The Formation of Financial Centers PDF Download

Author: Charles Poor Kindleberger
Publisher:
ISBN:
Category : Finance
Languages : en
Pages : 96

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Author: Yoon S. Park
Publisher: Springer Science & Business Media
ISBN: 9400925042
Category : Business & Economics
Languages : en
Pages : 271

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Book Description
The development of international financial centers (IFCs) has paralleled the rapid expansion of international banking and Eurocurrency activities. During the past decade and a half, the international banking and financial markets have experienced phenomenal growth along with the parallel expansion of IFCs. The size of the Eurocurrency market grew from $110 billion in 1970 to over $4,000 billion by 1987, while the total international assets of all banking institutions rose from $130 billion to $4,800 billion during the same period. Some of the preeminent IFCs are playing a major role in the international financial markets, as demonstrated by the size of their international assets: Bahamas ($144 billion), Cayman Islands ($174 billion), Singapore ($150 billion), Hong Kong ($130 billion), Bahrain ($46 billion), and Panama ($32 billion). The patterns of Euroborrowing and Eurolending activities in these IFCs have been undergoing major changes. These changes came about as a result of the introduction of the floating exchange rate system in 1973, recent financial deregulation, internationalization of the financial markets, securitization of financial assets and liabilities, and global financial innovations. Since the pioneering work of Kindleberger in 1974 on the formation of financial centers, there has not been a comprehensive study to reflect the recent developments, trends and the mystique that have surrounded the IFCs' functions and operations in the international money and capital markets.

Author: Charles P. Kindleberger
Publisher: MIT Press
ISBN: 9780262263306
Category : Business & Economics
Languages : en
Pages : 520

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The essays collected here reflect the author's shift in interests from foreign exchange to international trade, economic growth, and economic history, especially financial history. Charles P. Kindleberger's rich and distinguised career has spanned nearly six decades. The essays collected here reflect the author's shift in interests from foreign exchange to international trade, economic growth, and economic history, especially financial history. They also contain dollops of sociology and political science. Kindleberger views himself as a historical economist who tests economic propositions against the historical record in more than one setting. The collection contains many of the jewels of Kindleberger's work. Most of the papers are strong on comparison (within Western Europe and between Europe and the United States), on economic or financial history, and on social science beyond the confines of economics.

Author: Charles Poor Kindleberger
Publisher: Harvard University Press
ISBN: 9780674230255
Category : Business & Economics
Languages : en
Pages : 326

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Author: Peter Reuter
Publisher: World Bank Publications
ISBN: 0821389327
Category : Business & Economics
Languages : en
Pages : 553

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A growing concern among those interested in economic development is the realization that hundreds of billions of dollars are illicitly flowing out of developing countries to tax havens and other financial centers in the developed world. This volume assesses the dynamics of these flows, much of which is from corruption and tax evasion.

Author: Olivier Coispeau
Publisher: World Scientific
ISBN: 9813108843
Category : Business & Economics
Languages : en
Pages : 368

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Book Description
One thousand years ago, a handful of dynamic medieval city states developed trade at the frontier of capitalism. Their unique commercial ambition led to the emergence of finance capitals of international significance: Finance Masters. From the 11th century onward, international financial hubs, led by astute and bold merchant bankers and visionary leaders, inspired the numerous innovations that triggered economic revolutions in the last millennium and laid the ground for modern finance. This book explores not only classic financial centers, but also offshore financial centers and gambling centers to connect them to contemporary finance, and it also delves into the unique function of leading financial hubs to execute financial transactions over a wide geographical domain and transform the world economy.The 2008-2009 Great Recession showed that working on fundamental issues such as market structure, pricing mechanism, and games was indeed necessary but probably still insufficient to create the antibodies needed to mitigate systemic risk and prevent the irrational exuberance capable of triggering devastating economic crash. In the continuation of the Theory of Moral Sentiments written by Adam Smith in 1759, seventeen years before his Wealth of Nations, it seems a deeper historical understanding of the key success factors which quietly assembled in the backyard of our market economy can be a useful lifeline. This book aims to explain the widening gulf that emerged over time between economics, regulatory and ethical considerations necessary to a smoother functioning of markets.Finance Masters is also a book about the extraordinary men who led the evolution of modern finance with the innovations that changed the course of economic history. This book tries to capture the salient factors behind the geography of finance hubs from the early fairs in medieval England and Venice to Wall Street in contemporary New York. The development and the legacy of those 'Finance Masters' deserve more attention to reflect upon the evolution of incumbent players and better understand their possible future. This book a must read for economics and finance students and young finance professionals, who seek a broader and better understanding of the origins of modern economics.

Author: Simon Smith Kuznets
Publisher: Princeton University Press
ISBN: 1400879728
Category : Business & Economics
Languages : en
Pages : 694

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An examination of long-term trends in capital formation and financing in the U.S., this study is organized primarily around the principal capital-using sectors of the economy: agriculture, mining and manufacturing, public utilities, non-farm residential real estate, and government. The analysis summarizes major trends in real capital formation and financing, and the factors that determined the trends. Originally published in 1961. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Author: Benjamin M. Friedman
Publisher: University of Chicago Press
ISBN: 0226264246
Category : Business & Economics
Languages : en
Pages : 140

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Book Description
Six leading economists examine the financing of corporate capital formation in the U.S. economy. In clear and nontechnical terms, their papers provide valuable information for economists and nonspecialists interested in such questions as why interest rates are so high, why corporate debt has accelerated in recent years, and how government debt affects private financial markets. Addressing these questions, the contributors focus chiefly on three themes: the actual use of debt and equity financing by corporations in recent years; the factors that drive the financial markets' pricing of debt and equity securities; and the relationship between corporations' real investment decisions and their financial decisions. While some of the papers are primarily expository, others break new ground. Extending his previous work, Robert Taggart finds a closer relationship between corporate and government debt than has been supposed. Zvi Bodie, Alex Kane, and Robert McDonald conclude in their study that the volatility of interest rates under the Volcker regime has led to a rise in real interest rates because of investors' demand for a greater risk premium. All of the papers present empirical findings in a useful analytical framework. For its new findings and for its expert overview of issues central to an understanding of the U.S. economy, Financing Corporate Capital Formation should be of both historical and practical interest to students of economics and practitioners in the corporate and financial community.

Author: Yan-leung Cheung
Publisher: Routledge
ISBN: 1317284763
Category : Social Science
Languages : en
Pages : 143

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This book provides an overview of Hong Kong’s role as an international financial centre, focusing especially on how Hong Kong has contributed significantly, and continues to contribute significantly, to China’s economic development. It considers the importance of Hong Kong’s stock market in raising finance for Chinese companies, explores the potential of Hong Kong as an offshore financial centre, and discusses recent regulatory reforms. It concludes by assessing the prospects for Hong Kong’s continuing success as a global financial centre, and puts forward recommendations for policies which would help secure continuing success.

Author: India. Ministry of Finance. High Powered Expert Committee
Publisher: SAGE
ISBN: 9780761936305
Category : Business & Economics
Languages : en
Pages : 286

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Book Description
The Ministry of Finance, Government of India established a High Powered Expert Committee in 2006 to study the feasibility of India's entry into the global market for international financial services and that of Mumbai becoming an international financial center. The Committee's report analyses Mumbai's strengths and weaknesses in terms of the above seven key factors essential for the success of an IFC. The report strives to deliver a nuanced appreciation of the likely costs and benefits of the path to an IFC, based on an understanding of which policy-makers can make a reasoned choice.