financial_sector_development   34

Why Tax Havens Are Political and Economic Disasters - The Atlantic - July 2016
In the early 1990s, economists coined the term " the resource curse " to describe a paradox they observed in countries where valuable natural resources were…
Instapaper  tax_havens  development  corruption  politics-and-money  financial_sector_development  resource_curse  capital_flows  inequality  from instapaper
july 2016 by dunnettreader
Dani Rodrik and Arvind Subramanian - Why Did Financial Globalization Disappoint? | IMF Staff Papers - Jan 2009
IMF Staff Papers (2009) 56, 112–138. doi:10.1057/imfsp.2008.29; published online 6 January 2009 -- The stylized fact that there is no correlation between long-run economic growth and financial globalization has spawned a recent literature that purports to provide newer evidence and arguments in favor of financial globalization. We review this literature and find it unconvincing. The underlying assumptions in this literature are that developing countries are savings-constrained; that access to foreign finance alleviates this to boost investment and long-run growth; and that insofar as there are problems with financial globalization, these can be remedied through deep institutional reforms. In contrast, we argue that developing economies are as or more likely to be investment- than savings-constrained and that the effect of foreign finance is often to aggravate this investment constraint by appreciating the real exchange rate and reducing profitability and investment opportunities in the traded goods sector, which have adverse long-run growth consequences. It is time for a new paradigm on financial globalization, and one that recognizes that more is not necessarily better. Depending on context and country, the appropriate role of policy will be as often to stem the tide of capital inflows as to encourage them. Policymakers who view their challenges exclusively from the latter perspective risk getting it badly wrong. - downloaded pdf to Note
international_political_economy  paper  IMF  macroeconomics  access_to_finance  LDCs  FX-rate_management  downloaded  emerging_markets  investment  economic_theory  economic_growth  development  capital_controls  international_finance  capital_flows  investment-government  FX-misalignment  international_economics  economic_policy  global_economy  financial_sector_development  financial_economics  economic_reform 
june 2016 by Werderbach
Dani Rodrik and Arvind Subramanian - Why Did Financial Globalization Disappoint? | IMF Staff Papers - Jan 2009
IMF Staff Papers (2009) 56, 112–138. doi:10.1057/imfsp.2008.29; published online 6 January 2009 -- The stylized fact that there is no correlation between long-run economic growth and financial globalization has spawned a recent literature that purports to provide newer evidence and arguments in favor of financial globalization. We review this literature and find it unconvincing. The underlying assumptions in this literature are that developing countries are savings-constrained; that access to foreign finance alleviates this to boost investment and long-run growth; and that insofar as there are problems with financial globalization, these can be remedied through deep institutional reforms. In contrast, we argue that developing economies are as or more likely to be investment- than savings-constrained and that the effect of foreign finance is often to aggravate this investment constraint by appreciating the real exchange rate and reducing profitability and investment opportunities in the traded goods sector, which have adverse long-run growth consequences. It is time for a new paradigm on financial globalization, and one that recognizes that more is not necessarily better. Depending on context and country, the appropriate role of policy will be as often to stem the tide of capital inflows as to encourage them. Policymakers who view their challenges exclusively from the latter perspective risk getting it badly wrong. - downloaded pdf to Note
paper  downloaded  IMF  international_political_economy  international_finance  global_economy  emerging_markets  LDCs  capital_flows  investment  investment-government  development  economic_growth  economic_policy  economic_reform  access_to_finance  capital_controls  FX-misalignment  FX-rate_management  economic_theory  macroeconomics  international_economics  financial_economics  financial_sector_development 
may 2016 by dunnettreader
Updating the Policy Framework for Investment (PFI) - OECD
Investment policy reviews are conducted using OECD investment instruments and - since its adoption in 2006 - the Policy Framework for Investment. Using a process of peer examination, the OECD Investment Committee has published investment policy reviews since 1993. Priority countries for review are those showing potential for adherence to the OECD investment instruments. ‌Since the PFI was agreed in 2006, new forces have reshaped the global investment landscape, including the global economic and financial crisis, which started in 2008 and from which many economies have still not recovered, the emergence of new major outward investors within the G20, the spread of global value chains, and signs that pressures for investment protectionism are on the rise. Numerous lessons have also been learnt through the use of the PFI, particularly in developing and emerging economies. The PFI has been updated to reflect these new global economic fundamentals and was released in Paris on 3 June 2015 at the OECD Ministerial Council Meeting. 4/6/2015 - More than 25 countries have used the PFI when engaging in investment policy reviews. The experiences of these countries were used as an integral part of the multi-stakeholder update of the PFI which is now complete. -- pdf links for revised PFI and a "background to the uodate" -- downloaded pdf to Note on Action Taken using PFI guidance
report  OECD  OECD_economies  LDCs  emerging_markets  policymaking  public_policy  investment  investors  FDI  value-chains  supply-side  supply_chains  globalization  regulation-harmonization  trade-policy  financial_sector_development  capital_flows  international_political_economy  international_finance  international_organizations  downloaded 
july 2015 by dunnettreader
Douglas J. Elliott and Qiao Yu - Reforming shadow banking in China | Brookings Institution - May 12, 2015
Shadow banking has become an important, and rapidly growing, part of Chinese finance. Much of the reporting and analysis for this sector focuses on the risks of shadow banking, which clearly do exist and are significant. However, the societal benefits, on the whole, appear to be even greater. Therefore, shadow banking should be reformed, to reduce the risks and increase the benefits, not abolished or shrunk simply for the sake of reducing its importance. The right approach is to find the optimum balance of societal benefits and risks, not to aim for an arbitrary size or role. Further, much of shadow banking results from a web of regulatory, bureaucratic, and policy constraints and pressures on the formal banking sector, as well as some internal weaknesses at the banks. Therefore, reform recommendations arising from a consideration of shadow banking need to extend into the formal banking sector. -- This paper will focus on recommendations for regulatory reform -- didn't download
paper  China-economy  banking  NBFI  shadow_banking  regulation-enforcement  financial_system  financial_regulation  financial_sector_development  financial_stability 
may 2015 by dunnettreader
Thorsten Beck, Asli Demirgüç-Kunt, Maria Soledad Martinez Peria - Foreign banks and small and medium enterprises: Are they really estranged? | VOX, CEPR’s Policy Portal - 01 April 2010
Small and medium enterprises are engines of economic growth. But what kind of market structure is more conducive to financing these enterprises? This column argues that different types of bank, applying different types of lending technology and organisational structures can all play a vital role in financing them. They're working with a big data set they developed -- shows quite different lending technologies as between foreign and domestic, but similar outcomes in volume of lending, conditions, pricing etc. The big differences are cross couhtry, where thoorer, less developed suffer from less access to credit for investment, higher pricing, etc -- which reflects overall economic conditions and business environment. -- nice use of data -- downloaded page as pdf to Note
financial_system  development  emerging_markets  LDCs  SMEs  access_to_finance  banking  financial_instiutions  cross-border  firms-structure  firms-organization  credit_ratings  financial_sector_development  financial_innovation  investment  collateral  downloaded 
may 2015 by dunnettreader
Economist's View: 'Social Costs of the Financial Sector' - Luigi Zingale lecture and paper - May 2015
Via Tim Taylor, a quotation from Luigi Zingales ("watch video of the lecture or read the talk at his website"): "While there is no doubt that a developed economy needs a sophisticated financial sector, at the current state of knowledge there is no theoretical reason or empirical evidence to support the notion that all the growth of the financial sector in the last forty years has been beneficial to society. In fact, we have both theoretical reasons and empirical evidence to claim that a component has been pure rent seeking. ..." -- downloaded pdf to Note of Zingale paper
financial_system  financial_innovation  financial_sector_development  rent-seeking  financial_regulation  financialization  capital_markets  banking  NBFI  shadow_banking  economic_growth  video  downloaded 
may 2015 by dunnettreader
Jonathan D. Ostry , Atish R. Ghosh , and Mahvash S. Qureshi - Managing Capital Flows in Frontier Economies | IMF Direct - April 2015
By Jonathan D. Ostry , Atish R. Ghosh , and Mahvash S. Qureshi  There has been a remarkable increase in financial flows to frontier economies from private… Enfin! Just 20+ years late. Nice roundup of various people (like Rodrik) thinking about all the variables, including what sorts of local institutional capacity (government and financial markets and institutions) are required for (1) absorbing different types of capital flows or (2) if a country wants to restrict flows in some fashion, to manage different types of restrictions. Additionally, there are challenges to the basic premise of encouraging capital flows to frontier markets -- these countries are more likely to be investment constrained than the unproven assumption that they're savings constrained. Macroeconomic impacts are also getting a closer look, not only the dilemmas of managing monetary policy and exchange rates -- e. g., FDI can be defeated if inflows raise the rate to reduce trade advantages. Since the biggest issuers from frontier markets tend to be the state, there's a big potential impact on sustainability of fiscal policy (to say nothing of corruption), and again the exchange rate impacts can be severe in both directions. The post is mainly an outline of an ambitious, multidimensional research program that's emerging among development economists, financial economists, macroeconomics in both the OECD countries and think tanks in emerging markets and the IFIs. -- finally the discussion has moved off the obsession with flight capital that took root in the 1980s and was the trump played anytime anyone questioned the happy-happy conventional wisdom of capital liberalization promoters.
economic_theory  macroeconomics  capital_flows  FDI  IFIs  IMF  capital_controls  fiscal_policy  monetary_policy  FX  FX-misalignment  neoliberalism  globalization  emerging_markets  frontier_markets  competitiveness  technology_transfer  infrastructure  development  financial_system  financial_regulation  financial_sector_development  financial_stability  banking  interest_rates  institutional_investors  institutional_capacity  institution-building  central_banks  governance  bibliography  Instapaper  from instapaper
may 2015 by dunnettreader
Steve Cecchetti and Kim Schoenholtz - Residential real estate in China: the delicate balance of supply and demand — Money, Banking and Financial Markets - April 2015
Some observers believe that demand for housing in China is price-insensitive for cultural reasons. Among other things, housing is viewed as a “status good” for those wishing to get married. Another favorable factor is the preparedness of Chinese policymakers to intervene and support housing markets should they soften. Then there is the possibility that central bank policy will be adjusted in a manner designed to further support real estate lending. Yet, there remain grounds for skepticism. The role of big-city home ownership as a status good in Japan did not prevent the massive and destructive land and housing price boom and bust in the 1980s. And, government actions to support China’s housing prices will be fighting an uphill battle if private expectations of capital gains weaken. Not only that, but the day may come when China sees the need to implement a tax on property, if only to provide a better underpinning for municipal finances. This would almost surely drive prices down quickly. Finally, the government’s other objectives of liberalizing the financial system (as a step toward internationalizing the renminbi) and increasing housing supply to meet the needs of a migrating population may prove incompatible with supporting high house price-to-rent ratios. -- really fine update on what's been happening in urbanization, local governments, policies re financial sector liberalization, GNP and personal income growth (and slow down) etc -- copied to Pocket
China  China-economy  financial_system  housing  asset_prices  bubbles  urbanization  economic_growth  financial_regulation  financial_sector_development  financial_stability  banking  NBFI  shadow_banking  regulation-enforcement  tax_reform  taxes  local_government  infrastructure  wages  economic_culture  municipal_finance  Pocket 
april 2015 by dunnettreader
Russell J. Lundholm, George Serafeim, Gwen Yu - FIN Around the World: The Contribution of Financing Activity to Profitability - July 1, 2012 :: SSRN
Russell J. Lundholm, University of British Columbia - Sauder School of Business -- George Serafeim ,Harvard University - Harvard Business School -- Gwen Yu, Harvard Business School -- Harvard Business School Accounting & Management Unit Working Paper No. 2113557 -- We study how the availability of domestic credit influences the contribution that financing activities make to a firm’s return on equity (ROE). Using a sample of 51,866 firms from 69 countries, we find that financing activities contribute more to a firm’s ROE in countries with higher domestic credit. The higher contribution of financing activities is not driven by firms taking greater leverage in these countries, but by firms realizing a higher spread (i.e., a greater difference in operating performance and borrowing cost) when more domestic credit is available. Also, we find that firms partially substitute trade credit for financial credit, with large firms exhibiting the greatest rate of substitution. For small firms, the rate of substitution improves with the country’s available domestic credit, while large firms are insensitive to this friction. The findings suggest that both country and firm-level factors have a significant impact on how financing activities contribute to corporate performance. -- Pages in PDF File: 51 -- Keywords: Domestic Credit, Financial Statement Analysis, Return on Equity, Corporate Performance -- didn't download
paper  SSRN  corporate_finance  profit  interest_rates  financial_sector_development  credit  SMEs  financial_access  trade_finance  leverage  shareholder_value 
april 2015 by dunnettreader
JAMES LIVESEY, Review Essay - BERKELEY, IRELAND AND 18thC INTELLECTUAL HISTORY (Dec 2014) | Modern Intellectual History - Cambridge Journals Online
Department of History, School of Humanities, University of Dundee -- Books reviewed: (1) Marc A. Hight ed., The Correspondence of George Berkeley (Cambridge University Press, 2013), (2) Scott Breuninger , Recovering Bishop Berkeley: Virtue and Society in the Anglo-Irish Context (Palgrave, 2010), (3) Daniel Carey and Christopher J. Finlay , eds., The Empire of Credit: The Financial Revolution and the British Atlantic World, 1688–1815 (Dublin: Irish Academic Press, 2011) -- 18thC Irish intellectual history has enjoyed a revival in recent years. New scholarly resources, such as the Hoppen edition of the papers of the Dublin Philosophical Society and the recently published Berkeley correspondence, have been fundamental to that revival. Since 1986 the journal Eighteenth-Century Ireland: Iris an dá chultúr has sponsored a complex conversation on the meaning and legacy of the 18thC in Irish history. Work in the journal and beyond deploying “New British” and Atlantic histories, as well as continuing attention to Europe, has helped to enrich scholarly understanding of the environments in which Irish people thought and acted. The challenge facing historians of Ireland has been to find categories of analysis that could comprehend religious division and acknowledge the centrality of the confessional state without reducing all Irish experience to sectarian conflict. Clearly the thought of the Irish Catholic community could not be approached without an understanding of the life of the Continental Catholic Church. Archivium Hibernicum has been collecting and publishing the traces of that history for a hundred years and new digital resources such as the Irish in Europe database have extended that work in new directions. The Atlantic and “New British” contexts have been more proximately important for the Protestant intellectual tradition. -- paywall
articles  books  reviews  paywall  intellectual_history  18thC  Ireland  Protestants-Ireland  Catholics-Ireland  Berkeley  Anglo-Irish_constitution  British_politics  reform-social  reformation_of_manners  virtue_ethics  civic_virtue  Protestant_Ascendancy  Whigs-oligarchy  Church_of_England  Church_of_Ireland  patronage  networks-political  networks-social  networks-information  fiscal-military_state  public_finance  taxes  credit  financial_innovation  financial_sector_development  economic_history  political_economy  politics-and-religion  politics-and-money 
february 2015 by dunnettreader
Special Issue: Microfinance -- AEAweb: American Economic Journal: Applied Economics Vol. 7 No.1, Jan 2015
Abstract of introductory article -- Causal evidence on microcredit impacts informs theory, practice, and debates about its effectiveness as a development tool. The six randomized evaluations in this volume use a variety of sampling, data collection, experimental design, and econometric strategies to identify causal effects of expanded access to microcredit on borrowers and/or communities. These methods are deployed across an impressive range of locations—six countries on four continents, urban and rural areas—borrower characteristics, loan characteristics, and lender characteristics. Summarizing and interpreting results across studies, we note a consistent pattern of modestly positive, but not transformative, effects. We also discuss directions for future research. -- broad conclusion to be expected contra the hype -- but focus still seems to be on *credit* (with assumptions re micro and SME entrepreneurs and business formation) rather than access to services -- also question whether the former Yugoslavia study really dealt with "micro", likely the sort of labeling of SMEs as micro like Aftab's programs
journals-academic  article  paywall  microfinance  access_to_finance  development  economic_growth  economic_sociology  development-impact  RCT  econometrics  causation  causation-social  financial_sector_development  financial_economics  financial_access  institutional_economics  banking  credit  financial_innovation  SMEs  access_to_services  EF-add 
january 2015 by dunnettreader
Secured Transactions Reform in the Anericas | Institute of the Americas
Diwnloaded to iPhone report of conference co-sponsored by Institute of the Americas and IFC in 2013 -- url is for general page dealing with STR program -- Secured Transactions Reform in Latin America and the Caribbean 2013 - What is one of the single largest barriers to growth for SMEs in the developing world? The lack of access to finance at reasonable rates in the formal banking market. Access to credit promotes productive capacity, competitiveness, job creation and ultimately poverty alleviation
website  paper  downloaded  financial_innovation  access_to_finance  financial_sector_development  Latin_America  SMEs  securitization  banking  legal_system  reform-legal  credit  collateral 
january 2015 by dunnettreader
Christopher A. Hartwell - Do (successful) stock exchanges support or hinder institutions in transition economies? | Cogent Economics & Finance Volume 2, Issue 1, 2014 - T&F Online
Department of International Management, Kozminski University, Warsaw, Poland -- University of Huddersfield, UK -- A stock exchange and the presence of functioning equity markets are part and parcel of an advanced market-based financial system. Previous research has also established that equity markets function more efficiently in the presence of supporting institutions such as property rights and rule of law. But how do these two aspects of the institutional environment interact? That is, does the performance of a stock exchange support the development of property rights, or can it actually hinder it? Examining monthly data for 21 transition economies over a shifting monthly window from 1989 to 2012, and using a fixed-effects specification with Driscoll–Kraay standard errors, I find support for the existence of an inverted U-shaped relationship between property rights and stock market performance. While a well-functioning stock market may help reinforce property rights through demonstration effects, a stock market that has become “too successful” may entrench interests and lead to property rights-eroding policies. -- downloaded to iPhone
paper  download  financial_system  property_rights  transition_economies  capital_markets  equity_markets  financial_sector_development  emerging_markets  investors  financial_instiutions  political_economy  privatization  markets-structure  oligarchy 
january 2015 by dunnettreader
Kose, Prasad, Rogoff & Wei (2009) - Financial Globalization: A Reappraisal
downloaded to iPhone - see also papers citing this - The literature on the benefits and costs of financial globalization for developing countries has exploded in recent years, but along many disparate channels with a variety of apparently conflicting results. There is still little robust evidence of the growth benefits of broad capital account liberalization, but a number of recent papers in the finance literature report that equity market liberalizations do significantly boost growth. Similarly, evidence based on microeconomic (firm- or industry-level) data shows some benefits of financial integration and the distortionary effects of capital controls, but the macroeconomic evidence remains inconclusive. At the same time, some studies argue that financial globalization enhances macroeconomic stability in developing countries, but others argue the opposite. This paper attempts to provide a unified conceptual framework for organizing this vast and growing literature, particularly emphasizing recent approaches to measuring the catalytic and indirect benefits to financial globalization. Indeed, it argues that the indirect effects of financial globalization on financial sector development, institutions, governance, and macroeconomic stability are likely to be far more important than any direct impact via capital accumulation or portfolio diversification. This perspective explains the failure of research based on cross-country growth regressions to find the expected positive effects of financial globalization and points to newer approaches that are potentially more useful and convincing.
credit  financial_innovation  spreads  financial_crisis  contagion  investment  financial_sector_development  interest_rates  FDI  emerging_markets  download  bubbles  FX  capital_flows  monetary_policy  fiscal_policy  financial_system  IMF  banking  NBFI  business_cycles  sovereign_debt  global_economy  macroeconomics  globalization 
january 2015 by dunnettreader
Bank of England | Financial Stability | Bank of England/ECB securitisation discussion paper and responses
Bank of England/ECB securitisation discussion paper and responses -- On the 30 May 2014, the Bank of England and the European Central Bank (ECB) published a discussion paper (see Key Resources) that explained the case for a better functioning securitisation market in the European Union and outlined a range of options that authorities could support to revitalise the market. A broad range of market participants and stakeholders responded to the discussion paper. These responses have been synthesised into a short note, and full responses are published where we have received permission to do so. -- didn't download pdfs
report  capital_markets  securitization  markets-structure  financial_innovation  financial_regulation  financial_sector_development  central_banks  EF-add 
november 2014 by dunnettreader
Lapavitsas, Costas and Aybar, S. - "Financial System Design and the Post-Washington Consensus" (2001) - In Lapavitstas, C. and Fine, B. and Pincus, J., (eds.), Neither the Washington nor the Post-Washington Consensus - SOAS Research Online
Lapavitsas, Costas and Aybar, S. (2001) 'Financial System Design and the Post-Washington Consensus.' In: Lapavitstas, C. and Fine, B. and Pincus, J., (eds.), Neither the Washington nor the Post-Washington Consensus: Development at the Crossroads. London: Routledge, pp. 28-51. -- no abstract -- eprint not on SOAS site
paper  books  libraries  financial_system  financial_sector_development  financial_regulation  development  World_Bank  emerging_markets 
october 2014 by dunnettreader
Lapavitsas, Costas - Banks and the Design of the Financial System: Underpinnings in Steuart, Smith and Hilferding (2002) - SOAS Research Online (School of Oriental and African Studies)
Banks in bank-based financial systems tend to engage in long-term lending that requires substantial own capital to guarantee solvency. In market-based systems, in contrast, they tend to undertake short-term lending that requires adequate reserves to guarantee liquidity. Theoretical support for these two approaches to banking can be found in, respectively, Steuart and Smith. The innovative Marxist analysis of banking by Hilferding combined elements of both. Banks in the early stages of development are Smith-like but, as the scale of fixed investment in industry grows, they lend long-term and become Steuart-like, also developing ‘commitment’ relations with enterprises. However, Hilferding also implied, erroneously, that financial systems historically evolve in a bank-based direction. Based on Hilferding but also drawing on Japanese Marxist analysis of finance, it is suggested instead that bank behaviour in bank-based systems results from institutional changes imposed by policy-makers in order to achieve ‘catching up.’ -- Item Type: Monographs (Working Paper) -- Keywords: Adam Smith, James Steuart, Rudolf Hilferding, banking theory, Marxist theory of finance -- SOAS Departments & Centres: Faculty of Law and Social Sciences > Department of Economics -- downloaded pdf to Note
paper  intellectual_history  economic_history  18thC  19thC  20thC  21stC  financial_system  finance_capital  banking  financial_economics  Marxist  leverage  credit  money_market  industrialization  investment  liquidity  financial_crisis  capital_adequacy  financial_sector_development  financial_innovation  Smith  Steuart_James  Hilferding  downloaded  EF-add 
october 2014 by dunnettreader
Claire Célérier, Adrien Matray - Unbanked households: Evidence of supply-side factors | vox 23 September 2014
There is an urgent need to understand why many households in the US do not hold a bank account. This column argues that supply-side factors – standard bank practices that ration certain households – play a role in this. The evidence comes from the staggered interstate branching deregulation after 1994 that provides an exogenous shock on bank competition. Further findings suggest that access to bank accounts improves access to credit without translating into higher ratios of debt to income. -- increased competition made a substantial difference in reducing unbanked, especially of blacks that the cozy locals seem not to have seen as prospective customers
article  economic_history  20thC  21stC  US_economy  banking  competition-financial_sector  financial_sector_development  financial_innovation  financial_access 
september 2014 by dunnettreader

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