Εμφάνιση αναρτήσεων με ετικέτα study. Εμφάνιση όλων των αναρτήσεων
Εμφάνιση αναρτήσεων με ετικέτα study. Εμφάνιση όλων των αναρτήσεων

Τετάρτη, 22 Ιουνίου 2011

How Capitalist is America?

CAMBRIDGE – If capitalism’s border is with socialism, we know why the world properly sees the United States as strongly capitalist. State ownership is low, and is viewed as aberrational when it occurs (such as the government takeovers of General Motors and Chrysler in recent years, from which officials are rushing to exit). The government intervenes in the economy less than in most advanced nations, and major social programs like universal health care are not as deeply embedded in the US as elsewhere.
But these are not the only dimensions to consider in judging how capitalist the US really is. Consider the extent to which capital – that is, shareholders – rules in large businesses: if a conflict arises between capital’s goals and those of managers, who wins?

Πέμπτη, 26 Μαΐου 2011

A Marshall Plan for the Arab World

ROME – US President Barack Obama’s major speech on the consequences of the Arab Spring is also a challenge for Europe. Only if the trans-Atlantic partnership proves effective, as it did to meet the demands of the Cold War and the end of Europe’s division, can the West contribute to realizing the hopes engendered by the Arab uprisings.
The crisis in Europe’s southern neighborhood reflects a deep-seated transformation process that will have long-lasting consequences – for the region, for Europe, and for the world. The Mediterranean region is vital to Europe’s peace, stability, and economic growth.

Σάββατο, 7 Μαΐου 2011

Visualized: Google searches around the globe

The IMF’s Switch in Time Joseph E. Stiglitz

NEW YORK – The annual spring meeting of the International Monetary Fund was notable in marking the Fund’s effort to distance itself from its own long-standing tenets on capital controls and labor-market flexibility. It appears that a new IMF has gradually, and cautiously, emerged under the leadership of Dominique Strauss-Kahn.
Slightly more than 13 years earlier, at the IMF’s Hong Kong meeting in 1997, the Fund had attempted to amend its charter in order to gain more leeway to push countries towards capital-market liberalization. The timing could not have been worse: the East Asia crisis was just brewing – a crisis that was largely the result of capital-market liberalization in a region that, given its high savings rate, had no need for it.

Σάββατο, 30 Απριλίου 2011

The ECB’s Secret Bailout Strategy

MUNICH – Why did Greece, Ireland, and Portugal have to seek shelter under the European Union’s rescue umbrella, and why is Spain a potential candidate?
For many, the answer is obvious: international markets no longer want to finance the “PIGS.” But that is only half true. In fact, international markets have not financed any of them to a considerable extent for the past three years; the European Central Bank has. The so-called “Target” accounts, hitherto ignored by the media, show that the ECB has been much more involved in rescue operations than is commonly known.

Σάββατο, 23 Απριλίου 2011

Democracy or Finance?

LONDON – “Shorting” is a tactic well known among the financial cognoscenti. It means betting against an asset with borrowed money in the expectation of making a profit when its value goes down.
A speculator can “short” a government by borrowing its debt at its current price, in the hope of selling it later at a lower price and pocketing the difference. For example: on January 1, 2010, I think to myself that the game will soon be up for the Greeks. I borrow, at face value, €10 million of the Greek government’s 2016 bond, which is then trading at €0.91, from Goldman Sachs for six months. For this, I have to pay Goldman Sachs the yield that it would receive from the bond – around 5% annually at that price, so about 2.5%, or €250,000 – during the six-month term.