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The growing integration of capital markets has strengthened incentives for greater international coordination of economic and financial policies. Structural changes in these financial market, however, may have undermined the effectiveness of monetary and fiscal policy and complicated market access by developing countries. These are among the findings of this study of capital flows in the 1970s and the 1980s.
Glengarry, Upper Canada's first major Scottish settlement, was established in 1784 by Highlanders from Inverness-shire. Worsening economic conditions in Scotland, coupled with a growing awareness of Upper Canada’s opportunities, led to a growing tide of emigration that eventually engulfed all of Scotland and gave the province its many Scottish settlements. Pride in their culture gave Scots a strong sense of identity and self-worth. These factors contributed to their success and left Upper Canada with firmly rooted Scottish traditions. Individual settlements have been well observed, but the overall picture has never been pieced together. Why did Upper Canada have such appeal to Scots? What ...
Hedge funds are collective investment vehicles, often organized as private partnerships and resident offshore for tax and regulatory purposes. Their legal status places few restrictions on their portfolios and transactions, leaving their managers free to use short sales, derivative securities, and leverage to raise returns and cushion risk. This paper considers the role of hedge funds in financial market dynamics, with particular reference to the Asian crisis.
This paper reports the on-off nature of emerging market access to international capital markets appears to have become a key characteristic of international financial markets. Emerging market borrowers have begun to adapt: when the market for US dollar-denominated bonds has closed, these borrowers turn to the syndicated loan markets, attempt to issue in bonds denominated in euro or yen, or issue in local-currency bond markets. In addition, they employ staff with extensive experience in investment banking and securities trading, exploit “windows of opportunity” to prefund their yearly financing requirement, and engage in debt exchanges to extend the maturity of their debt and avoid a bunching of maturities. The consolidation of financial institutions is driven by attempts to exploit economies of scale and scope, and technological advances such as the Internet and deregulation that facilitate universal banking activities are making it easier to reap such economies. Advances in technology are also transforming the securities trading industry.
Covers a wide range of ways to use slips to decorate ceramic works, illustrated with contemporary examples.
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