Democratic Processes And Financial Markets

Author : William Bernhard
Publisher : Cambridge University Press
ISBN 13 : 1107320992
Total Pages : 237 pages
Book Rating : 4.94/5 ( download)

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Download or read book Democratic Processes and Financial Markets written by William Bernhard and published by Cambridge University Press. This book was released on 2006-07-24 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors examine the conditions under which democratic events, including elections, cabinet formations, and government dissolutions, affect asset markets. Where these events have less predictable outcomes, market returns are depressed and volatility increases. In contrast, where market actors can forecast the result, returns do not exhibit any unusual behavior. Further, political expectations condition how markets respond to the political process. When news causes market actors to update their political beliefs, market actors reallocate their portfolios, and overall market behavior changes. To measure political information, Professors Bernhard and Leblang employ sophisticated models of the political process. They draw on a variety of models of market behavior, including the efficient markets hypothesis, capital asset pricing model, and arbitrage pricing theory, to trace the impact of political events on currency, stock, and bond markets. The analysis will appeal to academics, graduate students, and advanced undergraduates across political science, economics, and finance.

Author : James M. Buchanan
Publisher :
ISBN 13 : 9780865972209
Total Pages : 310 pages
Book Rating : 4.06/5 ( download)

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Download or read book Public Finance in Democratic Process written by James M. Buchanan and published by . This book was released on 1999 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public Finance in Democratic Process is James M. Buchanan’s monumental work that outlines the dynamics of individual choice as it is displayed in the process of public finance. Buchanan is perhaps nowhere more clearly a disciple of the great Swedish economist Knut Wicksell than he is in the underlying principles of this seminal work. Specifically, he elaborates on these three central Wicksellian themes: 1.Analysis of market failure in the provision of public goods. 2.The insistence on conceiving policy decisions as the outcome of political processes. 3.The necessity of treating the tax and expense sides of the budget as interconnected. Echoing Wicksell’s antipathy to the "benevolent despot” model of government, Buchanan lays out in this book a starting point for modern public-choice analysis. Recognizing the pathbreaking work he is about to begin, Buchanan opens his preface by stating, "Fiscal theory is normally discussed in a frame of reference wholly different from that adopted in this book. This dramatic shift of emphasis . . . . requires that I consider the processes through which individual choices are transmitted, combined, and transformed into collective outcomes. Careful research in this area is in its infancy, and the necessary reliance on crude, unsophisticated models underscores the exploratory nature of the work.” According to Geoffrey Brennan in the foreword, "Public Finance in Democratic Process is a work more hospitable to public finance orthodoxy and could be treated as an extension (albeit an important one) of the conventional approach.” James M. Buchanan is an eminent economist who won the Alfred Nobel Memorial Prize in Economic Sciences in 1986 and is considered one of the greatest scholars of liberty in the twentieth century. The entire series includes: Volume 1: The Logical Foundations of Constitutional Liberty Volume 2: Public Principles of Public Debt Volume 3: The Calculus of Consent Volume 4: Public Finance in Democratic Process Volume 5: The Demand and Supply of Public Goods Volume 6: Cost and Choice Volume 7: The Limits of Liberty Volume 8: Democracy in Deficit Volume 9: The Power to Tax Volume 10: The Reason of Rules Volume 11: Politics by Principle, Not Interest Volume 12: Economic Inquiry and Its Logic Volume 13: Politics as Public Choice Volume 14: Debt and Taxes Volume 15: Externalities and Public Expenditure Theory Volume 16: Choice, Contract, and Constitutions Volume 17: Moral Science and Moral Order Volume 18: Federalism, Liberty, and the Law Volume 19: Ideas, Persons, and Events Volume 20: Indexes

Author : James M. Buchanan
Publisher : UNC Press Books
ISBN 13 : 9780807841907
Total Pages : 328 pages
Book Rating : 4.00/5 ( download)

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Download or read book Public Finance in Democratic Process written by James M. Buchanan and published by UNC Press Books. This book was released on 1987 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recipient of the 1986 Nobel Prize in economics, James Buchanan has won international recognition for his pioneering role in the development of public-choice theory. Among his works that the prize committee specifically cited was Public Finance in Democratic Process, which first appeared in 1967. As James C. Miller, director of the U.S. Office of Management and Budget, notes in his foreword, "This book is perhaps the best compact exposition of Buchanan's theory of public choice."

Author : Adam Przeworski
Publisher : Cambridge University Press
ISBN 13 : 9780521423359
Total Pages : 230 pages
Book Rating : 4.5X/5 ( download)

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Download or read book Democracy and the Market written by Adam Przeworski and published by Cambridge University Press. This book was released on 1991-07-26 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: The quest for freedom from hunger and repression has triggered in recent years a dramatic, worldwide reform of political and economic systems. Never have so many people enjoyed, or at least experimented with democratic institutions. However, many strategies for economic development in Eastern Europe and Latin America have failed with the result that entire economic systems on both continents are being transformed. This major book analyzes recent transitions to democracy and market-oriented economic reforms in Eastern Europe and Latin America. Drawing in a quite distinctive way on models derived from political philosophy, economics, and game theory, Professor Przeworski also considers specific data on individual countries. Among the questions raised by the book are: What should we expect from these experiments in democracy and market economy? What new economic systems will emerge? Will these transitions result in new democracies or old dictatorships?

Author : Javier Santiso
Publisher :
ISBN 13 : 9780262019002
Total Pages : 0 pages
Book Rating : 4.00/5 ( download)

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Download or read book Banking on Democracy written by Javier Santiso and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A data-driven investigation of the interaction between politics and finance in emerging markets, focusing on Latin America. Politics matter for financial markets and financial markets matter for politics, and nowhere is this relationship more apparent than in emerging markets. In Banking on Democracy, Javier Santiso investigates the links between politics and finance in countries that have recently experienced both economic and democratic transitions. He focuses on elections, investigating whether there is a "democratic premium"--whether financial markets and investors tend to react positively to elections in emerging markets. Santiso devotes special attention to Latin America, where over the last three decades many countries became democracies, with regular elections, just as they also became open economies dependent on foreign capital and dominated bond markets. Santiso's analysis draws on a unique set of primary databases (developed during his years at the OECD Development Centre) covering an entire decade: more than 5,000 bank and fund manager portfolio recommendations on emerging markets. Santiso examines the trajectory of Brazil, for example, through its presidential elections of 2002, 2006, and 2010 and finds a decoupling of financial and political cycles that occurred also in many other emerging economies. He charts this evolution through the behavior of brokers, analysts, fund managers, and bankers. Ironically, Santiso points out, while some emerging markets have decoupled politics and finance, in the wake of the 2008-2012 financial crisis many developed economies (Europe and the United States) have experienced a recoupling between finance and politics.

Author : Keith Hart
Publisher : Berghahn Books
ISBN 13 : 1782388451
Total Pages : 278 pages
Book Rating : 4.56/5 ( download)

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Download or read book Economy for and Against Democracy written by Keith Hart and published by Berghahn Books. This book was released on 2015-10-01 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: Political constitutions alone do not guarantee democracy; a degree of economic equality is also essential. Yet contemporary economies, dominated as they are by global finance and political rent-seekers, often block the realization of democracy. The comparative essays and case studies of this volume examine the contradictory relationship between the economy and democracy and highlight the struggles and visions needed to make things more equitable. They explore how our collective aspirations for greater democracy might be informed by serious empirical research on the human economy today. If we want a better world, we must act on existing social realities.

Author : Aldo Musacchio
Publisher : Cambridge University Press
ISBN 13 : 052151889X
Total Pages : 329 pages
Book Rating : 4.95/5 ( download)

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Download or read book Experiments in Financial Democracy written by Aldo Musacchio and published by Cambridge University Press. This book was released on 2009-09-14 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed historical description of the evolution of corporate governance and stock markets in Brazil in the late nineteenth and twentieth centuries.

Author : George Bragues
Publisher : Springer
ISBN 13 : 1137569409
Total Pages : 320 pages
Book Rating : 4.00/5 ( download)

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Download or read book Money, Markets, and Democracy written by George Bragues and published by Springer. This book was released on 2016-11-11 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a comprehensive analysis of the ways that politics and financial markets impact one another. In this relationship, politics is the ultimate controlling force. The kinds and prices of financial instruments that get traded and the individuals and institutions that get to trade them, not to mention the rules under which everyone trades, are all matters decisively influenced by an array of political variables - sometimes for the better, but all too often for the worse. The fault for this political skewing of the markets chiefly lies with democracy. Through its commitment to equality and its inclination towards fiscal profligacy, democracy hinders the markets from acting as a greater force for social good. To fix this skewing of finance, democracy’s troubling tendencies must be squarely faced and curbed by a return to its monetary roots. Democracy must reinstall gold at the monetary foundations of our financial markets.

Author : Fred Block
Publisher : Verso Books
ISBN 13 : 1839762675
Total Pages : 337 pages
Book Rating : 4.73/5 ( download)

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Download or read book Democratizing Finance written by Fred Block and published by Verso Books. This book was released on 2022-02-08 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: What if our financial system were organized to the benefit of the many rather than simply empowering the few? Robert Hockett and Fred Block argue that an entirely different financial system is both desirable and possible. They outline concrete steps that could get us there. Financial systems move the worlds savings from investment to investment, chasing the highest rates of return. They run on profit. But what if investment went to the enterprises or institutions that provided things that the majority of people would prioritize? Democratizing Finance includes six responses that seek to amend, elaborate, and challenge the arguments developed by Hockett and Block. Some of the core arguments put forward by other contributors include calls for the rapid elimination of private financial entities, the dilemmas of the politics associated with financial reforms, and the fate of parallel proposals advanced in the US in the 1930s.

Author : John A. Ferejohn
Publisher :
ISBN 13 :
Total Pages : 442 pages
Book Rating : 4.96/5 ( download)

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Download or read book Information and Democratic Processes written by John A. Ferejohn and published by . This book was released on 1990 with total page 442 pages. Available in PDF, EPUB and Kindle. Book excerpt: "An Illini book from the University of Illinois Press"--Page 4 of cover. Includes bibliographical references (p. [396]-418).