The Domestic Domain: Chances, Choices and Strategies of Family Households

Book Description

Kessler shows how political considerations distorted the liberalization process in Mexico, leading to inconsistent and unsustainable patterns of financial policy. Although market reform is promoted in developing countries to improve economic efficiency and stimulate growth, in Mexico financial liberalization provided rent-seeking opportunities for privileged groups and increased the states' ability to finance politically inspired obligations. The research examines four periods: the populist administrations of Echeverria and Lopez Portillo, during which the foundations of modern financial markets were paradoxically laid; the debt-crisis years of de la Madrid, who reversed his party's political strategy by favoring the business class with financial opportunities; the economic transformation undertaken by Carlos Salinas, who mixed genuine reform with destabilizing anti-market measures; and the political watershed of the Zedillo administration, whose unpopular bank rescue gave opposition parties unprecedented power within Mexico's policy making process. Kessler also provides a comparison of financial collapse in two other emerging markets, South Korea and Russia, and examines the political roots of crisis in both countries. He concludes by suggesting how greater attention to questions of power, social organization, and challenges to state authority can help the policy-making community avoid giving well-meaning advice that is unlikely to be implemented in a sustainable way.

Customer Reviews:

What makes financial liberalization tough?.......2000-10-22

This book offers a timely and compelling explanation that will allow the reader to understand why Mexico, a country that became the darling of the international financial community after following orthodox liberalization policies, ended up in 1995 with the most dramatic recession in its modern history and cuased the Tequila Effect, which threatened the stability of the world's financial system.

The author shows how political considerations played a key role in the direction of the liberalization process of Mexico's financial system. The author argues that liberalization led to inconsistent and unsustainable patterns of financial policy, which contributed to Mexico's 1995 deep recession and the consequent bank bailout. The author argues that although market reform has been promoted in developing countries to improve economic efficiency and stimulate growth, in Mexico financial liberalization provided rent-seeking opportunities for privileged groups and increased the states' ability to finance politically inspired obligations.

The book examines four periods: the populist administrations of Presidents Luis Echeverria (1970-1976) and José Lopez Portillo (1976-1982), during which the foundations of modern financial markets were paradoxically laid; the debt-crisis years of Miguel de la Madrid's adminsitration (1982-1988), who reversed his party's political strategy by favoring the business class with financial opportunities; the economic transformation undertaken by Carlos Salinas (1988-1994), who mixed genuine reform with destabilizing anti-market measures; and the political watershed of the Zedillo administration (1994-2000), whose unpopular bank rescue gave opposition parties unprecedented power within Mexico's policy making process.

The author also offers a comparative perspective of financial liberalization in two other emerging markets, South Korea and Russia, which also underwent financial crisis in the late 90s, and examines the political roots of crisis in both countries. By providing a comparative analysis the author derives some lessons from financial liberalization in developing countries. He concludes by suggesting how greater attention to questions of power, social organization, and challenges to state authority can help the policy-making community avoid giving well-meaning advice that is unlikely to be implemented in a sustainable way.

Book Description

The past decade has given rise to a growing debate over the relative efficiency of different national economic systems. There are two basic corporate finance and governance systems that predominate in today's developed economies. One is the Anglo-American market based model, with widely dispersed shareholders and a fairly vigorous corporate control market. The other is the Japanese and German relationship based system, with its large bank and intercorporate holdings (and conspicuous absence of takeovers). Given the increasing globalization of business, which of these two systems can be expected to prevail over time? Or will the most valuable aspects of each be blended into a single new system? The story now being told by economists and management experts -- one that this book presents -- is a complicated one. Here is a sampling of the arguments: Corporate strategist Michael Porter states that the U.S. system of allocating capital both within and across companies appears to be failing because of both capital market and internal pressures on U.S. companies to underinvest in the relatively intangible assets that contribute to corporate capabilities. In contrast to Porter, financial economist Michael Jensen maintains that the most formidable challenge now facing the U.S. economy -- and, indeed, the economies of all industrialized nations -- is the corporate overinvestment problem, a problem that was addressed in the U.S. by the leveraged restructuring of the 1980s. Nobel-Prize economist Merton Miller answers both Porters concern about U.S. underinvestment and Jensens pessimism about U.S. control systems with a classic defense of the shareholder-value principle. Corporate strategist C.K. Prahalad, unconvinced by the arguments of both Miller and Jensen, challenges the wisdom of corporate Americas commitment to maximizing shareholder value. In a roundtable discussion, Prahalad debates with shareholder value advocate Bennett Stewart about the effects of shareholder primacy in the U.S. and its absence in Japan. Studies in International Corporate Finance and Governance Systems consists of 28 articles (and two roundtable discussions) written by academic and management experts in the fields of corporate finance and governance. Given its commitment to translating outstanding academic research into relatively plain English for practicing businessmen, this text should prove especially useful for corporate executives as well as students in MBA and executive development programs.

Customer Reviews:

Useful concise book.......2000-12-10

As admitted in the book there is an overemphasis on American governance systems due to the many high quality research papers available by leading US academics. The strong point of this book is that the research has been condensed into concise short papers easily understood by corporate accountants (like myself). It gives a broad view of Agency Theory and the associated costs and benefits of various governance models and real life examples. As I am working in Japan, my interest was in the comparision of systems between Japan & US (as an Australian I was dissapointed at no analysis of the Australian perspective). However, the rapid change in the Japanese corporate environment in the last 1-2 years makes some of the discussions marginally out of date. A lot of the analysis though is so fundamental it is unlikely its basis will change much in the next 10 years. A good read and very thought provoking.

Written by top finance professors.......2000-08-08

This book was written by a number of famous finance professors including several Novel Prize winners. Each chapter was written by the world class academics and this contains comprehensive topics relating to international finance and governance system. This book is not expensive at all but you can learn a lot.

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Slipping the surface of substance

Comparing Financial Systems
Franklin Allen , and Douglas Gale
Manufacturer: The MIT Press
ProductGroup: Book
Binding: Hardcover

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ASIN: 0262011778

Book Description

Financial systems are crucial to the allocation of resources in a modern economy. They channel household savings to the corporate sector and allocate investment funds among firms; they allow intertemporal smoothing of consumption by households and expenditures by firms; and they enable households and firms to share risks. These functions are common to the financial systems of most developed economies. Yet the form of these financial systems varies widely. In the United States and the United Kingdom competitive markets dominate the financial landscape, whereas in France, Germany, and Japan banks have traditionally played the most important role.

Why do different countries have such different financial systems? Is one system better than all the others? Do different systems merely represent alternative ways of satisfying similar needs? Is the current trend toward market-based systems desirable?

Franklin Allen and Douglas Gale argue that the view that market-based systems are best is simplistic. A more nuanced approach is necessary. For example, financial markets may be bad for risk sharing; competition in banking may be inefficient; financial crises can be good as well as bad; and separation of ownership and control can be optimal. Financial institutions are not simply veils, disguising the allocation mechanism without affecting it, but are crucial to overcoming market imperfections. An optimal financial system relies on both financial markets and financial intermediaries.

Customer Reviews:

Slipping the surface of substance.......2006-01-12

I suspect any researchers working on a project with such catchy words as "comparing" or "comparative" do theory for theory's sake: they slobber over theory without seriously looking at real issues in the real world. This book, by two scholars from the ivory tower, is clearly an example of this empty endeavor. It is just a collection of incoherent graffiti. I am not claiming that their arguments are illogical. Rather, I am just saying I don't understand for what and for whom these two puerile gangs are doing this sort of research.

In a nutshell, any serious intellectuals (I don't care about pedants like the authors) should skip a frivolous book like this. Do not be deceived by praises from their playmates.

Banks, financial markets, and social welfare [An article from: Journal of Banking and Finance]

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Banks, financial markets, and social welfare [An article from: Journal of Banking and Finance]
F. Marini
Manufacturer: Elsevier
ProductGroup: Book
Binding: Digital

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ASIN: B000RR6MBW

Book Description

This digital document is a journal article from Journal of Banking and Finance, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

Description:
This paper constructs a general equilibrium model of banking and financial markets. The model allows to compare financial systems in which banks have access to financial markets with financial systems in which banks do not have access to financial markets. Allen and Gale [A welfare comparison of intermediaries and financial markets in Germany and the US. European Economic Review 39 (1995) 179-209] find that the Anglo-Saxon model of financial intermediation in which financial markets play a dominant role does not necessarily improve social welfare in comparison with the German model in which banks dominate. Our model provides a theoretical foundation for this view.

Capitalist Property & Financial Power: A Comparative Study of Britain, the U. S. and Japan

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Capitalist Property & Financial Power: A Comparative Study of Britain, the U. S. and Japan
John Scott
Manufacturer: NYU Press
ProductGroup: Book
Binding: Paperback

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ASIN: 0814779212
Release Date: 1991-05-01

Book Description

This book investigates the changing and varying patterns of ownership and control to be found in the economies of Britain, the United States, and Japan today. Such an investigation has not been undertaken before at anything like this scale. It has involved extensive research in the largest companies in each of the three countries, with controlling share holdings and their interconnections closely examined in order to illustrate comparatively the primary features of corporate financial power in advanced economies.

Marshalling his data, Scott contends that the classic owner-controlled, generally family-controlled enterprise has become a victim of the massive changes to which the capitalist economies of the world have been subjected. The form of business enterprise which is replacing the family firm is however not the "managerial" enterprise of liberal theory but a different form of owner-controlled enterprise, just as owner-controlled as their predecessors; but with the owners' identities changed. The owners of the largest modern enterprises are now, Scott demonstrates, other enterprises, which are, in turn, owned by yet other enterprises. In this system, enterprises are linked to one another through chains of control which are never-ending circles of connection—"vicious" or "virtuous" circles according to taste.

John Scott's novel techniques of network analysis and explorations of the constellation of interests at the heart of modern capitalism constitute a classic addition to the literature of economics, business studies, and industrial sociology.

Chinese Legal Reform (European Institute of Japanese Studies East Asian Economics & Business Ser)

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Chinese Legal Reform (European Institute of Japanese Studies East Asian Economics & Business Ser)
Yan Wang
Manufacturer: Routledge
ProductGroup: Book
Binding: Library Binding

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ASIN: 0415249716

Book Description

This work assesses the legal reforms which have taken place over the past two decades in China. It discusses China's achievements in building a new legal system and identifies the theoretical and institutional limitations of China's legal reform.

Comment on An International Comparison of Banks' Equity Returns. (in this issue, p. 472)(Comparative Financial Systems): An article from: Journal of Money, Credit & Banking

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Comment on An International Comparison of Banks' Equity Returns. (in this issue, p. 472)(Comparative Financial Systems): An article from: Journal of Money, Credit & Banking
Philip E. Strahan
Manufacturer: Ohio State University Press
ProductGroup: Book
Binding: Digital

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Book Description

This digital document is an article from Journal of Money, Credit & Banking, published by Ohio State University Press on August 1, 1998. The length of the article is 3257 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Comment on An International Comparison of Banks' Equity Returns. (in this issue, p. 472)(Comparative Financial Systems)
Author: Philip E. Strahan
Publication: Journal of Money, Credit & Banking (Refereed)
Date: August 1, 1998
Publisher: Ohio State University Press
Volume: v30 Issue: n3 Page: p493(7)

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Comment on Banking in Transition Economies. (in this issue, p. 621)(Comparative Financial Systems): An article from: Journal of Money, Credit & Banking

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Comment on Banking in Transition Economies. (in this issue, p. 621)(Comparative Financial Systems): An article from: Journal of Money, Credit & Banking
Stijn Claessens
Manufacturer: Ohio State University Press
ProductGroup: Book
Binding: Digital

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Book Description

This digital document is an article from Journal of Money, Credit & Banking, published by Ohio State University Press on August 1, 1998. The length of the article is 2560 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Comment on Banking in Transition Economies. (in this issue, p. 621)(Comparative Financial Systems)
Author: Stijn Claessens
Publication: Journal of Money, Credit & Banking (Refereed)
Date: August 1, 1998
Publisher: Ohio State University Press
Volume: v30 Issue: n3 Page: p651(5)

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Comment on Intermediation and Vertical Integration. (in this issue, p. 500)(Comparative Financial Systems): An article from: Journal of Money, Credit & Banking

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Comment on Intermediation and Vertical Integration. (in this issue, p. 500)(Comparative Financial Systems): An article from: Journal of Money, Credit & Banking
George Pennacchi
Manufacturer: Ohio State University Press
ProductGroup: Book
Binding: Digital

General | Business & Investing | Subjects | Books

Book Description

This digital document is an article from Journal of Money, Credit & Banking, published by Ohio State University Press on August 1, 1998. The length of the article is 1940 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Comment on Intermediation and Vertical Integration. (in this issue, p. 500)(Comparative Financial Systems)
Author: George Pennacchi
Publication: Journal of Money, Credit & Banking (Refereed)
Date: August 1, 1998
Publisher: Ohio State University Press
Volume: v30 Issue: n3 Page: p520(4)

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Book Description

Essential Telephoning in English is a short skills course for adult learners of Business and general English. Its 11 core units cover a wide range of communication skills such as beginning and ending a call, taking messages, dealing with problems, making appointments and communicating information. The course enables learners to check their progress with three consolidation units as well as an end-of-course review unit. It has been designed primarily for use in class but is also suitable for self-study.

Essential Telephoning in English, Student's Book

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Essential Telephoning in English, Student's Book

Manufacturer: Klett
ProductGroup: Book
Binding: Paperback

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ASIN: 3125391210

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Franchise Opportunities Guide: Fall Winter 1998 (Fall/Winter 1998)

Manufacturer: Intl Franchise Assn
ProductGroup: Book
Binding: Paperback

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ASIN: 9998446236

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