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Democratic Processes And Financial Markets
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Book Synopsis Democratic Processes and Financial Markets by : William Bernhard
Download or read book Democratic Processes and Financial Markets written by William Bernhard and published by Cambridge University Press. This book was released on 2006-07-24 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors examine the conditions under which democratic events, including elections, cabinet formations, and government dissolutions, affect asset markets. Where these events have less predictable outcomes, market returns are depressed and volatility increases. In contrast, where market actors can forecast the result, returns do not exhibit any unusual behavior. Further, political expectations condition how markets respond to the political process. When news causes market actors to update their political beliefs, market actors reallocate their portfolios, and overall market behavior changes. To measure political information, Professors Bernhard and Leblang employ sophisticated models of the political process. They draw on a variety of models of market behavior, including the efficient markets hypothesis, capital asset pricing model, and arbitrage pricing theory, to trace the impact of political events on currency, stock, and bond markets. The analysis will appeal to academics, graduate students, and advanced undergraduates across political science, economics, and finance.
Book Synopsis Public Finance in Democratic Process by : James M. Buchanan
Download or read book Public Finance in Democratic Process written by James M. Buchanan and published by UNC Press Books. This book was released on 1987 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recipient of the 1986 Nobel Prize in economics, James Buchanan has won international recognition for his pioneering role in the development of public-choice theory. Among his works that the prize committee specifically cited was Public Finance in Democratic Process, which first appeared in 1967. As James C. Miller, director of the U.S. Office of Management and Budget, notes in his foreword, "This book is perhaps the best compact exposition of Buchanan's theory of public choice."
Book Synopsis Public Finance in Democratic Process by : James M. Buchanan
Download or read book Public Finance in Democratic Process written by James M. Buchanan and published by . This book was released on 1999 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public Finance in Democratic Process is James M. Buchanan’s monumental work that outlines the dynamics of individual choice as it is displayed in the process of public finance. Buchanan is perhaps nowhere more clearly a disciple of the great Swedish economist Knut Wicksell than he is in the underlying principles of this seminal work. Specifically, he elaborates on these three central Wicksellian themes: 1.Analysis of market failure in the provision of public goods. 2.The insistence on conceiving policy decisions as the outcome of political processes. 3.The necessity of treating the tax and expense sides of the budget as interconnected. Echoing Wicksell’s antipathy to the "benevolent despot” model of government, Buchanan lays out in this book a starting point for modern public-choice analysis. Recognizing the pathbreaking work he is about to begin, Buchanan opens his preface by stating, "Fiscal theory is normally discussed in a frame of reference wholly different from that adopted in this book. This dramatic shift of emphasis . . . . requires that I consider the processes through which individual choices are transmitted, combined, and transformed into collective outcomes. Careful research in this area is in its infancy, and the necessary reliance on crude, unsophisticated models underscores the exploratory nature of the work.” According to Geoffrey Brennan in the foreword, "Public Finance in Democratic Process is a work more hospitable to public finance orthodoxy and could be treated as an extension (albeit an important one) of the conventional approach.” James M. Buchanan is an eminent economist who won the Alfred Nobel Memorial Prize in Economic Sciences in 1986 and is considered one of the greatest scholars of liberty in the twentieth century. The entire series includes: Volume 1: The Logical Foundations of Constitutional Liberty Volume 2: Public Principles of Public Debt Volume 3: The Calculus of Consent Volume 4: Public Finance in Democratic Process Volume 5: The Demand and Supply of Public Goods Volume 6: Cost and Choice Volume 7: The Limits of Liberty Volume 8: Democracy in Deficit Volume 9: The Power to Tax Volume 10: The Reason of Rules Volume 11: Politics by Principle, Not Interest Volume 12: Economic Inquiry and Its Logic Volume 13: Politics as Public Choice Volume 14: Debt and Taxes Volume 15: Externalities and Public Expenditure Theory Volume 16: Choice, Contract, and Constitutions Volume 17: Moral Science and Moral Order Volume 18: Federalism, Liberty, and the Law Volume 19: Ideas, Persons, and Events Volume 20: Indexes
Book Synopsis Democracy and the Market by : Adam Przeworski
Download or read book Democracy and the Market written by Adam Przeworski and published by Cambridge University Press. This book was released on 1991-07-26 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: The quest for freedom from hunger and repression has triggered in recent years a dramatic, worldwide reform of political and economic systems. Never have so many people enjoyed, or at least experimented with democratic institutions. However, many strategies for economic development in Eastern Europe and Latin America have failed with the result that entire economic systems on both continents are being transformed. This major book analyzes recent transitions to democracy and market-oriented economic reforms in Eastern Europe and Latin America. Drawing in a quite distinctive way on models derived from political philosophy, economics, and game theory, Professor Przeworski also considers specific data on individual countries. Among the questions raised by the book are: What should we expect from these experiments in democracy and market economy? What new economic systems will emerge? Will these transitions result in new democracies or old dictatorships?
Book Synopsis Banking on Democracy by : Javier Santiso
Download or read book Banking on Democracy written by Javier Santiso and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A data-driven investigation of the interaction between politics and finance in emerging markets, focusing on Latin America. Politics matter for financial markets and financial markets matter for politics, and nowhere is this relationship more apparent than in emerging markets. In Banking on Democracy, Javier Santiso investigates the links between politics and finance in countries that have recently experienced both economic and democratic transitions. He focuses on elections, investigating whether there is a "democratic premium"--whether financial markets and investors tend to react positively to elections in emerging markets. Santiso devotes special attention to Latin America, where over the last three decades many countries became democracies, with regular elections, just as they also became open economies dependent on foreign capital and dominated bond markets. Santiso's analysis draws on a unique set of primary databases (developed during his years at the OECD Development Centre) covering an entire decade: more than 5,000 bank and fund manager portfolio recommendations on emerging markets. Santiso examines the trajectory of Brazil, for example, through its presidential elections of 2002, 2006, and 2010 and finds a decoupling of financial and political cycles that occurred also in many other emerging economies. He charts this evolution through the behavior of brokers, analysts, fund managers, and bankers. Ironically, Santiso points out, while some emerging markets have decoupled politics and finance, in the wake of the 2008-2012 financial crisis many developed economies (Europe and the United States) have experienced a recoupling between finance and politics.
Book Synopsis Money, Markets, and Democracy by : George Bragues
Download or read book Money, Markets, and Democracy written by George Bragues and published by Springer. This book was released on 2016-11-11 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a comprehensive analysis of the ways that politics and financial markets impact one another. In this relationship, politics is the ultimate controlling force. The kinds and prices of financial instruments that get traded and the individuals and institutions that get to trade them, not to mention the rules under which everyone trades, are all matters decisively influenced by an array of political variables - sometimes for the better, but all too often for the worse. The fault for this political skewing of the markets chiefly lies with democracy. Through its commitment to equality and its inclination towards fiscal profligacy, democracy hinders the markets from acting as a greater force for social good. To fix this skewing of finance, democracy’s troubling tendencies must be squarely faced and curbed by a return to its monetary roots. Democracy must reinstall gold at the monetary foundations of our financial markets.
Book Synopsis Democratizing Finance by : Fred Block
Download or read book Democratizing Finance written by Fred Block and published by Verso Books. This book was released on 2022-02-08 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: What if our financial system were organized to the benefit of the many rather than simply empowering the few? Robert Hockett and Fred Block argue that an entirely different financial system is both desirable and possible. They outline concrete steps that could get us there. Financial systems move the worlds savings from investment to investment, chasing the highest rates of return. They run on profit. But what if investment went to the enterprises or institutions that provided things that the majority of people would prioritize? Democratizing Finance includes six responses that seek to amend, elaborate, and challenge the arguments developed by Hockett and Block. Some of the core arguments put forward by other contributors include calls for the rapid elimination of private financial entities, the dilemmas of the politics associated with financial reforms, and the fate of parallel proposals advanced in the US in the 1930s.
Book Synopsis Democracy and Diversity in Financial Market Regulation by : Nicholas Dorn
Download or read book Democracy and Diversity in Financial Market Regulation written by Nicholas Dorn and published by Routledge. This book was released on 2014-08-13 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial markets have become acknowledged as a source of crisis, and discussion of them has shifted from economics, through legal and regulatory studies, to politics. Events from 2008 onwards raise important, cross-disciplinary questions: must financial markets drive states into political and existential crisis, must public finances take over private losses, must citizens endure austerity? This book argues that there is an alternative. If the financial system were less 'connected', contagion within the market would be reduced and crises would become more localised and intermittent, less global and pervasive. The question then becomes how to reduce connectedness within financial markets. This book argues that the democratic direction of financial market policies can deliver this. Politicising financial market policies – taking discussion of these issues out of the sphere of the 'technical' and putting it into the same democratically contested space as, for example, health and welfare policies – would encourage differing policies to emerge in different countries. Diversity of regulatory regimes would result in some business models being attracted to some jurisdictions, others to others. The resulting heterogeneity, when viewed from a global perspective, would be a reversal of recent and current tendencies towards one single/global 'level playing field', within which all financial firms and sectors have become closely connected and across which contagion inevitably reigns. No doubt the democratisation of financial market policy would be opposed by big firms – their interests being served by regulatory convergence – and considered macabre by some financial regulators and central bankers, who are coalescing into an elite community. However, everyone else, Nicholas Dorn argues here, would be better off in a financial world characterised by greater diversity.
Book Synopsis The Global Diffusion of Markets and Democracy by : Beth A. Simmons
Download or read book The Global Diffusion of Markets and Democracy written by Beth A. Simmons and published by . This book was released on 2008-03-06 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyses the ways markets and democracy have diffused around the world through interdependent decision-making.
Book Synopsis Justice Is an Option by : Robert Meister
Download or read book Justice Is an Option written by Robert Meister and published by University of Chicago Press. This book was released on 2021-04-19 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than ten years after the worst crisis since the Great Depression, the financial sector is thriving. But something is deeply wrong. Taxpayers bore the burden of bailing out “too big to fail” banks, but got nothing in return. Inequality has soared, and a populist backlash against elites has shaken the foundations of our political order. Meanwhile, financial capitalism seems more entrenched than ever. What is the left to do? Justice Is an Option uses those problems—and the framework of finance that created them—to reimagine historical justice. Robert Meister returns to the spirit of Marx to diagnose our current age of finance. Instead of closing our eyes to the political and economic realities of our era, we need to grapple with them head-on. Meister does just that, asking whether the very tools of finance that have created our vastly unequal world could instead be made to serve justice and equality. Meister here formulates nothing less than a democratic financial theory for the twenty-first century—one that is equally conversant in political philosophy, Marxism, and contemporary politics. Justice Is an Option is a radical, invigorating first page of a new—and sorely needed—leftist playbook.
Book Synopsis Information and Democratic Processes by : John A. Ferejohn
Download or read book Information and Democratic Processes written by John A. Ferejohn and published by . This book was released on 1990 with total page 442 pages. Available in PDF, EPUB and Kindle. Book excerpt: "An Illini book from the University of Illinois Press"--Page 4 of cover. Includes bibliographical references (p. [396]-418).
Book Synopsis Capitalism v. Democracy by : Timothy Kuhner
Download or read book Capitalism v. Democracy written by Timothy Kuhner and published by Stanford Law Books. This book was released on 2014-06-25 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: As of the latest national elections, it costs approximately $1 billion to become president, $10 million to become a Senator, and $1 million to become a Member of the House. High-priced campaigns, an elite class of donors and spenders, superPACs, and increasing corporate political power have become the new normal in American politics. In Capitalism v. Democracy, Timothy Kuhner explains how these conditions have corrupted American democracy, turning it into a system of rule that favors the wealthy and marginalizes ordinary citizens. Kuhner maintains that these conditions have corrupted capitalism as well, routing economic competition through political channels and allowing politically powerful companies to evade market forces. The Supreme Court has brought about both forms of corruption by striking down campaign finance reforms that limited the role of money in politics. Exposing the extreme economic worldview that pollutes constitutional interpretation, Kuhner shows how the Court became the architect of American plutocracy. Capitalism v. Democracy offers the key to understanding why corporations are now citizens, money is political speech, limits on corporate spending are a form of censorship, democracy is a free market, and political equality and democratic integrity are unconstitutional constraints on money in politics. Supreme Court opinions have dictated these conditions in the name of the Constitution, as though the Constitution itself required the privatization of democracy. Kuhner explores the reasons behind these opinions, reveals that they form a blueprint for free market democracy, and demonstrates that this design corrupts both politics and markets. He argues that nothing short of a constitutional amendment can set the necessary boundaries between capitalism and democracy.
Book Synopsis Neoliberal Resilience by : Aldo Madariaga
Download or read book Neoliberal Resilience written by Aldo Madariaga and published by Princeton University Press. This book was released on 2020-09 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: The puzzling resilience of neoliberalism -- Explaining the resilience of neoliberalism -- Neoliberal policies and supporting actors -- Neoliberal resilience and the crafting of social blocs -- Creating support : privatization and business power -- Blocking opposition : political representation and limited democracy -- Locking-in neoliberalism : independent central banks and fiscal spending rules -- Lessons. Neoliberal resilience and the future of democracy.
Book Synopsis Dictators and Democrats by : Stephan Haggard
Download or read book Dictators and Democrats written by Stephan Haggard and published by Princeton University Press. This book was released on 2016-09-06 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt: A rigorous and comprehensive account of recent democratic transitions around the world From the 1980s through the first decade of the twenty-first century, the spread of democracy across the developing and post-Communist worlds transformed the global political landscape. What drove these changes and what determined whether the emerging democracies would stabilize or revert to authoritarian rule? Dictators and Democrats takes a comprehensive look at the transitions to and from democracy in recent decades. Deploying both statistical and qualitative analysis, Stephen Haggard and Robert Kaufman engage with theories of democratic change and advocate approaches that emphasize political and institutional factors. While inequality has been a prominent explanation for democratic transitions, the authors argue that its role has been limited, and elites as well as masses can drive regime change. Examining seventy-eight cases of democratic transition and twenty-five reversions since 1980, Haggard and Kaufman show how differences in authoritarian regimes and organizational capabilities shape popular protest and elite initiatives in transitions to democracy, and how institutional weaknesses cause some democracies to fail. The determinants of democracy lie in the strength of existing institutions and the public's capacity to engage in collective action. There are multiple routes to democracy, but those growing out of mass mobilization may provide more checks on incumbents than those emerging from intra-elite bargains. Moving beyond well-known beliefs regarding regime changes, Dictators and Democrats explores the conditions under which transitions to democracy are likely to arise.
Book Synopsis The democratic advantage by : Barry R. Weingast
Download or read book The democratic advantage written by Barry R. Weingast and published by Hoover Press. This book was released on with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Politics And Markets by : Out Of Print
Download or read book Politics And Markets written by Out Of Print and published by Basic Books. This book was released on 1977 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Democracy and Redistribution by : Carles Boix
Download or read book Democracy and Redistribution written by Carles Boix and published by Cambridge University Press. This book was released on 2003-07-21 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: Employing analytical tools borrowed from game theory, Carles Boix offers a complete theory of political transitions, in which political regimes ultimately hinge on the nature of economic assets, their distribution among individuals, and the balance of power among different social groups. Backed up by detailed historical work and extensive statistical analysis that goes back to the mid-nineteenth century, this book explains, among many other things, why democracy emerged in classical Athens. It also discusses the early triumph of democracy in both nineteenth-century agrarian Norway, Switzerland and northeastern America and the failure in countries with a powerful landowning class.
