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Debt And Distortion
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Book Synopsis Debt and Distortion by : Paul Armstrong-Taylor
Download or read book Debt and Distortion written by Paul Armstrong-Taylor and published by Springer. This book was released on 2016-08-12 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s unprecedented growth has transformed the lives of its people and impacted economies across the globe. The financial system supported this growth by providing cheap loans to boost investment and, in a virtuous cycle, rapid growth insured that these loans could be repaid. However, in recent years, this virtuous cycle has turned vicious. The financial system has continued to lend freely and cheaply as the economy has slowed, and the risk of crisis has mounted. In response, the government has initiated the most ambitious financial reforms in twenty years. Financial markets, businesses and governments are concerned about these risks and are struggling to understand what the reforms will mean for China and the rest of the world. Debt and Distortion: Risks and Reforms in the Chinese Financial System addresses the need for an up-to-date and accessible, yet comprehensive analysis of China’s financial system and related reforms. It will take a systematic look at China’s financial system: how it worked in the past and how it will work in the future; why reforms are needed; what risks they bring; and their impact on China and the rest of the world. By analyzing the topic in terms of a few fundamental distortions, this book makes an otherwise complex topic accessible while simultaneously providing new insights. These distortions provide a simple framework for understanding the nature of the Chinese financial system and its future prospects. Reform in China will transform the world’s second largest economy and impact everything from Peruvian copper mines to the London housing market. Business people, government officials, financiers and informed citizens would all benefit from understanding how changes in China’s financial system will shape the global economy in the coming decades.
Book Synopsis The Economics of Sovereign Debt and Default by : Mark Aguiar
Download or read book The Economics of Sovereign Debt and Default written by Mark Aguiar and published by Princeton University Press. This book was released on 2021-12-21 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: An integrated approach to the economics of sovereign default Fiscal crises and sovereign default repeatedly threaten the stability and growth of economies around the world. Mark Aguiar and Manuel Amador provide a unified and tractable theoretical framework that elucidates the key economics behind sovereign debt markets, shedding light on the frictions and inefficiencies that prevent the smooth functioning of these markets, and proposing sensible approaches to sovereign debt management. The Economics of Sovereign Debt and Default looks at the core friction unique to sovereign debt—the lack of strong legal enforcement—and goes on to examine additional frictions such as deadweight costs of default, vulnerability to runs, the incentive to “dilute” existing creditors, and sovereign debt’s distortion of investment and growth. The book uses the tractable framework to isolate how each additional friction affects the equilibrium outcome, and illustrates its counterpart using state-of-the-art computational modeling. The novel approach presented here contrasts the outcome of a constrained efficient allocation—one chosen to maximize the joint surplus of creditors and government—with the competitive equilibrium outcome. This allows for a clear analysis of the extent to which equilibrium prices efficiently guide the government’s debt and default decisions, and of what drives divergences with the efficient outcome. Providing an integrated approach to sovereign debt and default, this incisive and authoritative book is an ideal resource for researchers and graduate students interested in this important topic.
Book Synopsis Permanent Distortion by : Nomi Prins
Download or read book Permanent Distortion written by Nomi Prins and published by Hachette UK. This book was released on 2022-10-11 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: A riveting exposé of a permanent financial dystopia, its causes, and real-world consequences It is abundantly clear that our world is divided into two very different economies. The real one, for the average worker, is based on productivity and results. It behaves according to traditional rules of money and economics. The other doesn’t. It is the product of years of loose money, poured by central banks into a system dominated by financial titans. It is powerful enough to send stock markets higher even in the face of a global pandemic and threats of nuclear war. This parting from reality has its roots in an emergency response to the financial crisis of 2008. “Quantitative Easing” injected a vast amount of cash into the economy—especially if you were a major Wall Street bank. What began as a short-term dependency became a habit, then a compulsion, and finally an addiction. Nomi Prins relentlessly exposes a world fractured by policies crafted by the largest financial institutions, led by the Federal Reserve, that have supercharged the financial system while selling out regular citizens and leading to social and political reckonings. She uncovers a newly polarized world of the mega rich versus the never rich, the winners and losers of an unprecedented distortion that can never return to “normal.”
Book Synopsis Debt, the IMF, and the World Bank by : Eric Toussaint
Download or read book Debt, the IMF, and the World Bank written by Eric Toussaint and published by NYU Press. This book was released on 2010-09-01 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mainstream economists tell us that developing countries will replicate the economic achievements of the rich countries if they implement the correct “free-market”policies. But scholars and activists Toussaint and Millet demonstrate that this is patently false. Drawing on a wealth of detailed evidence, they explain how developed economies have systematically and deliberately exploited the less-developed economies by forcing them into unequal trade and political relationships. Integral to this arrangement are the international economic institutions ostensibly created to safeguard the stability of the global economy—the International Monetary Fund (IMF) and the World Bank—and the imposition of massive foreign debt on poor countries. The authors explain in simple language, and ample use of graphics, the multiple contours of this exploitative system, its history, and how it continues to function in the present day. Ultimately, Toussaint and Millet advocate cancellation of all foreign debt for developing countries and provide arguments from a number of perspectives—legal, economic, moral. Presented in an accessible and easily-referenced question and answer format, Debt, the IMF, and the World Bank is an essential tool for the global justice movement.
Book Synopsis Debt Bias and Other Distortions by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Debt Bias and Other Distortions written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2009-12-06 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tax distortions are likely to have encouraged excessive leveraging and other financial market problems evident in the crisis. These effects have been little explored, but are potentially macro-relevant. Taxation can result, for example, in a net subsidy to borrowing of hundreds of basis points, raising debt-equity ratios and vulnerabilities from capital inflows. This paper reviews key channels by which tax distortions can significantly affect financial markets, drawing implications for tax design once the crisis has passed.
Book Synopsis Behavioral Simulation Methods in Tax Policy Analysis by : Martin Feldstein
Download or read book Behavioral Simulation Methods in Tax Policy Analysis written by Martin Feldstein and published by University of Chicago Press. This book was released on 2007-12-01 with total page 523 pages. Available in PDF, EPUB and Kindle. Book excerpt: These thirteen papers and accompanying commentaries are the first fruits of an ongoing research project that has concentrated on developing simulation models that incorporate the behavioral responses of individuals and businesses to alternative tax rules and rates and on expanding computational general equilibrium models that analyze the long-run effects of changes on the economy as a whole. The principal focus of the project has been on the microsimulation of individual behavior. Thus, this volume includes studies of individual responses to an over reduction in tax rates and to changes in the highest tax rates; a study of alternative tax treatments of the family; and studies of such specific aspects of household behavior as tax treatment of home ownership, charitable contributions, and individual saving behavior. Microsimulation techniques are also used to estimate the effects of alternative policies on the long-run financial status of the social security program and to examine the effects of alternative tax rules on corporate investment and of foreign-source income on overseas investment. The papers devoted to the development of general equilibrium simulation models to include an examination of the implications of international trade and capital flows, a study of the effects of capital taxation that uses a closed economy equilibrium model, and an examination of the effect of switching to an inflation-indexed tax system. In the volume's final paper, a life-cycle model in which individuals maximize lifetime utility subject to a lifetime budget constraint is used to simulate the effects of tax rules on personal savings.
Book Synopsis Development Centre Seminars Achieving Financial Stability in Asia by : OECD
Download or read book Development Centre Seminars Achieving Financial Stability in Asia written by OECD and published by OECD Publishing. This book was released on 2000-06-28 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: Achieving Financial Stability in Asia sets out to identify the elements which could restore confidence to the countries of the region and stabilise financial flows on a global basis. Thus, measures must be taken which include improving public and ...
Book Synopsis Annual World Bank Conference on Development Economics 1998 by : Boris Pleskovic
Download or read book Annual World Bank Conference on Development Economics 1998 written by Boris Pleskovic and published by World Bank Publications. This book was released on 1999 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 1998 Annual World Bank Conference on Development Economics, the tenth anniversary, was held at the Bank on April 20-21, 1998. The discussions focused on four areas of inquiry:1) the role of geography in countries'success, 2) the role of effective competition and regulatory policies, 3) the causes of financial crises and ways to prevent them, and 4) the effects of ethnic diversity on democracy and growth. The welcoming address by World Bank President James D. Wolfensohn, the opening remarks by chief Economist Joseph Stiglitz, and the tenth anniversary address by the International Monetary Fund Deputy Managing Director Stanley Fischer all focused both on the role of the conference and on the changing perspectives for development.
Book Synopsis Foundations of Supply-Side Economics by : Victor A. Canto
Download or read book Foundations of Supply-Side Economics written by Victor A. Canto and published by Academic Press. This book was released on 2014-05-10 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foundations of Supply-Side Economics: Theory and Evidence is composed of a series of papers containing both theoretical and empirical analyses of a set of issues in government fiscal policy. The type of analysis employed in the book is standard neoclassical economics, and this analysis is used to study the macroeconomic incentive effects of taxation. The book contains contributions that cover the analysis of the effects of taxes imposed purely for generating revenues; the process of capital formation; and an attempt to integrate supply-side analysis into a traditional macroeconomic framework. Reports on the empirical evidence on taxation and economic activity and the estimation of a small macroeconomic model of the United States for the postwar period; description of a method of calculating effective marginal tax rates on factor incomes using available U.S. data; and the estimation of the effect of fiscal policy on private investment in plant and equipment are presented as well. Economists will find the book highly insightful.
Book Synopsis The Economic Effects of Taxing Capital Income by : Jane Gravelle
Download or read book The Economic Effects of Taxing Capital Income written by Jane Gravelle and published by MIT Press. This book was released on 1994 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: How should capital income be taxed to achieve efficiency and equity? In this detailed study, tax policy analyst Jane Gravelle, brings together comprehensive estimates of effective tax rates on a wide variety of capital by type, industry, legal form, method of financing, and across time. These estimates are combined with a history and survey of issues regarding capital income taxation that are aimed especially at bringing the findings of economic theory and recent empirical research to nonspecialists and policymakers. Many of the topics treated have been the subject of policy debate and legislation over the last ten or fifteen years.Should capital income be taxed at all? And, if capital income is to be taxed, what is the best way to do it? Gravelle devotes two chapters to the first question, and then, in answer to the second question, covers a broad range of topics - corporate taxation, tax neutrality, capital gains taxes, tax treatment of retirement savings, and capital income taxation and international competitiveness. Gravelle also includes a comprehensive history of tax institutions and data on constructing effective tax rates that are not available elsewhere.
Author :United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit Publisher : ISBN 13 : Total Pages :444 pages Book Rating :4.:/5 (319 download)
Book Synopsis Examining the Impact of the Proposed Rules to Implement Basel III Capital Standards by : United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit
Download or read book Examining the Impact of the Proposed Rules to Implement Basel III Capital Standards written by United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit and published by . This book was released on 2013 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Ethics for Turbulent Markets by : Oswald A. J. Mascarenhas, SJ
Download or read book Corporate Ethics for Turbulent Markets written by Oswald A. J. Mascarenhas, SJ and published by Emerald Group Publishing. This book was released on 2018-10-30 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Ethics for Turbulent Markets: The Market Context of Executive Decisions focuses on the HOW of doing business – the economic, social, ethical, moral and spiritual values we bring to our business ventures - and how thereby we impact the world.
Book Synopsis Nonlinear Valuation and Non-Gaussian Risks in Finance by : Dilip B. Madan
Download or read book Nonlinear Valuation and Non-Gaussian Risks in Finance written by Dilip B. Madan and published by Cambridge University Press. This book was released on 2022-02-03 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: What happens to risk as the economic horizon goes to zero and risk is seen as an exposure to a change in state that may occur instantaneously at any time? All activities that have been undertaken statically at a fixed finite horizon can now be reconsidered dynamically at a zero time horizon, with arrival rates at the core of the modeling. This book, aimed at practitioners and researchers in financial risk, delivers the theoretical framework and various applications of the newly established dynamic conic finance theory. The result is a nonlinear non-Gaussian valuation framework for risk management in finance. Risk-free assets disappear and low risk portfolios must pay for their risk reduction with negative expected returns. Hedges may be constructed to enhance value by exploiting risk interactions. Dynamic trading mechanisms are synthesized by machine learning algorithms. Optimal exposures are designed for option positioning simultaneously across all strikes and maturities.
Book Synopsis Finance Markets, the New Economy and Growth by : Luigi Paganetto
Download or read book Finance Markets, the New Economy and Growth written by Luigi Paganetto and published by Routledge. This book was released on 2017-11-30 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: The existence of significant differences in the organization of the US and European financial markets prompts a number of important questions. Firstly, is it possible to determine the type of institutions that are more conducive to growth? Secondly, did the financial markets play a key role in securing the growth and prosperity of the US during the 1990s? A third issue is the effect of the recent changes in the organization of the financial markets. The last issue addressed relates to the effects on investment and growth of the different corporate governance structures that prevail in the various countries. By exploring the differences between the financial markets in the US and Europe this book helps the reader assess the role of financial markets in securing investment and growth.
Book Synopsis The Financial Anxiety Solution by : Lindsay Bryan-Podvin
Download or read book The Financial Anxiety Solution written by Lindsay Bryan-Podvin and published by Ulysses Press. This book was released on 2020-02-18 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discover how to overcome money stress, make smarter money moves, and find financial freedom with this life-changing interactive guide! Most adults today experience some degree of anxiety. In the United States alone, 51% of adults report feeling anxious. And what is one of the top causes of this chronic anxiety? Money. Financial anxiety is ranked #2 in terms of what is stressing Americans out. And the more anxious a person is about money, the less likely they are to take action toward improving their financial health. Hitting a little close to home? Now that your heart rate is up, here’s the good news—anxiety is treatable and financial literacy is easier than you think. The Financial Anxiety Solution will show you how to conquer money-related stress and take control of your financial life. Inside, you’ll find: Cognitive behavioral therapy (CBT) techniques for developing anxiety coping skills Interactive quizzes to help identify “pain points” of stress Journal prompts to help work through money-related thoughts and feelings Mindfulness exercises to help calm a worried mind Popular money-management techniques that can help turn the page on financial anxiety The Financial Anxiety Solution takes you step by step through helpful exercises and strategies to understand the sources of anxiety, apply coping skills to address anxiety symptoms, and prepare to tackle your financial worries.
Book Synopsis EU Competition Law and the Financial Services Sector by : Andrea Lista
Download or read book EU Competition Law and the Financial Services Sector written by Andrea Lista and published by Taylor & Francis. This book was released on 2013-06-07 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: Competition law is a complex and constantly evolving area of law which affects every aspect of the market economy, including the financial services sector. This book is a comprehensive and practical guide to the application of the EU competition rules to banking and insurance industries. This book is divided into two parts: the first part explores the application of Articles 101, 102 and 107 TFEU to the insurance industry. Emphasis is placed on recent changes which have progressively eroded the block exemption regime that traditionally benefited the insurance industry. In the second part of the book, focus is on the application of the Articles of TFEU to the banking industry, with specific reference to card payment systems, which give rise to some of the most intricate antitrust issues in the financial services sector. Relevant Commission decisions and European Court of Justice case law are discussed and suggestions are made for an alternative regulatory framework through comparative analysis of US regulations. This book will be an invaluable reference point for legal practitioners specialising in EU Competition law, as well as postgraduate students and academic researchers working in competition law and the financial services sector.
Download or read book Who Owes Who written by Damien Millet and published by Zed Books. This book was released on 2004-09 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: The huge foreign debt of developing countries has become a mechanism of domination and means of recolonization that prevents any meaningful and sustainable human development. The policies pursued by the indebted countries' governments have usually been decided by their creditors rather than by the authorities of the countries concerned. As for the initiative to lighten the debt burden, launched with much fanfare by the G7, the IMF and the World Bank under pressure from the largest ever petition in human history, it has made clear its limits. In 50 questions and answers, this book explains in a simple but precise manner how and why the debt impasse has been arrived at. Illustrated with figures, maps and tables, it details the roles of the various actors involved, the mesh in which indebted countries are caught, and the various alternatives to future indebtedness.
