Risk Management and Corporate Governance


Book Description

In reaction to the recent financial crisis and corporate failures at the beginning of the millennium, the emphasis of the business community in corporate governance has shifted towards internal control and risk management issues. As a result, risk management discussion has reached an unprecedented level for academics and practitioners alike. This international, multidisciplinary book provides a comprehensive overview of the risk management landscape, encompassing its challenges and problems and taking stock of its influence on both companies and society as a whole. The eminent contributors review historical and current provisions relating to internal control and risk management in Europe and in the USA. They address the interconnected consequences of the necessity of risk management, and illustrate that a comprehensive approach needs to be further improved. The pros and cons of both the rule-based and the principle-based approaches are analysed, showing that the latter makes it more feasible for sound business practices to be combined with strategic company goals, and for the relationship between entrepreneurial risk taking and sound risk governance management to be in equilibrium. The book also presents a balanced supervision framework, which both promotes prevention of excessive risk taking and tackles risk failure.




Achieving Competencies in Public Service: The Professional Edge


Book Description

The new context and character of public service - shifting values, entrepreneurship, information technology, and multi-sector careers - require a 'skills triangle' of technical, ethical, and leadership abilities. This concise and readable work focuses on these three essential skills, and describes what it means to be a consummate professional public servant. Essential reading for both professionals and students, "Achieving Competencies in Public Service: The Professional Edge" sets standards for anyone who conducts the public's business, and links them with performance management, human resource administration, and information technology skills. Filled with original illustrative examples, case studies, and exemplar profiles, the book is an ideal supplement for any introductory course in Public Administration.




Misunderstanding Financial Crises


Book Description

Before 2007, economists thought that financial crises would never happen again in the United States, that such upheavals were a thing of the past. Gary B. Gorton, a prominent expert on financial crises, argues that economists fundamentally misunderstand what they are, why they occur, and why there were none in the U.S. from 1934 to 2007. Misunderstanding Financial Crises offers a back-to-basics overview of financial crises, and shows that they are not rare, idiosyncratic events caused by a perfect storm of unconnected factors. Instead, Gorton shows how financial crises are, indeed, inherent to our financial system. Economists, Gorton writes, looked from a certain point of view and missed everything that was important: the evolution of capital markets and the banking system, the existence of new financial instruments, and the size of certain money markets like the sale and repurchase market. Comparing the so-called "Quiet Period" of 1934 to 2007, when there were no systemic crises, to the "Panic of 2007-2008," Gorton ties together key issues like bank debt and liquidity, credit booms and manias, moral hazard, and too-big-too-fail--all to illustrate the true causes of financial collapse. He argues that the successful regulation that prevented crises since 1934 did not adequately keep pace with innovation in the financial sector, due in part to the misunderstandings of economists, who assured regulators that all was well. Gorton also looks forward to offer both a better way for economists to think about markets and a description of the regulation necessary to address the future threat of financial disaster.




Reconciling State, Market and Society in China


Book Description

Analysing post-Mao China is not an easy task, but it is essential in order to understand the rationale and scope of the reform process started by the Chinese leadership under the guidance of Deng Xiaoping at the end of the 1970s. Thirty years after the beginning of the reform process China has become a major actor in the global economic and political system and the 21st century is generally held to the one in which China will become the major world power. In this book Paolo Urio presents a balanced picture of the reform process, analysing the economic, social, environmental, legal, political and cultural aspects of the process and showing the interconnections between them. As well as analysing the achievements realised thus far by the reform process, this book looks ahead at the difficulties the Chinese leadership will have to face in the years to come. As such, it will be essential reading for students and scholars of Chinese politics, public management and economics alike.




Current Economic Issues


Book Description




Misunderstanding Russia


Book Description

Well argued and balanced, Leichtova provides an alternative and more constructive understanding of what drives Russian foreign policy. The book is based on the concepts of constructivism and orientalism in international relations to analyse the policies of the Russian Federation, whilst highlighting that Russian foreign policy is complex phenomenon constructed from internal as well as external developments, perceptions and expectations.




America and the China Threat


Book Description

The US has historically disguised – to itself and to others – the true nature of its relations with those nations that stood in the way of its ambitions. Reversing the order of cause and effect, it has projected fear of harm from other nations even as it was expanding its dominion over them. With the collapse of the Soviet Union, which was so to be feared that the American people could even be told they would be “better dead than Red”, the US rejoiced in the belief that the world was at last under its uncontested leadership, celebrating Francis Fukuyama's then acclaimed book The End of History, and proclaiming, perhaps even believing, that it alone can assure peace, stability and prosperity in the international system. However, at the beginning of the 21st century, a formidable new competitor emerged: China. Now we hear the fear-stoked mantra, “The Chinese are coming...!” But is China really a threat to the US, or just to its sole superpower status? This book debunks, among many others, the myth of the universality of US values, and the myth of the imperial, dictatorial and state capitalist character of today's China. It explains the division between the US and China through an historical analysis of their ideologies. It reveals the source of the extraordinary difficulty the US faces in adapting to the changes occurring in the international system: inter alia, the firm belief in its exceptionalism and good intentions. By contrast, the Chinese ideology, while also possessing a remarkable internal coherence through time, has achieved greater flexibility by integrating values imported from the West and several Confucian values, to form a new ideology better able to adapt its public policies to changes in the national and the international environments. China's significant military and economic advances are addressed, along with its new investments and One Belt, One Road Initiative.




Real World Micro 15th Edition


Book Description




Institutions in Transition


Book Description

"If you want to become a doctor, practice in a war; if you want to become an economist, practice in Vietnam". 1 Phan Van Tiem Vietnam is one of many countries presently undergoing fundamental institutional change: the market mechanism is replacing central planning. So far, the achievements are impressive. In the mid-1980s, the country failed to feed its population, suffered from hyperinflation and faced general economic stagnation. In the early 1990s, the annual economic growth rate had accelerated to some eight to nine percent, the inflation rate had fallen to two-digit levels - sometimes even lower - and the country had become one of the world's largest rice exporters. Add some more details - the increased foreign trade, the inflow of foreign investments, the diversification of agriculture, and ~e various reform measures taken to alter the basic economic structure - and the success story of the Vietnamese transition is told. The country has hence followed the same path as its northern neighbor China, and provided a counterexample to much more cumbersome processes that have been adopted in a number of other transforming countries, notably those of the former USSR. This transition is by no means over. Indeed, it is misleading to think of transition as a process that departs from a well-defined pre-condition and moves towards an equally well defined end-point.