dunnettreader + cross-border   37

Diana Ayala Pena, Milan Nedeljkovic, Christian Saborowski - What Slice of the Pie? The Corporate Bond Market Boom in Emerging Economies | IMF Research - July 2015
This paper studies the determinants of shifts in debt composition among EM non-financial corporates. We show that institutions and macro fundamentals create an enabling environment for bond market development. During the recent boom episode, however, global cyclical factors accounted for most of the variation of bond shares in total corporate debt. The sensitivity to global factors appears to vary with relative bond market size—which we interpret to be associated with liquidity and easy entry and exit—rather than local fundamentals. Foreign bank linkages help explain why bond markets increasingly substituted for banks in channeling liquidity to EMs. Our results highlight the risk of capital flow reversal in EMs that benefited from the upturn in the global financial cycle mostly due to their liquid markets rather than strong fundamentals. -- downloaded pdf to Note
paper  IMF  financial_system  cross-border  emerging_markets  bond_markets  corporate_finance  disintermediation  capital_markets  capital_flows  liquidity  contagion  business_cycles  downloaded 
november 2015 by dunnettreader
Ben Leo and Todd Moss - Bringing US Development Finance into the 21st Century | Center For Global Development 7/20/15
Part of the White House and the World 2016 Briefing Book -- Well-established European development finance institutions (DFIs) are providing integrated services for businesses...-- debt and equity financing, risk mitigation, and technical assistance. .. emerging-market actors — including China, India, Brazil, and Malaysia — have dramatically increased financing activities in developing regions such as Latin America and Sub-Saharan Africa. As the needs of developing countries have changed, so has the political and economic environment in the US. First, traditional development dynamics are shifting rapidly from a donor-recipient aid relationship to win-win partnerships involving public and private actors. Second, most US aid agencies typically are not positioned to address many pressing development priorities, such as expanding economic opportunities in frontier markets. Third, the US development assistance budget has become increasingly constrained, with growing pressure to cut programs. Within this context, we assess the need for a modern, full-service US Development Finance Corporation and provide a series of options for how the next US president could structure such an institution consistent with bipartisan congressional support and budgetary realities. For such a USDFC, we propose below potential products, services, and tools; size, scale, and staffing requirements; governance structures and oversight functions; performance metrics; and capital structure models. We conclude with a notional implementation road map that includes the required US executive and legislative actions. -- downloaded pdf to Note
report  development  IFIs  aid  US_politics  public-private_partnerships  development-impact  development-finance  emerging_markets  FDI  technical_assistance  technology_transfer  US_government  US_politics-foreign_policy  fiscal_policy  cross-border  LDCs  World_Bank  IFC  downloaded 
october 2015 by dunnettreader
Emmanuel Mourlon-Druol - La zone euro est-elle viable? Une perspective historique - La Vie des idées - 20 mai 2014
La crise de la zone euro a révélé les faiblesses constitutives de la monnaie unique ; mais les débats portant sur sa viabilité se limitent trop souvent à une vision purement économique de la zone euro. L’histoire complexe de la création de l’euro éclaire les enjeux financiers et politiques internationaux de l’unification monétaire. -- in many ways it's the same-old, same-old -- a group of countries with intense economic interaction that gets whip-sawed by exchange rates in a constantly evolving world that's increasingly globalized, especially capital movements -- under a series of arrangements from Bretton Woods onwards, they've been trying to manage or mitigate the problem, but they never solve it -- he repeatedly notes that the entire EC budget isn't more than 1% of the aggregate GNP of the member states -- useful aide-mémoire for each step in the evolution of the EU and European money arrangements paralled with each modification of the international monetary system -- though he notes repeatedly that finance is extremely mobile, not only within the Eurozone or within the EU but globally, and that labor and fiscal adjustments are extremely immobile within the Eurozone by comparison, he doesn't draw the obvious link of these severe mismatches to the repeated problems the EU has faced re money -- downloaded pdf to Note
article  economic_history  political_history  European_integration  post-WWII  post-Cold_War  international_monetary_system  Bretton_Woods  EU_governance  FX  FX-rate_management  FX-misalignment  Eurozone  Eurocrsis  Great_Recession  financial_crisis  sovereign_debt  Europe-federalism  EU-regulation  cross-border  Labor_markets  banking  ECB  EU-elections  political_participation  EU-Parliament  EU-parties  monetary_union  monetary_theory  international_economics  capital_flows  capital_controls  EU-fiscal_policy  convergence-econimic  fiscal_policy  Maastricht  downloaded 
july 2015 by dunnettreader
Financial Market Trends - OECD Journal - Home page | OECD
‌The articles in Financial Market Trends focus on trends and prospects in the international and major domestic financial markets and structural issues and developments in financial markets and the financial sector. This includes financial market regulation, bond markets and public debt management, insurance and private pensions, as well as financial statistics. -- links to the contents of each issue of the journal
journal  website  paper  financial_system  global_economy  global_system  financial_regulation  financial_crisis  capital_markets  risk-systemic  international_finance  banking  NBFI  insurance  markets-structure  risk_assessment  risk_management  sovereign_debt  corporate_finance  corporate_governance  institutional_investors  pensions  consumer_protection  equity-corporate  equity_markets  debt  debt-overhang  leverage  capital_flows  capital_adequacy  financial_economics  financial_innovation  financial_system-government_back-stop  bailouts  too-big-to-fail  cross-border  regulation-harmonization  regulation-costs  statistics 
july 2015 by dunnettreader
Charles Kenny - Aiming High - setting the new Sustainable Development Goals -- Finance & Development, June 2015, Vol. 52, No. 2
2015 marks the deadline for the MDGs... And while it might come as a surprise to those in Japan, Europe, or North America, the past 15 years may have been the period of greatest progress in humanity’s quality of life. Not least, the available data suggest that we have seen the fastest declines in global child mortality and absolute poverty in recorded history. As a result, we have far surpassed the first MDG—to halve the number of people worldwide living on less than $1.25 a day. 2015 is also the starting date for the SDGs to be agreed at the UN this fall. These goals outline a vision of progress to 2030 covering poverty, health, education, security, the environment, governance, gender equality, and much more. ..at Addis Ababa in July this year will try to finance that new agenda. ... at the UN Climate Change Conference in Paris in December, countries will pledge to cut greenhouse gas emissions, with the hope of setting us on a path away from catastrophic global warming. A strong agreement in Addis Ababa and progress toward the SDGs depend on advanced economies’ understanding that the issue is not altruism but naked self-interest. In 2002, when rich countries ... discussed global cooperation to meet the MDGs, these countries may have asked, “What can we do for them?” This time around the process can only be seen as “What can we do for each other?” Even though developing countries need global ties to make progress, at issue now is not persuading cash-strapped OECD finance ministers to be a little less skinflint but tackling a set of global problems that can be resolved only with the support of the developing world. -- in F&D issue downloaded as pdf to Note
article  sustainability  development  globalization  global_governance  global_system  climate  environment  trade  trade-policy  trade-agreements  global_value_chains  SDGs  poverty  aid  health  OECD_economies  public_finance  public_goods  cross-border  tax_collection  technical_assistance  technology_transfer  downloaded 
july 2015 by dunnettreader
VOX ebook -The Age of Global Value Chains: Maps and Policy Issues | VOX, CEPR’s Policy Portal -July 2015
João Amador, Filippo di Mauro -- Global value chains (GVCs) - referring to the cross-border flows of goods, investment, services, know-how and people associated with international production networks - have transformed the world. Their emergence has resulted in a complete reconfiguration of world trade, bearing a strong impact on the assessment of competitiveness and economic policy. The contributions to this eBook are based on research carried out within the scope of the Eurosystem Competitiveness Research Network (CompNet), bringing together participants from EU national central banks, universities and international organisations interested in competitiveness issues. The mapping of GVCs and full awareness about their implications are essential to informed public debate and improved economic policy.-- downloaded pdf to Note
books  global_economy  cross-border  globalization  supply_chains  global_value_chains  economic_sociology  trade-policy  competitiveness  competition-interstate  manufacturing  transport  transaction_costs  tax_policy  business_practices  business_processes  economic_policy  development  development-impact  labor_standards  Labor_markets  downloaded 
july 2015 by dunnettreader
Jakob de Haan, Dirk Schoenmaker -Teaching finance after the crisis | VOX, CEPR’s Policy Portal - 06 July 2015
The financial crisis brought with it many challenges, both to prevailing disciplinary tenets, and for research and policy more generally. This column outlines the lessons that can be drawn from the financial crisis – issues like financial market failures, macro-prudential policy, structural changes of the financial system, and the European banking union. It argues for the inclusion of these topics in curricula for the next generation of finance students
financial_economics  financial_system  financial_regulation  financial_crisis  capital_markets  EMH  information-markets  macroprudential_policies  cross-border  European_integration  ECB  banking  business_cycles  Minsky 
july 2015 by dunnettreader
Piotr Danisewicz, Dennis Reinhardt and Rhiannon Sowerbutts - On a tight leash: does bank organisational structure matter for macroprudential spillovers? | Bank of England Working Paper No. 524: February 2015
This paper examines whether cross-border spillovers of macroprudential regulation depend on the organisational structure of banks’ foreign affiliates. Our analysis compares the response of foreign banks’ branches versus subsidiaries in the United Kingdom to changes in macroprudential regulations in foreign banks’ home countries. By focusing on branches and subsidiaries of the same banking group, we are able to control for all the factors affecting parent banks’ decisions regarding the lending of their foreign affiliates. We document that there are important differences between the type of regulation and the type of lending. Following a tightening of capital regulation, branches of multinational banks reduce interbank lending growth by 6 percentage points more relative to subsidiaries of the same banking group. Lending to non-banks does not exhibit such differences. A tightening in lending standards or reserve requirements at home does not have differential effects on both interbank and non-bank lending in the United Kingdom. -- didn't download
paper  international_finance  banking  financial_regulation  bank_holding_cos  cross-border  money_market  capital_adequacy 
june 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
Liggio, Leonard P. "Richard Cantillon and the French Economists: Distinctive French Contributions to J.B. Say." - The Journal of Libertarian Studies ( 1985) | Mises Institute
Liggio, Leonard P. "Richard Cantillon and the French Economists: Distinctive French Contributions to J.B. Say." Journal of Libertarian Studies 7, No. 2 (1985): 295–304. Richard Cantillon's life and his Essai occurred at a time of transition in European political, economic and intellectual history. The late seventeenth century had experienced the crisis in European thought which paralleled the Scientific Revolution. Accompanying the scientific revolution was a revolution in economic thought. Criticisms of mercantilism began to lay the groundwork for the Economic Revolution of the eighteenth century. -- downloaded pdf to Note
article  intellectual_history  17thC  18thC  Europe-Early_Modern  Cantillon  Scientific_Revolution  social_theory  political_economy  IR_theory  mercantilism  economic_theory  economic_growth  methodology-quantitative  political_arithmetick  social_order  financial_system  banking  cross-border  capital_flows  capital_markets  sovereignty  sovereign_debt  downloaded 
february 2015 by dunnettreader
Emmanuelle de Champs - Enlightenment and Utility: Bentham in French, Bentham in France (to be released March 2015) | Ideas in Context series | Cambridge University Press
Jeremy Bentham (..) was a seminal figure in the history of modern political thought. This lively monograph presents the numerous French connections of an emblematic British thinker. (..) Placing Bentham's thought in the context of the French-language Enlightenment through to the post-Revolutionary era, (..) the case for a historical study of 'Global Bentham'. Examining previously unpublished sources, she traces the circulation of Bentham's letters, friends, manuscripts, and books in the French-speaking world. (..) transnational intellectual history reveals how utilitarianism, as a doctrine, was both the product of, and a contribution to, French-language political thought at a key time(..). The debates (re) utilitarianism in France cast new light on the making of modern Liberalism. **--** Intro **--** Part I. An Englishman in the Republic of Letters: 1. Languages of Enlightenment *-* 2. Satire and polemics *-* 3. Defining utilitarianism: private connections and correspondence **--** Part II. 'Projet d'un corps de loix complet' and the Reform of Jurisprudence in Europe: 4. The Genesis of Projet *-* 5. Projet in Enlightenment legal thought *-* 6. The politics of legal reform **--** Part III. Reflections for the Revolution in France: 7. Frenchmen and Francophiles: Lord Lansdowne's network *-* 8. British expertise for French legislators *-* 9. Utility, rights and revolution: missed encounters? **--** Part IV. Utile Dulcis? Bentham in Paris, 1802: 10. Dumont's editorship: from the Bibliothèque Britannique to Traités de législation civile et pénale *-* 11. A mixed reception *-* 12. Autumn 1802: Bentham in Paris **--** Part V. Liberty, Utility and Rights (1815–1832): 13. 'For one disciple in this country, I have 50 at least in France' *-* 14. Utilitarian arguments in French politics *-* 15. A Utilitarian moment? French liberals and utilitarianism *-* Epilogue: Bentham in the July Revolution *-* Conclusion -- marketing materials not yet available
books  find  intellectual_history  political_philosophy  political_economy  legal_theory  18thC  19thC  British_history  France  French_Enlightenment  Enlightenment  Bentham  utilitarianism  utility  reform-political  reform-social  reform-legal  reform-economic  jurisprudence  civil_code  Republic_of_Letters  networks-policy  networks-information  Anglo-French  British_foreign_policy  diplomats  diplomacy-environment  francophile  Landsdowne_Marquis_of  faction  British_politics  patrons  patronage  elite_culture  cross-border  cultural_history  cultural_influence  technical_assistance  criminal_justice  liberalism  rights-legal  rights-political  civil_law  civil_liberties  civil_society  French_Revolutionary_Wars  Peace_of_Amiens  Napoleonic_Wars  Restoration-France  bourgeoisie  July_Monarchy  legal_reasoning  positivism-legal 
february 2015 by dunnettreader
The Reformation in Global Perspective
Abstract Concepts and methods introduced by the “new world history” present important opportunities to contextualize the European Reformation in transregional frames of reference. A global approach allows historians to situate the Reformation more fully within the orbit of people, ideas, and cultural goods that interacted with one another across the early modern world. A number of historians who study missionary encounters, especially those of Jesuits, have already initiated global methodologies in analyzing the Reformation overseas. Other scholars have pointed to ways in which an engagement with the wider world influenced European societies. These works indicate the rich possibilities for looking at the Reformation with new eyes. In assessing this scholarship, this article discusses the prospects and challenges for adopting global perspectives in the study of the Reformation.
religious_history  missionaries  cultural_history  latin  america  article  16thc  east  asia  historiography  china  reformation  catholics  africa  colonialism  world  history  counter-reformation  17thc  north  protestants  india  mena  paywall  cross-border 
january 2015 by dunnettreader
Lori Wallach & Ben Beachy - Eyes on Trade: Defending Foreign Corporations' Privileges Is Hard, Especially When Looking At The Facts - Nov 11 2014
Forbes just published this response from Lori Wallach and Ben Beachy (GTW director and research director) to a counterfactual Forbes opinion piece by John Brinkley in support of investor-state dispute settlement. Even those who support the controversial idea of a parallel legal system for foreign corporations, known as investor-state dispute settlement or ISDS, likely cringed at John Brinkley’s recent attempt to defend that system. (“Trade Dispute Settlement: Much Ado About Nothing,” October 16.) In trying to justify trade agreement provisions that provide special rights and privileges to foreign firms to the disadvantage of their domestic competitors, Brinkley wrote 24 sentences with factual assertions. Seventeen of them were factually wrong.
US_foreign_policy  US_legal_system  corporate_law  corporate_citizenship  cross-border  treaties  ISDS  free_trade  trade-policy  Transatlantic_Trade_and_InvestmentPartnership  Trans-Pacific-Partnership  fast_track  US_trade_agreements  international_law  property_rights  property-confiscations  competition  Congress  consumer_protection  environment  FDI  investor-State_disputes  investment-bilateral_treaties  EF-add 
november 2014 by dunnettreader
Thorsten Beck, W Wagner, PR Lane, D Schoenmaker, E Carletti, F Allen - CEPR Report summary: Cross-border banking in Europe | VOX, CEPR’s Policy Portal - 20 June 2011
...a new CEPR report analysing key aspects of cross-border European banking. (..) policy reforms in micro- and macro-prudential regulation and macroeconomic policies are urgently needed for Europe to improve its efficiency and reduce its risk. -- compared to previous experiences, cross-border banking itself played a relatively positive role during the crisis – especially for countries in C & E Europe that rely heavily on foreign banks. Rather, the crisis has been exacerbated by an inadequate response of regulators (..)a misalignment of regulatory incentives and a lack of an appropriate resolution framework on both national and supra-national level. -- we study whether cross-border banking flows in the EU create risk concentrations that may amplify financial vulnerabilities. ... it is key to evaluate this issue not only at the level of the individual countries, but also at the EU-level. (..) we find that the structure of the large banking centres in the EU tends to be well balanced. C & E European countries are highly dependent on a few W European banks, and the Nordic and Baltic (is) interwoven without much diversification. At the system-level, the EU – in contrast to other regions – is poorly diversified (plus) overexposure to the US. (..) [given need to manage systemic risks in setting macro policy] requires a partial reversal from strict inflation targeting (..) even though financial stability is an important prerequisite for effective monetary policy. (..) One such risk [that cross-border banks are prone to is] that in times of crisis, the prices of assets may no longer reflect fundamental values (especially under) mark-to-market accounting. (..) (our recommendations focus) on solutions at the European – rather than the national – level. (..)the only real alternative to this is to require cross-border banks to organise themselves as a string of national stand-alone subsidiaries, which foregoes the significant benefits of having a single market in the EU. -- downloaded pdf to Note
report  EU  Eurozone  financial_system  financial_regulation  financial_crisis  risk-systemic  banking  cross-border  regulation-harmonization  macroprudential_policies  macroprudential_regulation  macroeconomics  fiscal_policy  taxes  corporate_tax  shadow_banking  downloaded  EF-add 
november 2014 by dunnettreader
Thorsten Beck, W Wagner, PR Lane, D Schoenmaker, E Carletti, F Allen - CEPR Report: Cross-Border Banking in Europe: Implications for Financial Stability and Macroeconomic Policies (June 2011) | VOX, CEPR’s Policy Portal
This CEPR report argues that policy reforms in micro- and macro-prudential regulation and macroeconomic policies are needed for Europe to reap the important diversification and efficiency benefits from cross-border banking, while reducing the risks stemming from large cross-border banks. Among the wishlist is removing tax preferences for debt over equity. -- see related VoxEU bookmark to executive summary as a VoxEU article -- downloaded pdf to Note
report  EU  Eurozone  financial_system  financial_regulation  financial_crisis  risk-systemic  banking  cross-border  regulation-harmonization  macroprudential_policies  macroprudential_regulation  macroeconomics  fiscal_policy  taxes  corporate_tax  shadow_banking  downloaded  EF-add 
november 2014 by dunnettreader
Atish R Ghosh, Mahvash Saeed Qureshi, Naotaka Sugawara - Regulating capital flows at both ends | VOX, CEPR’s Policy Portal - 30 October 2014
"Capital flows to emerging markets have been very volatile since the global financial crisis. This has kindled debates on whether – and how – to better manage cross-border capital flows. In this column, the authors examine the role of capital account restrictions in both source and recipient countries in taming destabilising capital flows. The results indicate that capital account restrictions at either end can significantly lower the volume of cross-border flows." -- it's an IMF team -- though they look at controls on both ends, and tentatively recommend at least ratcheting up prudential standards in source countries at high parts of the business cycle to reduce pro-cyclical effects of large capital flows to emerging markets and peripheral Europe (good luck with taking away the punch bowl!), just controlling foreign currency denominated lending in recipient countries (especially peripheral Europe) would have made a huge difference to the size of the dilemma of getting out of the debt overhang that's also impaired source country (i.e. German) banks that's made recovery so difficult -- replay of Latin American lost decade during which OECD banks couldn't take the full hit at once, so the problem debts had to be gradually resolved through "growing out of it" and the hot potato game cleared up bank balance sheets gradually through shifting syndicated loans to the vultures in the bond markets -- we've seen this movie before, from Latin American to Asian to Eurozone debt crisis
international_political_economy  international_finance  capital_flows  cross-border  financial_regulation  financial_crisis  emerging_markets  Eurozone  FX  capital_markets  macroprudential_policies  macroprudential_regulation  debt-restructuring  debt_crisis 
november 2014 by dunnettreader
Sept 2014 - BEPS 2014 Deliverables Explanatory Statement‌ | Tax - OECD
The BEPS Project aims to provide governments with clear international solutions for fighting corporate tax planning strategies that exploit gaps and loopholes of the current system to artificially shift profits to locations where they are subject to more favourable tax treatment. The OECD work is based on a BEPS Action Plan endorsed by the G20 in July 2013, which identified 15 key areas to be addressed by 2015; with 7 actions to be delivered in September 2014. This Explanatory Statement provides an overview of the seven BEPS reports delivered in 2014, which were arrived at through consensus of 44 countries on an equal footing (including all OECD members, OECD accession countries, and G20 countries) and extensive consultation of developing countries, business, NGOs and other stakeholders. It describes the context for the BEPS project and outlines the process for the work to date. It also describes the status of the 2014 reports in the context of the overall BEPS project, including remaining technical issues and potential interaction with the remaining BEPS work. Finally, it outlines the next steps for the BEPS work. -- downloaded pdf to Note
report  OECD  G20  BEPS  taxes  tax_havens  tax_collection  OECD_economies  MNCs  transfer_pricing  corporate_tax  cross-border  accounting  IP  international_political_economy  global_governance  downloaded  EF-add 
november 2014 by dunnettreader
OECD's Committee on Fiscal Affairs - Consultation Papers and Comments Received (regularly updated) | Tax - OECD
The OECD's Committee on Fiscal Affairs consults with business and other interested parties through a variety of means to inform its work in the tax area. One important way of obtaining such input is through the release of papers or discussion drafts for public comment. Below is a list of past discussion drafts for comments: -- list with links to papers and comments regularly updated
OECD  OECD_economies  international_political_economy  global_governance  taxes  tax_havens  tax_collection  governments-information_sharing  fiscal_policy  sovereign_debt  public_finance  regulation-harmonization  regulation-enforcement  regulation-costs  transparency  cross-border  MNCs  international_organizations  international_finance  website  links  report 
november 2014 by dunnettreader
Oct 2014 - OECD - Heads of Tax Administration agree global actions | Tax administration - OECD
24/10/2014 - The OECD/G20 Base Erosion and Profit Shifting (BEPS) Project and the move to automatic exchange of financial account information took centre stage when Heads of Tax Administration met on 23-24 October in Dublin, Ireland. Nearly forty delegations, including international and regional tax organisations, participated in the Ninth Meeting of the OECD Forum on Tax Administration (FTA) and agreed that ever greater co-operation will be necessary to implement the results of the BEPS project and automatic exchange of information. Specifically they agreed: ** A strategy for systematic and enhanced co-operation between tax administrations; ** To invest the resources needed to implement the new standard on automatic exchange of information; and ** To improve the practical operation of the mutual agreement process. The communiqué contains links to the following publications that have just been released by the FTA: ** Increasing Taxpayers’ Use of Self-service Channels ** Working Smarter in Tax Debt Management ** Tax Compliance by Design – Achieving improved SME Tax Compliance by Adopting a System Perspective ** Measures of Tax Compliance Outcomes – A Practical Guide -- The FTA is the leading international body concerned with tax administration, bringing together the heads of tax administrations from the OECD, members of the G20 and large emerging economies.
OECD_economies  emerging_markets  OECD  G20  BEPS  international_political_economy  global_governance  taxes  tax_havens  tax_collection  MNCs  SMEs  fiscal_policy  sovereign_debt  public_finance  regulation-harmonization  regulation-enforcement  regulation-costs  transparency  cross-border  governments-information_sharing  government_finance  government_agencies  administrative_law 
november 2014 by dunnettreader
Hyeng-Joon Park - Korea’s Post-1997 Restructuring: An Analysis of Capital as Power | forthcoming in Review of Radical Political Economics (2015) pp. 1-44 | bnarchives
This paper aims to transcend current debates on Korea’s post-1997 restructuring, which rely on a dichotomy between domestic industrial capital and foreign financial capital, by adopting Nitzan and Bichler’s capital-as-power perspective. Based on this approach, the paper analyzes Korea’s recent political economic restructuring as the latest phase in the evolution of capitalist power and its transformative regimes of capital accumulation. -- Keywords: differential accumulation dominant capital chaebols transnationalization strategic sabotage -- Subjects: BN State & Government, BN Institutions, BN Power, BN International & Global, BN Region - Asia, BN Business Enterprise, BN Value & Price, BN Crisis, BN Production, BN Conflict & Violence, BN Money & Finance, BN Distribution, BN Comparative, BN Capital & Accumulation, BN Policy, BN Class, BN Labour, BN Growth -- downloaded from author's blog to Note
article  international_political_economy  capital_as_power  globalization  Korea  East_Asia  20thC  21stC  economic_history  1990s  2000s  2010s  Asian_crisis  Asia_Pacific  international_finance  FDI  finance_capital  financialization  emerging_markets  oligopoly  chaebols  crony_capitalism  industry  production  capitalism  capitalism-systemic_crisis  capitalization  accumulation  distribution-income  distribution-wealth  cross-border  trade  productivity-labor_share  class_conflict  labor_share  Labor_markets  unions  violence  economic_growth  sabotage-by_business  business-and-politics  business-norms  power-asymmetric  public_policy  public_goods  corporate_finance  corporate_ownership  investment  banking  political_culture  economic_culture  economic_reform  economic_policy  democracy  opposition  downloaded  EF-add 
october 2014 by dunnettreader
International Banking Research Network | Home (on NY Fed site)
The International Banking Research Network (IBRN) brings together central bank researchers from around the world to analyze issues pertaining to global banks. It was established in 2012 by Austrian, German, U.S., and U.K. researchers who saw a need for joint analysis of key questions, such as the role of cross-border banking in the transmission of financial shocks. The group has now expanded to include economists and analysts from a broad group of central banks, as well as the Bank for International Settlements and the International Monetary Fund. -- links to their research work and resources on banking, international finance, regulatory matters. Interesting it's not done under BIS auspices - has both BIS and IMF participation, but not World Bank or Financial Stability Board?
website  international_finance  banking  cross-border  financial_regulation  banking-universal  central_banks  financial_crisis  liquidity  leverage  contagion  shadow_banking  NBFI  capital_markets  money_market  monetary_policy  capital_adequacy 
october 2014 by dunnettreader
Tax Analysts -- Ajay Gupta - Renouncing the Dogma of Surrey’s Infallibility - September 2014
The arm’s-length standard assumes that related entities are unrelated and seeks to find the price at which they would have bought and sold in the marketplace. A MNE, however, exists as an integrated firm precisely to avoid marketplace transactions. Disregarding that irreconcilable conflict may not have mattered in avoiding double taxation a half-century ago. But today the fiction of unrelated parties and market transactions not just obfuscates reality but can also compound the double nontaxation problem. This is especially true of intangibles that by definition have no physical situs and can therefore be deemed to have been created almost anywhere. Increasingly, an MNE’s profits are derived from intangibles and reinvested in research that develops and refines these virtual assets. As long as the OECD retains the blinkers of the arm’s-length standard, it is unlikely to see most cross-border research endeavors for what they truly are—cynical attempts at gaming the international tax regime. Treasury’s export of Surrey’s arm’s-length standard was perhaps the most successful case of ideological conversion in the arena of international tax policy. But the United States itself has been inching away from that construct. In 1986 Congress amended section 482 to require a "commensurate with income” standard for transfers of intangibles. Treasury proposed the profit-split method in 1988 and more recently finalized the cost-sharing regulations. Each of those attempts at reform rejects the simple-minded notion of market transactions between unrelated parties. The OECD, however, clings to the gospel of the arm’s-length standard with a zeal befitting a convert. It seems that Treasury will have to renounce the dogma of Surrey’s infallibility before a true reformation in transfer pricing can finally get underway.
global_governance  global_economy  MNCs  taxes  corporate_tax  cross-border  tax_havens  tax_collection  OECD  international_political_economy  international_organizations 
september 2014 by dunnettreader
Georgetown Climate Center Resources to Help Communities Prepare for Climate Changes | Georgetown Climate Center
With the planet warming and extreme weather becoming the new normal, states and communities are seeking out resources to help them anticipate climate impacts and protect residents, homes, businesses, and public infrastructure from rising seas, heat, drought, wildfires, extreme weather, and other climate impacts. The Georgetown Climate Center strives to help communities meet these challenges by addressing the legal barriers that communities face when adapting to rising sea levels, and seeks to help localities prepare for the increased frequency, scope, and severity of heat events and extreme weather. The Center also strives to help communities spend disaster relief funds wisely by preparing for the next big storm – not just rebuilding to meet the status quo. The Georgetown Climate Center provides its clients with broad legal advice and policy options, along with strategies to adapt to each set of challenges. It also provides technical assistance to selected states and localities.
website  climate  climate-adaptation  risk-mitigation  land_use_planning  infrastructure  local_government  ocean  coastal_development  property_rights  law-and-economics  law-and-environment  administrative_law  regulation  cross-border  federalism  public_finance  public_goods  disaster  technical_assistance 
september 2014 by dunnettreader
Preparing Our Communities for Climate Impacts: Recommendations for Federal Action | Georgetown Climate Center - September 2014
The Georgetown Climate Center released 100 recommendations today to improve federal programs that could be used to prepare for climate change. The new report will inform the White House State, Local and Tribal Leaders Task Force on Climate Preparedness and Resilience.The report draws from a series of workshops with leading federal, state and local officials and builds upon lessons learned post-disaster in New Orleans (following Hurricane Katrina), New York (Hurricane Sandy) and Vermont (Hurricane Irene). The report identifies more than 30 federal programs, initiatives and laws that can be used to prepare for extreme events such as storms, floods and heat waves as well as rising seas. Although state and local governments will be the primary actors when it comes to preparing for climate change impacts, the federal government can boost – or impede – preparedness. The federal government sends billions of dollars to states and communities every year, some of which could be used more effectively to adapt to climate change. Federal laws and regulations also can be important drivers of state and local action. But, in some cases, federal rules have hindered state and local innovation. The recommendations in the report explore how existing federal dollars, programs, regulations and policies can be retooled, repurposed and deployed to promote and remove barriers to adaptation. -- downloaded pdf to Note
US_government  local_government  state_government  disaster  climate  risk-mitigation  environment  administrative_agencies  ocean  coordination-governments  regulation  cross-border  federalism  public_finance  infrastructure  downloaded  EF-add 
september 2014 by dunnettreader
Eyes on Trade: A Deal Only Wall Street Could Love | Public Citizen - December 2013
Last week, US financial regulators took a step toward reining in some of the Wall Street risk-taking that led to the financial crisis by finalizing the Volcker Rule, designed to stop banks from engaging in risky, hedge-fund-like bets for their own profit. But this week, EU and US trade negotiators could move in the opposite direction, pursuing an agenda that could thwart such efforts to re-regulate Wall Street. Negotiators from both sides of the Atlantic are converging in Washington, D.C. this week for a third round of talks on the Trans-Atlantic Free Trade Agreement (TAFTA). What is TAFTA? A “trade” deal only in name, TAFTA would require the United States and EU to conform domestic financial laws and regulations, climate policies, food and product safety standards, data privacy protections and other non-trade policies to TAFTA rules. We profiled recently the top ten threats this deal poses to U.S. consumers. One area of particular concern is how TAFTA's expansive agenda implicates regulations to promote financial stability. Here's a synopsis. -- professionally done eviseration with lots of links
US_politics  US_economy  US_foreign_policy  Obama_administration  Congress  trade-policy  trade-agreements  EU  EU-foreign_policy  international_political_economy  global_governance  international_finance  financial_regulation  Transatlantic_Trade_and_InvestmentPartnership  FDI  banking  capital_markets  NBFI  shadow_banking  asset_management  derivatives  leverage  risk-systemic  financial_crisis  central_banks  macroprudential_regulation  too-big-to-fail  regulation-harmonization  cross-border  MNCs  tax_havens  investor-State_disputes  law-and-finance  administrative_law  race-to-the-bottom  lobbying  big_business  EF-add 
september 2014 by dunnettreader
Leaked document shows EU is going for a trade deal that will weaken financial regulation | Corporate Europe Observatory
According to a leaked document, the EU is bent on using the TTIP negotiations with the US to get an agreement on financial regulation that, according to this analysis by Kenneth Haar of Corporate Europe Observatory (CEO) and Myriam Vander Stichele of The Centre for Research on Multinational Corporations (SOMO) will weaken reform and control of the financial sector. If the EU has its way, a final agreement between the EU and the US to establish a free trade and investment agreement the Transatlantic Trade and Investment Partnership (TTIP) will weaken regulation and raise obstacles to much needed reform of the financial sector. That is the conclusion after the leak of an EU proposal for so-called “regulatory cooperation” on financial regulation.1 tabled by the EU in March 2014. Regulatory cooperation is a continuous process of ironing out disagreements and differences between the two Parties to ensure agreement on what constitutes legitimate regulation – which in this case, would serve the interests of the financial industry. In the document, the EU suggests a number of mechanisms that will both scale back existing regulation, and prevent future regulation that might contradict the interests of financial corporations from both sides of the Atlantic. The leak follows news that EU negotiators have increased political pressure on the US to accept negotiations on “financial regulatory cooperation", which the US negotiators have so far refused. -- lengthy analysis with tons of links to coverage of the issues in financial press -- downloaded pdf to Note
US_politics  US_economy  US_foreign_policy  Obama_administration  EU  EU_governance  Transatlantic_Trade_and_InvestmentPartnership  financial_system  financial_regulation  international_finance  banking  capital_markets  NBFI  leverage  too-big-to-fail  bailouts  derivatives  lobbying  regulation-harmonization  cross-border  trade-agreements  trade-policy  MNCs  transparency  accountability  civil_society  central_banks  downloaded  EF-add 
september 2014 by dunnettreader
Unfair, Unsustainable, and Under the Radar - Investor-State Arbitration (May 2013) | The Democracy Center
This paper from the Democracy Center sheds an urgent public light on the system of international investment rules and arbitration tribunals that is being used by corporations to undermine citizen and government action on a range of urgent social and environmental issues. -- downloaded pdf to Note
report  trade-agreements  investment-bilateral_treaties  investor-State_disputes  power-asymmetric  democracy  FDI  litigation  World_Bank  dispute_resolution  public_goods  public_health  natural_resources  MNCs  regulation-harmonization  cross-border  free_trade_zones  standards-sustainability  property-confiscations  property_rights  trade-policy  political_economy  international_political_economy  global_governance  downloaded  EF-add 
september 2014 by dunnettreader
ESMA website section - Market Infrastructure - Central Counterparties | ESMA
EMIR introduces a harmonised set of organisational, business conduct and prudential requirements for clearing service providers. CCPs interpose themselves between counterparties to a derivative contract, becoming the buyer to every seller and the seller to every buyer. In doing so, CCPs become the focal point for derivative transactions thus increasing market transparency and reducing the risks inherent in derivatives markets. National securities regulators are responsible for the authorisation of EU-based CCPs. For each EU-based CCP a college of supervisors will be established made up of relevant national regulators and ESMA. A non-EU CCP needs to be recognised by ESMA to offer clearing services to EU customers. Prior to recognition the EC must adopt an implementing act determining, amongst other issues, that the legal and supervisory arrangements of the relevant non-EU country imposes legally binding requirements which are equivalent to those contained in Title IV of EMIR. For some jurisdictions ESMA has assessed whether non-EU country legislation meets the EMIR standard through ESMA technical advice to the EC on which to base its decision. ESMA does not actively supervise non-EU CCPs, but following recognition defers to the non-EU CCP’s home supervisor to undertake the day-to-day supervision. ESMA’s role in this respect is that of a standard-setter who further clarifies the CCP provisions under EMIR.
website  EU  EU-law  ESMA  financial_system  financial_regulation  international_finance  market_integration  risk-systemic  derivatives  infrastructure-markets  markets-structure  clearing_&_settlement  liability  regulation-harmonization  regulation-enforcement  cross-border  law-and-finance 
september 2014 by dunnettreader
ESMA website section - Trade repositories | Esma
Trade repositories (TRs) centrally collect and maintain the records of derivatives. They play a central role in enhancing the transparency of derivative markets and reducing risks to financial stability. Under EMIR, ESMA has direct responsibilities regarding the registration, supervision and recognition of TRs based outside the EU. EU-based TRs need to be authorised, and third country (non-EU) based TRs which are doing business in the EU need to be recognised by ESMA, in order for counterparties to use them for their EMIR reporting requirements. Once registered, the TR will be supervised by ESMA in order to ensure that it complies on an on-going basis with all EMIR requirements, thereby enabling regulators to access to data and details of derivative contracts in order for them to fulfil their respective missions. Besides supervising TRs, ESMA also acts as a standard-setter by further detailing the EMIR provisions regarding TRs.
website  EU  ESMA  financial_system  financial_regulation  derivatives  markets-structure  market_integration  risk-systemic  infrastructure-markets  cross-border 
september 2014 by dunnettreader
ESMA website section - Markets/ Post-trading and Settlement (SFD, CSDR, T2S) | ESMA
ESMA’s main roles in the post-trading area are implementing regulations on the EU’s markets infrastructure (EMIR) and central securities depositories (CSDR), co-ordinating issues such as settlement discipline and Target2-Securities (T2S), and providing information on the Settlement Finality Directive (SFD). **--** Section 1 - Clearing and reporting (EMIR), which covers ** Trade reporting ** Trade repositories (TRs) ** OTC derivatives and clearing obligation. ** Central Counterparties (CCPs) ** Non-financial counterparties (NFCs) ** Third (non-EU) countries **--** Section 2 - Settlement (SFD, CSDR, T2S), which covers ** Central securities depositories regulation (CSDR) ** Settlement Finality Directive (SFD) ** Target2-Securities (T2S)
website  EU  ESMA  financial_system  financial_regulation  risk-systemic  capital_markets  money_market  OTC_markets  clearing_&_settlement  markets-structure  infrastructure-markets  payments_systems  cross-border  NBFI  derivatives  equity-corporate  debt  macroprudential_regulation 
september 2014 by dunnettreader
Steven Maijoor, ESMA Chair, Keynote Speech - IBA Conference on the Globalisation of Investment Funds (Paris June 2014) | ESMA
A keynote address to the International Bar Association's 25th Annual Conference on the Globalisation of Investment Funds. The speech focused on concentrated on potential financial stability risks linked to the phenomenon of "too big to fail" and the fund management industry and also on policy developments affecting the fund management industry. **--* Excerpt -- "Addressing potential systemic risks in asset management will be an important part of our work going forward. As we develop our insights into the risks in the industry, it is clear that asset management has a specific profile that sets it apart from banking and other financial activities. This implies that the lens through which we see stability risks in banking and insurance, might not be the right one for asset management. Our proposal in this debate, therefore, is that in addition to looking at individual institutions, we must include in our analysis the very different types of activities of the asset management sector and their interdependence with systemic risks in the wider financial market." -- downloaded pdf to Note
speech  EU  ESMA  financial_system  financial_regulation  risk-systemic  capital_markets  money_market  financial_crisis  liquidity  intermediation  NBFI  shadow_banking  asset_management  banking  insurance  investors  concentration-industry  too-big-to-fail  bailouts  cross-border  regulation-harmonization  contagion  downloaded  EF-add 
september 2014 by dunnettreader
Trends, risks and vulnerabilities in financial markets - Annual Reports and Working Papers | ESMA
In order to safeguard financial stability it is necessary to identify, at an early stage, trends, potential risks and vulnerabilities stemming from the micro-prudential level, across borders and across sectors. Thereby particular attention is paid to any systemic risk posed by financial market participants, failure of which may impair the operation of the financial system or the real economy. ESMA monitors and assesses such developments in the area of its competence and, where necessary, informs the European Parliament, the Council, the Commission, the other European Supervisory Authorities and the ESRB on a regular and, as necessary, on an ad hoc basis. In cooperation with the ESRB, ESMA also initiates and coordinates Union-wide stress tests to assess the resilience of financial market participants to adverse market developments, and ensures that an as consistent as possible methodology is applied at the national level to such tests. In order to perform its functions properly, ESMA conducts economic analyses of the markets and the impact of potential market developments. On this basis, ESMA produces annually two reports on risk, trends and vulnerabilities.
report  paper  EU  ESMA  financial_system  financial_regulation  banking  NBFI  capital_markets  money_market  risk-systemic  markets-structure  market_integration  cross-border 
september 2014 by dunnettreader
Peer Review Report–Money Market Fund Guidelines - Divergence among national supervisory authorities | ESMA
The European Securities and Markets Authority (ESMA) has published a peer review report examining whether EU securities supervisors correctly apply ESMA’s guidelines on money market funds (MMFs). The review compared supervisory and enforcement practices for MMFs of 30 supervisory authorities across the European Economic Area (EEA). ESMA reviewed those 20 jurisdictions that had transposed the guidelines into their national rules. -- didn't download
report  financial_system  financial_regulation  NBFI  money_market  regulation-harmonization  EU  ESMA  cross-border  shadow_banking 
september 2014 by dunnettreader
Summary Report on the mapping of contingency measures | ESMA - Nov 2011
The main conclusion is that it is unlikely that CESR [now ESMA] Members can address a crisis situation on a common or comparable legal basis and accordingly act in a coordinated way in a crisis. The availability of powers for members in a crisis with respect to the different areas of securities regulation is diverse; the nature and scope of Members’ contingency powers as well as the legal conditions governing their exercise are differing. Members are more prepared to address those crisis situations that have a connecting point with the existing EU Directives. Many Members reported that they can apply powers contained in provisions implementing EU Directives in a crisis situation by assuming that the crisis might meet the conditions required for a "regular" application of such provisions implementing EU Directive. In cases that do not meet the conditions for the regular use of such provisions based on EU-law the basis for supervisory action according to certain powers remains sometimes unclear. In order to enable ESMA and its members to effectively fulfil their functions and roles in a crisis, steps seem to be necessary in order to vest Competent Authorities with a suitable tool to address future situations that constitute or might lead to a crisis.
report  financial_system  financial_crisis  financial_regulation  market_integration  EU  ESMA  regulation-harmonization  regulation-enforcement  cross-border  administrative_law  EU-law  downloaded 
september 2014 by dunnettreader
Home -- European Securities and Markets Authority - ESMA [formerly CESR]
ESMA’s mission is to enhance the protection of investors and reinforce stable and well functioning financial markets in the European Union. ESMA, as an independent EU Authority, achieves this mission by building a single rule book for EU financial markets and ensuring its consistent application and supervision across the EU. ESMA contributes to the supervision of financial services firms with a pan-European reach, either through direct supervision or through the active co-ordination of national supervisory activity. -- successor agency as of January 2011 to the Committee of European Securities Regulators
website  government_agencies  administrative_agencies  administrative_law  EU  Europe  capital_markets  financial_regulation  regulation-harmonization  rating_agencies  equity-corporate  derivatives  markets-structure  market_integration  clearing_&_settlement  cross-border  corporate_finance  NBFI  disclosure  accounting  corporate_governance 
september 2014 by dunnettreader

related tags

16thc  17thc  18thC  19thC  20thC  21stC  1990s  2000s  2010s  access_to_finance  accountability  accounting  accumulation  administrative_agencies  administrative_law  africa  aid  america  Anglo-French  article  asia  Asian_crisis  Asia_Pacific  asset_management  bailouts  banking  banking-universal  bank_holding_cos  Bentham  BEPS  big_business  bond_markets  books  bourgeoisie  Bretton_Woods  British_foreign_policy  British_history  British_politics  business-and-politics  business-norms  business_cycles  business_practices  business_processes  Cantillon  capitalism  capitalism-systemic_crisis  capitalization  capital_adequacy  capital_as_power  capital_controls  capital_flows  capital_markets  catholics  central_banks  chaebols  china  civil_code  civil_law  civil_liberties  civil_society  class_conflict  clearing_&_settlement  climate  climate-adaptation  coastal_development  collateral  colonialism  competition  competition-interstate  competitiveness  concentration-industry  Congress  consumer_protection  contagion  convergence-econimic  coordination-governments  corporate_citizenship  corporate_finance  corporate_governance  corporate_law  corporate_ownership  corporate_tax  counter-reformation  credit_ratings  criminal_justice  crony_capitalism  cross-border  cultural_history  cultural_influence  debt  debt-overhang  debt-restructuring  debt_crisis  democracy  derivatives  development  development-finance  development-impact  diplomacy-environment  diplomats  disaster  disclosure  disintermediation  dispute_resolution  distribution-income  distribution-wealth  downloaded  east  East_Asia  ECB  economic_culture  economic_growth  economic_history  economic_policy  economic_reform  economic_sociology  economic_theory  EF-add  elite_culture  emerging_markets  EMH  Enlightenment  environment  equity-corporate  equity_markets  ESMA  EU  EU-elections  EU-fiscal_policy  EU-foreign_policy  EU-law  EU-Parliament  EU-parties  EU-regulation  Eurocrsis  Europe  Europe-Early_Modern  Europe-federalism  European_integration  Eurozone  EU_governance  faction  fast_track  FDI  federalism  finance_capital  financialization  financial_crisis  financial_economics  financial_innovation  financial_instiutions  financial_regulation  financial_sector_development  financial_system  financial_system-government_back-stop  find  firms-organization  firms-structure  fiscal_policy  France  francophile  free_trade  free_trade_zones  French_Enlightenment  French_Revolutionary_Wars  FX  FX-misalignment  FX-rate_management  G20  globalization  global_economy  global_governance  global_system  global_value_chains  governments-information_sharing  government_agencies  government_finance  Great_Recession  health  historiography  history  IFC  IFIs  IMF  india  industry  information-markets  infrastructure  infrastructure-markets  institutional_investors  insurance  intellectual_history  intermediation  international_economics  international_finance  international_law  international_monetary_system  international_organizations  international_political_economy  international_system  investment  investment-bilateral_treaties  investor-State_disputes  investors  IOSCO  IP  IR_theory  ISDS  journal  July_Monarchy  jurisprudence  Korea  Labor_markets  labor_share  labor_standards  Landsdowne_Marquis_of  land_use_planning  latin  law-and-economics  law-and-environment  law-and-finance  LDCs  legal_reasoning  legal_theory  leverage  liability  liberalism  links  liquidity  litigation  lobbying  local_government  Maastricht  macroeconomics  macroprudential_policies  macroprudential_regulation  manufacturing  markets-structure  market_integration  mena  mercantilism  methodology-quantitative  Minsky  missionaries  MNCs  monetary_policy  monetary_theory  monetary_union  money_market  Napoleonic_Wars  natural_resources  NBFI  networks-information  networks-policy  north  Obama_administration  ocean  OECD  OECD_economies  oligopoly  opposition  OTC_markets  paper  patronage  patrons  payments_systems  paywall  Peace_of_Amiens  pensions  political_arithmetick  political_culture  political_economy  political_history  political_participation  political_philosophy  positivism-legal  post-Cold_War  post-WWII  poverty  power-asymmetric  production  productivity-labor_share  property-confiscations  property_rights  protestants  public-private_partnerships  public_finance  public_goods  public_health  public_policy  race-to-the-bottom  rating_agencies  reform-economic  reform-legal  reform-political  reform-social  reformation  regulation  regulation-  regulation-costs  regulation-enforcement  regulation-harmonization  religious_history  report  Republic_of_Letters  Restoration-France  rights-legal  rights-political  risk-mitigation  risk-systemic  risk_assessment  risk_management  sabotage-by_business  Scientific_Revolution  SDGs  SEC  shadow_banking  SMEs  social_order  social_theory  sovereignty  sovereign_debt  speech  standards-sustainability  state_government  statistics  supply_chains  sustainability  taxes  tax_collection  tax_havens  tax_policy  technical_assistance  technology_transfer  too-big-to-fail  trade  trade-agreements  trade-policy  Trans-Pacific-Partnership  transaction_costs  Transatlantic_Trade_and_InvestmentPartnership  transfer_pricing  transparency  transport  treaties  unions  US_economy  US_foreign_policy  US_government  US_legal_system  US_politics  US_politics-foreign_policy  US_trade_agreements  utilitarianism  utility  violence  website  world  World_Bank 

Copy this bookmark:



description:


tags: