- Branche: Economy; Printing & publishing
- Number of terms: 15233
- Number of blossaries: 1
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During 1997-98, many of the East Asian tiger economies suffered a severe financial and economic crisis. This had big consequences for the global financial markets, which had become increasingly exposed to the promise that Asia had seemed to offer. The crisis destroyed wealth on a massive scale and sent absolute poverty shooting up. In the banking system alone, corporate loans equivalent to around half of one year's GDP went bad - a destruction of savings on a scale more usually associated with a full-scale war. The precise cause of the crisis remains a matter of debate. Fingers have been pointed at the currency peg adopted by some countries, and a reduction of capital controls in the years before the crisis. Some blamed economic contagion. The crisis brought an end to a then widespread belief that there was a distinct "Asian way" of capitalism that might prove just as successful as capitalism in America or Europe. Instead, critics turned their fire on Asian cronyism, ill-disciplined banking and lack of transparency. In the years following the crisis, most of the countries involved have introduced reforms designed to increase transparency and improve the health of the banking system, although some (such as South Korea) went much further than others (such as Indonesia).
Industry:Economy
Este es uno de los dos influyentes teorías económicas de cómo los activos están cotizados en los mercados financieros. El otro es el capital activo modelo de precios. El arbitraje de precios teoría dice que el precio de un activo financiero refleja algunos factores claves de riesgo, tales como la tasa esperada de interés, y cómo cambia el precio del activo en relación con el precio de una cartera de activos. Si el precio de un activo pasa a apartarse de lo que dice la teoría debe ser, arbitraje por los inversores debería traerlo de vuelta en línea.
Industry:Economy
Government policy for dealing with monopoly. Antitrust laws aim to stop abuses of market power by big companies and, sometimes, to prevent corporate mergers and acquisitions that would create or strengthen a monopolist. There have been big differences in antitrust policies both among countries and within the same country over time. This has reflected different ideas about what constitutes a monopoly and, where there is one, what sorts of behavior are abusive. In the United States, monopoly policy has been built on the Sherman Antitrust Act of 1890. This prohibited contracts or conspiracies to restrain trade or, in the words of a later act, to monopolize commerce. In the early 20th century this law was used to reduce the economic power wielded by so-called "robber barons", such as JP Morgan and John D. Rockefeller, who dominated much of American industry through huge trusts that controlled companies' voting shares. Du Pont chemicals, the railroad companies and Rockefeller's Standard Oil, among others, were broken up. In the 1970s the Sherman Act was turned (ultimately without success) against IBM, and in 1982 it secured the break-up of AT&T's nationwide telecoms monopoly. In the 1980s a more laissez-faire approach was adopted, underpinned by economic theories from the Chicago school. These theories said that the only justification for antitrust intervention should be that a lack of competition harmed consumers, and not that a firm had become, in some ill-defined sense, too big. Some monopolistic activities previously targeted by antitrust authorities, such as predatory pricing and exclusive marketing agreements, were much less harmful to consumers than had been thought in the past. They also criticized the traditional method of identifying a monopoly, which was based on looking at what percentage of a market was served by the biggest firm or firms, using a measure known as the Herfindahl-Hirschman index. Instead, they argued that even a market dominated by one firm need not be a matter of antitrust concern, provided it was a contestable market. In the 1990s American antitrust policy became somewhat more interventionist. A high-profile lawsuit was launched against Microsoft in 1998. The giant software company was found guilty of anti-competitive behavior, which was said to slow the pace of innovation. However, fears that the firm would be broken up, signaling a far more interventionalist American antitrust policy, proved misplaced. The firm was not severely punished. In the UK, antitrust policy was long judged according to what policymakers decided was in the public interest. At times this approach was comparatively permissive of mergers and acquisitions; at others it was less so. However, in the mid-1980s the UK followed the American lead in basing antitrust policy on whether changes in competition harmed consumers. Within the rest of the European Union several big countries pursued policies of building up national champions, allowing chosen firms to enjoy some monopoly power at home which could be used to make them more effective competitors abroad. However, during the 1990s the European Commission became increasingly active in antitrust policy, mostly seeking to promote competition within the EU. In 2000, the EU controversially blocked a merger between two American firms, GE and Honeywell; the deal had already been approved by America's antitrust regulators. The controversy highlighted an important issue. As globalization increases, the relevant market for judging whether market power exists or is being abused will increasingly cover far more territory than any one single economy. Indeed, there may be a need to establish a global antitrust watchdog, perhaps under the auspices of the world trade organization.
Industry:Economy
Una teoría de cómo la gente forma sus puntos de vista sobre el futuro que asume lo hacen utilizando más allá de las tendencias y los errores en sus propias predicciones anteriores. Contrastan con las expectativas racionales.
Industry:Economy
Este es el criterio más simple del desempeño económico. Si una persona, empresa o país pueden producir más de algo con la misma cantidad de esfuerzo y recursos, tienen una ventaja absoluta sobre otros productores. Ser el mejor en algo no significa que lo es la mejor manera de utilizar sus escasos recursos económicos. La pregunta de lo que se especializan en--y cómo maximizar los beneficios del comercio internacional--es mejor decidido según la ventaja comparativa. Ventaja tanto absoluta y comparativa puede cambiar significativamente con el tiempo.
Industry:Economy
No prestar a la gente en ciertos pobres o con problemas barrios – dibujados con una línea roja en el mapa – simplemente porque viven ahí, independientemente de su solvencia juzgado por otros criterios.
Industry:Economy
Políticas para estimular la demanda y así aumentar el nivel de actividad económica. Los monetaristas temen que esas políticas simplemente pueden resultar en una mayor inflación.
Industry:Economy
Números para descubrir la relación entre las distintas variables económicas. Los resultados de esta técnica estadística siempre se deben tomar con una pizca de sal. ¿Qué tan grande una pizca puede variar considerablemente y está indicada por el grado de significación estadística y r al cuadrado. La relación entre una variable dependiente (PIB, dicen) y un conjunto de variables explicativas (demanda, las tasas de interés, capital, desempleo y así sucesivamente) se expresa como una ecuación de regresión.
Industry:Economy
Un impuesto que tiene una menor proporción de ingresos como ingresos del contribuyente eleva, por ejemplo, un impuesto de tasa fija vehículo que come una porción mucho mayor de los ingresos de una persona pobre que el ingreso de una persona rica. Esto va contra el principio de equidad vertical, que mucha gente piensa que debería estar en el corazón de cualquier sistema tributario justo.
Industry:Economy
Aprovechando las lagunas en el Reglamento y tal vez hacer la regulación inútil en el proceso. Esto se hace a menudo por los inversores internacionales que utilizan derivados para encontrar maneras de resolver las regulaciones financieras de un país.
Industry:Economy
