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This collection examines the design of financial systems for central and eastern European countries engaged in the transition to market-based economies. It highlights the need for better approaches to measuring performance and providing incentives in banking and for financial mechanisms to encourage private-sector growth. Written by leading European and North American scholars, the essays apply modern finance theory and empirical data to the development of new financial sectors.
There is growing dissatisfaction with the economic policies advocated by the IMF and other international financial institutions - policies that have often resulted in stagnating growth, crises, and recessions for client countries. This book presents an alternative to "Washington Consensus" neo-liberal economic policies by showing that both macro-economic and liberalization policy must be sensitive to the particular circumstances of developing countries. One-size-fits-all policy prescriptions are likely to fail given the vast differences between countries. This book discusses how alternative approaches to economic policy can better serve developing countries both in ordinary times and in times of crisis.
Defining an organization by its growth strategy enables business leaders to make better decisions about the ways their companies compete. Anjan Thakor's four categories of growth, which he arranges into the Competing Values Framework, delivers methods for developing strategies grounded in internal cultures and industry goals. Written for professionals, this book provides easy access to concepts in fields as diverse as corporate strategy, finance, organizational behavior, change management, and leadership. - Teaches ways to formulate a growth strategy and implement it through simple organizational interventions - Provides an intuitive framework and common language about growth strategies - Teaches readers how an effective growth strategy can boost stock price - Readers learn what kind of growth strategy will maximize the value of an organization - Readers with varied functional backgrounds can understand these concepts
After the collapse of communism in the Soviet Union and eastern Europe, more than a dozen countries undertook aggressive privatization programs. Proponents of economic reform championed such large-scale efforts as the fastest, most reliable way to make the transition from a state-run to a capitalist economy.The idea was widely embraced, and in the span of a few years, policymakers across the region repeatedly chose an approach that distributed vast amounts of state property to the private sector essentially for free-despite the absence of any historical precedent for such a radical concept. But privatization was not a panacea. It has, instead, become increasingly synonymous with collusion, corruption, and material deprivation.Why was privatization so popular in the first place, and what went wrong? In answering this question, Hillary Appel breaks with mainstream empirical studies of postcommunist privatization.By analyzing the design and development of programs in Russia, the Czech Republic, and across eastern Europe, Appel demonstrates how the transformation of property rights in these countries was first and foremost an ideologically driven process. Looking beyond simple economic calculations or pressure from the international community, she argues that privatization was part and parcel of the foundation of the postcommunist state.A New Capitalist Order reveals that privatization was designed and implemented by pro-market reformers not only to distribute gains and losses to powerful supporters, but also to advance a decidedly Western, liberal vision of the new postcommunist state. Moreover, specific ideologies-such as anticommunism, liberalism, or nationalism, to name but a few-profoundly influenced the legitimacy, the power, and even the material preferences of key economic actors and groups within the privatization process.
Essays on the design of financial systems for countries in transition to a market-based economy.
In the era of a fast-changing technically driven society, to make life easy and simple people use various devices. The Internet is one of the easiest and most economical modes of connecting people and businesses across the world. Usually, it is believed that a computer has been used as a medium or instrument for the commission of cybercrimes like trespass, larceny, or conspiracy on the other hand much credence is given to the unique nature of emerging technologies and unique set of challenges, unknown to the existing cyber jurisprudence, such as nature and scope of cybercrimes, intention, and difficulties in locating the offender, jurisdiction and its enforcement. Cyber Crimes are risky for different organizations and people networking on the internet. It poses a great challenge and threat for individuals as well as for society. The objective of the National Conference on Cyber Crime Security and Regulations – 2022 was to examine the emerging cybercrime security and regulation issues and trends in the current scenario. This conference was multidisciplinary in nature and dealt with debatable and relevant issues that the world is facing in cyberspace in the current scenario. This conference provided a platform to legal professionals, academic researchers and consultants an opportunity to share their experiences and ideas through panel discussion and paper presentations across the country and witnessed nearly 150 participations.
Banks and other financial institutions play a fundamental and yet divisive role in the health of any economy. As lenders they are important to everyone seeking a mortgage or a car loan. As investors they are essential gears of economic progress. And yet when crises hit and the economy tumbles, they are vilified. Is it possible for the banking and financial sectors to both be crisis-free and sustain economic growth that benefits everyone? This is the central question that Anjan Thakor, one of the leading analysts of banking and financial institutions, takes up in this insightful overview of the purpose of banking. He starts with the foundations of banks as safe-keepers of assets and providers of liquidity crucial to a dynamic economy. They manage risk, monitor borrowers, create trust, are providers of information, and facilitate innovation. And yet notwithstanding these essential purposes, the reputation of banks has suffered tremendously in the wake of crises that have harmed the financial sector, the real economy, and many people. The reason, Thakor argues, is that banks have lost sight of their higher purpose, which is tied to their role as safe-keepers of assets and creators of value. These essential economic functions should drive banks' culture, capital structure, and customer relationships. Credit ratings cannot replace relationships, leverage is no substitute for judgment, and the pursuit of profit should not come at the expense of prudence. Thakor shows that while governments can play an important role in creating the environment of banks, including through microprudential and macroprudential regulation, ultimately it is up to banks to improve their culture and align it with their purpose in society.
World Bank Discussion Paper No. 291. Discusses the major issues associated with transforming and improving payment systems in emerging market economies. Economic activity requires a system of payments to facilitate trade and exchange between consumers and suppliers of products and services. This paper looks at the differences between payment systems in centrally planned and market economies. The authors examine both short- and long-term methods of improving payment systems. Distinctions between the various payment instruments are made, and the roles of country size, banking structure, and institutional framework are discussed. An appendix provides a summary checklist of information needed to plan adequately for changes in payment systems.
This work is a comprehensive collection of cutting-edge scholarship on the economic, international business, political, legal, and environmental ramifications of globalization—one of the hottest topics of the day. International trade is as old as nations. During the last five decades, however, advances in technology and transportation have changed the scope and method of international trade. Disputes rage about the effects of these changes; advocates for different positions offer argument, but little factual or theoretical analysis. Globalization offers all the information readers need to sort out the arguments. Written with the highest degree of scholarship, intended for college students or working professionals, the encyclopedia provides both introductory material to broad economic, legal, political, and environmental theory, and in-depth analysis of how theory interacts with practice in the framework of global trade. A trader in New York can, in a matter of seconds, execute a billion-dollar currency transaction in Hong Kong. What does this transaction mean to New Yorkers, to residents of Hong Kong, and to the rest of the world? This book gives readers the tools to answer those questions.
At the beginning of the transition process, the countries of Central and Eastern Europe faced the task of creating a functioning financial system where none had existed before. A decade later, high-level practitioners and well-known experts take stock of banking and monetary policy in the region, centring on: the governance of banks; the spread of financial crisis; and, perspectives for monetary policy and banking sector development.