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This book presents the Clarendon Lectures in Finance by one of the leading exponents of financial booms and crises. Hyun Song Shin's work has shed light on the global financial crisis and he has been a central figure in the policy debates. The paradox of the global financial crisis is that it erupted in an era when risk management was at the core of the management of the most sophisticated financial institutions. This book explains why. The severity of the crisis is explained by financial development that put marketable assets at the heart of the financial system, and the increased sophistication of financial institutions that held and traded the assets. Step by step, the lectures build an a...
This comprehensive book uses a rich array of case studies from cities in Asia, Latin America, Africa, Southern Europe, and beyond to highlight the intensifying global struggle over urban space and underline gentrification as a growing and important battleground in the contemporary world.
COVID-19 has presented huge challenges to governments, businesses, civil societies, and people from all walks of life, but its impact has been highly variegated, affecting society in multiple negative ways, with uneven geographical and socioeconomic patterns. The crisis revealed existing contradictions and inequalities in society, compelling us to question what it means to return to “normal” and what insights can be gleaned from Southeast Asia for thinking about a post-pandemic world. In this regard, this edited volume collects the informed views of an ensemble of social scientists – area studies, development studies, and legal scholars; anthropologists, architects, economists, geograp...
This is the first book in Polity's new 'Urban Futures' series. At the beginning of the twenty-first century, proclamations rang out that gentrification had gone global. But what do we mean by 'gentrification' today? How can we compare 'gentrification' in New York and London with that in Shanghai, Johannesburg, Mumbai and Rio de Janeiro? This book argues that gentrification is one of the most significant and socially unjust processes affecting cities worldwide today, and one that demands renewed critical assessment. Drawing on the 'new' comparative urbanism and writings on planetary urbanization, the authors undertake a much-needed transurban analysis underpinned by a critical political econo...
Made in Korea: Studies in Popular Music serves as a comprehensive and thorough introduction to the history, sociology, and musicology of contemporary Korean popular music. Each essay covers the major figures, styles, and social contexts of pop music in Korea, first presenting a general description of the history and background of popular music in Korea, followed by essays, written by leading scholars of Korean music, that are organized into thematic sections: History, Institution, Ideology; Genres and Styles; Artists; and Issues.
Considering Asian cities ranging from Taipei, Hong Kong and Bangkok to Hanoi, Nanjing and Seoul, this collection discusses the socio-political processes of how neoliberalization entwines with local political economies and legacies of ‘developmental’ or ‘socialist’ statism to produce urban contestations centered on housing. The book takes housing as a key entry point, given its prime position in the making of social and economic policies as well as the political legitimacy of Asian states. It examines urban policies related to housing in Asian economies in order to explore their continuing alterations and mutations, as they come into conflict and coalesce with neoliberal policies. In discussing the experience of each city, it takes into consideration the variegated relations between the state, the market and the society, and explores how the global pressure of neoliberalization has manifested in each country and has influenced the shaping of national housing questions.
In the 1990s, large insurance companies failed in virtually every major market, prompting a fierce and ongoing debate about how to better protect policyholders. Drawing lessons from the failures of four insurance companies, When Insurers Go Bust dramatically advances this debate by arguing that the current approach to insurance regulation should be replaced with mechanisms that replicate the governance of non-financial firms. Rather than immediately addressing the minutiae of supervision, Guillaume Plantin and Jean-Charles Rochet first identify a fundamental economic rationale for supervising the solvency of insurance companies: policyholders are the "bankers" of insurance companies. But because policyholders are too dispersed to effectively monitor insurers, it might be efficient to delegate monitoring to an institution--a prudential authority. Applying recent developments in corporate finance theory and the economic theory of organizations, the authors describe in practical terms how such authorities could be created and given the incentives to behave exactly like bankers behave toward borrowers, as "tough" claimholders.
Korea's urban and regional development experiences are widely regarded as a success story. This book is a detailed examination of the 'Korean model' evaluating its context and implications for international development cooperation.
A nonpartisan plan of action for fixing the global economy from fifteen of the world's leading economists In the fall of 2008, fifteen of the world's leading economists—representing the broadest spectrum of economic opinion—gathered at New Hampshire's Squam Lake. Their goal: the mapping of a long-term plan for financial regulation reform. The Squam Lake Report distills the wealth of insights from the ongoing collaboration that began at these meetings and provides a revelatory, unified, and coherent voice for fixing our troubled and damaged financial markets. As an alternative to the patchwork solutions and ideologically charged proposals that have dominated other discussions, the Squam L...
In the aftermath of the recent financial crisis, the federal government has pursued significant regulatory reforms, including proposals to measure and monitor systemic risk. However, there is much debate about how this might be accomplished quantitatively and objectively—or whether this is even possible. A key issue is determining the appropriate trade-offs between risk and reward from a policy and social welfare perspective given the potential negative impact of crises. One of the first books to address the challenges of measuring statistical risk from a system-wide persepective, Quantifying Systemic Risk looks at the means of measuring systemic risk and explores alternative approaches. Among the topics discussed are the challenges of tying regulations to specific quantitative measures, the effects of learning and adaptation on the evolution of the market, and the distinction between the shocks that start a crisis and the mechanisms that enable it to grow.