Contagion As A Dealmaker The Effect Of Financial Spillovers On Regional Lending Programs
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| Author | : Alexandra Fotiou |
| Publisher | : International Monetary Fund |
| Total Pages | : 59 |
| Release | : 2022-07-08 |
| Genre | : Business & Economics |
| ISBN | : |
The recent European sovereign debt crisis highlighted the critical role of regional lending arrangements. For the first time, European mechanisms were called to design financing programmes for member countries in trouble. This paper analyses how the risk of contagion, an essential characteristic of interlinked economies, shapes borrowing conditions. We focus on the role of spillovers as a channel of bargaining power that a country might have when asking for financial support from regional lending institutions. We build and present a new database that records both the dates on which official meetings took place, relevant statements were released and the timing of the announcements regarding loan disbursements. This database allows us to assess the defining role that announcements of future actions have in mitigating spillover costs. In addition, we study the design of lending arrangements within a recursive contract between a lender and a sovereign country. When accounting for spillover costs, arising from the borrower to the creditor, we find that it is in the lender's best interest to back-load consumption by giving more weight to future transfers in order to reduce contagion cost. Subsequently, we test and validate our theoretical predictions by assessing the effect of spillovers on loan disbursements to programme-countries and by juxtaposing lending conditions imposed by the IMF and the European mechanisms.
| Author | : Douglas D Evanoff |
| Publisher | : World Scientific |
| Total Pages | : 446 |
| Release | : 2011-01-27 |
| Genre | : Business & Economics |
| ISBN | : 9814464201 |
The recent global financial crisis has caused massive upheavals worldwide. The papers in this volume analyze whether financial principles seem to have shifted in recent years, and what that may mean for international financial markets and regulation. What “broke” in the current crisis? Is there no “playbook” on how to respond to systemic crises? What is the optimal role of the state in dealing with crises? How should asset bubbles be addressed in the future? Do we need a major overhaul of governance in the industry? What means exist to address systemic crises? What reforms are needed? These and related issues are discussed by an impressive list of well-known scholars, policymakers and practitioners, with an emphasis on the implications for public policy.
| Author | : Steven W. Popper |
| Publisher | : |
| Total Pages | : 168 |
| Release | : 2021-02-15 |
| Genre | : Business & Economics |
| ISBN | : 9781977405968 |
In this report, the authors describe what information would be needed to better understand China's innovation trajectory in the coming decades. They examine the propensity in China's innovation system to realize its potential as an innovating nation.
| Author | : Penny Lernoux |
| Publisher | : Anchor Books |
| Total Pages | : 344 |
| Release | : 1984 |
| Genre | : Business & Economics |
| ISBN | : |
Discusses corruption in world banking.
| Author | : Mike Wright |
| Publisher | : World Scientific |
| Total Pages | : 198 |
| Release | : 2019-10-29 |
| Genre | : Business & Economics |
| ISBN | : 9811208123 |
There has been a substantial rise in the number of entrepreneurship courses and programs at colleges and universities. Despite the rapid rise of undergraduate entrepreneurship, there have been few academic studies of this phenomenon. Little is known about the antecedents and consequences of these activities. Student Start-Ups: The New Landscape of Academic Entrepreneurship is the first book of its kind on student entrepreneurship. It sets out to provide a structured approach to understanding the development of the phenomenon by synthesizing and offering the best available quantitative data and new case studies from a range of countries and universities. In doing so, they present the evolution of different models of student entrepreneurship with insights and implications for practice, policy and research.
| Author | : Gerard Caprio |
| Publisher | : Rowman & Littlefield |
| Total Pages | : 300 |
| Release | : 2005-12-06 |
| Genre | : Business & Economics |
| ISBN | : 0815797966 |
A Brookings Institution Press and World Bank Group publication Throughout the 1990s, numerous financial crises rocked the world financial sector. The Asian bubble burst, for example; Argentina and Brazil suffered currency crises; and the post-Soviet economy bottomed out in Russia. In Financial Crises, a distinguished group of economists and policy analysts examine and draw lessons from attempts to recover from past crises. They also consider some potential hazards facing the world economy in the 21st century and discuss ways to avoid them and minimize the severity of any future downturn. This important new volume emerges from the seventh annual conference on emerging markets finance, cosponsored and organized by the World Bank and the Brookings Institution. In the book, noted experts address the following questions: How effective were post-crisis policies in Latin America, Eastern Europe, and East and Central Asia? Where do international financial markets stand ten years after the worldwide debt crisis? How can the provision of financial services resume vigorously, yet safely? What are the viable policy options for reducing systemic financial vulnerability? What will the next emerging-market financial crisis look like? Will lessons learned from past experiences help to avoid future disasters? How can nations reform their pension systems to deal with retirement challenges in the 21st century?
| Author | : Nancy L. Green |
| Publisher | : University of Chicago Press |
| Total Pages | : 228 |
| Release | : 2019-05-21 |
| Genre | : History |
| ISBN | : 022660831X |
Transnationalism means many things to many people, from crossing physical borders to crossing intellectual ones. The Limits of Transnationalism reassesses the overly optimistic narratives often associated with this malleable term, revealing both the metaphorical and very real obstacles for transnational mobility. Nancy L. Green begins her wide-ranging examination with the story of Frank Gueydan, an early twentieth-century American convicted of manufacturing fake wine in France who complained bitterly that he was neither able to get a fair trial there nor to enlist the help of US officials. Gueydan’s predicament opens the door for a series of inquiries into the past twenty-five years of transnational scholarship, raising questions about the weaknesses of global networks and the slippery nature of citizenship ties for those who try to live transnational lives. The Limits of Transnationalism serves as a cogent reminder of this topic’s complexity, calling for greater attention to be paid to the many bumps in the road.
| Author | : Giovanni Capannelli |
| Publisher | : Springer |
| Total Pages | : 0 |
| Release | : 2016-08-23 |
| Genre | : Business & Economics |
| ISBN | : 9784431564201 |
This book contributes to the theoretical and empirical literature on Asian regionalism, with a focus on the innovations needed to reform the current institutional architecture in Asia. After reviewing the key issues and challenges related to the political economy of Asia’s economic cooperation and integration, the book discusses various aspects of regionalism from political and economic perspectives. It looks at the rationale for regional collective action and reviews the trend of economic integration with a focus on the implications of the global financial crisis. In addition to reviewing the key issues related to the development of regional institutions for integration, the book analyzes issues such as trade and finance and deals with the implications of regionalism in terms of the introduction of domestic reforms in Asian countries before discussing the possible formation of a region-wide economic community. The eight chapters of the book are based on respective papers initially prepared for the Asian Development Bank Institute Conference 2010.
| Author | : Torben Iversen |
| Publisher | : Princeton University Press |
| Total Pages | : 359 |
| Release | : 2020-11-03 |
| Genre | : Business & Economics |
| ISBN | : 0691210217 |
It is a widespread view that democracy and the advanced nation-state are in crisis, weakened by globalization and undermined by global capitalism, in turn explaining rising inequality and mounting populism. This book, written by two of the world's leading political economists, argues this view is wrong: advanced democracies are resilient, and their enduring historical relationship with capitalism has been mutually beneficial. For all the chaos and upheaval over the past century--major wars, economic crises, massive social change, and technological revolutions--Torben Iversen and David Soskice show how democratic states continuously reinvent their economies through massive public investment in research and education, by imposing competitive product markets and cooperation in the workplace, and by securing macroeconomic discipline as the preconditions for innovation and the promotion of the advanced sectors of the economy. Critically, this investment has generated vast numbers of well-paying jobs for the middle classes and their children, focusing the aims of aspirational families, and in turn providing electoral support for parties. Gains at the top have also been shared with the middle (though not the bottom) through a large welfare state. Contrary to the prevailing wisdom on globalization, advanced capitalism is neither footloose nor unconstrained: it thrives under democracy precisely because it cannot subvert it. Populism, inequality, and poverty are indeed great scourges of our time, but these are failures of democracy and must be solved by democracy.
| Author | : Masahiro Kawai |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 541 |
| Release | : 2010-01-01 |
| Genre | : Political Science |
| ISBN | : 1849806888 |
The structure and policy architecture of the world economy, as it emerges from the historic challenges now underway, will be affected by the dramatic rise of Asian economies and deepening connections among them. This important book examines the dramatic transformation of the Asian economy, the challenges it faces, emerging regional solutions, and how Asia can play a more constructive role in the global economy. Asia is becoming not just the world's factory, but also its leading creditor, and one of its key sources of dynamism and stability. Key questions are identified and addressed in three areas: Asia's growth and productivity, financial stability, and regional economic integration. In each of these areas, the contributing authors evaluate current trends and the forces shaping the future. They consider whether the regions progress is sustainable and what it will take to make it so. How is Asia reshaping its economy in response to the changing global landscape? More urgently, how can Asia weather the severe, global financial and economic stormoriginating from the global credit crisis? How will it extend its gains to people left behind? And how can it contribute to better governance and greater prosperity in the world economy? This book covers new ground by connecting theory, assembling detailed evidence on trends and challenges, and offering forwardlooking policy prescriptions. This timely book will appeal to Asian economic policymakers as well as postgraduate students interested in Asian economics, international economics and regional integration. Staff of international and regional organizations interested in Asian economics will also find this book invaluable.
