Transparency has in recent years become a buzzword in the
economic-political debate about prospects for economic growth in
general and for Europe in particular. A number of events, trends,
and developments for example the East-Asian financial crisis, a
series of corporate governance scandals in the United States and in
Europe, the introduction of the euro as a common currency in part
of the European Union, a global trend toward politically
independent central banks, growing attention to environmental
issues, and attempts to reform the governance structures of
supranational and multilateral organizations such as the EU and the
UN have made transparency an issue of highest concern. However, the
long and winding road leading from improved transparency in Europe
to increased economic growth in the region has never been mapped
out in a coherent way. The reason is simply that the causal chain
from transparency to growth needs to be discussed in a
comprehensive, interdisciplinary way, incorporating different
research areas and traditions from accounting to economics and
political science. This book attempts to bridge that gap in current
literature.
What is transparency? Are there different kinds of it? What does it
do? How much of it do we need, and for what purpose? In this book,
the purpose of transparency is assumed ultimately to be higher
rates of economic growth, and so the analyses in the different
chapters take an instrumental view of transparency, where the
relevant question is whether increased transparency leads to more
efficient resource allocation. The chapters address transparency in
different markets and at different levels: from corporate financial
disclosure to lobbying;from the risk incentives facing banks to
competition and environmental policies.
The book raises important questions and delivers a wealth of
insights which will be of great use to a wide spectrum of
audiences, including researchers and students on the one hand and
policy makers, bureaucrats, and finance and investment
professionals on the other.
The Editor
Lars Oxelheim holds a chair in International Business and Finance
at Lund University, Lund and is an affiliate of the Research
Institute of Industrial Economics (IUI), Stockholm and of the Fudan
University, Shanghai. His current research focuses on the
implications of macroeconomic disturbances for corporate
performance and issues related to economic and financial
integration. He has published some 25 books and numerous articles
in the areas of international business and finance, corporate
finance and corporate governance. Among his recent monographs are
Money Markets and Politics: A Study of European Financial
Integration and Monetary Policy Options (Cheltenham: Edward Elgar,
2003) (with Jens Forssbaeck), European Union and the Race for
Foreign Direct Investment in Europe (Oxford: Elsevier, 2004)
(co-edited/authored with Pervez Ghauri) and Corporate Performance
and the Exposure to Macroeconomic Fluctuations (Stockholm:
Norstedts Academic Publishers, 2005) (with Clas Wihlborg).
*This series: Provides an international perspective to the study of
business, with a special emphasis on management and marketing
issues
*Deals with such topics as globalization, international business
negotiations, cross-cultural communication, entry strategies, doing
business in different regions, and future trends
*Also focuses on thedevelopment of international business theory,
methodological issues, the results of empirical studies and the
findings of practitioners
General
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