International Financial Centres

2016 ◽  
pp. 292-318
Author(s):  
Youssef Cassis
Keyword(s):  
Financial Crises ◽  
Historical Perspective ◽  
Political Stability ◽  
Economic Power ◽  
Early Nineteenth Century ◽  
Financial Centre ◽  
Competition And Cooperation ◽  
Skilled Workforce ◽  
Working Mechanisms

This chapter surveys the development of the world’s leading financial centres since the early nineteenth century, with particular attention to their working mechanisms, international influence, competition and cooperation, and rise and decline. In addition to the conditions for the development of international financial centres identified by contemporary economic and financial literature (such as political stability, strong currency, light tax burden, skilled workforce, efficient communications, and so on), the chapter emphasizes, from a long-term historical perspective, other factors of success and failure, in particular the economic power of the country hosting an international financial centre; the effects of major wars which, even more than financial crises, have affected the destiny of financial centres; and path dependency: once established, most financial centres have experienced remarkable longevity. From this perspective, it is not surprising that the financial debacle of 2008 has not fundamentally altered the hierarchy of international financial centres.

Public Debt through the Ages

2019 ◽  
pp. 7-55
Author(s):  
Barry Eichengreen ◽  
Asmaa El-Ganainy ◽  
Rui Pedro Esteves ◽  
Kris James Mitchener
Keyword(s):  
Public Debt ◽  
Financial Crises ◽  
Historical Perspective ◽  
Debt Management ◽  
Management Problems

We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved. Periods when debt-to-GDP ratios rose explosively as a result of wars, depressions, and financial crises also have a long history. Many of these episodes resulted in debt-management problems resolved through debasements and restructurings. Less widely appreciated are successful debt consolidation episodes, instances in which governments inheriting heavy debts ran primary surpluses for long periods in order to reduce those burdens to sustainable levels. We analyze the economic and political circumstances that made these successful debt consolidation episodes possible.

“YOUTH BULGES” IN EUROPE AND ASIA: HISTORICAL PERSPECTIVE AND ECONOMIC FACTORS OF RISK ACTIVATION

2020 ◽  
Vol 1 (6) ◽  
pp. 214-224
Author(s):  
Yu. V ZIN’KINA ◽  
Keyword(s):  
Population Structure ◽  
Historical Perspective ◽  
Scientific Literature ◽  
Political Stability ◽  
Economic Factors ◽  
Key Factors ◽  
Political Demography ◽  
Economic Nature

The article considers the phenomenon of “youth bulges” - the appearance in the population structure of numerous youth cohorts. The connection between the emergence of a “youth bulges” in society and the risks of political destabilization, which attracted the attention of a number of experts in the field of political demography, is analyzed and confirmed by examples from countries of two regions - Europe and Asia, where, unlike Europe, the influence of the phenomenon of “youth bulges” on political stability was not previously considered systematically. A significant layer of scientific literature has been analyzed and systematized, considering economic factors that increase the risk of political destabilization against the backdrop of a “youth bulges”; the key factors of an economic nature and their relationship with each other are highlighted.

Preaching and Sermons

2017 ◽  
Author(s):  
Robert H. Ellison
Keyword(s):  
Eighteenth Century ◽  
North Atlantic ◽  
Religious Revival ◽  
Early Nineteenth Century ◽  
Denominational Identity ◽  
The North ◽  
The North Atlantic ◽  
The One ◽  
The Impact

Prompted by the convulsions of the late eighteenth century and inspired by the expansion of evangelicalism across the North Atlantic world, Protestant Dissenters from the 1790s eagerly subscribed to a millennial vision of a world transformed through missionary activism and religious revival. Voluntary societies proliferated in the early nineteenth century to spread the gospel and transform society at home and overseas. In doing so, they engaged many thousands of converts who felt the call to share their experience of personal conversion with others. Though social respectability and business methods became a notable feature of Victorian Nonconformity, the religious populism of the earlier period did not disappear and religious revival remained a key component of Dissenting experience. The impact of this revitalization was mixed. On the one hand, growth was not sustained in the long term and, to some extent, involvement in interdenominational activity undermined denominational identity; on the other hand, Nonconformists gained a social and political prominence they had not enjoyed since the middle of the seventeenth century and their efforts laid the basis for the twentieth-century explosion of evangelicalism in Africa, Asia, and South America.

scholarly journals African seaports and development in historical perspective

2020 ◽  
Vol 32 (1) ◽  
pp. 185-200 ◽  
Author(s):  
Ayodeji Olukoju
Keyword(s):  
Path Dependence ◽  
Historical Perspective ◽  
Transport Systems ◽  
Social Characteristics ◽  
The Waves ◽  
Technological Flexibility

This article presents a long-term explanation of port evolution in Africa. It focuses on the economic, political and social characteristics that influenced the development of maritime infrastructures and their interaction with inland transport systems. This article demonstrates how seaport evolution in Africa has been heavily affected by path-dependence patterns. In addition, this study provides evidence of the insertion of the African economy into the waves of globalization through the modernization of seaports and the necessary institutional and technological flexibility.

An Historical Perspective on the Quest for Financial Stability and the Monetary Policy Regime

2018 ◽  
Vol 78 (2) ◽  
pp. 319-357 ◽  
Author(s):  
Michael D. Bordo
Keyword(s):  
Monetary Policy ◽  
Financial Crises ◽  
Financial Stability ◽  
Historical Perspective ◽  
Asset Price ◽  
Financial Instability ◽  
Historical Evidence ◽  
Policy Regime ◽  
Extreme Form ◽  
Credit Booms

This article surveys the co-evolution of monetary policy and financial stability for a number of countries from 1880 to the present. Historical evidence on the incidence, costs, and determinants of financial crises (the most extreme form of financial instability), combined with narratives on some famous financial crises, suggests that financial crises have many causes, including credit-driven asset price booms, which have become more prevalent in recent decades, but in general financial crises are very heterogeneous and hard to categorize. Moreover, evidence shows that the association across the country sample between credit booms, asset price booms, and serious financial crises is quite weak.

The Rising Dragon and The Defending Eagle: Understanding the Geopolitical Rivalry between U.S. - China in South China Sea

2020 ◽  
Vol 1 (1) ◽  
pp. 28-42
Author(s):  
Hardhana Danastri
Keyword(s):  
South China Sea ◽  
Qualitative Methods ◽  
South China ◽  
Great Power ◽  
Economic Power ◽  
China Sea ◽  
Depth Analysis ◽  
Rising Power

This paper aims to understand the geopolitical rivalry between the long-standing great power U.S. and the world’s emerging economic power China, particularly their rivalry within contested South China Sea. This article conducted qualitative methods to produce in depth analysis towards the phenomenon. One question is at stake which is what both powers want in South China Sea. The answer raises an additional inquiry; what kind of significances that South China Sea promises for either U.S. or China? This article argues that U.S. and China both strive for control over the territory. To answer the latter question, this paper is using a geopolitical approach, emphasizing on the lines of communication and centers of resources that South China Sea offers. This paper also argues that China’s geopolitical objective is intended to strengthen their regional hegemony, ultimately global pre-eminence in the long-term. Meanwhile, U.S. seeks to re-assert their power in the region and to rebalance their rising power.

Foreign Exchange Policies of PRC: Historical Aspect

2014 ◽  
pp. 24-31
Author(s):  
A. Binder ◽  
A. Kononov
Keyword(s):  
Exchange Rate ◽  
Foreign Exchange ◽  
Perspective Taking ◽  
Historical Perspective ◽  
Chinese Economy ◽  
Historical Aspect ◽  
Distinctive Features ◽  
The World ◽  
Exchange Policy

The article analyzes the distinctive features of the PRC foreign exchange policy from the historical perspective, taking the national color into account and emphasizing the traditions-modernity unity in its strategy. It reviews the debates over renminbi exchange rate, disclosing the weakness of the modern international foreign exchange law. It systemizes the practices of international pressures applied to China in this aspect. It is stated, that China’s foreign exchange reforming process is of a long-term nature, and it will be completed only by the time the Chinese economy gets adjusted to the world market’s requirements.

Climate Change, Humanitarian Risks, and Social-Political (In)stability Along the Gulf of Aden: Expert Elicitation for the Case of Somalia and Yemen

2021 ◽  
Author(s):  
Laurent Lambert ◽  
Mahmood Almehdhar ◽  
Mustafa Haji
Keyword(s):  
Climate Change ◽  
Tropical Cyclones ◽  
Political Stability ◽  
Coastal Areas ◽  
Expert Elicitation ◽  
Coastal Communities ◽  
Gulf Of Aden ◽  
The World ◽  
Environmental Events

<p><strong>Abstract</strong>: Changes in the global oceanic system have already negatively affected the world’s marine life and the livelihoods of many coastal communities across the world, including in the Middle East' and Eastern Africa's Least Developed Countries (LDCs). Coastal communities in Somalia and Yemen for instance, have been particularly affected by extreme environmental events (EEEs), with an increase in the frequency of tropical cyclones over the past 20 years. Using expert elicitation as a method to generate data to assess and quantify a specific issue in the absence of sufficient and/or reliable data, the authors interviewed selected specialists in or from Somalia and Yemen, from diverse fields of expertise related to climate change, extreme environmental events, disaster risk reduction, and humanitarian affairs. Ten experts followed the elicitation protocol and answered a specific series of questions in order to better quantify the expectable mid-to-long-term climatic and humanitarian levels of risks, impacts, and consequences that climate change and related issues (e.g., sea-level rise, tropical cyclones, and sea surge) may generate in coastal areas along the Gulf of Aden's coastal cities of Aden and Bossaso, in Yemen and Somalia, respectively.</p><p>The findings indicate that there is cause for significant concern as climate change is assessed by all interviewees - irrespective of their background -, as very likely to hold a negative to a devastating impact on (fresh) water security, food security, public health, social conflicts, population displacement, and eventually political stability; and to strongly worsen the humanitarian situations in Somalia and Yemen, both in the medium-term (i.e., 2020-2050) and the long-term (i.e., 2020-2100). The authors call on the scientific community to further research the issue of climate change in the understudied coastal areas of the Gulf of Aden, and on the international community to pro-actively and urgently help the local populations and relevant authorities to rapidly and strongly build up their adaptation capacities, especially in the niche of coastal EEEs.</p>

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