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Prospects, Benefits, Risks and Policy Challenges
Many cities in the Asia-Pacific region serve as financial centres in their respective national jurisdictions or local areas. Noting that most were engaged in efforts to become premier international financial centres (IFCs) in competition with one another, the Korea National Committee for Pacific Economic Cooperation (KOPEC) convened an international conference in Seoul, Korea in October 2007 to examine the prospects for success for seven such financial centres (Hong Kong, Seoul, Shanghai, Singapore, Sydney, Tokyo and Wellington), weigh the costs and benefits of such competition for local economies as well as the region as a whole, and derive implications for cooperation among the regional governments. The present volume consists of case studies and commentaries presented at the conference as well as the synthesis report, which draws conclusions from those papers and commentaries. One of those conclusions is that, given the power of scale economies as well as the lack of integration of the financial markets in the region, none of the regional financial centres, even Hong Kong, Singapore or Tokyo, considered alone represents a meaningful rival to London or New York, the two existing global financial centres. The synthesis report thus argues for regional cooperation to integrate all those financial centres into an Asia-Pacific IFC network. It further argues that the present global financial crisis presents a major opportunity for regional governments to create such an IFC network that will challenge London and New York in quality as well as quantity of international financial business while helping the latter two overcome the current global crisis. This would open the path towards a stable and resilient Asia-Pacific financial community, with the constituent regional economies no longer vulnerable to the problems of the so-called original sin and double mismatch.
U.S. Telecommunications since the 1996 Telecom Act
The 1996 Telecommunications Act was an attempt to increase competition among telecommunications providers in the United States by reducing regulatory barriers to market entry. This competition was expected to drive innovation in the telecommunications sector and reap economic benefits for both American consumers and telecommunications providers. The legislation, however, had a markedly different impact. While many of the more aggressive providers enjoyed sharp short-term rises in stock market values, they soon faced sudden collapse, leaving consumers with little or no long-term benefit.
In Competition and Chaos, Robert W. Crandall analyzes the impact of the 1996 act on economic welfare in the United States and how the act and its antecedents affected the major telecommunications providers. He argues that the act was far too stringent, inviting the Federal Communications Commission and state regulators to micromanage competitive entry into local telecommunications markets. Combined with the bursting of the dot.com and telecom stock market bubbles, this aggressive policy invited new and existing firms to invest billions of dollars unwisely, leading to the 200102 collapse of equity values throughout the sector. New entrants into the market invested more than $50 billion in unproductive assets that were quickly wiped out through massive failures. The 1996 act allowed the independent long-distance companies, such as MCI and AT& T, to live a few years longer. But today they are a threatened species, caught in a downward spiral of declining prices and substantial losses. The industry is preparing for an intense battle for market share among three sets of carriers: the wireless companies, the local telephone carriers, and the cable television businesses. Each has its own particular advantage in one of the three major segments of the market voice, data, and video but none is assured a clear path to dominance. Although the telecom stock market collapse is now history and the survivors are investing once again, Crandall concludes that the regulators have failed to adapt to the chaos to which they contributed.
Industry and Economic Performance in the U.S.
This book argues, against the current view, that competitiveness--that is, the competitiveness of the manufacturing sector--matters to the long-term health of the U.S. economy and particularly to its long-term capacity to raise the standard of living of its citizens. The book challenges the arguments popularized most recently by Paul Krugman that competitiveness is a dangerous obsession that distracts us from the question most central to solving the problem of stagnant real income growth, namely, what causes productivity growth, especially in the service sector. The central argument is that, if the U.S. economy is to achieve full employment with rising real wages, it is necessary to enhance the competitiveness of its tradable goods sector. The book shows that current account deficits cannot be explained by macroeconomic mismanagement but are rather the consequence of an uncompetitive manufacturing sector. It finds that the long-term health of the manufacturing sector requires not only across-the-board policies to remedy problems of low or inefficient investment, but also sectoral policies to address problems that are strategic to resolving the balance of payments problems. Lessons are drawn from the experience of some European and Asian countries. This book will be of interest to economists, political scientists, and business researchers concerned with the place of the manufacturing sector in overall health of the U.S. economy, with issues of industrial policy and industrial restructuring, and with the conditions for rising standards of living. Candace Howes is Associate Professor, Barbara Hogate Ferrin Chair, Connecticut College. Ajit Singh is Professor of Economics, Queens College, Cambridge.
This book discusses the evolution of taxation in Nigeria within the framework of eight broad themes i.e., The Origin and Practice of Fiscal Federalism in Nigeria, The Constitutional Context for Taxation, The Three Eras of Taxation in Nigeria, The Structure and Jurisdiction of Nigerian Tax Authorities, Instruments of Tax Policy, Statutory Developments, Beyond Oil Revenue: The Case for Tax Reform and Making the Nigerian Tax System Globally Competitive.
This book examines the various quality management systems applied to the construction industry in Hong Kong and other parts of the world. Hong Kong's experience is particularly important because it plays a leading role in construction quality management globally.
Types de recherches effectuées dans le domaine des conventions collectives - Problèmes de l'analyse d'un seul article ou le problème de la recherche ponctuelle - Analyse du contenu des conventions collectives - Analyse de l'environnement - Méthode de mise en relation - Choix d'un milieu d'application - Résultats obtenus par l'analyse terminologique - Étude de l'environnement économique et politico-social - Relation entre les changements observés dans les conventions collectives et les changements observés dans l'environnement - Avantages et limites du modèle d'analyse des conventions collectives.
In this comprehensive aviation manual, Raoul Castro provides a source of invaluable corporate aviation management information. He begins by giving an overview of corporate aviation from its inception, then focuses on the management principles and functions that specifically target corporate aviation. Through the utilization of these sound management principles, Castro facilitates the acceptance of corporate aircraft as indispensable tools of industry.
As Castro notes, few companies know how to use corporate aircraft to maximum advantage. Drawing on his expertise and experience, Castro designs a plan by which a company can achieve maximum utilization of an airplane or helicopter fleet. He gives specific instructions on how to facilitate the efficient use of the aviation department of a company, select appropriate aircraft, plan for disasters and establish security measures, fulfill legal requirements of the governmental agencies that regulate the use of aircraft, and manage the maintenance and repair of aircraft. Castro also discusses the scores of details involved in the management of a professional corporate aviation branch and how these details can be handled in a positive, productive manner.
After thoroughly examining the overall managerial functions involved in planning, organizing, controlling, and implementing an aviation arm, Castro concludes by discussing the future of corporate aviation.
This book is a practical and valuable guide for the executive in charge of an aviation department, an aviation department manager or chief pilot, aspirants to aviation management positions, and both students and teachers of aviation management.
Big Business in American Democracy from the Great Depression to the Great Recession
Public trust in corporations plummeted in the wake of the 2008 financial crisis, when “Lehman Brothers” and “General Motors” became dirty words for many Americans. In Corporate Dreams, James Hoopes argues that Americans still place too much faith in corporations and, especially, in the idea of “values-based leadership” favored by most CEOs. The danger of corporations, he suggests, lies not just in their economic power, but also in how their confused and undemocratic values are infecting Americans’ visions of good governance.Corporate Dreams proposes that Americans need to radically rethink their relationships with big business and the government. Rather than buying into the corporate notion of “values-based leadership,” we should view corporate leaders with the same healthy suspicion that our democratic political tradition teaches us to view our political leaders. Unfortunately, the trend is moving the other way. Corporate notions of leadership are invading our democratic political culture when it should be the reverse.To diagnose the cause and find a cure for our toxic attachment to corporate models of leadership, Hoopes goes back to the root of the problem, offering a comprehensive history of corporate culture in America, from the Great Depression to today’s Great Recession. Combining a historian’s careful eye with an insider’s perspective on the business world, this provocative volume tracks changes in government economic policy, changes in public attitudes toward big business, and changes in how corporate executives view themselves.Whether examining the rise of Leadership Development programs or recounting JFK’s Pyrrhic victory over U.S. Steel, Hoopes tells a compelling story of how America lost its way, ceding authority to the policies and values of corporate culture. But he also shows us how it’s not too late to return to our democratic ideals—and that it’s not too late to restore the American dream.
The Role of Institutional Investors in the Global Financial Crisis
Corporate governance, the internal policies and leadership that guide the actions of corporations, played a major part in the recent global financial crisis. While much blame has been targeted at compensation arrangements that rewarded extreme risk-taking but did not punish failure, the performance of large, supposedly sophisticated institutional investors in this crisis has gone for the most part unexamined. Shareholding organizations, such as pension funds and mutual funds, hold considerable sway over the financial industry from Wall Street to the City of London. Corporate Governance Failures: The Role of Institutional Investors in the Global Financial Crisis exposes the misdeeds and lapses of these institutional investors leading up to the recent economic meltdown.
In this collection of original essays, edited by pioneers in the field of fiduciary capitalism, top legal and financial practitioners and researchers discuss detrimental actions and inaction of institutional investors. Corporate Governance Failures reveals how these organizations exposed themselves and their clientele to extremely complex financial instruments, such as credit default swaps, through investments in hedge and private equity funds as well as more traditional equity investments in large financial institutions. The book's contributors critique fund executives for tolerating the "pursuit of alpha" culture that led managers to pursue risky financial strategies in hopes of outperforming the market. The volume also points out how and why institutional investors failed to effectively monitor such volatile investments, ignoring relatively well-established corporate governance principles and best practices.
Along with detailed investigations of institutional investor missteps, Corporate Governance Failures offers nuanced and realistic proposals to mitigate future financial pitfalls. This volume provides fresh perspectives on ways institutional investors can best act as gatekeepers and promote responsible investment.