Investment in America's Hometowns


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Investments in America's Hometowns


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Hometown Investment Trust Funds


Book Description

This book records the first success stories of a new form of financial intermediation, the hometown investment fund, that has become a national strategy in Japan, partly to meet the need to finance small and medium-sized enterprises (SMEs) after the devastating earthquake and tsunami in March 2011. The hometown investment fund has three main advantages. First, it contributes to financial market stability by lowering information asymmetry. Individual households and firms have direct access to information about the borrowing firms, mainly SMEs, that they lend to. Second, it is a stable source of risk capital. The fund is project driven. Firms and households decide to invest by getting to know the borrowers and their projects. In this way the fund distributes risk but not so that it renders risk intractable, which was the problem with the “originate and distribute” model. Third, it contributes to economic recovery by connecting firms and households with SMEs that are worthy of their support. It also creates employment opportunities, at the SMEs as well as for the pool of retirees from financial institutions who can help assess the projects. Introduction of the hometown investment fund has huge global implications. The world is seeking a method of financial intermediation that minimizes information asymmetry, distributes risk without making it opaque, and contributes to economic recovery. Funds similar to Japan’s hometown investment fund can succeed in all three ways. After all, the majority of the world’s businesses are SMEs. The first chapter explains the theory behind this method, and the following chapters relate success stories from Japan and other parts of Asia. This book should encourage policymakers, economists, lenders, and borrowers, especially in developing countries, to adopt this new form of financial intermediation, thus contributing to global economic stability.




American Hometown Renewal


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Before the interstates, Main Street America was the small town’s commercial spine and served as the linchpin for community social solidarity. Yet, during the past three decades, a series of economic downturns has left many of the great small cities barely viable. American Hometown Renewal is the first book to combine administrative, budgetary, and economic analysis to examine the economic and fiscal plight currently facing America’s small towns. Featuring a blend of theory, applications, and case studies, it provides a comprehensive, single-source textbook covering the key issues facing small town officials in today’s uncertain economy. Written by a former public manager, university professor, and consultant to numerous small towns in the Heartland, this book demonstrates the ways in which contemporary small towns throughout the nation are facing economic challenges brought about by the financial shocks that began in 2008. Each chapter explores a theme related to small town revival and provides a related tool or technique to enable small town officials to meet the challenges of the 21st Century. Encouraging local small town officials to look at the economic orbit of communities in a similar manner as a town’s budget or a family’s personal wealth, examining its specific competitive advantages in terms of relative assets to those of competing communities, this book provides the reader with step-by-step instructions on how to conduct an asset inventory and apply key asset tools to devise a strategy for overcoming the challenges and constraints imposed upon spatially-fixed communities. American Hometown Renewal is an essential primer for students studying city management, economic community development, and city planning, and will be a trusted handbook for city managers, geographers, city planners, urban or rural sociologists, political scientists, and regional microeconomists.




Mexican Hometown Associations in Chicagoacán


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Chicago is home to the second-largest Mexican immigrant population in the United States, yet the activities of this community have gone relatively unexamined by both the media and academia. In this groundbreaking new book, Xóchitl Bada takes us inside one of the most vital parts of Chicago’s Mexican immigrant community—its many hometown associations. Hometown associations (HTAs) consist of immigrants from the same town in Mexico and often begin quite informally, as soccer clubs or prayer groups. As Bada’s work shows, however, HTAs have become a powerful force for change, advocating for Mexican immigrants in the United States while also working to improve living conditions in their communities of origin. Focusing on a group of HTAs founded by immigrants from the state of Michoacán, the book shows how their activism has bridged public and private spheres, mobilizing social reforms in both inner-city Chicago and rural Mexico. Bringing together ethnography, political theory, and archival research, Bada excavates the surprisingly long history of Chicago’s HTAs, dating back to the 1920s, then traces the emergence of new models of community activism in the twenty-first century. Filled with vivid observations and original interviews, Mexican Hometown Associations in Chicagoacán gives voice to an underrepresented community and sheds light on an underexplored form of global activism.




Routledge Handbook of Asian Diaspora and Development


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This handbook offers an analysis of Asian diaspora and development, and explores the role that immigrants living within diasporic and transnational communities play in the development of their host countries and their homeland. Bringing together an array of interdisciplinary scholars from across the world, the handbook is divided into the following sections: • Development Potential of Asian Diasporas • Diaspora, Homeland, and Development • Gender, Generation, and Identities • Soft Power, Mobilization, and Development • Media, Culture, and Representations. Presenting cutting-edge research on several dimensions of diaspora and development, Routledge Handbook of Asian Diaspora and Development provides a platform for further discussion in the fields of migration studies, diaspora studies, transnational studies, race relations, ethnic studies, gender studies, globalization, Asian studies, and research methods.




History of Overseas Chinese in the Americas


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The book provides highlights on the key concepts and trends of evolution in History of Overseas Chinese in the Americas, as one of the series of books of “China Classified Histories”.







Transit Journal


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Crossing the Border


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Discussion of Mexican migration to the United States is often infused with ideological rhetoric, untested theories, and few facts. In Crossing the Border, editors Jorge Durand and Douglas Massey bring the clarity of scientific analysis to this hotly contested but under-researched topic. Leading immigration scholars use data from the Mexican Migration Project—the largest, most comprehensive, and reliable source of data on Mexican immigrants currently available—to answer such important questions as: Who are the people that migrate to the United States from Mexico? Why do they come? How effective is U.S. migration policy in meeting its objectives? Crossing the Border dispels two primary myths about Mexican migration: First, that those who come to the United States are predominantly impoverished and intend to settle here permanently, and second, that the only way to keep them out is with stricter border enforcement. Nadia Flores, Rubén Hernández-León, and Douglas Massey show that Mexican migrants are generally not destitute but in fact cross the border because the higher comparative wages in the United States help them to finance homes back in Mexico, where limited credit opportunities makes it difficult for them to purchase housing. William Kandel's chapter on immigrant agricultural workers debunks the myth that these laborers are part of a shadowy, underground population that sponges off of social services. In contrast, he finds that most Mexican agricultural workers in the United States are paid by check and not under the table. These workers pay their fair share in U.S. taxes and—despite high rates of eligibility—they rarely utilize welfare programs. Research from the project also indicates that heightened border surveillance is an ineffective strategy to reduce the immigrant population. Pia Orrenius demonstrates that strict barriers at popular border crossings have not kept migrants from entering the United States, but rather have prompted them to seek out other crossing points. Belinda Reyes uses statistical models and qualitative interviews to show that the militarization of the Mexican border has actually kept immigrants who want to return to Mexico from doing so by making them fear that if they leave they will not be able to get back into the United States. By replacing anecdotal and speculative evidence with concrete data, Crossing the Border paints a picture of Mexican immigration to the United States that defies the common knowledge. It portrays a group of committed workers, doing what they can to realize the dream of home ownership in the absence of financing opportunities, and a broken immigration system that tries to keep migrants out of this country, but instead has kept them from leaving.