To date, geographers have conceptualised the increased mobility of contemporary societies in terms of conflicting or complementary relationships between spaces of places and spaces of flows. These approaches are, however, influenced by a ?sedentary? vision of geography, in which mobility is conceived of as movement between relatively fixed locations. Building on earlier work, this article offers a conceptual alternative to this view in which places are predominantly defined by the crossing of flows and are defined as mobile as well. Our aim is to show how the model of the mobile space, originally developed in Sahelian Africa, could be possibly applied to the globalized world. Our model is based on a paradigm in which mobility is considered as the primary driving force of the production of geographic space. This allows us to reconsider both the production of space through movement and the control of space through borders. The paper argues that the way Sahelian societies comprehend space shares similarities with new currents in the globalized world, most notably because mobility and uncertainty have become the foundation of contemporary social organization.
{"title":"New Ways of Conceptualizing Space and Mobility: Lessons from the Sahel to the Globalized World","authors":"Denis Retaillé, O. Walther","doi":"10.2139/ssrn.2084168","DOIUrl":"https://doi.org/10.2139/ssrn.2084168","url":null,"abstract":"To date, geographers have conceptualised the increased mobility of contemporary societies in terms of conflicting or complementary relationships between spaces of places and spaces of flows. These approaches are, however, influenced by a ?sedentary? vision of geography, in which mobility is conceived of as movement between relatively fixed locations. Building on earlier work, this article offers a conceptual alternative to this view in which places are predominantly defined by the crossing of flows and are defined as mobile as well. Our aim is to show how the model of the mobile space, originally developed in Sahelian Africa, could be possibly applied to the globalized world. Our model is based on a paradigm in which mobility is considered as the primary driving force of the production of geographic space. This allows us to reconsider both the production of space through movement and the control of space through borders. The paper argues that the way Sahelian societies comprehend space shares similarities with new currents in the globalized world, most notably because mobility and uncertainty have become the foundation of contemporary social organization.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125533139","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Mounther Barakat PhD, CFA, CAIA, CIPM, FRM, CAMS, R. Rao
The Arab economies present a unique opportunity to test the tax model of capital structure. These economies may be dichotomized into taxable and non-taxable states. The results support a number of implications of the tax-based theories of capital structure. We document relatively higher leverage in economies that impose a corporate income tax. We also document that leverage is significantly positive in the proxy for corporate marginal tax rate. In addition, we find that non-debt tax shield is a positive and significant determinant of capital structure in non-taxed economies, but is insignificant in taxed economies. Additionally, we find that leverage is systematically related to size, collateral, and profitability. The overall results are suggestive of the portability of capital structure theory(ies) across diverse economies.
{"title":"The Role of Taxes in Capital Structure: Evidence from Taxed and Non-Taxed Arab Economies","authors":"Mounther Barakat PhD, CFA, CAIA, CIPM, FRM, CAMS, R. Rao","doi":"10.2139/ssrn.2026751","DOIUrl":"https://doi.org/10.2139/ssrn.2026751","url":null,"abstract":"The Arab economies present a unique opportunity to test the tax model of capital structure. These economies may be dichotomized into taxable and non-taxable states. The results support a number of implications of the tax-based theories of capital structure. We document relatively higher leverage in economies that impose a corporate income tax. We also document that leverage is significantly positive in the proxy for corporate marginal tax rate. In addition, we find that non-debt tax shield is a positive and significant determinant of capital structure in non-taxed economies, but is insignificant in taxed economies. Additionally, we find that leverage is systematically related to size, collateral, and profitability. The overall results are suggestive of the portability of capital structure theory(ies) across diverse economies.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116938761","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Kingdom of Morocco is located in the North-West Africa. It has been an absolute monarchy for centuries, though a new constitution adopted in 2011 may reduce the powers of the sovereign to a limited extent.The path to reform of telecommunications began in the mid-1990s with a restructuring of the incumbent PTT to create Maroc Telecom, a post office and a regulator. Liberalisation began in 1999 with the successful auction of a second mobile licence to a consortium led by Portugal Telecom and Telefonica de Espana. The government then sold a stake in Maroc Telecom to Vivendi as a strategic investor.From there the course began to alter as the King, through his holding company, monopolised all further moves to open the market. First there was the acquisition of an ISP belonging to France Telecom. Then the regulator, appointed by the King, awarded it a CDMA fixed wireless licence, a fixed licence, a 3G licence and a GSM licence so that today it holds a significant share of the market.The only entrants to the Moroccan market in recent years have been France Telecom which acquired a non-controlling stake in the second GSM operator and Zain, together with the Kuwait Investment Fund, which took a non-controlling stake in the King’s operator.It is difficult to conceive of a route to fair competition when the King appoints ministers who determine policy and serve on the board on Maroc Telecom, while its principal rival is owned by the King himself.
摩洛哥王国位于非洲西北部。几个世纪以来，它一直是一个绝对的君主制国家，尽管2011年通过的新宪法可能会在一定程度上削弱君主的权力。电信改革之路始于20世纪90年代中期，当时在位的PTT进行了重组，成立了摩洛哥电信公司、邮局和监管机构。1999年，葡萄牙电信(Portugal Telecom)和西班牙电信(Telefonica de Espana)牵头的一个财团成功拍卖了第二个移动牌照，自由化开始。政府随后将摩洛哥电信的部分股份出售给了作为战略投资者的威望迪。从那时起，情况开始发生变化，国王通过他的控股公司垄断了所有进一步开放市场的举措。首先是收购法国电信旗下的一家互联网服务提供商。然后，由国王任命的监管机构授予了它CDMA固定无线牌照、固定无线牌照、3G牌照和GSM牌照，因此今天它占据了相当大的市场份额。近年来唯一进入摩洛哥市场的是法国电信(France Telecom)，它收购了第二家GSM运营商和Zain的非控股权，以及科威特投资基金(Kuwait Investment Fund)，后者收购了国王运营商的非控股权。当国王任命大臣决定政策并在摩洛哥电信董事会任职，而其主要竞争对手为国王本人所有时，很难设想一条公平竞争的道路。
{"title":"A Short Note on Corruption in Telecommunications in the Kingdom of Morocco","authors":"E. Sutherland","doi":"10.2139/SSRN.2001021","DOIUrl":"https://doi.org/10.2139/SSRN.2001021","url":null,"abstract":"The Kingdom of Morocco is located in the North-West Africa. It has been an absolute monarchy for centuries, though a new constitution adopted in 2011 may reduce the powers of the sovereign to a limited extent.The path to reform of telecommunications began in the mid-1990s with a restructuring of the incumbent PTT to create Maroc Telecom, a post office and a regulator. Liberalisation began in 1999 with the successful auction of a second mobile licence to a consortium led by Portugal Telecom and Telefonica de Espana. The government then sold a stake in Maroc Telecom to Vivendi as a strategic investor.From there the course began to alter as the King, through his holding company, monopolised all further moves to open the market. First there was the acquisition of an ISP belonging to France Telecom. Then the regulator, appointed by the King, awarded it a CDMA fixed wireless licence, a fixed licence, a 3G licence and a GSM licence so that today it holds a significant share of the market.The only entrants to the Moroccan market in recent years have been France Telecom which acquired a non-controlling stake in the second GSM operator and Zain, together with the Kuwait Investment Fund, which took a non-controlling stake in the King’s operator.It is difficult to conceive of a route to fair competition when the King appoints ministers who determine policy and serve on the board on Maroc Telecom, while its principal rival is owned by the King himself.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127568074","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The paper investigates how efficiency of business environment and corruption (informal payments and state capture) affect the microeconomic performance of firms. The novelty of the paper is to look at these effects in the interaction with the firm ownership. We use firm-level micro data collected by the Business Environment and Enterprise Performance Survey (BEEPS) for 27 transition countries for the period 2002-2009. Among other data, BEEPS collects also information on different corruption activities at the firm-level and firm ownership. We find somehow surprising results that private firms (domestic and foreign owned) are more involved both into informal payments as well as state capture activities. Our results also reveal that foreign owned firms that are involved in informal payments are likely to benefit from these corruption practices. On the other side, state owned firms are more likely to experience negative effects of involvements in corruption practices on productivity growth. After 2004, involvement of firms in corrupt practices diminished, and that their negative impact on firm performance dissipates indicating an improvement in the stability of business environment and law enforcement.
{"title":"Impact of Private Incidence of Corruption and Firm Ownership on Performance of Firms in Central and Eastern Europe","authors":"Sandra Blagojević, J. Damijan","doi":"10.2139/ssrn.2084609","DOIUrl":"https://doi.org/10.2139/ssrn.2084609","url":null,"abstract":"The paper investigates how efficiency of business environment and corruption (informal payments and state capture) affect the microeconomic performance of firms. The novelty of the paper is to look at these effects in the interaction with the firm ownership. We use firm-level micro data collected by the Business Environment and Enterprise Performance Survey (BEEPS) for 27 transition countries for the period 2002-2009. Among other data, BEEPS collects also information on different corruption activities at the firm-level and firm ownership. We find somehow surprising results that private firms (domestic and foreign owned) are more involved both into informal payments as well as state capture activities. Our results also reveal that foreign owned firms that are involved in informal payments are likely to benefit from these corruption practices. On the other side, state owned firms are more likely to experience negative effects of involvements in corruption practices on productivity growth. After 2004, involvement of firms in corrupt practices diminished, and that their negative impact on firm performance dissipates indicating an improvement in the stability of business environment and law enforcement.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134540453","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Since the beginning of the twenty�?first century, independent entrepreneurial migrants from China have been increasingly flocking to Africa in search of 'greener pastures.' This paper scrutinizes the empirical foundations of the increasingly hostile discourses of African traders regarding the alleged encroachment of the West African urban market space by Chinese petty entrepreneurs. Based on in�?depth ethnographic fieldwork and interviews, we aim to demystify this common allegation by exploring the diversity of influx channels through which Chinese commodities, said to create unfair and existential competition, come to the African continent. Our analysis of trade trajectories shows that Chinese products were coming to Africa long before the arrival of independent Chinese migrants at the beginning of the twenty�?first century. Statistical evidence further supports our stance that Chinese entrepreneurs still represent a minority group in the import of 'cheap China goods' into Ghana and Senegal.
{"title":"Chinese Commodity Imports in Ghana and Senegal: Demystifying Chinese Business Strength in Urban West Africa","authors":"Laurence Marfaing, Alena Thiel","doi":"10.2139/SSRN.1978369","DOIUrl":"https://doi.org/10.2139/SSRN.1978369","url":null,"abstract":"Since the beginning of the twenty�?first century, independent entrepreneurial migrants from China have been increasingly flocking to Africa in search of 'greener pastures.' This paper scrutinizes the empirical foundations of the increasingly hostile discourses of African traders regarding the alleged encroachment of the West African urban market space by Chinese petty entrepreneurs. Based on in�?depth ethnographic fieldwork and interviews, we aim to demystify this common allegation by exploring the diversity of influx channels through which Chinese commodities, said to create unfair and existential competition, come to the African continent. Our analysis of trade trajectories shows that Chinese products were coming to Africa long before the arrival of independent Chinese migrants at the beginning of the twenty�?first century. Statistical evidence further supports our stance that Chinese entrepreneurs still represent a minority group in the import of 'cheap China goods' into Ghana and Senegal.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130758027","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper surveys the debate on arms-length and relationship-based financial systems with a special focus on the Eastern Europe and Central Asia region. The paper argues that while the initial dominance of relationship-based systems in the region is consistent with the implications of the theoretical literature, the subsequent improvements in supporting institutions coupled with structural changes suggests a greater scope for arms-length elements going forward.
{"title":"Relationship-Based and Arms-Length Financial Systems -- a European Perspective","authors":"H. Wolf","doi":"10.1596/1813-9450-5833","DOIUrl":"https://doi.org/10.1596/1813-9450-5833","url":null,"abstract":"This paper surveys the debate on arms-length and relationship-based financial systems with a special focus on the Eastern Europe and Central Asia region. The paper argues that while the initial dominance of relationship-based systems in the region is consistent with the implications of the theoretical literature, the subsequent improvements in supporting institutions coupled with structural changes suggests a greater scope for arms-length elements going forward.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"693 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134173616","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Oil as a Geo-strategic economic commodity will continue to play at least for the next 100 years a prominent worldly role in shaping Energy Security strategies and policies. This is why the Geo-strategic implications relating to the degree of stabilizing the oil market has increasingly started to gain more attention, concern, interest and momentum by multivariate parties. Another serious dimension that needs to be analyzed further in the foreseeable future in a cautious and calculating manner is the question of the implications of the ‘Arab Spring Revolutions or Uprising’ as fit to be categorized. Thus, according to the recent EIU Study under the title: “Spring Tide: Will the Arab Risings yield democracy, dictatorship or disorder?�? Popular uprisings in the Arab world have produced the most dramatic changes in the region since the end of the colonial era in the middle of the 20th century. Admittedly, the fate of these popular uprisings remains in the balance. Building on this dramatic development, Frank A. Verrastro in his article entitled “Security implications of the changing energy landscape�? asserted that there is a new energy landscape characterized by five prominent trends or dynamics as follows: shifting demand patterns; the changing resource base; price volatility and investment uncertainty; new players, alignments, and evolving rules; and the threat of climate change and efforts to impose carbon constraints on a fossil fuel – dependent world�?. From a wider perspective, the Geo-strategic dimensions will continue to be determined not just by new players, but increasingly by multivariate areas of specific interests or concerns: security, politics, economics, social, status, and the ever changing technologies whereby innovative projects or solutions are constantly surprising the markets particularly with regards to the question of “renewable non-fossil energy options�? such as the American Green Project (best known as Obama’s dream for energy security). It seems perceptive to note, that David L. Goldwyn is realistic in stating that “Energy insecurity is greater today than it has been in nearly 30 years. The global oil market is more fragile, more competitive, and more volatile.�?
至少在未来100年，石油作为一种地缘战略经济商品，将继续在制定能源安全战略和政策方面发挥重要的全球性作用。这就是为什么与石油市场稳定程度相关的地缘战略影响越来越多地开始受到多方的关注、关注、兴趣和动力。在可预见的未来，另一个需要以谨慎和计算的方式进一步分析的重要方面是“阿拉伯之春革命或起义”的含义是否适合归类的问题。因此，根据经济学人智库最近的一份题为《春潮:阿拉伯起义会带来民主、独裁还是混乱?》自20世纪中叶殖民时代结束以来，阿拉伯世界的民众起义给该地区带来了最剧烈的变化。诚然，这些民众起义的命运仍悬而未决。基于这一戏剧性的发展，Frank A. Verrastro在他题为“能源格局变化的安全含义”的文章中写道。断言有一个新的能源格局，其特点是五个突出的趋势或动态:需求模式的转变;不断变化的资源基础;价格波动与投资不确定性;新的玩家，联盟和不断发展的规则;气候变化的威胁以及对依赖化石燃料的世界施加碳排放限制的努力。从更广泛的角度来看，地缘战略维度不仅将继续由新参与者决定，还将越来越多地由特定利益或关注点的多元领域决定:安全、政治、经济、社会、地位，以及不断变化的技术，由此创新项目或解决方案不断给市场带来惊喜，特别是在“可再生非化石能源选择”方面。比如美国绿色计划(最著名的是奥巴马的能源安全梦想)。David L. Goldwyn很现实地指出:“今天的能源不安全状况比近30年来的任何时候都要严重。”全球石油市场更加脆弱，竞争更加激烈，也更加不稳定。
{"title":"The Salient Implications of Geo-Strategic Policies on Stablizing the Oil Market in the MENA (Middle East and North Africa) Region","authors":"A. Shikara","doi":"10.2139/ssrn.1923420","DOIUrl":"https://doi.org/10.2139/ssrn.1923420","url":null,"abstract":"Oil as a Geo-strategic economic commodity will continue to play at least for the next 100 years a prominent worldly role in shaping Energy Security strategies and policies. This is why the Geo-strategic implications relating to the degree of stabilizing the oil market has increasingly started to gain more attention, concern, interest and momentum by multivariate parties. Another serious dimension that needs to be analyzed further in the foreseeable future in a cautious and calculating manner is the question of the implications of the ‘Arab Spring Revolutions or Uprising’ as fit to be categorized. Thus, according to the recent EIU Study under the title: “Spring Tide: Will the Arab Risings yield democracy, dictatorship or disorder?�? Popular uprisings in the Arab world have produced the most dramatic changes in the region since the end of the colonial era in the middle of the 20th century. Admittedly, the fate of these popular uprisings remains in the balance. Building on this dramatic development, Frank A. Verrastro in his article entitled “Security implications of the changing energy landscape�? asserted that there is a new energy landscape characterized by five prominent trends or dynamics as follows: shifting demand patterns; the changing resource base; price volatility and investment uncertainty; new players, alignments, and evolving rules; and the threat of climate change and efforts to impose carbon constraints on a fossil fuel – dependent world�?. From a wider perspective, the Geo-strategic dimensions will continue to be determined not just by new players, but increasingly by multivariate areas of specific interests or concerns: security, politics, economics, social, status, and the ever changing technologies whereby innovative projects or solutions are constantly surprising the markets particularly with regards to the question of “renewable non-fossil energy options�? such as the American Green Project (best known as Obama’s dream for energy security). It seems perceptive to note, that David L. Goldwyn is realistic in stating that “Energy insecurity is greater today than it has been in nearly 30 years. The global oil market is more fragile, more competitive, and more volatile.�?","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132263782","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study assesses the level of implementation of Enterprise Risk Management (ERM) in companies listed in the Nairobi Stock Exchange (NSE). The study also seeks to test the significance of factors affecting this level of ERM implementation and to investigate whether the level of ERM implementation has a positive effect to the value of companies as measured by Tobin’s Q. Data was collected from a sample of 22 companies listed on the NSE for the periods ended December 2009. The research findings show that most of the organizations sampled viewed ERM implementation as a strategic business initiative as compared to a compliance requirement. The study also finds that there is a significant relationship between the appointment of a Chief Risk Officer and the level of Enterprise Risk Management Implementation in companies. However, it does not find a significant relationship between the level of ERM implementation and the following variables; industry of operation, level of board independence, size of the firm, and growth rate of the firm. Consistent with prior research, this study also found a significant relationship between a company’s level or Enterprise Risk Management implementation and the company’s value. The results of this study show that an increase in the level of ERM implementation in companies had a positive contribution to the value of the companies.
{"title":"The Effect of Enterprise Risk Management Implementation on the Value of Companies Listed in the Nairobi Stock Exchange","authors":"N. Waweru, Eric Simiyu Kisaka","doi":"10.2139/ssrn.1907248","DOIUrl":"https://doi.org/10.2139/ssrn.1907248","url":null,"abstract":"This study assesses the level of implementation of Enterprise Risk Management (ERM) in companies listed in the Nairobi Stock Exchange (NSE). The study also seeks to test the significance of factors affecting this level of ERM implementation and to investigate whether the level of ERM implementation has a positive effect to the value of companies as measured by Tobin’s Q. Data was collected from a sample of 22 companies listed on the NSE for the periods ended December 2009. The research findings show that most of the organizations sampled viewed ERM implementation as a strategic business initiative as compared to a compliance requirement. The study also finds that there is a significant relationship between the appointment of a Chief Risk Officer and the level of Enterprise Risk Management Implementation in companies. However, it does not find a significant relationship between the level of ERM implementation and the following variables; industry of operation, level of board independence, size of the firm, and growth rate of the firm. Consistent with prior research, this study also found a significant relationship between a company’s level or Enterprise Risk Management implementation and the company’s value. The results of this study show that an increase in the level of ERM implementation in companies had a positive contribution to the value of the companies.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131562712","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines the financial-stability challenges that will most likely be faced by European emerging-market countries in adapting to the post-crises environment, including the new financial-stability architecture and the other remaining weaknesses revealed by the global and European crises. The paper first reviews the pre-crisis financial-stability architectures in Europe and across the globe and then identifies the key weaknesses revealed by the global crisis. It then describes the micro and macro-prudential components of the new European System of Financial Supervision and some of its design limitations (and only briefly mentions reforms designed to deal with sovereign debt problems). The paper then identifies ten key areas where there are remaining challenges of implementation and additional reforms: six areas pertaining to all countries in Europe as well as the other major financial centers and four areas more germane to emerging-market countries in Europe. In discussing these ten areas, the paper tries to differentiate the relative challenges faced by categories of emerging-market countries, and their possible links to the excessive build-up of vulnerabilities in the pre-crisis period as a potential source of lessons for policy going forward.
{"title":"Financial-Stability Challenges in European Emerging-Market Countries","authors":"Garry J. Schinasi","doi":"10.1596/1813-9450-5773","DOIUrl":"https://doi.org/10.1596/1813-9450-5773","url":null,"abstract":"This paper examines the financial-stability challenges that will most likely be faced by European emerging-market countries in adapting to the post-crises environment, including the new financial-stability architecture and the other remaining weaknesses revealed by the global and European crises. The paper first reviews the pre-crisis financial-stability architectures in Europe and across the globe and then identifies the key weaknesses revealed by the global crisis. It then describes the micro and macro-prudential components of the new European System of Financial Supervision and some of its design limitations (and only briefly mentions reforms designed to deal with sovereign debt problems). The paper then identifies ten key areas where there are remaining challenges of implementation and additional reforms: six areas pertaining to all countries in Europe as well as the other major financial centers and four areas more germane to emerging-market countries in Europe. In discussing these ten areas, the paper tries to differentiate the relative challenges faced by categories of emerging-market countries, and their possible links to the excessive build-up of vulnerabilities in the pre-crisis period as a potential source of lessons for policy going forward.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130683153","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Sovereign funds and emerging markets. In 2010, Sovereign Funds (SF) invested over 60% of their portfolios in non-OECD nations. Over US $30 bn of the money came from China, Latin America (basically Brazil) and South-East Asia (Malaysia and Singapore). Sovereign Funds and the Spanish link with Latin America. Recent movements in CEPSA, Iberdrola and Santander show the interest Spain has in entering the burgeoning Latin American market. ESADEgeo: Agenda for activities covering Sovereign Funds. We propose a range of activities combining theoretical arguments and practical activities (SF operations and strategies, drawing up business case studies, annual conferences and a special Executive Education programme).
{"title":"Sovereign Funds are Helping Strike a New World Economic Balance","authors":"Javier Capapé, J. Santiso","doi":"10.2139/ssrn.1877224","DOIUrl":"https://doi.org/10.2139/ssrn.1877224","url":null,"abstract":"Sovereign funds and emerging markets. In 2010, Sovereign Funds (SF) invested over 60% of their portfolios in non-OECD nations. Over US $30 bn of the money came from China, Latin America (basically Brazil) and South-East Asia (Malaysia and Singapore). Sovereign Funds and the Spanish link with Latin America. Recent movements in CEPSA, Iberdrola and Santander show the interest Spain has in entering the burgeoning Latin American market. ESADEgeo: Agenda for activities covering Sovereign Funds. We propose a range of activities combining theoretical arguments and practical activities (SF operations and strategies, drawing up business case studies, annual conferences and a special Executive Education programme).","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"42 5","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114107592","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：