debt, and the introduction of riskier and more complicated financial instruments and transactions.

In-depth fieldwork data and four detailed case studies illuminate the microeconomic foundations of the crisis, showing how Indonesian capitalists sought to liquidate their Indonesian assets without losing control of their corporate empires, by taking advantage of increased access to foreign loans and complex financial re-engineering, actions which ultimately precipitated instability and crisis throughout the entire financial system. Finally, it reflects upon the policy implications of this episode, putting forward the case for comprehensive capital controls for open and developing economies until they establish appropriate financial institutions to monitor and manage the level of indebtedness and the volatility of capitalists' behaviour.

The global financial crisis that reached its peak in late 2008 has brought the importance of financial services regulation and supervision into the spotlight.

This book examines the governance of financial services in the EU, asking who governs financial services in the EU, how and why, and explaining where the power lies in the policy-making process. It covers the main financial services: banking, securities, payments systems, clearing and settlement. Addressing the politics and public policy aspects of financial market integration, regulation and supervision in the European Union, this book conducts a theoretically-informed and empirically-grounded analysis of financial services governance from the establishment of Economic and Monetary Union (1999) and the launch of the Financial Services Action Plan (1999), to date. It also assesses the EU responses to the global financial crisis.

Providing a reliable and unique insight into the politics of financial services regulation in the EU based on an extensive programme of interviews with policy makers and stakeholders across Europe, the book will be of great topical interest to students and scholars of European Union studies, political science and political economy.

Based on bank and official archives, this book focuses on Japan's financial activities abroad - in particular, Japan's borrowings. This is the story of Japan's success: a "doubtful" borrower in the 1870s, it became respected after the Russo-Japan war. This study also highlights the mechanism of loan issues on the international capital markets. First published in 1994, this title is part of the Bloomsbury Academic Collections series.

This new book brings together contributions from recognized experts in trade policy, discussing and evaluating economic integration in the Western Hemisphere, the alternative trade strategies being pursued in this area and Latin American relationships with United States and Canada. These essays provide progress reports concerning the different regional and sub-regional groupings that have developed within the hemisphere and discuss the inter-relationships of Western Hemispheric trading arrangement with the multilateral trading systems. The difficulties encountered in hemispheric trade negotiations and the implications for the countries involved are also considered. This book will be of great interest to students and researchers engaged with international trade and economic policy, as well as policy specialists in business organizations and government.

This book tells the story of how financial markets have evolved over time and became increasingly more complex. The author, a successful and experienced trader, who among other things won the 2015 battle of the quants futures contest held in New York, shares how one can navigate today's dangerous financial markets and be successful. Readers at all levels will benefit from his analysis and many real life examples and experiences. The coverage is broad and there is considerable discussion on ways to stay out of trouble, protect oneself and grow one's assets. The author was the first one to do turn of the year January effect trades in the futures markets starting in the beginning of S&P 500 futures trading in 1982. That has been successful and the author explains his ideas and experiences from the beginning in simple markets to the current, very complex markets we have in 2017.The author discusses the various ways that traders and investors lose money in the financial markets. Many examples are provided, including Long Term Capital Management, ENRON, Amarath, Neiderhoffer's funds and many major companies such as Lehman Brothers, Society Generale, Saloman Brothers. This is invaluable to understanding ways to avoid such losses.The author discusses great investors, their methods and evaluation and the authors' work with several of them. Risk arbitrage and mean reversion strategies are described through actual use. Asset-liability models for pension funds, insurance companies and other financial institutions devised by the author are described. The author uses racetrack bias ideas in behavorial finance in trading index futures and options. Large stock market crashes that can be predicted are discussed with several models of the author and others. Many mini crashes including the January-February 2016, Brexit, Trump and French elections that are plausible but largely unpredictable are described and how they were dealt with successfully.Along with ways to deal with them, investment in top quality racehorses, oriental carpets, real estate and other interesting investments are covered. The author was instrumental in viewing racing as a stock market. The ideas are used by the top racing syndicates as well as hedge funds.The book proceeds by weaving these aspects of the financial markets in the modern era into a story of the author's academic, professional and personal life. This is told through the people he met and worked with and the academic and personal travel he had all over the world this past half century. The text is simply written with details, sources and references in the notes of each chapter. Details of various important events and how they evolved are described. There are numerous color and black and white photos in the text plus graphs, tables etc. in the notes to tell the story. The teaching and research into various financial and gambling markets takes the reader to interesting places around the world. These include the US and its many stock market ups and downs, Japan when they were ruling the financial world and then they collapsed, the UK visits with lectures, teaching and research work at their great Universities including Cambridge and Oxford, Europe with many activities in France, Italy, Germany and other places, to Asia including discussions about travels to Persia, Turkey, Singapore, Korea, China, Afghanistan, Russia and other countries. Also discussed are visits to U.S. universities including Chicago, MIT, Berkeley, UCLA and Washington. His work with horse racing syndicates took him to Australia and Hong Kong. Crises like those in Greece, US housing and internet and the flash crash are discussed.

The global economy has experienced four waves of rapid debt accumulation over the past fifty years. The first three debt waves ended with financial crises in many emerging and developing economies.

Financial markets across the Arabian Peninsula have gone from being small, quasi-medieval structures in the 1960s to large world-class groupings of financial institutions. This evolution has been fueled by vast increases in income from oil and natural gas. The Financial Markets of the Arab Gulf presents and analyzes the banks, stock markets, investment companies, money changers and sovereign wealth funds that have grown from this oil wealth and how this income has acted as a buffer between Gulf society at large and the newfound cash reserves of Gulf Cooperation Council states (Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain) over the last fifty years. By assessing the development of institutions like the Abu Dhabi Investment Authority, the Saudi Arabian Monetary Authority, the Public Investment Fund and the National Bank of Kuwait, The Financial Markets of the Arab Gulf evaluates the growth of the markets and provides a detailed, critical, snapshot of the current form and function of the Gulf's financial markets. It argues that the markets have been controlled by various state institutions for socio-political reasons. In particular, the Saudi state has used its sophisticated regulatory regime to push for industrialization and diversification, which culminated in the Vision 2030 plan. The UAE, Qatar, Kuwait, Bahrain and Oman have also been strongly involved in establishing modern markets for similar purposes but have done so through different means, with varying results, and each in line with what has been considered their respective comparative advantages. Along with critically surveying these institutions and their role in global finance, the book also presents case studies depicting transactions typical to the region, including the highly profitable documentary credits of commercial banks, the financial scandal of certain financiers and their regulatory arbitrage between Bahrain and Saudi Arabia, a review of the Dubai's trade miracle, and an assessment of the value and importance of the privatization of Saudi Aramco.

Praise for "International Economic Indicators and Central Banks"

"Anne Picker's "International Economic Indicators and Central Banks" is a tour de force. It brings together a wealth of information, explanation, and guidance, which has hitherto only been available from disparate and frequently obscure sources, and does so with great clarity and authority. It will be an invaluable resource not only for investors but for all others involved in the fields of finance and economics."
--Donald R. Anderson, OBE FRSE (UK), International Economics Advisor, formerly chief economist, Courtaulds Group

"Picker's book provides a comprehensive and up-to-date guide to the workings of key central banks, and to the economic data that informs their thinking and policy formation. The book should be required reading for those with more than a passing interest in financial markets and monetary policy formation."
--George Worthington, Chief Economist, Asia Pacific, Thomson-IFR (Australia)

""International Economic Indicators and Central Banks" is an invaluable guide for anyone doing business overseas or investing in international markets. It is thorough and precise enough for professional economists yet readily accessible to business people and investors. Anne Picker is not only an excellent communicator who demystifies central bank operations and technical economic indicators; she is also a top-notch economist with extensive experience in analyzing them. Don't read any international economic analysis without this volume close at hand."
--David A. Levy, Chairman, The Jerome Levy Forecasting Center

This book tells the story of how financial markets have evolved over time and became increasingly more complex. The author, a successful and experienced trader, who among other things won the 2015 battle of the quants futures contest held in New York, shares how one can navigate today's dangerous financial markets and be successful. Readers at all levels will benefit from his analysis and many real life examples and experiences. The coverage is broad and there is considerable discussion on ways to stay out of trouble, protect oneself and grow one's assets. The author was the first one to do turn of the year January effect trades in the futures markets starting in the beginning of S&P 500 futures trading in 1982. That has been successful and the author explains his ideas and experiences from the beginning in simple markets to the current, very complex markets we have in 2017.The author discusses the various ways that traders and investors lose money in the financial markets. Many examples are provided, including Long Term Capital Management, ENRON, Amarath, Neiderhoffer's funds and many major companies such as Lehman Brothers, Society Generale, Saloman Brothers. This is invaluable to understanding ways to avoid such losses.The author discusses great investors, their methods and evaluation and the authors' work with several of them. Risk arbitrage and mean reversion strategies are described through actual use. Asset-liability models for pension funds, insurance companies and other financial institutions devised by the author are described. The author uses racetrack bias ideas in behavorial finance in trading index futures and options. Large stock market crashes that can be predicted are discussed with several models of the author and others. Many mini crashes including the January-February 2016, Brexit, Trump and French elections that are plausible but largely unpredictable are described and how they were dealt with successfully.Along with ways to deal with them, investment in top quality racehorses, oriental carpets, real estate and other interesting investments are covered. The author was instrumental in viewing racing as a stock market. The ideas are used by the top racing syndicates as well as hedge funds.The book proceeds by weaving these aspects of the financial markets in the modern era into a story of the author's academic, professional and personal life. This is told through the people he met and worked with and the academic and personal travel he had all over the world this past half century. The text is simply written with details, sources and references in the notes of each chapter. Details of various important events and how they evolved are described. There are numerous color and black and white photos in the text plus graphs, tables etc. in the notes to tell the story. The teaching and research into various financial and gambling markets takes the reader to interesting places around the world. These include the US and its many stock market ups and downs, Japan when they were ruling the financial world and then they collapsed, the UK visits with lectures, teaching and research work at their great Universities including Cambridge and Oxford, Europe with many activities in France, Italy, Germany and other places, to Asia including discussions about travels to Persia, Turkey, Singapore, Korea, China, Afghanistan, Russia and other countries. Also discussed are visits to U.S. universities including Chicago, MIT, Berkeley, UCLA and Washington. His work with horse racing syndicates took him to Australia and Hong Kong. Crises like those in Greece, US housing and internet and the flash crash are discussed.

Containing Fritz Machlup's papers on international finance spanning thirty years, this volume includes pieces translated into English for the first time. Focussing on the theme of the balance of payments, the work is structured as follows: Foreign Exchanges and Balance of Payments, The Effects of Devaluation, Gold and Foreign Reserves, Capital Movements and the Transfer Problem. An introduction to each section by the author is included.

This volume establishes a theoretical framework for exploring the role of host state legal systems (courts and bureaucracies) in mediating relations between foreign investment, civil society and government actors. It then demonstrates the application of that framework in the context of the south Indian city of Bengaluru (formerly Bangalore). Drawing on the 'law-and-community' approach of Roger Cotterrell, the volume identifies three mechanisms through which law might, in theory, ensure that social relations are productive: by expressing any mutual trust which may hold actors together, by ensuring that actors participate fully in social life and by coordinating the differences that hold actors apart. Empirical data reveals that each of these legal mechanisms is at work in Bengaluru. However, their operation is limited and skewed by the extent to which actors use, abuse and/or avoid them. Furthermore, these legal mechanisms are being eroded as a direct result of the World Bank's 'investment climate' discourse, which privileges the interests and values of foreign investors over those of other actors.

This book examines the transformation of the state in Central and Eastern Europe since the end of communism and adoption of market oriented reform in the early 1990s, exploring the impact of globalization and economic liberalization on the region's states, societies and political economy. It compares the different policies and national strategies adopted by key Central and Eastern European states, including the Czech Republic, Poland, Hungary and Slovakia, showing how initial internally oriented strategies of market reform, privileging domestic sources of investment, had by the late 1990s given way to externally oriented strategies emphasising the promotion of competitiveness by attracting foreign investment. It explores the reasons behind this convergence, considering the influence of internal and external forces, and the roles of interests, institutions and ideas. It argues that internationalization of the state is forged in the processes through which domestic groups linked to transnational capital attain domestic influence necessary to shape state policy and strategy. These groups - the comprador service sector in particular - constitute and organize political, social and institutional support of the competition state in the region. Overall, this book not only provides a detailed account of the political economy of post-communist transformation in Central and Eastern Europe, but also the processes by which states adapt to the forces of globalization.

One of the key constraints to accelerated economic performance in developing countries is, in the authors' view, the absence of strong, dynamic financial systems. Many, if not most, developing countries suffer from repressed financial systems. Thus the most important step in effecting the development of capital markets is to lay a foundation of sound macroeconomic and regulatory policies conducive to financial sector development. This book presents an approach to financial sector reform composed of financial sector diagnosis, policy and institutional targeting, macroeconomic reforms, bank regulation and supervisory reform, and privatization. The work also presents criteria to help decision-makers apply the approach. The issues and approaches presented are as relevant to the emerging democracies of Eastern Europe and such transitional countries as Brazil and Mexico as they are to developing countries. The authors begin with an introductory discussion of the two-pronged strategy of financial reform and privatization and then, in chapter 2, provide an overview of developing financial systems. Chapter 3 discusses the public/private debate. Chapter 4 is devoted to financial sector liberalization, and chapter 5 goes on to discuss the privatization of financial institutions. A framework for financial reform and privatization is presented in chapter 6, and chapter 7 provides concluding comments. In addition, a series of case studies are presented in the appendix. These case studies demonstrate the methods and strategies used to address financial sector reform in Bangladesh, Chile, Guinea, Jamaica, Mexico, and the Philippines. This book will be useful to financial and development experts and to policy makers in countries amenable to changing their financial systems. It would also be appropriate for courses in international economics, international banking, international monetary issues, international finance, and economic development.

First Published in 1989. Routledge is an imprint of Taylor & Francis, an Informa company.

The World Bank is one of the most important and least understood major international institutions. This book provides a concise, accessible and comprehensive overview of the World Bank's history, development, structure, functionality and activities.

These themes are illustrated with a wide variety of case studies drawn from the Bank's international activities. Also discussed are the controversial challenges that the Bank now faces in the light of the criticism from campaigners and NGOs.

This book presents the lifelong and ongoing research of Lawrence H. Officer in a systematic way. The result is an authoritative treatment of such issues as market structure and economic efficiency where more than one characteristic of a commodity is priced, both in general and in application to shipping conferences; financing of the United Nations and International Monetary Fund; monetary history of the UK and US; and central-bank preferences between gold and dollars, The book first examines multidimensional pricing, defined as pricing when a commodity or service has several characteristics that are priced. The second part is concerned with country-group conflicts in the United Nations and International Monetary Fund. The book then takes a fresh look at historical experiences of monetary-standard upheavals and the final part considers a crucial time (1958-67), during which central-bank gold-dollar decisions were power-politically determined.

International in scope and written by a leading young Post-Keynesian economist, this book focuses on the working of money and payments in a multi-bank settlement system within which banks and non-bank financial institutions have been expanding their operations outside their countries of incorporation.

Departing from conventionally held beliefs, Sergio Rossi sets off from a positive analysis of the logical origin of money, which is the essential principle of double-entry book-keeping through which banks record all debts and credits for further reference and settlement and provides theoretical and empirical advances in explaining money endogeneity for the investigation of contemporary domestic and international monetary issues.

Showing that both money and banking have profound implications for real economic activities, this innovative work is essential reading, not only for scholars in monetary economics, but also for professionals concerned with monetary policy and payments system issues.

As globalization continues apace, market segmentations are diminishing, distance is shrinking and the boundaries between nation states are becoming increasingly blurred. National economies are closely interlinked through manychannels and we rarely view things from a single country's view, adopting a global perspective instead. It is therefore imperative to understand how the world economy functions. This book utilizes up to date empirical evidence to illuminate the mechanics of the world as a single entity. The author explores the properties of the world economy, the diverse mechanisms of interdependence, shocks and disturbances, economic processes and structures, and the institutional arrangements that guide these processes. Key topics covered include: world GDP, growth and global product and factor markets China as a new global player the roots and impact of financial and currency crises the performance of the developing countries over time (which have gained, which have lost?) conflicts between the national interest and global concerns (protectionism, locational competition for mobile factors of production, environmental issues) the institutional arrangements for the world economy (IMF, WTO). The World Economy: A Global Analysis will be essential reading for students studying the world economy from the perspective of economics, finance, business and politics.

This book analyses the impact that stabilization clauses have on the development of human rights and gender laws in resource rich nations. Given the fact that stabilization clauses freeze the law for as long as the contract subsists there has been debate on the negative impact stabilization clauses have on the progressive development of human rights in the host State. Firstly, the book examines the mechanisms investors utilise in protecting themselves from host State prerogatives. It then explores the theoretical basis on which stabilization clauses are applied and upheld by arbitral tribunals, and assesses how they can be drafted in a way that protects human rights, particularly in relation to gender discrimination, without forcing the resource rich nations to lose momentum in attracting foreign direct investment. Using Zambia and the Gender Equity and Equality Act of 2015 as a case study, the book explores the compatibility of the legislation with the stabilization clauses contained in the country's Development Agreements. The book will be of interest to practitioners, scholars and students of international investment law, human rights law and contract law.