Globalization and the State: Volume I International Institutions, Finance, the Theory of the State and International Trade

by Peláez, Carlos M.; Peláez, Carlos A.

• ISBN13: 9780230205291
• ISBN10: 0230205291
• Format: Hardcover
• Copyright: 2008-12-15
• Publisher: Palgrave Macmillan

Summary

The process of globalization is dynamic in the direction of increasing integration. The effects of economic events in one part of the world affect economic affairs in other parts of the world. This book focuses on the role of the state in IEFP and also explores how institutions and trade affect globalization.

Author Biography

CARLOS M. PELEZ received a PhD and BS, Phi Beta Kappa, from Columbia University, City of New York, USA. He has published books, essays and articles worldwide, including International Financial Architecture, The Global Recession Risk and Government Intervention in Globalization. He was Director of the Banco Chase and of the Rio de Janeiro Association of Banks and Vice President of Chase Manhattan Bank, USA. He is Managing Director of CMP Associates, USA.

CARLOS A. PELEZ received the AB in Statistics from the University of Chicago, USA and the JD from The University of Pennsylvania Law School, where he was Senior Editor of the Journal of International Law. He published International Financial Architecture, The Global Recession Risk and Government Intervention in Globalization, a book on globalization and an essay on the global electric industry. He works for a large law firm in New York City, USA.

Table of Contents

List of Tables	p. ix
List of Diagrams	p. x
List of Abbreviations	p. xi
Acknowledgments	p. xv
Introduction, Scope and Content	p. 1
Globalization, the World Economy and Growth	p. 7
Introduction	p. 7
Dimensions of the world economy	p. 7
Factors of economic growth	p. 11
Institutions and economic progress	p. 16
Summary	p. 19
The Official Institutions	p. 21
Introduction	p. 21
The G7 and the G10	p. 22
The international financial institutions	p. 22
The World Trade Organization	p. 28
The central banks	p. 30
The UN	p. 43
Summary	p. 44
Private Institutions	p. 46
Introduction	p. 46
Commercial banks	p. 46
Investment banks	p. 48
Hedge funds	p. 59
Private equity	p. 64
Initial public offerings	p. 71
Summary	p. 76
Risk Management, World Trade, Foreign Investment and Finance	p. 78
Introduction	p. 78
Risk management	p. 78
Value at risk	p. 79
Credit risk models	p. 82
Stress tests	p. 95
World trade	p. 100
Financial flows and foreign exchange	p. 101
FDI, equities, securities and derivatives	p. 105
Summary	p. 108
The Theory of the State	p. 110
Introduction	p. 110
The first best of efficiency and satisfaction	p. 111
The theory of second best	p. 117
Applied welfare economics	p. 119
The public interest view	p. 125
The theory of public goods	p. 129
Imperfect information and regulation of finance	p. 131
Government failure	p. 133
Coase, transaction costs and property rights	p. 137
The new institutional economics	p. 139
The economic theory of regulation	p. 143
Rent-seeking and public choice	p. 147
The view of disclosure and regulation	p. 150
Summary	p. 155
International Exchange of Goods and Services	p. 157
Introduction	p. 157
The gains from trade	p. 157
Distortions	p. 162
Trade openness	p. 163
The political economy of trade	p. 170
Antidumping and safeguards	p. 174
Trade and employment	p. 178
Trade and wages	p. 188
Offshore employment	p. 192
Summary	p. 197
Conclusion	p. 199
Introduction	p. 199
The role of the state in IEFP	p. 199
Diversity of views	p. 202
International institutions	p. 203
Private institutions	p. 204
International trade	p. 206
Notes	p. 207
References	p. 209
Index	p. 226
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