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  • Author: Peter J. Wallison
  • Publication Date: 03-2006
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: In December, the London Stock Exchange celebrated a record year for foreign company new issues, with 129 new listings by companies from twenty-nine different countries. In contrast, the New York Stock Exchange registered a net gain of six foreign listings (a gain of nineteen and a loss of thirteen) in 2005, and NASDAQ gained a net of fourteen. According to a press report by the London Stock Exchange on its success, “about 38 per cent of the international companies surveyed said they had considered floating in the United States. Of those, 90 per cent said the onerous demands of the new Sarbanes-Oxley corporate governance law had made London listing more attractive.” By now, it is well-known what harm Sarbanes-Oxley has done to the attractiveness of the U.S. securities markets, but what is not well- known is that the lack of resources available to a relatively obscure accounting group—engaged in the development of a technical-sounding disclosure system called XBRL—may also threaten not only the current primacy of the U.S. financial markets, but also the future competitiveness of U.S. companies.
  • Topic: Economics, Emerging Markets, International Trade and Finance
  • Political Geography: United States, New York, London
  • Author: Mark Falcoff
  • Publication Date: 07-2004
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: When Luiz Inácio "Lula" da Silva was elected president of Brazil in October 2002, popular expectations nearly across the political spectrum were so enormous that he was bound to disappoint someone. Indeed, what is remarkable about the present situation in Brazil is just how popular Lula remains (60 percent approval rating) in spite of a conservative fiscal policy, a modest uptick in the unemployment figures, a willingness to expend valuable political capital on pension and tax reforms, a financial scandal involving his chief of staff, and an embarrassing threat to expel a New York Times journalist.
  • Topic: International Relations, International Trade and Finance, Political Economy
  • Political Geography: New York, Brazil, South America, Central America
  • Author: Mark Falcoff
  • Publication Date: 12-2003
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: Joseph Conrad's novel Nostromo: A Tale of the Seaboard (1905), considered by many the Polish master's best novel, is set in the fictitious South American country of Costaguana. During the colonial period and for decades thereafter, the republic flourished thanks to the existence of a rich vein of silver mined since the early days of the Spanish conquest. At the time the novel opens, however, Costaguana has fallen on hard times because the most accessible deposits of the precious ore have been exhausted; massive new investment and technology are required to return the mine to full operation. Anglo-Costaguanan Charles Gould finds the necessary financing in London and New York, and almost as if by magic the resumption of mining breathes new life and progress into the republic.
  • Topic: International Relations, International Trade and Finance, Political Economy
  • Political Geography: New York, London, South America, Bolivia
  • Author: Robert Litan, Michael Pomerleano, V. Sundararajan
  • Publication Date: 07-2002
  • Content Type: Policy Brief
  • Institution: The Brookings Institution
  • Abstract: Policymakers and analysts are still sifting through the wreckage of the Asian financial crisis of 1997 and the subsequent crises in Russia, Turkey, and Argentina to discern key lessons so that similar crises will not recur. Some lessons are by now well understood. Pegged exchange rates can encourage excessive borrowing and expose countries to financial collapse when foreign exchange reserves run dry. Inadequate disclosures by both private companies and public bodies can lead to similar dangers. Although many factors undoubtedly contributed to these crises, it is now widely recognized that each suffered from a failure in “governance,” and in particular a failure in governance in their financial sectors. Accordingly, the World Bank Group, the International Monetary Fund (IMF), and the Brookings Institution devoted their fourth annual Financial Markets and Development Conference, held in New York from April 17-19, 2002, to the subject of financial sector governance in emerging markets. This conference report summarizes some of the highlights of the conference, whose full proceedings will be published as a Brookings book in the fall of 2002.
  • Topic: Economics, Emerging Markets, Government, International Trade and Finance
  • Political Geography: Russia, New York, Turkey, Asia, Argentina