Finance Commons^™

Odious, Not Debt, Anna Gelpern

Georgetown Law Faculty Publications and Other Works

This article argues that the doctrine of Odious Debt, which has enjoyed a revival since the U.S. invasion of Iraq in 2003, frames the problem of odious debt in a way that excludes most of the problematic obligations incurred by twentieth-century despots. Advocacy and academic literature traditionally describe the odious debt problem as one of government contracts with private creditors. Most theories of sovereign debt key off the same relationship. But in the latest crop of cases, including Iraq, Liberia, and Nigeria, private creditors represent a small fraction of the old regime's debts. Most of the creditors are other governments …

Poverty Reduction: An Evaluation Of Micro Finance And Foreign Aid, Wade Summers

Honors Program Theses

Over the last 50 years, the United States has been pouring money into foreign aid, yet this aid has failed to bring the poor out of poverty. Micro finance institutions claim to they are able to increase the wealth of the poor. This paper will compare micro finance's ability to alleviate poverty against traditional uses of foreign aid. The results of this paper are while the profitability of micro finance is not clear, independent studies indicate that it has been successful in bringing the poor out of poverty. This paper concludes that micro finance should receive a larger portion of …

The Gettysburg Economic Review, Volume 1, Spring 2006

Gettysburg Economic Review

No abstract provided.

World Bank, Adrienne Stohr

Human Rights & Human Welfare

The mission of the World Bank is to aid developing countries stabilize their economies through financial and technical assistance. The five dominant themes that emerge in a review of the World Bank literature are: health, gender, environment, globalization, and global governance. Each of these themes is broadly related to issues that consistently influence the larger issue of how the World Bank incorporates, rejects, or impacts human rights.

After Argentina, Anna Gelpern

Georgetown Law Faculty Publications and Other Works

Argentina recently completed the largest sovereign bond restructuring in history. As soon as the government announced the results of its $100 billion tender in March 2005, editorial pages worldwide heralded a new era for sovereign debt, for the emerging markets and, occasionally, for international finance. Their views on Argentina's lessons were as disparate as they were definite. Some said the exchange would close the markets to middle-income countries. To others, it reaffirmed the markets' resilience. Some claimed it proved the need for statutory sovereign bankruptcy. Others said it clearly discredited the idea. Most spoke too soon. The deal took months …

Banking Sector Reforms And Bank Consolidation: The Malaysian Experience., Okorie A. Uchendu

Bullion

This paper examines banking sector reform with particular reference to the Malaysian banking sector. The Malaysian banking sector which resulted from the Asian financial crises of the 1990s is the subject of the study. The paper is divided into four sections: following the introduction, section II covers conceptual issues in banking sector reform and bank consolidation. The Malaysian experience in banking sector reforms and bank consolidation is discussed in section III, while lessons for Nigeria and concluding remarks are presented in section IV. The paper highlights the response of the Malaysian authorities to the Asian financial crisis and identified the …

Banking Sector Reforms And Bank Consolidation: The Turkey Experience., U. M. Ogubunka

Bullion

Countries reform their banking sectors for a number of reasons, including structural, capitalization and ownership issues. Consequently, the objectives of the reforms can hardly be the same in all countries. This paper is presented on the basis that an overview of the banking reform in the lessons Nigeria could learn from it. The paper is structured into seven sections. the next section following this introduction identifies some of the key features of Turkish banking system pre-reform era of 2001, section three deals on the drivers of banking reform in the country. section four reviews some of the actions taken in …

What Iraq And Argentina Might Learn From Each Other, Anna Gelpern

Georgetown Law Faculty Publications and Other Works

Iraq and Argentina each launched a $100 billion debt restructuring last year. The two cases are rarely mentioned together. Most think of Argentina as the quintessential case of financial globalization gone awry - a lapsed market reformer that sank under the weight of (depending on your perspective) misguided liberalization or its own financial chutzpah, and took with it Argentine depositors, Italian retirees, Japanese banks, and offshore investment funds. Iraq's debt has a distinctly preglobalization flavor. Most of its obligations precede the recent wave of financial liberalization. In the words of Iraq's own advisers, its debt restructuring is a quintessential geopolitical …

External Sector Policies In The 2004 Budget, Obadan I. Mike

Bullion

External sector problems have continued to pose serious challenges to economic management in Nigeria. There is the challenge of conducting trade policy within the framework of the World Trade Organisation's [WTO] rules and regulations without compromising the country's short and Iong-term interests. This paper discusses the policy thrusts with respect to three issues in 2004, viz: Trade policy, Exchange rate policy, and External debt management. In the last few years, the government appears to have recognized the need to conduct trade policy, specifically, trade liberalization in a sensible and orderly manner. Hence, the growing effective protection being accorded local industries. …

The Empirical Relationship Between Exchange Rates And Interest Rates In Post-Crisis Asia, Hwee Kwan Chow, Yoonbai Kim

Research Collection School Of Economics

In post-crisis Asia, all crisis-hit countries (except Malaysia) announced a shift from exchange rate based monetary policy framework to the explicit adoption of inflation targeting that uses interest rates as the key monetary policy operating instrument. In this study, we examine the empirical relationship between exchange rates and interest rates, and investigate how the dynamics between them have changed following the crisis. This is carried out by constructing a bivariate VAR-GARCH model for each of the four Asian crisis countries, namely Indonesia, Korea, Philippines and Thailand. The findings suggest these countries do not use interest rate policy more actively to …

Earnings Momentum In International Markets, Dong Hong, Charles M. C. Lee, Bhaskaran Swaminathan

Research Collection Lee Kong Chian School Of Business

This paper examines the profitability of earnings momentum strategies based on analyst forecast revisions in eleven international equity markets. While analyst forecast revisions exhibit persistence in all countries, the profitability of trading strategies based on these revisions varies. Specifically, earnings momentum yields significant profits in Australia, Canada, France, Germany, Hong Kong, and the United Kingdom, but not in Malaysia, South Korea, Japan, Singapore, or Taiwan. Interestingly, price momentum exists only in those countries where earnings momentum is profitable. In general, markets with high levels of corruption (low investor protection) exhibit weak momentum. Collectively, these findings suggest that the momentum phenomenon …

Beyond Balancing The Interests Of Creditors And Developing States, Anna Gelpern

Georgetown Law Faculty Publications and Other Works

The traditional view of sovereign debt as a relationship between a developing country government and and its foreign private creditors is increasingly out of date. Financial institutions and individuals inside the borrowing countries are are becoming more and more important as creditors to their governments. At the same time, as countries remove restrictions on cross-border capital flows, foreign creditors are participating more actively in domestic law, local-currency debt markets. These developments imply fundamental changes in lending decisions and, where the loan goes bad, in the sovereign debt workout process.

Promoting Foreign Direct Investment In Bulgaria, Vessela Kapoulian

Inquiry: The University of Arkansas Undergraduate Research Journal

This paper examines the factors that favor Foreign Direct Investment ( FDI) in Bulgaria and recommends public policy changes that will enhance the international competitiveness of Bulgaria. Four factors that favor an increase in FDI in Bulgaria are clearly identified. First, although the economic environment is considered challenging compared to other countries in the region, Bulgaria enjoys political stability. Second, Bulgaria offers a low-cost, well-educated labor pool, although additional public investments in foreign language training may be needed. Third, there are investment opportunities for infrastructure development through privatization in the areas of energy, information technology (IT), and transportation. Bulgaria is …

My Trade Models, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes.

• Shaikh, A., PhD. (n.d.). My trade models [Folder cover].

• Shaikh, A., PhD. (1992, October 27). Dynamics of XR adjustment [Unpublished handwritten notes].

• Shaikh, A., PhD. (1992, October 20). BOT and XR theory [Unpublished handwritten notes].

• Shaikh, A., PhD. (1991, February 26). Dynamic models of XR theory [Unpublished handwritten notes].

• Shaikh, A., PhD. (1990, July 30). Dynamics of XR adjustment [Unpublished handwritten notes].

• Shaikh, A., PhD. (1990, July 30). Dynamic XR adjustment [Unpublished handwritten notes].

• Shaikh, A., PhD. (1992, January 11). BOP model and XR: Basic adjustment process [Unpublished handwritten notes]. …

Krisis Minsky Dan Kerapuhan Sistem Kewangan Di Indonesia, Irfan Sungkar

Student Works (2000-2009)

Berbagai keterangan dan jawapan telah diberikan oleh para pakar ekonomi dalam menjelaskan mengapa krisis kewangan boleh berlaku, termasuk dalam kes yang terjadi di Indonesia. Akan tetapi, secara amnya jawapan yang diberikan tersebut masih belum meyakinkan dan boleh dipertikaikan. Kertas kerja ini membahas apakah hipotesa dan hujah Minsky berkenaan dengan ketak-stabilan kewangan boleh diterapkan dalam memberikan penjelasan yang menyeluruh mengenai terjadinya krisis kewangan di Indonesia. Hujah Minsky berkenaan dengan terdapatnya suatu anjakan yang secara endogenous menyebabkan sistem kewangan menjadi tak stabil akan dikaji kesesuruannya di Indonesia. Hasil analisa dan dapatan kajian adalah membuktikan bahawa sememangnya telah terjadi suatu anjakan menuju ketak­stabilan …

The Reforms Of China's State Enterprises, The Bank System And The Relationship Between Them, Zheng Li

All-Inclusive List of Electronic Theses and Dissertations

China's economic reform is now at a critical stage ofrestructuring the financial sector and state-owned enterprises (SOEs). Although reforms have accomplished much over the past two decades, many problems still exist in these two sectors. Chinese banks and enterprises influence and interweave with each other. The banks can't operate fully as commercial banks until the principal borrowers are fully reformed. SOEs cannot become profitable unless the banking system is commercialized and stops making policy loans to the money-losing enterprises. How can China reform its banking system and SOEs to achieve sustained long-term growth? This study focuses on the reform of …

The Reforms Of China's State Enterprises, The Bank System And The Relationship Between Them, Zheng Li

All-Inclusive List of Electronic Theses and Dissertations

China's economic reform is now at a critical stage ofrestructuring the financial sector and state-owned enterprises (SOEs). Although refonns have accomplished much over the past two decades, many problems still exist in these two sectors. Chinese banks and enterprises influence and interweave with each other. The banks can't operate fuJly as commercial banks until the principal borrowers are fully reformed. SOEs cannot become profitable unless the banking system is commercialized and stops making poHcy loans to the money-losing enterprises. How can China reform its banking system and SOEs to achieve sustained long-term growth? This study focuses on the reform of …

An Analysis Of A Monetary Approach To The Balance Of Payments And Exchange Rates : The Case Of Malaysia 1986-1997, Siti Ayu Jalil

Student Works (2000-2009)

The research paper attempts to investigate the empirical analysis of the monetary approach to the balance of payments and exchange rates in the Malaysian environment. Through assessing the balance of payments and exchange rate position In Malaysia, the objective is to determine whether the monetary phenomenon could be the reason for the 1997 financial crisis that resulted Its government to opt for a fixed exchange rate and capital controls policies in September 1997. The time period of the study was 12 years from 1986 to 1997 and in all cases the annually data was used. The central proposition of the …

Volatility Of Central Europe Exchange Rates: Reaction To Financial Contagion, And Policy Recommendations For European Union Accession, Lucjan T. Orlowski, Thomas D. Corrigan

WCBT Faculty Publications

Examines the volatility of the exchange rates in Central Europe. Role of capital account liberalization and financial market integration in exchange rate stability; Remedies employed to financial problems of each countries; Impact of Asian and Russian financial crises on currencies of Central European countries; Recommendations for European Union accession.

The Exchange Rate Mechanism And The Ruble Devaluation Of 1998, Philip Porter

University Avenue Undergraduate Journal of Economics

I will first examine what I see as the common sense fundamentals of the exchange rate mechanism, noting as I go, the relationship with the current Russian crisis. In my examination, I will take the simplest approach, assuming free trade, unrestricted capital movements and negligible transaction costs. Concluding, I will delve into the quagmire of the Russian situation.

Exchange-Rate Policies In Central Europe And Monetary Union, Lucjan Orlowski

WCBT Faculty Publications

Looks at the relationship between exchange-rate and monetary policies in transition economies (TEs) in central Europe bent on becoming part of the European Union. Review of practiced targets of monetary policy in response to the requirements of monetary union; Question of whether or not candidates will resort to a final currency devaluation; Suggestions for adjustments in short- and long-term monetary policy.

The Fischer Black Hypothesis: Some Time-Series Evidence, Tony Caporale, Barbara Mckiernan

Economics and Finance Faculty Publications

We estimate an ARCH-M model to analyze the relationship between the conditional standard deviation of real gross national product (GNP) and its growth rate for the period 1871-1993. We find that variability significantly increases output growth rates. In addition, impulse response functions show that the effect of variability on growth rates is dynamic. These results provide evidence in favor of Black's (1987) business cycle hypothesis.

Japanese U.S. Auto Transplant Production: An Analysis Of The Roles Of Vers And The Exchange Rate, Michael Cornstubble

University Avenue Undergraduate Journal of Economics

Since their introduction in 1982, Japanese auto transplants in the U.S. have skyrocketed in production, now producing many more cars than are imported. This study incorporates new refinements and revisions to attempt to identify the main factors that are responsible for the introduction of Japanese auto transplants and their massive growth in production over the last 14 years. The author develops two hypotheses for theoretical analysis of the factors contributing to production decisions. The first is that the voluntary export restraints (VERs) imposed on the Japanese from 1981-1985 are responsible for bringing the transplants to the U.S. and for creating …

Management Of Foreign Exchange: A Peep Into The Next Decade., O K. Anifowose

Bullion

The paper examines the management of the foreign exchange in Nigeria the next decade. The paper is structured into four main sections after these introductory remarks. section 1 discusses some conceptual issues such as:-foreign exchange versus external reserves, objectives of reserve management, strategies employed in managing the reserves and techniques for reserve management. section 11 discusses tools of reserve management the third section provides some thoughts as to the direction of foreign management in the next decade. section IV summarises and concludes the paper.

Central Bank Of Nigeria, Monetary, Credit, Foreign Trade And Exchange Policy Guidelines For 1997 Fiscal Year., Central Bank Of Nigeria Central Bank Of Nigeria

Bullion

This paper contains the outlines of the monetary, credit, foreign trade and exchange policy guidelines for banks and other financial institutions in Nigeria during fiscal 1997. The circular is structured into three sections and Appendix. Section one reviews developments in the economy and the policy environment in 1996 and thus provides the background to the policy measures for 1997. While section two outlines the monetary and credit policy measures and guidelines for banks and other financial institutions. The foreign trade and exchange policy measures for 1997 are highlighted in section three and lastly a list of prohibited import and export …

Tobin, James, Tony Caporale

Economics and Finance Faculty Publications

James Tobin was born in Champaign, Illinois, in 1918. He received his bachelor's degree in 1939 and his master's degree in 1940, both from Harvard. Following naval service during the years 1942-6, he returned to his graduate studies and received his PhD from Harvard in 1947. In 1950, he joined the economics department at Yale University, and he has largely remained at Yale and has been identified with this institution throughout his career. He twice directed the Cowles Foundation for Research in Economics, first from 1955 to 1961, and then from 1964 to 1965. He also served for two years, …

A Historical, Theoretical, And Empirical Study Of Ppp Using Traditional And Alternative Methodologies, Kerry E. Clendenon

Economics Theses & Dissertations

No abstract provided.

Article Clipped From The New York Times, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection contains:

The newspaper article The Wounded Giants of Japan by Sheryl WuDunn, published in The New York Times on November 24, 1995.

Allocation And Management Of Foreign Exchange: The Nigerian Experience., O. K. Anifowose

Bullion

This paper intends to discuss and review the various strategies adopted in the management of Nigeria's foreign exchange resources. Part I of the paper reviews the systems adopted before SAP (Structural Adjustment Programme) period as well as those practised from SAP to end of 1993. Part ll considers in broad terms the 1994 foreign exchange resource management policies. While Part lll describes the foreign exchange allocative mechanism adopted in 1994. Finally, part lV provides the summary and conclusion of the paper.

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1994, Central Bank Of Nigeria

CBN Annual Report

In 1994, Nigeria faced economic challenges such as declining GDP growth, inflation, and a weakened external sector due to expansionary fiscal and monetary policies, political unrest, and labor issues. Despite this, the global economy saw stronger recovery in industrialized countries and developing regions like Asia and Latin America. The Nigerian economy struggled with slow growth, manufacturing decline, rising inflation, large budget deficit, and weakened external sector performance. Efforts to stabilize the exchange rate were hindered by differences between official and unofficial market rates. Internationally, there were improvements in the world economy with higher growth rates in developed and developing countries. …