Financial Systems and Social Justice - Introduction
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Over the last 25 years, capitalism has changed with capital becoming more globally mobile. Finance has transitioned from a helper to a driver of economic growth and accumulation, with speculative finance acting as a secondary engine of growth to make up for weaknesses in productive investment. This phenomenon of the increasing importance of financial markets, motives, institutions, and elites in both national and international economic operations and policy is referred to as "financialization". In the 1990s, financialization in the US led to closer ties between large industrial and financial firms, influencing the Federal Reserve under Alan Greenspan to emphasize appreciating financial assets in monetary policy goals.
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Tabb, William K. Monthly Review66.4 (Sep 2014): 13-22.
The current stage of capitalism is characterized by the increased power of finance capital. How to understand the economics of this shift and its political implications is now central for both the left and the larger society. There can be little doubt that a signature development of our time is the growth of finance and monopoly power.1
In 1980 the nominal value of global financial assets almost equaled global GDP. In 2005 they were more than three times global GDP.2 The nominal value of foreign exchange trading increased from eleven times the value of global trade in 1980 to seventy-three times in 2009.3 Of course it is not certain what this increase means, since such nominal values can fluctuate widely, as we saw in the Great Financial Crisis. They cannot be compared directly and without all sorts of qualifications to the value added in the real economy. But they do give an impressionistic sense of the enormous magnitude by which finance grew and came to dominate the economy. Between 1980 and 2007, derivative contracts of all kinds expanded from $1 trillion globally to $600 trillion.4 Hedge funds and private equity groups, special investment vehicles, and mega-bank holding companies changed the face of Western capitalism. They also brought on the collapse from which we still suffer. Ordinary people may not be acquainted with the numbers (and even those best informed are not sure of their significance), but people generally understand in different and often deep ways what has been happening: namely, an ongoing process of financialization that has come to dwarf production.
What is particularly important is that despite the huge bubble created by this metastasizing growth of finance, the economy did not expand as rapidly as it had in the postwar years, before the goods producing industries lost ground in terms of employment to other sectors of the economy, and when government spending was used actively to promote growth. While the nature of much of the growth that occurred then is certainly open to criticism from all sorts of standpoints, at the time there was widespread understanding in policy circles that government spending was.
Kevin Hellestad Senior Paper Project FINAL
East Asia experienced extensive economic growth in the second half of the 20th century while Latin America saw stagnated growth and decline. This was largely due to differences in total factor productivity. Latin America adopted import substitution industrialization which led to inefficient state-owned enterprises, high inflation, and vulnerability to external shocks. In contrast, East Asian countries limited government intervention and inflation while promoting exports, education, savings, and sustainable growth through balanced budgets and market policies. As a result, East Asia saw investment exceed 20% of GDP annually and rapid growth, while Latin America suffered from low productivity following economic shocks.
Who Owns Ireland? UCD Lecture 10 February 2014
The document discusses the financial crisis in the UK and Europe from 2009-2012. It includes a letter stating there is no money left in the UK Treasury. It discusses quantitative easing measures taken by central banks to stimulate the economy. It discusses the ECB providing cheap loans to banks, some of which banks used to buy their own government bonds. However, many banks just deposited the money without increasing lending. The document discusses the increasing role of financial markets and motives in economies.
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World crisis of 2008 and its economic, social and geopolitical consequences
The global economic and financial crisis of 2008 had wide-ranging economic, social, and geopolitical consequences according to experts. The crisis originated from risky lending practices and over-complex financial innovations in the US that spread worldwide. It resulted in massive losses, a collapse in credit markets, and a severe global recession. Experts argue this could lead to prolonged fiscal deficits, protectionism, and a shift away from US dominance on the global stage. The crisis also hit developing economies hard through falling trade and commodity prices, with serious social impacts. It marked the end of the era of financial liberalization and globalization as governments intervened extensively to stabilize markets.
Rentier incomes and financial crises (2003) Gerald Epstein, Dorothy Power
This document summarizes a research paper that examines trends in rentier incomes and financial crises in some OECD countries between 1960 and 2000. The paper finds that rentier income shares, which include profits from financial firms and interest income, increased significantly in most countries starting in the early 1980s, coinciding with the rise of neoliberal monetary policies. However, rentier shares declined in some developing countries that experienced financial crises. The paper also finds little evidence that increases in rentier incomes came at the expense of non-financial corporate profits, suggesting no conflict between these groups.
102CHAPTER 5Policy Makers and the Money SupplyL E A R N I N .docx
102
CHAPTER 5
Policy Makers and the Money Supply
L E A R N I N G O BJ E C T I V E S
After studying this chapter, you should be able to do the following: LO 5.1 Describe the U.S. national economic policy objectives and possible confl icts among
these objectives.
LO 5.2 Identify the major policy makers and describe their primary responsibilities. LO 5.3 Discuss how the U.S. government infl uences the economy and how the government
reacted to the 2007–09 perfect fi nancial storm.
LO 5.4 Describe the U.S. Treasury’s cash and general management responsibilities. LO 5.5 Describe the U.S. Treasury’s defi cit fi nancing and debt management responsibilities. LO 5.6 Discuss how expansion of the money supply takes place in the U.S. banking system. LO 5.7 Summarize the factors or transactions that aff ect bank reserves. LO 5.8 Explain the terms monetary base, money multiplier, and the velocity of money and
their relationships to the money supply.
W H E R E W E H AV E B E E N . . . In Chapter 4 we discussed the role of the Federal Reserve System as the central bank in the
U.S. banking system. Money must be easily transferred, checks must be processed and
cleared, banks must be regulated and supervised, and the money supply must be controlled.
The Fed either assists or directly performs all of the activities that are necessary for a
well-functioning fi nancial system. You also learned about the characteristics and require-
ments of Federal Reserve membership and the composition of the Fed Board of Governors.
You were introduced to the Fed’s monetary policy functions—its open-market operations,
the administration of reserve requirements, and the setting of interest rates on loans to depos-
itory institutions. Fed supervisory and regulatory functions were also discussed.
W H E R E W E A R E G O I N G . . . The last chapter in Part 1 focuses on how currency exchange rates are determined and how
international trade is fi nanced. We begin by discussing what is meant by currency exchange
Copyright © 2017 John Wiley & Sons, Inc.
5.1 National Economic Policy Objectives 103
rates and foreign exchange markets. This is followed by a discussion of factors that determ-
ine exchange rate relationships and changes in those relationships over time. You will then
learn how the fi nancing of international trade takes place, including how exporters fi nance
with a draft or bill of exchange. Financing by the importer and the use of a commercial letter
of credit and a trust receipt are also covered. The last section will introduce you to develop-
ments in international transactions as measured by balance-of-payments accounts. In Part 2
our focus will be on investments, including the securities and other fi nancial markets needed
to market and transfer fi nancial assets.
H O W T H I S C H A P T E R A P P L I E S TO M E . . . The opportunity to vote gives you a way of infl uencing economic and political developments
in this country. The president and members of Congress are poli.
FINANCE AND LABOR PERSPECTIVES ONRISK, INEQUALITY, AND DEMO.docx
FINANCE AND LABOR: PERSPECTIVES ON
RISK, INEQUALITY, AND DEMOCRACY
Sanford M. Jacobyt
We live in an era of financial development. Since 1980, capital
markets have expanded around the world; capital shuttles the globe
instantaneously. Shareholder concerns drive executive decision
making and compensation, while the fluctuations of stock markets are
a source of public anxiety. So are the financial scandals that have
regularly occurred since 1980: junk bonds in the late 1980s;
accounting and stock options in the early 2000s; and debt
securitization today.
We also live in an era of rising income inequality and
employment risk. The gaps between top and bottom incomes and
between top and middle incomes have widened since 1980. Greater
risk takes various forms, such as wage and employment volatility and
the shift from employers to employees of responsibility for
occupational pensions.
There is an enormous literature on financial development as
there is on inequality and risk. But relatively few studies consider the
intersection of these phenomena. Standard explanations for rising
inequality--skill-biased technological change and trade--explain only
30% of the variation in aggregate inequality. What else matters? We
argue here that an omitted factor is financial development.1 This
study explores the relationship between financial markets and labor
markets along three dimensions: contemporary, historical, and
comparative. For the world's industrialized nations, we find that
financial development waxes and wanes in line with top income
t Howard Noble Professor of Management, Public Policy, & History, UCLA. Thanks to
J.R. DeShazo, Stanley Engerman, Steve Foresti, Dana Frank, Mark Garmaise, Teresa
Ghilarducci, John Logan, James Livingston, Adair Morse, David Montgomery, Paul Osterman,
Grace Palladino, Peter Rappoport, Hugh Rockoff, Dani Rodrik, Emmanuel Saez, Richard
Sylla, Ryan Utsumi, Fred Whittlesey, Robert Zieger, and various interviewees. The usual
disclaimer applies. I am grateful for support from the Price Center at the UCLA Anderson
School and from the Institute for Technology, Enterprise, and Competitiveness at Doshisha
University. This paper is dedicated to Lloyd Ulman: scholar, teacher, mensch.
1. IMF, WORLD ECONOMIC OUTLOOK: GLOBALIZATION AND INEQUALITY 48
(Washington, D.C. 2007).
17
COMP. LABOR LAW & POL'Y JOURNAL
shares. Since 1980, however, there have been national divergences
between financial development--defined here as the economic
prominence of equity and credit markets-and inequality. In the
United States and United Kingdom, there remains a strong positive
correlation but in other parts of Europe and in Japan the relationship
is weaker.
What accounts for swings in financial development and inequality
and the relationship between them? Economic growth is one factor.
Another is the politics of finance. The model presented here is simple
but consistent with the evidence: Upswings in financial development
are related to politi.
Presentation1
International political economy (IPE) analyzes the interplay between politics and economics in world affairs. IPE provides benefits in understanding issues that cannot be analyzed solely through international politics or economics, such as international trade, finance, development issues, and the role of multinational corporations. However, IPE also encounters problems, as states and markets approach issues differently using different frameworks. The rise of IPE in international relations was driven by increasing economic interdependence and issues between states in the postwar period.
Problems Chapter 51. P1. Assume that Banc One receives a primar.docx
Problems: Chapter 5
1. P1. Assume that Banc One receives a primary deposit of $1 million. The bank must keep reserves of 20 percent against its deposits. Prepare a simple balance sheet of assets and liabilities for Banc One immediately after the deposit is received.
2. P6. Assume a financial system has a monetary base of $25 million. The required reserves ratio is 10 percent, and there are no leakages in the system. a. What is the size of the money multiplier? b. What will be the system’s money supply?
Exercise :Chapter 4
As the executive of a bank or thrift institution you are faced with an intense seasonal demand for loans. Assuming that your loanable funds are inadequate to take care of the demand, how might your Reserve Bank help you with this problem?
102
CHAPTER 5
Policy Makers and
the Money Supply
L E A R N I N G O B J E C T I V E S
After studying this chapter, you should be able to do the following:
LO 5.1 Describe the U.S. national economic policy objectives and possible confl icts among
these objectives.
LO 5.2 Identify the major policy makers and describe their primary responsibilities.
LO 5.3 Discuss how the U.S. government infl uences the economy and how the government
reacted to the 2007–09 perfect fi nancial storm.
LO 5.4 Describe the U.S. Treasury’s cash and general management responsibilities.
LO 5.5 Describe the U.S. Treasury’s defi cit fi nancing and debt management responsibilities.
LO 5.6 Discuss how expansion of the money supply takes place in the U.S. banking system.
LO 5.7 Summarize the factors or transactions that aff ect bank reserves.
LO 5.8 Explain the terms monetary base, money multiplier, and the velocity of money and
their relationships to the money supply.
W H E R E W E H A V E B E E N . . .
In Chapter 4 we discussed the role of the Federal Reserve System as the central bank in the
U.S. banking system. Money must be easily transferred, checks must be processed and
cleared, banks must be regulated and supervised, and the money supply must be controlled.
The Fed either assists or directly performs all of the activities that are necessary for a
well-functioning fi nancial system. You also learned about the characteristics and require-
ments of Federal Reserve membership and the composition of the Fed Board of Governors.
You were introduced to the Fed’s monetary policy functions—its open-market operations,
the administration of reserve requirements, and the setting of interest rates on loans to depos-
itory institutions. Fed supervisory and regulatory functions were also discussed.
W H E R E W E A R E G O I N G . . .
The last chapter in Part 1 focuses on how currency exchange rates are determined and how
international trade is fi nanced. We begin by discussing what is meant by currency exchange
Copyright © 2017 John Wiley & Sons, Inc.
5.1 National Economic Policy Objectives 103
rates and foreign exchange markets. This is followed by a discussion of factors th.
Bianco News Clips
The document summarizes Ben Bernanke being named TIME's Person of the Year for 2009. It discusses past TIME Person of the Year selections and how they have sometimes served as contrarian indicators, with the stock market or country of the subject often facing difficulties afterwards. It provides several examples from previous years to support this.
Inequality in Irish Society: Who Owns Ireland?
Over the last 25 years, capitalism has changed with capital becoming more globally mobile. Finance transformed from a modest helper to a driving force behind growth as speculative finance became a secondary engine of growth with weak primary investment. The Lehman Brothers collapse in September 2008 highlighted this change as headlines showed the impact on the global financial system.
Genesis Of Global Financial Crises
arifanee.com is world's leading website on the hottest financial news, perspectives and behind the scenes stories. arifanees.com brings you insight and information to inspire and transform your paradigm by enriching your with the best of facts and the vision.
arifanees.com
Information-Inspiration-Transformation
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Foreign direct investment good cholesterol
This document summarizes a working paper analyzing factors that determine the size and composition of foreign capital inflows. It finds that while total capital flows increase with development, the share of flows as foreign direct investment (FDI) decreases. Countries with weaker institutions and riskier environments attract less total capital but a higher proportion as FDI. Therefore, a rising FDI share is not necessarily a sign of economic strength. The paper aims to explain these patterns through theoretical frameworks on transaction costs and corporate finance. It concludes policies should focus on improving investment environments rather than promoting higher FDI shares, as those shares may naturally decrease as economies develop stronger markets and institutions.
Great Recession
The document discusses the Great Recession that occurred from late-2007 to mid-2009. It led to major job losses and declines in income and education levels. Despite government efforts, the labor market was hit hardest and unemployment was the worst in three decades. The recession was caused by factors like unemployment, declining incomes, lack of education, and inflation. Employers had to let go of less skilled workers due to rising costs.
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World crisis of 2008 and its economic, social and geopolitical consequences
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Rentier incomes and financial crises (2003) Gerald Epstein, Dorothy Power
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102CHAPTER 5Policy Makers and the Money SupplyL E A R N I N .docx
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Problems Chapter 51. P1. Assume that Banc One receives a primar.docx
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Peter Adrien - Financial Restructuring in the OECS Countries [ECCB]
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Author(s): Katherine Butler
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Ireland has a complex political and social history defined by class and gender divisions. In his lecture, Dr. Conor McCabe discusses how politics in Ireland have been shaped by conflicts between social classes and by patriarchal norms that disadvantaged women for much of the country's history. While progress has been made, the legacy of these divisions still influences Irish society today.
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- 19. [Lehman collapse, 15 September 2008 - headlines 16 Sep 2008]
- 69. Over the last quarter of a century something fundamental seems to have changed in the way in which capitalism works. The tendency since 1970 has been towards greater geographical mobility of capital.
- 70. Rather than being a modest helper to the capital accumulation process, [finance] gradually turned into a driving force. Speculative finance became a kind of secondary engine for growth given the weakness in the primary engine, productive investment.
- 71. Financialization refers to the increasing importance of financial markets, financial motives, financial institutions and financial elites in the operation of the economy and its governing institutions, both at the national and international levels. Gerald Epstein (2002) Financialization, Rentier Interests, and Central Bank Policy’
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