Showing papers in "PSL Quarterly Review in 1987"
TL;DR: In this article, the benefits developing countries may derive through international trade are discussed. But external constraints do not stand in the way of an increasing number of developing countries adopting outward-oriented policies.
Abstract: This paper indicates the benefits developing countries may derive through international trade. It reviews recent trends in world trade in major product groups; analyzes the economic performance of developing countries applying outward-oriented and inward-oriented policies; and examines the relationship between exports and economic growth. It is further shown that external constraints do not stand in the way of an increasing number of developing countries adopting outward-oriented policies. Recommendations are made for the adoption of such policies and for developing country participation in multilateral trade negotiations.
16 citations
TL;DR: In this paper, the authors review the disastrous history of the international monetary system and find that since the end of World War II total world reserves have exploded and their distribution over time between countries has tended towards imbalance rather than away from it.
Abstract: The author reviews the disastrous history of the international monetary system. Since the end of World War II total world reserves have exploded and their distribution over time between countries has tended towards imbalance rather than away from it. An important reason is found in the role of dominant system currencies. The overvaluation of such currencies allows the issuing governments to behave irresponsibly; for instance the world's richest country, the United States, is currently also the world's biggest debtor. Such is the intellectual consensus but changing such a system is difficult, not least because current political systems have allowed it to occur. However, the end of the cold war and EMS offer new ways forward. JEL: E42, F33
10 citations
TL;DR: In this paper, the authors consider five prudential issues raised by the Big Bang of the London Stock Exchange: monopoly power and foreign dominance, international supervisory harmonisation, capital adequacy and managerial competence, the management of 'fall out' (exit from the industry), and conflicts of interest.
Abstract: In October 1986 the London Stock Exchange underwent what was termed the Big Bang. This consisted of the removal of fixed commissions on UK securities transactions, the abolition of the single capacity system, and the removal of barriers to entry to UK securities markets. The author considers five prudential issues raised by this event: monopoly power and foreign dominance, international supervisory harmonisation, capital adequacy and managerial competence, the management of 'fall out' (exit from the industry), and conflicts of interest. Three further factors are considered in detail; the regulator's approach to conflicts of interest, the regulation of financial conglomerates, and the implications of the Financial Services Act.
3 citations
TL;DR: In this article, the authors consider the theory and mechanisms of debt conversion and assesses some of the advantages and problems involved, and some examples of such debt conversion in practice are discussed.
Abstract: There is increasing interest in the restructuring of the international debt of developing countries by converting the debt into equity. Such schemes have recently been introduced in a number of countries, mainly in South America, although their impact has so far been marginal. The author considers the theory and mechanisms of debt conversion and assesses some of the advantages and problems involved. In a final part of the paper, some examples of debt conversion in practice are discussed. These include Argentina, the Philippines, Mexico, Brazil and Chile.
2 citations
TL;DR: In Italy the formation of the complex structure of a unified modern economy took place in a relatively short time as discussed by the authors, and the crises which inevitably accompany such a process of amalgamation and growth were over within the space of a few generations and, in the case of the banking sector, were more acute than in those countries where capitalism and the tradition of unity were of less recent origin.
Abstract: In Italy the formation of the complex structure of a unified modern economy took place in a relatively short time. The crises which inevitably accompany such a process of amalgamation and growth were over within the space of a few generations and, in the case of the banking sector, were more acute than in those countries where capitalism and the tradition of unity were of less recent origin. Only in one other recently-formed nation perhaps — the USA — have these crises been anything like as violent as those which have occurred in Italy.
1 citations