... Technology and War (1988), andThe Transformation of War (1991) XXXX TheRiseandDeclineofthe State Martin van Creveld published by the press syndicate ofthe university of cambridge The Pitt ... fields, and your vineyards, and your oliveyards, even the best of them, and give them to his servants And he will take the tenth of your seed, andof your vineyards, and give them to his servants And ... TheRiseandDeclineofthe State The state, which since the middle ofthe seventeenth century has been the most important and most characteristic of all modern institutions, is in decline...
... trade during the crisis of 1929-1933 16 I.2.5 Thedecline in world trade during the crisis of 2008-2009 16 I.2.6 Unemployment rates during the Great Depression andthe present crisis in the II.1.1 ... FOREWORD The European economy is in the midst ofthe deepest recession since the 1930s, with real GDP projected to shrink by some 4% in 2009, the sharpest contraction in the history ofthe European ... 2.2 Great crises in the past 14 2.3 The policy response then and now 18 2.4 Part II: The crisis from a historical perspective 2.1 Lessons from the past 20 Economic consequences ofthe crisis...
... prevention and resolution of financial crises andthe management of systemic risk (see Part III) 1.2 A CHRONOLOGY OFTHE MAIN EVENTS The heavy exposure of a number of EU countries to the US subprime ... associated with the rescue of Fannie Mae and Freddy Mac, the bankruptcy of Lehman Brothers and fears ofthe insurance giant AIG (which was eventually bailed out) taking down major US and EU financial ... before andthe examples are abundant (e.g Japan andthe Nordic countries in the early 1990s, the Asian crisis in the late-1990s) But the key difference between these earlier episodes andthe current...
... reminiscent ofthe largely uncontrolled expansion ofthe 'shadow' banking system in recent years, andthe important role of liquidity scarcity at the peak ofthe panic Also in 1907, in the heyday ofthe ... First World War andthe contractionary behaviour of France andthe 18 The defence ofthe fixed rate to gold was the fundamental element ofthe ideology of central bankers in Europe They focused ... the crisis in the financial sector deeper via adverse feedback loops The US crisis spread eventually to the rest ofthe world through the workings ofthe goldexchange standard By the summer of...
... give rise to its own lessons But these lessons are likely to be enforcing the lessons from the crises ofthe past Although, the economic and political system as well as the policy thinking ofthe ... such that the model can roughly match the observed orders of magnitude ofthe bond spread andthe spreads in the interbank market The impact on economic activity andthe constellation of relevant ... view the Great Depression as the end ofthe first period of globalisation It is true that the outbreak of war in 1914 closed borders and destroyed the order that had been established during the...
... Italy andthe UK and after about 20 months in France and Germany • There appears to be a divide between France andthe UK on the one hand and Germany and Italy on the other hand in the current recession ... than the EU average in the first quarter of 2009 on the same quarter a year earlier (-4.8%), therise in the unemployment rate over the period is remarkably small in Germany, Italy andthe Netherlands ... close to 11% in the EU by 2010 (and 11½ % in the euro area) The present chapter takes stock of labour market developments since the onset oftheand examines the evidence on further job losses...
... is the result of export demand collapsing even more strongly than import demand The euro area has thus provided a net demand stimulus to the rest ofthe world economy Overall, the role ofthe ... discusses the links between the implications ofthe global financial crisis andthe global imbalances, including the implications if the crisis for the unwinding, and raises a number of associated ... growth of tax rich activity in housing and construction markets The unwinding of these windfalls in the wake ofthe crisis, along with the fiscal stimulus adopted by EU governments as part of the...
... implications of a reduction in US demand and a depreciation ofthe real US dollar exchange rate for the euro area andthe EU at large in part depend on the policy actions and economic developments in other ... national regulators and supervisors alone The same holds true for the implementation and unwinding of bank rescues and other forms of support of financial institutions 1.3 THE IMPORTANCE OF EU COORDINATION ... again possibly because of fears ofthe emergence of bubbles in equity markets On the one hand, there is a risk that investment demand could slow again On the other, there is a risk that heavy capital...
... Decision of May 2009) The EU assistance comes in conjunction with loans ofthe IMF (EUR 13bn), the World Bank (EUR 1bn) andthe EIB andthe EBRD (EUR 1bn) The package was designed to enable the economy ... growth and jobs potential ofthe economy in the longer run, could support aggregate demand, employment and household income in the shortrun during the crisis, whilst at the same time improving the ... compatible with the agreed principles and policy do's and don'ts The majority of measures seem to address the specific policy objective they pursue in a rather ambitious manner There is also a...
... action and monitor their implementation This body would have as voting members the members ofthe General Council ofthe ECB, a Member ofthe European Commission andthe Chairpersons ofthe three ... operate using the rule books of various regulators and standard setters while responding to the needs ofthe markets Therefore a certain degree of commonality and consistency across these rule books ... responses the adequacy ofthe measures taken In this context, the reluctance of many banks to reveal the true state of their balance sheets risks aggravating the situation This may jeopardise the recovery...
... regarding theriseofthe economic power of Western Europe andthe United States andthe causes ofthedeclineofthe economic power It is also an appeal to the professional economists and academicians ... verge of collapse? Or does it mean the prosperity ofthe limited companies and business houses ofthe nation, their assets and profitability or the wealth and prosperity ofthe super rich or the ... Europe has developed at the cost of their colonies They plundered the riches ofthe kings and people ofthe countries they colonized They exploited the mineral resources ofthe colonies without...
... perusal ofthe record is the inability of members to appreciate the importance ofthe issues Much ofthe tedious and pointless character of their speeches may be ascribed to the lack ofthe personal ... and sustaining its own duties and measures by a bold and manly appeal to the nation in the face of its representatives." The last ofthe organic acts ofthe session was the one establishing the ... spokesman ofthe Administration? Divergence between the two men had already begun in details At the time the vote on the powers ofthe Secretary ofthe Treasury was taken, the tariff bill andthe tonnage...
... vessels, and gave the command of them to Philip Amidas and Arthur Barlow, and sent them to America They landed at the island Roanock, and took possession ofthe country in the name ofthe Queen of ... subsistence ofthe inhabitants andthe success ofthe settlement depended Instead of framing codes of laws, and modelling the An Historical Account oftheRiseand Progress ofthe Colonies of South ... which means they thrust themselves into offices of trust and authority The Puritans, on the other hand, viewed them with the eye of envy and jealousy, and having suffered from them in England, could...
... Congressional Budget Office, the Federal Reserve Bank of Atlanta, the Office ofthe Comptroller ofthe Currency, andthe World Bank He is a member ofthe Advisory Council of George Washington ... default, the holders ofthe bonds would have priority claims against the collateral assets, ahead of other creditors and even the FDIC The holders ofthe covered bonds would also have recourse to the ... share ofthe appreciated value ofthe collateral property The share ofthe appreciated value is determined and due at the sale ofthe property or at the termination ofthe mortgage In addition to...
... shall see, the failure of Saint Paul andthe earliest [ 24 ] theriseand fall of soul and self church fathers to be clear on this point is the basis for a doubt about whether some of them even ... that the brain,” which is the primary seat of sense andofthe spirits” and “perceives whatever occurs in the body,” is the cause of [these] afflictions.” Some of these disturbances affect the ... means of explaining in a physical way how mind and body might interact If the brain were the seat ofthe mind and could communicate through the nerves to the rest ofthe body, the activities of the...
... connections.”25 The Edison Company andthe Trust had their patents, plenty of money, control ofthe theaters and distribution, and all ofthe advantages that go with being a “first mover.” And yet as the ... “competition which commands a decisive cost or quality advantage and which strikes not at the margins ofthe profits andthe outputs ofthe existing firms but at their foundations and their very lives.” ... applied to the things ofthe spirit it is not so good.”10 Seven years later, the question ofthe spirit would occur to another student of culture and theorist of information The radio is the most...
... silver dome J.M would eat one ofthe apples and randomly offer the other to one ofthe troops as a sort of token The rest ofthe gang might order Chinese food, and if any sauce leaked onto his ... moment the bankers, the cream of Wall Street, were silent And then the room exploded THE RISEOF LONG-TERM CAPITAL MANAGEMENT MERIWETHER IF THERE WAS one article of faith that John Meriwether ... levels ofthe firm privately aided me in my research, helping me to understand both the inner workings ofthe firm andthe nuances of many ofthe individual partners; I am deeply grateful to them...
... Banking I TheRiseand Fall of Abacus Banking andthe Banking Crisis in Japan 17 TheRiseof Abacus Banking in Japan 19 The Fall of Abacus Banking in Japan 53 The Banking Crisis 73 II TheRiseand ... TheRiseand Fall of Abacus Banking in Japan and China TheRiseand Fall of Abacus Banking in Japan and China Yuko Arayama and Panos Mourdoukoutas QUORUM BOOKS ... Crisis 73 II TheRiseand Fall of Abacus Banking andthe Looming Banking Crisis in China 99 TheRiseof Abacus Banking in China 101 The Fall of Abacus Banking in China 127 The Looming Banking Crisis...
... discusses theriseand fall of abacus banking in Japan in the postwar period andthe banking crisis ofthe 1990s, and Part II addresses theriseand fall of abacus banking in China andthe looming ... corporate governance ofthe banking institutions ofthe two countries, freeing bank managers from the control of regulators, and educating them about the principles andthe mentality of risk management, ... bureaucrats at the MOF; (3) the failure to pursue economic policies that are for the good ofthe country rather than for the good of special interests; and (4) the slow sales of non-performing...
... especially the breaking of zaibatsu groups, land reform, and democratization ofthe political system: Probably the most important among the reform programs were land reforms andthe revision ofthe ... economies of scale and 22 TheRiseand Fall of Abacus Banking in Japan and China sparking growth in the 1950s and 1960s According to Denison and Chung’s classic study on the sources of growth, a major ... be major shareholders of corporations, andcorporations cannot be themajor stockholders of banks (i.e., corporate directors not sit on the boards of banks, and bank directors cannot sit on the...