Financial Statecraft
Financial Statecraft

Author: Benn Steil

Publisher: Yale University Press

Published: 2008-10-01

Total Pages: 220

ISBN-13: 0300128266

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divAs trade flows expanded and trade agreements proliferated after World War II, governments—most notably the United States—came increasingly to use their power over imports and exports to influence the behavior of other countries. But trade is not the only way in which nations interact economically. Over the past two decades, another form of economic exchange has risen to a level of vastly greater significance and political concern: the purchase and sale of financial assets across borders. Nearly $2 trillion worth of currency now moves cross-border every day, roughly 90 percent of which is accounted for by financial flows unrelated to trade in goods and services—a stunning inversion of the figures in 1970. The time is ripe to ask fundamental questions about what Benn Steil and Robert Litan have coined as “financial statecraft,” or those aspects of economic statecraft directed at influencing international capital flows. How precisely has the American government practiced financial statecraft? How effective have these efforts been? And how can they be made more effective? The authors provide penetrating and incisive answers in this timely and stimulating book. /DIV

Chasing the Tape
Chasing the Tape

Author: Onnig H. Dombalagian

Publisher: MIT Press

Published: 2015-03-20

Total Pages: 381

ISBN-13: 026202862X

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An examination of regulation and use of information in capital markets, offering comparisons across different jurisdictions, regulated entities, and financial instruments. Financial information is a both a public resource and a commodity that market participants produce and distribute in connection with other financial products and services. Legislators, regulators, and other policy makers must therefore balance the goal of making information transparent, accessible, and useful for the collective benefit of society against the need to maintain appropriate incentives for information originators and intermediaries. In Chasing the Tape, Onnig Dombalagian examines the policy objectives and regulatory tools that shape the information production chain in capital markets in the United States, the European Union, and other jurisdictions. His analysis offers a unique cross section of capital market infrastructure, spanning different countries, regulated entities, and financial instruments. Dombalagian uses four key categories of information—issuer information, market information, information used in credit analysis, and benchmarks—to survey the market forces and regulatory regimes that govern the flow of information in capital markets. He considers the similarities and differences in regulatory aims and strategies across categories, and discusses alternative approaches proposed or adopted by scholars and policy makers. Dombalagian argues that the long-term regulatory challenges raised by economic globalization and advanced information technology will require policy makers to decouple information policy in capital markets from increasingly arbitrary historical classifications and jurisdictional boundaries.

Global Capital Markets
Global Capital Markets

Author: Maurice Obstfeld

Publisher: Cambridge University Press

Published: 2004-02-19

Total Pages: 382

ISBN-13: 9780521633178

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American Bonds
American Bonds

Author: Sarah L. Quinn

Publisher: Princeton University Press

Published: 2019-07-16

Total Pages: 310

ISBN-13: 0691185611

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How the American government has long used financial credit programs to create economic opportunities Federal housing finance policy and mortgage-backed securities have gained widespread attention in recent years because of the 2008 financial crisis, but issues of government credit have been part of American life since the nation’s founding. From the 1780s, when a watershed national land credit policy was established, to the postwar foundations of our current housing finance system, American Bonds examines the evolution of securitization and federal credit programs. Sarah Quinn shows that since the Westward expansion, the U.S. government has used financial markets to manage America’s complex social divides, and politicians and officials across the political spectrum have turned to land sales, home ownership, and credit to provide economic opportunity without the appearance of market intervention or direct wealth redistribution. Highly technical systems, securitization, and credit programs have been fundamental to how Americans determined what they could and should owe one another. Over time, government officials embraced credit as a political tool that allowed them to navigate an increasingly complex and fractured political system, affirming the government’s role as a consequential and creative market participant. Neither intermittent nor marginal, credit programs supported the growth of powerful industries, from railroads and farms to housing and finance; have been used for disaster relief, foreign policy, and military efforts; and were promoters of amortized mortgages, lending abroad, venture capital investment, and mortgage securitization. Illuminating America’s market-heavy social policies, American Bonds illustrates how political institutions became involved in the nation’s lending practices.

Money and Capital in Economic Development
Money and Capital in Economic Development

Author: Ronald I. McKinnon

Publisher: Brookings Institution Press

Published: 2010-12-01

Total Pages: 204

ISBN-13: 9780815718499

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This books presents a theory of economic development very different from the "stages of growth" hypothesis or strategies emphasizing foreign aid, trade, or regional association. Leaving these aside, the author breaks new ground by focusing on the use of domestic capital markets to stimulate economic performance. He suggests a "bootstrap" approach in which successful development would depend largely on policy choices made by national authorities in the developing countries themselves. Central to his theory is the freeing of domestic financial markets to allow interest rates to reflect the true scarcity of capital in a developing economy. His analysis leads to a critique of prevailing monetary theory and to a new view of the relation between money and physical capital—a view with policy implications for governments striving to overcome the vicious circle of inflation and stagnation. Examining the performance of South Korea, Taiwan, Brazil, and other countries, the author suggests that their success or failure has depended primarily on steps taken in the monetary sector. He concludes that monetary reform should take precedence over other development measures, such as tariff and tax reform or the encouragement of foreign capital investment. In addition to challenging much of the conventional wisdom of development, the author's revision of accepted monetary theory may be relevant for mature economies that face monetary problems.

Venture Capital, Entrepreneurship, and Public Policy
Venture Capital, Entrepreneurship, and Public Policy

Author: Vesa Kanniainen

Publisher: MIT Press

Published: 2004-12-03

Total Pages: 324

ISBN-13: 9780262263399

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Experts in public economics and financial economics discuss the special role of venture capital and if public policy should promote the venture capital industry; empirical and theoretical perspectives are developed. The existing literature in both public economics and financial economics often fails to consider how appropriate and effective public policy may be in promoting the venture capital industry. Public economics has dealt extensively with the effect of taxes and subsidies but has neglected the unique role of venture capitalists as active investors who provide not only funding but added value. Financial economics has emphasized the special role of the venture capitalist but has not focused on the real effects of venture capital in industry equilibrium or the role of public policy. This volume in the CESifo Seminar series brings together experts in public and financial economics to develop a theoretically and empirically informed international policy perspective for an era in which policymakers increasingly look to venture capital as a source of jobs, innovation, and economic growth. The chapters in part I analyze data on the levels of venture capital fundraising in Europe, problems in the bank-oriented beginnings of German venture capital finance in the 1970s, and the inefficiency of Canadian labor-sponsored venture capital funds. Part II looks at the effect of venture capital on labor market performance, the importance of exit opportunities, and the effect of information inflows on the venture capital cycle. The chapters in part III take the perspective of public economics, reviewing the role of public policy in addressing potential market failures, improving the quality of venture capital investments, and affecting entrepreneurial business activity through tax policy.

Emerging Capital Markets and Globalization
Emerging Capital Markets and Globalization

Author: Augusto de la Torre

Publisher: World Bank Publications

Published: 2006-10-20

Total Pages: 232

ISBN-13: 0821365444

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Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.

The American Political Economy
The American Political Economy

Author: Jacob S. Hacker

Publisher: Cambridge University Press

Published: 2021-11-11

Total Pages: 487

ISBN-13: 1316516369

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Drawing together leading scholars, the book provides a revealing new map of the US political economy in cross-national perspective.