Externalities and Bailouts
Author: David E. Wildasin
Publisher: World Bank Publications
Published: 1997
Total Pages: 42
ISBN-13:
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Local Public Finance
Author: René Geissler
Publisher: Springer Nature
Published: 2021-04-20
Total Pages: 354
ISBN-13: 3030674665
DOWNLOAD EBOOKThis book is based upon a comparative public administration research project, initiated by the Hertie School of Governance (Germany) and the Bertelsmann Foundation (Germany) and supported by a network of researchers from many EU countries. It analyzes both the regimes and the practices of local fiscal regulation in 21 European countries. The book brings together key findings of this research project. The regulatory discussion is not limited to the prominent issue of fiscal rules but focuses on every component of regulation. Beyond this, the book covers affiliated topics such as the impact of regulation for local governments, evolution of regulation, administrative costs and crisis prevention. The various book chapters throughout provide a broad picture of local public finance regulation in theory and in practice, using different theoretical and national lenses for the analysis. Furthermore, the authors investigate the effects of budgetary constraints and higher-level regulatory efforts on local governments and on democracy and public services in every European country. This book fills a gap with respect to the lack of discussion on local government finance from an international, comparative perspective and, in particular, the regulation of local public finance. With its mix of authors, this book will be useful for practitioners as well as for scholars and for theory-driven research.
Targeting the Real Exchange Rate
Author: Mr.Guillermo Calvo
Publisher: International Monetary Fund
Published: 1994-02-01
Total Pages: 50
ISBN-13: 1451921217
DOWNLOAD EBOOKThis paper presents a theoretical and empirical analysis of policies aimed at setting a more depreciated level of the real exchange rate. An intertemporal optimizing model suggests that, in the absence of changes in fiscal policy, a more depreciated level of the real exchange can only be attained temporarily. This can be achieved by means of higher inflation and/or higher real interest rates, depending on the degree of capital mobility. Evidence for Brazil, Chile, and Colombia supports the model’s prediction that undervalued real exchange rates are associated with higher inflation.
The Limits of the Market
Author: Paul de Grauwe
Publisher: Oxford University Press
Published: 2017
Total Pages: 182
ISBN-13: 0198784287
DOWNLOAD EBOOKPaul De Grauwe examines why a healthy mix of market and state seems so difficult and analyses the internal and external limits of the market and the government, and the swing between these two points.
Financial Crises Explanations, Types, and Implications
Author: Mr.Stijn Claessens
Publisher: International Monetary Fund
Published: 2013-01-30
Total Pages: 66
ISBN-13: 1475561008
DOWNLOAD EBOOKThis paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
The Redistributive Effects of Financial Deregulation
Author: Mr.Anton Korinek
Publisher: International Monetary Fund
Published: 2013-12-17
Total Pages: 42
ISBN-13: 148430795X
DOWNLOAD EBOOKFinancial regulation is often framed as a question of economic efficiency. This paper, by contrast, puts the distributive implications of financial regulation center stage. We develop a model in which the financial sector benefits from risk-taking by earning greater expected returns. However, risktaking also increases the incidence of large losses that lead to credit crunches and impose negative externalities on the real economy. We describe a Pareto frontier along which different levels of risktaking map into different levels of welfare for the two parties. A regulator has to trade off efficiency in the financial sector, which is aided by deregulation, against efficiency in the real economy, which is aided by tighter regulation and a more stable supply of credit. We also show that financial innovation, asymmetric compensation schemes, concentration in the banking system, and bailout expectations enable or encourage greater risk-taking and allocate greater surplus to the financial sector at the expense of the rest of the economy.
How Markets Fail
Author: Cassidy John
Publisher: Penguin UK
Published: 2013-01-31
Total Pages: 485
ISBN-13: 0141939427
DOWNLOAD EBOOKHow did we get to where we are? John Cassidy shows that the roots of our most recent financial failure lie not with individuals, but with an idea - the idea that markets are inherently rational. He gives us the big picture behind the financial headlines, tracing the rise and fall of free market ideology from Adam Smith to Milton Friedman and Alan Greenspan. Full of wit, sense and, above all, a deeper understanding, How Markets Fail argues for the end of 'utopian' economics, and the beginning of a pragmatic, reality-based way of thinking. A very good history of economic thought Economist How Markets Fail offers a brilliant intellectual framework . . . fine work New York Times An essential, grittily intellectual, yet compelling guide to the financial debacle of 2009 Geordie Greig, Evening Standard A powerful argument . . . Cassidy makes a compelling case that a return to hands-off economics would be a disaster BusinessWeek This book is a well constructed, thoughtful and cogent account of how capitalism evolved to its current form Telegraph Books of the Year recommendation John Cassidy ... describe[s] that mix of insight and madness that brought the world's system to its knees FT, Book of the Year recommendation Anyone who enjoys a good read can safely embark on this tour with Cassidy as their guide . . . Like his colleague Malcolm Gladwell [at the New Yorker], Cassidy is able to lead us with beguiling lucidity through unfamiliar territory New Statesman John Cassidy has covered economics and finance at The New Yorker magazine since 1995, writing on topics ranging from Alan Greenspan to the Iraqi oil industry and English journalism. He is also now a Contributing Editor at Portfolio where he writes the monthly Economics column. Two of his articles have been nominated for National Magazine Awards: an essay on Karl Marx, which appeared in October, 1997, and an account of the death of the British weapons scientist David Kelly, which was published in December, 2003. He has previously written for Sunday Times in as well as the New York Post, where he edited the Business section and then served as the deputy editor. In 2002, Cassidy published his first book, Dot.Con. He lives in New York.
Too Big to Fail
Author: Gary H. Stern
Publisher: Rowman & Littlefield
Published: 2004-02-29
Total Pages: 247
ISBN-13: 0815796366
DOWNLOAD EBOOKThe potential failure of a large bank presents vexing questions for policymakers. It poses significant risks to other financial institutions, to the financial system as a whole, and possibly to the economic and social order. Because of such fears, policymakers in many countries—developed and less developed, democratic and autocratic—respond by protecting bank creditors from all or some of the losses they otherwise would face. Failing banks are labeled "too big to fail" (or TBTF). This important new book examines the issues surrounding TBTF, explaining why it is a problem and discussing ways of dealing with it more effectively. Gary Stern and Ron Feldman, officers with the Federal Reserve, warn that not enough has been done to reduce creditors' expectations of TBTF protection. Many of the existing pledges and policies meant to convince creditors that they will bear market losses when large banks fail are not credible, resulting in significant net costs to the economy. The authors recommend that policymakers enact a series of reforms to reduce expectations of bailouts when large banks fail.
Coal
Author: Mark C. Thurber
Publisher: John Wiley & Sons
Published: 2019-05-07
Total Pages: 117
ISBN-13: 150951404X
DOWNLOAD EBOOKBy making available the almost unlimited energy stored in prehistoric plant matter, coal enabled the industrial age – and it still does. Coal today generates more electricity worldwide than any other energy source, helping to drive economic growth in major emerging markets. And yet, continued reliance on this ancient rock carries a high price in smog and greenhouse gases. We use coal because it is cheap: cheap to scrape from the ground, cheap to move, cheap to burn in power plants with inadequate environmental controls. In this book, Mark Thurber explains how coal producers, users, financiers, and technology exporters drive this supply chain, while fragmented environmental movements battle for full incorporation of environmental costs into the global calculus of coal. Delving into the politics of energy versus the environment at local, national, and international levels, Thurber paints a vivid picture of the multi-faceted challenges associated with continued coal production and use in the twenty-first century.
Financial Sector Crisis and Restructuring
Author: Carl-Johan Lindgren
Publisher:
Published: 1999
Total Pages: 103
ISBN-13: 9781557758712
DOWNLOAD EBOOKAn IMF paper reviewing the policy responses of Indonesia, Korea and Thailand to the 1997 Asian crisis, comparing the actions of these three countries with those of Malaysia and the Philippines. Although all judgements are still tentative, important lessons can be learned from the experiences of the last two years.
