Finance Planner
Keep your finances in order with our Weekly/Monthly Finance Planner. It measures 8.5 x 11 inches, is available in hardcover, and provides a flexible design that caters to an individual or family with the option to plan your budget on a weekly or monthly basis. It also offers: 12 months of tracking pagesTwo-page calendar spreads each month (with notes section)Four Savings Tracker pages (16 tracking tables in total)Eight Debt Tracker pages (16 tracking tables in total)Daily Expense pages (Four tracking tables in total)Two Financial Goals pagesHoliday Budget pagesYearly summary pagesTwo pages for Net Worth Yearly summary page
Prosper mE
We all desire wealth and abundance, but do we have the tools to create it in our lives? Do we have the essential knowledge and skills to transform our lives from mundane to miraculous? Prosper mE is the gift that keeps on giving; with 35 Universal Laws containing insightful, practical steps to help you prosper in every area of your life with ease; this book will soon become your 'go to' guide to creating your most prosperous life. You will learn how to manage your finances for optimum results, how to lean in and receive inspired inner knowing and guidance to success, plus gain unparalleled knowledge that will give you the keys you need to thrive in your day-to-day life. Tap into a power of abundance that will give you the tools you need to break free from the limiting beliefs within you and step into the incomparable wonder of living the life you have always dreamed of having. Obtaining inner peace and prosperity through wealth and wisdom are two of the most desired traits that humankind searches for; Prosper mE gives you both. Start your profound journey today toward igniting your success, creating your abundance, and embracing your newfound life filled with riches of every kind, in every possible way.
The Power of a Plan
PLAN your FINANCIAL WORRIES away Residents of Oklahoma plan for tornadoes. Just living there carries a risk of their home being swept away by a violent cyclone-so they prepare for the worst. As a business owner or soon-to-be retiree, you also must plan for the worst. Markets will fluctuate and investments will falter, but with a plan, you can endure the trying times. David Stone has been helping individuals and business owners plan their financial matters since 1992, and in The Power of a Plan, he shares strategies you can use to improve your financial situation now and plan for the future. Inside, you'll learn how to: - manage and understand your cash flow - handle your insurance needs - manage the risk of your investments - oversee real estate investments - prepare for retirement - implement tax-planning strategies - leave an inheritance to future generations - identify business succession opportunities You may not be in danger of tornadoes, but everyone is susceptible to financial ruin-with a plan, you can be more prepared to beat the odds.
Modern Finance and Risk Management: Festschrift in Honour of Hermann Locarek-Junge
Modern Finance and Risk Management is dedicated to our colleague, academic mentor, and adviser Professor Hermann Locarek-Junge. During his academic career, Hermann Locarek-Junge published several important contributions to the field of risk management and portfolio management and served as the chairman and board member of the German Finance Association (DGF) and the Data Science Society (Gesellschaft f羹r Klassifikation).A short foreword by the mentors of Hermann Locarek-Junge and an introduction by the editors mark the beginning of the Festschrift. The first section on Modern Finance includes chapters on asset management, entrepreneurship, and behavioural finance. The second section on Modern Risk Management contains seven contributions covering considerations of risk measurement, risk management, and regulation. Finally, the third section includes topics on commodities and energy finance.This Festschrift comprises 20 original contributions of notable scholars in finance who have worked with Hermann Locarek-Junge over the last four decades. Due to numerous connections to practice and applications, Modern Finance and Risk Management is relevant and attractive not only to academics and researchers but also to practitioners in industry and banking.
An Insider's Guide To Trading The Global Oil Market
A guide to how the oil market is manipulated, and how traders can take advantage and position themselves accordingly to make terrific returns.
Artificial Intelligence and Big Data for Financial Risk Management
This book presents a collection of high-quality contributions on the state-of-the-art in Artificial Intelligence and Big Data analysis as it relates to financial risk management applications. It brings together, in one place, the latest thinking on an emerging topic and includes principles, reviews, examples, and research directions.
Capital Mobility and Distributional Conflict in Chile, South Korea, and Turkey
In this book, Gemici shows that conflictual distributional relations significantly increase the likelihood of capital account liberalization. He also demonstrates that countries which liberalize in the most comprehensive manner tend to be the countries characterized by a high degree of distributional conflict.
Behavioural Public Finance
The proposed book aims to combine conventional approaches in public finance with new developments in economics such as political governance, social and individual aspects of economic behaviour.
Travel Industry Economics
In this book Harold L. Vogel comprehensively and holistically examines the business economics and investment aspects of major components of the travel industry, including airlines, hotels, casinos, amusement and theme parks, cruise lines, and tourism. The book is designed as an economics-grounded text that uniquely integrates reviews of each sector's history with economics, accounting, and financial aspects and analysis. As such, it provides a concise, up-to-date reference guide for financial analysts, economists, industry executives, legislators and regulators, advertisers, and journalists interested in the economics, financing, and marketing of travel and tourism-related goods and services.The fourth edition of this well-established text updates, refreshes, and significantly broadens the coverage of tourism economics. It includes new sections on travel law and applications of big data and artificial intelligence technologies as well as additional materialon demographic spending patterns, the online travel agency business, the pandemic's effects and affects on industry finances, expanded coverage of the cruise line industry, and information on the damage to tourist destinations caused by excessive pollution and traffic.
Promoting Local Currency Sustainable Finance in Asean+3
This report provides an update on the local currency sustainable bond markets in the Association of Southeast Asian Nations (ASEAN) and the People's Republic of China, Japan, and the Republic of Korea (ASEAN+3). Historically, green bonds have dominated the sustainable debt market in ASEAN+3, but the coronavirus disease (COVID-19) pandemic has spawned the next generation of social- and sustainability-labeled instruments to fund a broader range of environmental and social benefits. This report provides a comprehensive summary of regional developments, identifies existing obstacles and challenges, highlights green investment opportunities in key sectors, and offers practical recommendations to further develop sustainable local currency bond markets in ASEAN+3.
Financial Analysis 101
This book provides a path to understanding the complexity of financial statements, financial ratios, and financial metrics savvy investors tend to focus on in order to measure a company's financial health.1
The Political Economy of Financial Development in Malaysia
The book provides insight into the financial development in Malaysia and conceptualises it as a political process. It echoes a concern in political economy literature, namely the evolving relationship between states and markets, and the supposed retreat or reassertion of the state at a time of increasing (financial) globalisation.
Take Control & Master Your Loan
Why This Book? This book fantastically dispels some myths we Indians have about finance and gives a clear road map on how to manage our money. This book helps one build a smart system to live a good life rather than stay worried about the 'right' type of loan or 'perfect' insurance. Unlike many personal finance books, the book is written specially for every Indian. A lot of financial mistakes that the author has highlighted are done by majority of the people in India. However, this is one of the best books for getting started with managing your own finance.
When Profit Meets Policy
In 1942, the Second World War was ravaging the globe, and the United States (US) Army Air Forces suffered massive losses. The US military enlisted a group of statisticians to analyze data from its planes that had returned from battle riddled with bullets. Their question was deceptively simple: where should the military add armor to the planes so that pilots and their craft could return fire, survive battles, and turn the tide of the war? The answer seemed equally simple: position the armor where the holes are. Hungarian Jewish statistician Abraham Wald disagreed. In taking what would later be termed a "survivorship bias" into consideration, Wald understood that the planes riddled with holes had one characteristic in common. They had made it home. For him, this was evidence that planes could survive holes in the places they had been punctured. Wald saw what was missing: all the planes at the bottom of the ocean that had not survived their skirmishes with the enemy. Wald's solution was to place the armor where the holes were not. In much the same way, this is a book about what is missing in our businesses and business schools today: an understanding of how government affects business. Today's business schools are missing valuable curriculum to prepare tomorrow's business leaders to deal with elected officials, regulators, and legislative bodies. By focusing on this void and using real-world examples from my career in government affairs and management consulting, this book sheds light on how business leaders can prepare themselves and their companies for a corporate world increasingly influenced, if not controlled, by the ever-increasing power of government.
Planning Within Complex Urban Systems
Imagine living in a city where people could move freely and buildings could be replaced at minimal cost. Reality cannot be further from such. Despite this imperfect world in which we live, urban planning has become integral and critical especially in the face of rapid urbanization in many developing and developed countries. This book introduces the axiomatic/experimental approach to urban planning and addresses the criticism of the lack of a theoretical foundation in urban planning.With the rise of the complexity movement, the book is timely in its depiction of cities as complex systems and explains why planning from within is useful in the face of urban complexity. It also includes policy implications for the Chinese cities in the context of axiomatic/experimental planning theory.
The Evolution of Law Against Payment Frauds
This book examines the evolution of legal institutions in containing and tackling fraudulent activities plaguing payment systems ('payment fraud', e.g. forged cheques, wrongful payment instructions, etc.) in Asia, focusing on laws in Greater China and Singapore.
Engineering Education
This book details the key concepts, objectives and processes relating to the professional accreditation of engineering bachelor (honours) degrees. The contemporary context of accreditation is examined in terms of the globalised nature of both the engineering profession and higher education. Examples of the processes relating to single and dual accreditation are provided, with examination of the Washington Accord and the requirements of the European Network for Accreditation of Engineering Education. Details are also provided as to how learning outcomes can be structured to demonstrate compliance with accreditation criteria. The final chapters deal briefly with quality assurance processes used in education and the current international quality ranking systems which exist.This book will provide the reader with a detailed examination of outcome based education within the context of Bachelor of Engineering (honours) degrees. A key feature of this book is the side-by-side comparison of different accreditation criteria and a thorough discussion of the relatively new phenomenon of dual accreditation. The book seeks to provide a very clear explanation and exploration of accreditation within the context of engineering education and will benefit those practitioners involved in the accreditation process.
Monetary Policy after the Great Recession
The author provides a thorough analysis of the issues related to the interest rates in the conduct of monetary policy, such as the risk-taking channel of monetary policy, zombie firms in the economy and the difference between the neutral and natural interest rate and the negative interest rate policy.
Banking and Effective Capital Regulation in Practice
Due to a historical lack of attention to the importance of modelling, measuring and managing risk, senior bank leaders are struggling to implement unified practices within their financial institutions that could address the gaps posed by risky management behaviour, rogue trading, liquidity crises, prohibited investments in mortgage-backed securities, and default risks aligned with loans. This book discusses the theories at play between bank agents (bank managers) and their principals (shareholders), a topic which has gained importance as a result of the banking crisis, and similarly, governed the need for more efficient risk management and ethical managerial practices. The author worked with a senior bank leadership team to identify and describe effective capital regulation practices that can lead to a reduction in loss and risky management behavioural practices. The book offers consensus on a number of activities that bank managers can implement to address bank risk. It analyses the relevant factors that determine the necessity for banking regulation and the important role of regulation in managing banking crises. The author's analysis of the important regulatory aspects in developed countries such as the US, offers a useful conceptual framework for creating an adequate banking regulatory environment in developing countries.This book offers an original contribution to the field of banking that undergraduate, masters, PhD students, academics and researchers can use to gain a deeper understanding of the constructs at play in the banking industry.
Social Stock Exchanges
This book examines funding platforms for impact investing known as social stock exchanges (SSE) and ways to approach impact investing at regulated traditional exchanges. The book analyses the antecedents and prerequisites for the successful implementation of SSEs. It presents the creation of SSEs as a necessary step towards a more democratic and popular impact investing market, and a way to align the asset search process for investors with capital access for entrepreneurs. It also analyses the installation of impact investing at traditional stock exchanges drawing from Green Bonds and Social Bonds. The book showcases successful financial structuring, integrating impact into existing financial products. It discusses standalone impact solutions, the status quo of impact investing, social entrepreneurship and the pros and cons of platforms versus the use of traditional stock exchanges for impact investing. It highlights aspects of adjusted portfolio and product structuring, innovation in the context of listing criteria and makes proposals for impact stock listings at platforms and traditional stock exchanges.
The Best Guide to Passive Income
In my twenties I had one of the best jobs on the planet in terms of salary, perks, and lifestyle, but I felt like I was trapped on a never-ending hamster wheel with no control over my own life.The turning point came when I realized that the key to achieving true independence was passive income. I became obsessed with a crazy idea: What if I could build up enough automatic monthly revenue to completely replace my lavish salary, so I could quit my job and take control of my life without taking a dip in cashflow?Five years later I'd done it-so I resigned. And I never looked back. Now, in this book I'm sharing the exact strategy that I used.
Launching a Digital Tax Administration Transformation
This publication sets out considerations for policymakers embarking on planning and implementing a digital transformation of tax administration. Digitalization can play a key role in helping tax authorities lower compliance and administrative costs, collect more revenue more efficiently, enhance transparency and service to taxpayers, and accommodate big data flows. This report explores how tax administrations can use technology and how risks can be identified and reduced. It provides an assessment framework to support policymakers as they begin the planning process and outlines considerations for effective implementation of the tax administration of the future.
The 3 Simple Rules of Investing
Managing your money can be stressful. And confusing and complicated advice from the financial industry just makes it harder. But as the authors of this clear, practical, and enlightening book - part financial guide, part expos矇 - prove, there are just three simple rules you need to follow and only a few investment products that are necessary for an ideal portfolio. That's it. And the authors dispense with all that ''expert'' advice by deftly debunking what they call investing's Seven Deadly Temptations. By embracing commonsense solutions and rejecting investments that seem enticing but are needlessly complex, overpriced, and risky, you'll put not only yourself in a stronger position but the entire economy as well.
Detecting Regime Change in Computational Finance
Based on interdisciplinary research into "Directional Change", a new data-driven approach to financial data analysis, this book applies machine learning to financial market monitoring and algorithmic trading.
Data Science and Multiple Criteria Decision Making Approaches in Finance
Four Voices
From Italian, English and Mexican proverbs to Arabian or Chinese parables the curse of family business is always the same. Namely, that the first generation makes it, the second generation enjoys it and the third generation destroys it! Rags to riches and back again in three generations.But it doesn't have to be this way.This book tells the story of love, loyalty and wealth, and how they can happily co-exist and endure through the generations once we understand the family business theorem: n = (F x B)w / Gs n = ComplexityF = FamilyB = BusinessW = WealthG = GovernanceS = Stewardship You will finally learn the reasons, commercial and biological, that explain the inevitability of the various universally experienced family business issues and the conflict and angst those issues can create.And perhaps, more importantly, for the first time, you will be presented with a genuinely comprehensive solution.Managing love, loyalty and family wealth successfully generation after generation comes down to a collective willingness to elicit four voices: from the business, the individual family members in the business, the family and the wider family community.Governance and stewardship are what facilitate the emergence of these crucial voices, thus ensuring your business never falls victim of the curse.
Hands-On Data Analysis in R for Finance
The textbook is an introduction to data science/data analysis applied to finance, using R and its most recent and freely available extension libraries. The target audience are undergrad data science, finance and graduate students, and practitioners or professionals who need a desk reference.
A Comparative Analysis of Tax Administration in Asia and the Pacific
This edition provides analysis of tax systems and their administration in 38 economies across the region as a resource for revenue bodies seeking to boost fiscal capacity weakened by the pandemic. Topics covered include features of an effective tax reform strategy, the use of innovative technologies, taxing the digital economy, and international cooperation to help crack down on tax loopholes. The publication enables revenue bodies to benchmark their administration against similar economies in the region to help improve performance. The comparable data and analysis are based largely on the 2020 round of the International Survey on Revenue Administration.
Monetary and Fiscal Policy, Volume 1
How will the private sector react to different governmental policies? What policies will produce the most desirable outcomes? These two volumes bring together major contributions to a new theory of macroeconomic policy that analyzes which policies are credible or politically feasible, topics that are central to the practical policy debate but that traditional theory cannot address. Instead of looking at policy as an end product, the contributors approach policy as an ongoing process of revised goals, changes in tactics, and political pressures. They consider what kinds of incentives, within different institutional settings, drive policymaking and the behavior of policymakers. This approach allows more informed answers to questions of which policies are credible and which are politically feasible. It explains why certain monetary and fiscal policies get implemented, and provides insights into situations that occur repeatedly in macroeconomic policy such as the bias toward government deficits, partisan competition, and central bank independence.Volume 1 examines problems of policy credibility caused by incentives to deviate from announced policy. Volume 2 looks at feasibility problems caused by political pressures generated by the electoral process, the politics of the public debt, issues of the redistribution of wealth, and conflict over the need for economic reforms. Sections are arranged so that the first chapter introduces a topic while those that follow expand on it. The editors provide substantial introductions to each volume as well as short comments at the beginning of each section within the volumes.
Implementing a Green Recovery in Southeast Asia
This report explains why Southeast Asian countries need to design pandemic recovery policies that hit both ambitious socioeconomic and environmental goals. The third in a four-part series, the report considers the impact of COVID-19 on Cambodia, Thailand, Indonesia, Myanmar, and the Philippines to show how a green recovery can safeguard against future health crises. Analyzing areas including agriculture, cities, and oceans, the report lays out policy measures designed to identify, create, and finance green growth opportunities. It shows how COVID-19 has presented countries a chance to hit the reset button and build a socially, economically, and environmentally resilient future.
Strengthening Domestic Resource Mobilization in Southeast Asia
This report shows why Southeast Asian countries need to consider fresh taxation policies after many struggled to finance massive public expenditure programs to combat COVID-19. The second in a four-part series, it considers the impact of the pandemic on countries including Cambodia and Thailand to lay out steps policymakers can take to create healthier fiscal spaces. It illustrates the challenges around informality, collection, and progressivity, and details quick-fix measures designed to increase revenues. It emphasizes how preventing fraud, taxing wealth, and introducing environmental levies can help reduce poverty, tackle inequality, and contribute toward more sustainable growth.
Star-Bubble Trouble
Why do successful entrepreneurs with dynamic skillsets become victims of financial chaos? The reason is because proactive financial planning is not their priority. They profess to be too busy, and so they fail to protect themselves. John House, the president and CEO of MasterTech Financial Advisors, shares true stories of real people in challenging situations in this business guide that delivers a financial reality check. The compelling stories in each chapter will help you: - safeguard what's most important to you; - identify business partners that align with your financial interests; - incorporates finance, legal, tax planning, insurance analysis, and professional asset management into your business strategy; - build a foundation to resolve numerous, mostly hidden, financial deficiencies to achieve a true sense of financial well-being. Don't be one of the many uninformed individuals who focus their expertise on entrepreneurial endeavors instead of strategic planning. Get intelligent solutions to complicated financial problems with the insights in Spellbound by Financial Reality.
The Private Equity Toolkit
Master the navigation of private equity deals from sourcing to exit with this comprehensive guide The Private Equity Toolkit A Step-by-Step Guide to Getting Deals Done from Sourcing to Exit offers readers the first complete guide to executing a private equity deal from start to finish. Written by an accomplished professional with twenty years of experience in the private equity space, this book is perfect for current private equity analysts and associates, as well as business students and professionals seeking to enter the private equity field. This book covers every stage of the private equity process, from sourcing the deal to company exit. It provides a systematic overview of how to: - Originate attractive investment opportunities; - Generate superior deal insights; - Form effective working relationships with management teams; - Add value on portfolio company boards; and - Achieve profitable investment exits. The Private Equity Toolkit equips its readers with actionable frameworks and proprietary tools that can be applied on a daily basis in the private equity industry. The content found within is designed to be current and helpful for years to come and appeals to a global audience.
Spellbound by Financial Reality
Why do successful entrepreneurs with dynamic skillsets become victims of financial chaos? The reason is because proactive financial planning is not their priority. They profess to be too busy, and so they fail to protect themselves. John House, the president and CEO of MasterTech Financial Advisors, shares true stories of real people in challenging situations in this business guide that delivers a financial reality check. The compelling stories in each chapter will help you: - safeguard what's most important to you; - identify business partners that align with your financial interests; - incorporates finance, legal, tax planning, insurance analysis, and professional asset management into your business strategy; - build a foundation to resolve numerous, mostly hidden, financial deficiencies to achieve a true sense of financial well-being. Don't be one of the many uninformed individuals who focus their expertise on entrepreneurial endeavors instead of strategic planning. Get intelligent solutions to complicated financial problems with the insights in Spellbound by Financial Reality.
Trading and Price Discovery for Crude Oils
Uncovers the fascinating history of 'making' the price of oil - who sets it, why, and howDistills exactly what the price of oil means Showcases the pitfalls and imperfections in the oil markets
The Essentials of Islamic Banking, Finance, and Capital Markets
This multidisciplinary book covers Islamic economic, financial, legal, and socio-political systems, insurance (takaful), and commercial jurisprudence. It examines the dichotomies and similarities between Islamic and conventional financial systems and suggests future roles and governance of Islamic financial institutions.
The Great American Tax Dodge
In The Great American Tax Dodge, a book that should infuriate and galvanize citizens everywhere, the best-selling authors of America: What Went Wrong? expose the millions of Americans who are dodging their income taxes at every honest taxpayer's expense. With the clarity, insight, and readability that earned them two Pulitzer Prizes, Donald Barlett and James Steele explain how Americans are cheating as never before, and why most are getting away with it.The authors relate the stories of a Manhattan couple who spent $1 million a month to maintain their lifestyle yet never paid income tax, a California couple who provided sport utility vehicles for their children at taxpayers' expense, an entrepreneur in Costa Rica who shows Americans how to hide their money in clandestine accounts offshore, and computer technicians at America's largest corporations who live tax-free.Barlett and Steele describe how the Internet has democratized tax cheating, as proliferating Web sites and their often mysterious operators offer every service imaginable to escape taxes. They discuss the double standard the IRS employs in tax audits--one for the rich and well-connected and another for everyone else--and how the Justice Department tries to jail powerless citizens accused of tax law violations while allowing the wealthy and influential to go free. This book also documents how Congress is deliberately undermining the income tax in order to replace it with a system that will provide the largest windfall ever for the richest Americans--and increase the burden on everyone else. And it spells out how executives like Kenneth L. Lay bankrolled campaigns to institute such a tax system, based on accounting principles eerily similar to those employed at Lay's Enron Corporation. Finally, the authors consider our chances for reestablishing what was once the fairest tax system in the world.
Unequal Alliance
In this seminal work, U.S. development specialist Robin Broad chronicles the Philippine experiment with the structural adjustment model of development espoused by the World Bank and the International Monetary Fund.
Revolt Against Regulation
"Michael Pertschuk brings an insider's insight to the tumultuous years of the sixties and seventies, when the consumer protection bells rang from Washington throughout the land. An engrossing story of corporate versus consumer battles over health, safety, and the economic rights of Americans. The future of consumer justice is given wisdom by this eyewitness account."--Ralph Nadar "This is a book that should be ready by everyone with a stake in regulation of business by bureaucrats in Washington. Whether you agree or disagree with his point of view--and I often disagree--you can always count on Mike Pertschuk to be provocative, stimulating, and certainly controversial."--Howard H. Bell, President, American Advertising Federation "There is a lot of businessmen [sic] to disagree with in this book. It's troublesome and disturbing--not the least because Mike Pertschuk is a tough adversary. But any businessman [sic]--or citizen--who wants to know exactly how the politics of regulation work would be well advised to read this book--and be prepared."--George Koch, President and Chief Executive Officer Grocery Manufacturers of America "Must reading for everyone who is a student of the consumer movement, past, present, and future, and its interaction with the government, media, private sector, et al. It is a superb 'How To' manual on tactics, and presents a rare inside look at how things really get done in that place called Washington, D.C."--Calvin Pond, Vice President, Public Affairs Division Safeway Stores, Inc. "Pertschuk's book is outstanding; it is a beautiful blend of personal, firsthand observation and political and policy analysis."--Aaron Wildavsky, University of California, Berkeley "A rare picture of how government works. . . sprightly, lucid, and appealing . . .remarkably candid and honest, not only in revealing the labyrinthian interplays of politics but in disclosing the author's own attitudes and motives. . . . An extraordinary document."--Charles Lindblom, Yale University "There is no more controversial figure in Washington than Michael Pertschuk . . ."--Senator John Danforth
Fundamental Tax Reform and Corporate Finance (AEI Studies on Tax Reform)
One of the most complex areas of the US tax system is the treatment of business financing and investment decisions. Much of the complexity arises because managers try to minimize their firms' tax liability through tax planning. As the authors of this volume point out, these tax planning strategies could differ substantially if the United States undertakes fundamental tax reform. In this analysis of the consequences of proposed tax reforms, the authors describe how such reforms would affect corporate financial policy and summarize economists' knowledge of the magnitude of those effects. "Fundamental Tax Reform and Corporate Finance" is one in a series of new AEI studies on topics relating to fundamental tax reform. These topics include the effect of taxation on household saving, the effects of reducing taxes on individuals' work effort, issues in the taxation of financial services, and international issues in consumption, among others.
The Postmodern Bank Safety Net
Federal deposit insurance may be "the single most destabilizing influence in the financial system," says economist Charles W. Calomiris in a new study published by AEI. Market discipline provides a better bank safety net than government insurance, he concludes.The Postmodern Bank Safety Net: Lessons from Developed and Developing Economies shows how government deposit insurance subsidizes the risks taken by banks. Weak banks deliberately and sometimes with impunity take on greater risks than they can afford.Undue risk-taking would not be tolerated were private market discipline brought to bear on banks, Calomiris argues. Market discipline would place the regulatory burden on sophisticated market participants with their own money at stake-a bank would survive only if it had investors, and those investors would be willing to risk their money only if they were able to evaluate the bank's risk.Currently, banks that hide loan losses can avoid paying increased deposit insurance costs. At the same time, Calomiris says, government regulators lack strong incentive to determine the true risk characteristics of bank assets-government regulators do not have their own money at stake and they face political pressure to maintain the credit supply.The results can be calamitous. In the 1970s and 1980s the Farm Credit System was increasingly willing to lend against questionable collateral while private banks withdrew from the market as lending risk increased. The system failed, gripping U.S. farmers in a debt crisis. Similarly, the savings and loan failures and the oil-related bank collapses in Texas and Oklahoma of the 19080s can be attributed to the failure of the bank safety net. And Chile, Mexico, and Japan have suffered financial collapses because their governments protected banks from self-inflicted losses.
Tax Policy and Investment
This text examines how firms change their investment decisions in response to tax policy and concludes that firms would substantially increase their investment in plant and equipment if some of the proposals for fundamental tax reform are enacted.
Money & Liberty
Money and Liberty, by S. Herbert Frankel, examines the psychological and political foundations of the modern money economy.
Equity Efficiency and the United States Corporation Income Tax
This book examines the little-understood effects of the corporation income tax, a mainstay of the US federal revenue system. Although the tax legally falls on the incomes of those who own corporate stock, the actual burden is shared by everyone in the economy. Given the diffusion of the burden shown in this study, it is difficult to argue that the corporation income tax meets any well-defined goals of equity. Its effect on economic efficiency is also shown to be undesirable. It distorts the allocation of capital in our economy away from its most productive uses, causing a waste of capital; by reducing investment below an efficient level, it causes a capital shortage. Although all taxes induce some inefficiency in the economy, the corporate tax is shown to be the most inefficient of the major taxes. The value of the efficiency lost may, in fact, by equivalent to as much as half the revenue raised by the tax.
The Great Savings and Loan Debacle (Special Analysis, 91-1)
In this volume, the author argues that federal deposit insurance itself is largely to blame for the savings and loans disaster of the 1980s.
International Monetary System
This volume presents the edited proceedings of a conference sponsored by the American Enterprise Institute.
