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1201. Governing Global Finance: Financial derivatives, liberal states and transformative capacity

Author:
William D. Coleman
Publication Date:
10-2001
Content Type:
Working Paper
Institution:
Institute on Globalization and the Human Condition, McMaster University
Abstract:
Global finance is simultaneously one of the most globalized and one of the most esoteric sectors in the world economy. Within global finance, perhaps no activity is more esoteric and more difficult to understand than the buying and selling of derivatives. Their names are familiar perhaps – futures, options, forwards, swaps – but their nature is obscure. Simply put, derivatives are financial instruments that are used to hedge risk. If a Canadian corporation knows that it will want to buy 50 million US dollars on foreign exchange markets in three months time, it can arrange a fixed price for that purchase using a financial contract called a derivative. In doing so, it lowers the risk of the price of the currency changing drastically before it purchases the amounts it needs.
Topic:
Globalization, Government, International Trade and Finance, and Markets
Political Geography:
United States and Canada

1202. The global financial markets after September 11: What has changed?

Author:
Roger S. Leeds
Publication Date:
10-2001
Content Type:
Commentary and Analysis
Institution:
Argentine Council for International Relations (CARI)
Abstract:
We know now that the world has changed unimaginably and will never be quite the same, not for Americans. And not for the world, and it is going to require that institutions like CARI or the Council on Foreign Relations in New York take a new approach to how they look at the world and the types of programs they run.
Topic:
International Relations, Markets, 9/11, and Crisis Management
Political Geography:
Global Focus

1203. CIAO: China — Market Manipulation

Author:
Caspar Fithin
Publication Date:
11-2000
Content Type:
Policy Brief
Institution:
Oxford Analytica
Abstract:
A leaked Shanghai Stock Exchange report has detailed the extent of trading irregularities within China's domestic equity markets. In the primary market, a series of companies have falsified records on profits, assets and even entire businesses in order to publicly issue and list shares. In the secondary markets, insider trading, the spreading of false information, coordinated stock purchases, price ramping and sales of stocks by large institutional investors are common practice. The extent of trading irregularities reflects the government's preference for market growth over regulatory standardisation. This approach is undermining the CSRC's credibility. Unless regulatory practices are tightened, institutional investors will not have the maturing effect on markets and stabilising impact on prices the government seeks.
Topic:
Economics, Government, and Markets
Political Geography:
China

1204. International -- World Economic Propects

Publication Date:
07-2000
Content Type:
Policy Brief
Institution:
Oxford Analytica
Abstract:
Official attention has shifted from the need to avert recession towards the problems of managing growth. There is some evidence that higher interest rates have begun to slow the expansion to a more sustainable pace in the Anglo-Saxon economies, but it remains unclear whether the principal central banks have done enough to bring demand growth back into line with sustainable increases in supply. The markets expect any further tightening to be limited, but the current position of the monetary authorities should probably be characterised as a pause in the tightening cycle, rather than the peak.
Topic:
Economics and Markets

1205. Globalisation: Challenges and Opportunities

Author:
G.B. Madison
Publication Date:
01-1998
Content Type:
Working Paper
Institution:
Institute on Globalization and the Human Condition, McMaster University
Abstract:
Globalization is a multifaceted phenomenon. In this paper I seek to discern some of the challenges it poses, as well as some of the opportunities it offers. To this end, attention is focused on three major aspects of globalization: the economic, the cultural, and the political. Particular consideration is given to the political-economic lessons to be learned from the recent East Asian financial (and economic) crisis; the homogenizing and civilizing ramifications of globalization in the realm of culture; and the relation between economic globalization, the threat it poses to the traditional notion of national sovereignty, and the prospects for the development of civil society, the rule of law, and democratic governance. The paper concludes by arguing that, as a result of the emerging global economy, we are witnessing the emergence of a new form of capitalism, qualitatively different from both 19th-century laissez-faire capitalism and 20th-century “managed” capitalism.
Topic:
Economics, Globalization, and Markets
Political Geography:
East Asia and Asia

1206. The State, Markets, and Development: A Rapporteurs' Report

Author:
Enrique Dussel Peters and Matthew A. Verghis
Publication Date:
06-1993
Content Type:
Working Paper
Institution:
Kellogg Institute for International Studies
Abstract:
This report summarizes the papers and discussions from a conference held at the Kellogg Institute on "The State, Markets and Development." The first section addresses theoretical issues while the second presents the case studies discussed at the conference.
Topic:
Development, Markets, Economic Growth, and State
Political Geography:
Asia, South America, Central America, and Caribbean

1207. Between State & Market: Changing Agriculture in Postcommunist Poland

Author:
Krysztof Gorlach
Publication Date:
01-1993
Content Type:
Working Paper
Institution:
Minda de Gunzburg Center for European Studies, Harvard University
Abstract:
The paper deals with the problems of changes in Polish agriculture under current conditions. These conditions include the legacy of the communist period (agrarian structure as well as patterns of activity among farmers), the new pro-market agricultural policy, and the need for privatization of former large state farms. However, the transformation of the largest part of Polish agriculture, that is, about two million relatively small family farms, seems to be the key problem now. The author tries to analyze some stimulants and barriers to the process of change, as well as some options for the future. These options include: the so-called "farmerization path," the "fossilization solution," and the "third way."
Topic:
Agriculture, Markets, Privatization, and Post-Communism
Political Geography:
Europe, Eastern Europe, and Poland

1208. The "Market-Friendly Approach to Development" vs. an "Industrial Policy"

Author:
Ajit Singh
Publication Date:
02-1993
Content Type:
Special Report
Institution:
Institute for Development and Peace
Abstract:
As Mr. Barber Conable observes in his Foreword, the World Development Report 1991 "synthesises and interprets the lessons of forty years of development experience" (p. iii). In view of the World Bank's leading role in development financing for poor countries around the globe over much of this period, this is clearly an important document. The Report is necessarily being taken very seriously in policy making circles throughout the developing world. It is therefore essential that there should be a full analysis of its intellectual approach and the evidence underlying its conclusions.
Topic:
Development, Industrial Policy, Markets, and World Bank
Political Geography:
Global Focus