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  • Author: Martin Walker
  • Publication Date: 01-2009
  • Content Type: Journal Article
  • Journal: European Affairs
  • Institution: The European Institute
  • Abstract: David Smick's book, The World Is Curved, explains that financial engineering has outpaced the understanding of regulators and governments - and even of many of the people involved in the business. His book, reviewed by journalist and consultant, Martin Walker, predicts that worse is still to come for the U.S. and also for highly-leveraged banks in Europe holding "toxic" assets.
  • Topic: Economics
  • Political Geography: United States, China, America
  • Publication Date: 01-2008
  • Content Type: Journal Article
  • Journal: European Affairs
  • Institution: The European Institute
  • Abstract: Already the buzz this year in financial circles, sovereign wealth funds have been initially welcomed in the United States (and to a lesser degree in Europe) as white knights whose capital investments have helped rescue troubled financial institutions and other companies stricken by the credit-market crisis. But these funds, even as they are currently sought after by financially-bleeding companies, could easily become controversial with public opinion and regulators in the United States and European countries because of their potential political dimensions. The very fact of their emergence is a symptom of profound new shifts in the global financial order. To head off potential jingoist reactions against the proposed buy-ins by these new investors, there is a need to probe a set of questions about how these funds work and about whether rules can be reached – by mutual agreement – to ensure that the funds prove compatible with global capital movements.
  • Topic: Economics, Government, International Trade and Finance
  • Political Geography: United States, Europe
  • Author: Michael C. Maibach
  • Publication Date: 01-2008
  • Content Type: Journal Article
  • Journal: European Affairs
  • Institution: The European Institute
  • Abstract: The world has modernized thanks to waves of Western inventions, and the next wave must be a regulatory revolution to ensure that discoveries spread horizontally as far and fast as possible. It is an agenda for the newly formed Transatlantic Economic Council.
  • Topic: Economics, Government, International Trade and Finance, Science and Technology
  • Political Geography: United States, America
  • Author: Thomas J. Karol
  • Publication Date: 09-2008
  • Content Type: Journal Article
  • Journal: European Affairs
  • Institution: The European Institute
  • Abstract: Western countries need and largely welcome the fresh capital that can be injected by SWFs. But these funds are liable to arouse controversy, often because they are run by countries disliked in the West. Their tax-free status (as government-owned entities) may offer politicians a handle on these funds.
  • Topic: Economics, Globalization, Government, International Political Economy
  • Political Geography: United States
  • Author: Daniel M. Price
  • Publication Date: 09-2008
  • Content Type: Journal Article
  • Journal: European Affairs
  • Institution: The European Institute
  • Abstract: The Transatlantic Economic Council was a major U.S.-EU innovation designed to negotiate away non-tariff barriers between the two markets. To consolidate the promise of its first year at work, it needs to choose its issues and do something tangibly effective about them, according to Dan Price, the White House point man in the TEC.
  • Topic: Economics, International Trade and Finance
  • Political Geography: United States, Europe