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This paper describes the Danish mortgage system by comparing it with the UK mortgage system. The Danish mortgage system has attracted attention in the literature on the design of mortgage systems. It is a type of narrow banking model where mortgage loans are financed by specialised institutions that issue bonds with cash flows that match that of the mortgage loans. Thereby, the Danish mortgage system outsources many of the risks that are usually kept on the balance sheet of banks to bond investors. Measured in terms of four criteria, the Danish mortgage system performed better during the financial crisis than the UK mortgage system. However, both in Denmark and the UK, alignment of the mortgage and the pension systems could offer significant advantages.

The first decade of the XXI century evidenced transformations in the international order's financial dimension due to the growth in the so-called emerging powers. An indicator of such phenomenon is the emergence of multinational corporations from the developing world - MNC Latecomers-, turning certain countries, as is the case of Brazil, into net issuers of Foreign Direct Investment flows. In this sense, this paper analyzes the impact that the emergence and consolidation of Brazilian multinational corporations has had since 2003 until now on the foreign policy and the international insertion of Brazil (and vice versa), taking into consideration Robert Gilpin's classical work, "U.S. power and multinational corporation: the political economy of foreign direct investment." Gilpin's framework shall be useful for empirical contrast of this study case.

This paper explores the relationships between inequality, trade, and capital flows into China since the early 1990s and particularly in the first years of the present decade. We show that the rise in economic inequality in China has more to do directly with the activities associated with China's financial and building boom, notably in Beijing, than with the massive growth in manufacturing employment and in Chinese exports since China joined the WTO in 2001. Nevertheless, it is likely that a flow of profits from the export boom did feed the speculative fires in the capital and elsewhere, and therefore it should be no surprise that the fall of one should be linked to the fall of the other, in a particularly painful reduction of economic inequality. Adapted from the source document.

ABSTRACTThe efforts of American activists to pressure Asian corporations in Sudan have to date resembled a struggle to find the light switch in the dark, or swimming against a strong current. While the impact of the divestment campaign in the United States has been increasingly evident, its effectiveness in producing actual results in Sudan remains suspect. Thanks to China and a trio of Asian national oil companies, oil still flows in Sudan. The campaign's activities have failed to incorporate Sudan's wider international political and economic relations into its strategy. It has rather paradoxically sought to pressure state-owned corporations through financial market divestment. The nature of its Asian targets, reluctant Western investors and a distracted American government have obstructed the campaign from having a resounding impact in Sudan.

Managing Capital Inflows by Barry BOSWORTH The paper examines the external balance of the Chinese economy and the reliance on fixed exchange rate regime It is argued that the focus on the alleged misalignment of the yuan is misplaced Despite an American focus on large bilateral trade imbalance China actually has only small overall current account surplus Instead problem is an excess of capital inflows given its own extremely high lev els of domestic saving Those inflows threaten to overwhelm capital markets and risk speculative bubble of domestic asset prices An exchange rate adjustment would have significant effects of trade flows but it is not the appropriate response to an excess of financial inflows Instead the paper addresses several alternative means of recycling the excess finance back into the global economy

ABSTRACT This article is an assessment of the Convertibility period in Argentina, which covered the nineties. It is presented in two sections. In the first section macroeconomic performance is described and evaluated, together with the effects on employment, unemployment and income distribution. An important contraction in full employment and significant increments in unemployment and involuntary underemployment are stressed. As from the mid-nineties, income distribution shows a strong worsening trend and the poverty and indigence indicators tend to rise. The increment in unemployment stands as the main explanatory factor of the worsening of social conditions. In the second section different aspects of the Convertibility Regime are discussed: the appreciated exchange rate, the dollarization of the financial system, the accentuated dependency on capital flows, the external sustainability and the regime durability.

This article is an assessment of the Convertibility period in Argentina, which covered the nineties. It is presented in two sections. In the first section macroeconomic performance is described and evaluated, together with the effects on employment, unemployment and income distribution. An important contraction in full employment and significant increments in unemployment and involuntary underemployment are stressed. As from the mid-nineties income distribution shows a strong worsening trend and the poverty and indigence indicators tend to rise. The increment in unemployment stands as the main explanatory factor of the worsening of social conditions. In the second section differents aspects of the Convertibility Regime are discussed: the appreciated exchange rate, the dollarization of the financial system, the accentuated dependency on capital flows, the external sustainability and the regime durability. (Rev Econom Política/DÜI)

The supposed waning significance of territory in a world of instantaneous communication & speeding flows has given rise to multiple discourses of deterritorialization that seek to chart the world after the "death of distance" & the "end of geography." This paper reviews various discourses of deterritorialization & seeks to problematize their general claims by examining one of the more precise articulations of deterritorialization, the so-called "end of geography" in financial markets. It argues that discourses of deterritorialization are ideological, involve a re-arranging not transcendence of territory, & deepen inequalities across the globe. Borderless worlds rhetoric, ironically, helps produce even more bordered worlds. The paper concludes by identifying a techno-political sphere that political geographers need to engage in order to understand the changing "world political map.". Adapted from the source document.

En un contexto de liberalizacion cambiaria, la recesion actual es resultado de dos factores: a) la inestabilidad generada por los flujos de capitales internacionales y b) el alto costo ocacionado por la politica monetaria. En este articulo se proponen unas relaciones de causalidad entre internacionalizacion financiera, politica monetaria y sector real que permiten entender la interacion entre estos dos factores durante el periodo 1991-1997. ; In a context of exchange rate liberalization, the current recession is the result of two factors: a) the instability generated by international capital flows, and b) the high cost resul ting from by monetary policy. This article proposes some causal relations between financial internationalization, monetary policy and the real sector which allowus to understand the interaction between those two factors in the period 1991-1997.

This paper addresses the impact of the recent Asian financial crisis on migration in Bangladesh. The crisis has stemmed the outflow of migrant workers to the affected countries but also diversified the flows as well as sparked rising return migration. Remittances and foreign exchange reserves are likely to be adversely affected. Irregular migration towards more diversified but less remunerative pockets has increased. What is more disconcerting is the increasing trend in the ranks of the already sizable unemployed. The government should gear up retraining, rehabilitation and reintegration measures. Insurance schemes and other safety nets may be introduced to meet unforeseen crisis. Migration is a humanitarian issue. It has to be addressed through a sensible legal regime where interests of both the sending and receiving countries could be accommodated.

This dissertation studies the effects of Information and Communication Technologies (ICT) on the banking sector and the payments system. It provides insight into how technology-induced changes occur, by exploring both the nature and scope of main technology innovations and evidencing their economic implications for banks and payment systems. Some parts in the dissertation are descriptive. They summarise the main technological developments in the field of finance and link them to economic policies. These parts are complemented with sections of the study that focus on assessing the extent of technology application to banking and payment activities. Finally, it includes also some work which borrows from the economic literature on banking. The need for an interdisciplinary approach arises from the complexity of the topic and the rapid path of change to which it is subject. The first chapter provides an overview of the influence of developments in ICT on the evolution of financial services and international capital flows. We include main indicators and discuss innovation in the financial sector, exchange rates and international capital flows. The chapter concludes with impact analysis and policy options regarding the international financial architecture, some monetary policy issues and the role of international institutions. The second chapter is a technology assessment study that focuses on the relationship between technology and money. The application of technology to payments systems is transforming the way we use money and, in some instances, is blurring the definition of what constitutes money. This chapter surveys the developments in electronic forms of payment and their relationship to the banking system. It also analyses the challenges posed by electronic money for regulators and policy makers, and in particular the opportunities created by two simultaneous processes: the Economic and Monetary Union and the increasing use of electronic payment instruments. The third chapter deals with the implications of developments in ICT on relationship banking. The financial intermediation literature explains relationship banking as a type of financial intermediation characterised by proprietary information and multiple interactions with customers. This form of banking is important for the financing of small and medium-sized enterprises. We discuss the effects of ICT on the banking sector as a whole and then apply these developments to the case of relationship banking. The fourth chapter is an empirical study of the effects of technology on the banking business, using a sample of data from the Spanish banking industry. The design of the study is based on some of the events described in the previous chapters, and also draws from the economic literature on banking. The study shows that developments in information management have differential effects on wholesale and retail banking activities. Finally, the last chapter is a technology assessment study on electronic payments systems in Spain and the European Union. It contains an analysis of existing payment systems and ongoing or planned initiatives in Spain. It forms part of a broader project comprising a series of country-specific analyses covering ten European countries. The main issues raised across the countries serve as the starting point to discuss implications of the development of electronic money for regulation and policies, and in particular, for monetary-policy making.

This dissertation studies the effects of Information and Communication Technologies (ICT) on the banking sector and the payments system. It provides insight into how technology-induced changes occur, by exploring both the nature and scope of main technology innovations and evidencing their economic implications for banks and payment systems. Some parts in the dissertation are descriptive. They summarise the main technological developments in the field of finance and link them to economic policies. These parts are complemented with sections of the study that focus on assessing the extent of technology application to banking and payment activities. Finally, it includes also some work which borrows from the economic literature on banking. The need for an interdisciplinary approach arises from the complexity of the topic and the rapid path of change to which it is subject. The first chapter provides an overview of the influence of developments in ICT on the evolution of financial services and international capital flows. We include main indicators and discuss innovation in the financial sector, exchange rates and international capital flows. The chapter concludes with impact analysis and policy options regarding the international financial architecture, some monetary policy issues and the role of international institutions. The second chapter is a technology assessment study that focuses on the relationship between technology and money. The application of technology to payments systems is transforming the way we use money and, in some instances, is blurring the definition of what constitutes money. This chapter surveys the developments in electronic forms of payment and their relationship to the banking system. It also analyses the challenges posed by electronic money for regulators and policy makers, and in particular the opportunities created by two simultaneous processes: the Economic and Monetary Union and the increasing use of electronic payment instruments. The third chapter deals with the implications of developments in ICT on relationship banking. The financial intermediation literature explains relationship banking as a type of financial intermediation characterised by proprietary information and multiple interactions with customers. This form of banking is important for the financing of small and medium-sized enterprises. We discuss the effects of ICT on the banking sector as a whole and then apply these developments to the case of relationship banking. The fourth chapter is an empirical study of the effects of technology on the banking business, using a sample of data from the Spanish banking industry. The design of the study is based on some of the events described in the previous chapters, and also draws from the economic literature on banking. The study shows that developments in information management have differential effects on wholesale and retail banking activities. Finally, the last chapter is a technology assessment study on electronic payments systems in Spain and the European Union. It contains an analysis of existing payment systems and ongoing or planned initiatives in Spain. It forms part of a broader project comprising a series of country-specific analyses covering ten European countries. The main issues raised across the countries serve as the starting point to discuss implications of the development of electronic money for regulation and policies, and in particular, for monetary-policy making.

Globally, there is growing recognition of participatory public expenditure management(PPEM). PPEM is seen as the process whereby citizens and civil society organisations participate in the management of public expenditures. The adoption of PPEM is aimed at ensuring greater transparency, better targeting and tracking of resources, and increased overall responsiveness. The Gauteng Department of Health and Social Development (GDHSD) is committed to co-operative governance; this includes working with different spheres of government and civil society or non-profit organisations (NPOs). NPOs are required to have a governing committee to manage funds allocated by GDHSD. The committee has the capacity to hold the NPO management accountable for the resources (financial and material) entrusted to it by the GDHSD. The effectiveness of NPOs is challenged by poor attendance of board members at meetings, poor understanding of the board's mandate and responsibilities and lack of experience amongst members. The paradigm of PPEM is still faced with challenges to ensure that significant flows of revenue are accounted for and used effectively for growth and poverty reduction. This study is divided into three components. The first section focuses on the background, the introduction and the conceptual framework. The second part focuses on the empirical study for deriving a benchmark for the South African NPO sector. The third section highlights good practices as well as governance-related challenges. Finally, for further consideration by the GDHSD, a series of recommendations is provided, focusing on how key domestic stakeholders can better contribute to successful participatory budgeting programmes. ; https://doi.org/10.4102/td.v7i2.242

Globally, there is growing recognition of participatory public expenditure management(PPEM). PPEM is seen as the process whereby citizens and civil society organisations participate in the management of public expenditures. The adoption of PPEM is aimed at ensuring greater transparency, better targeting and tracking of resources, and increased overall responsiveness. The Gauteng Department of Health and Social Development (GDHSD) is committed to co-operative governance; this includes working with different spheres of government and civil society or non-profit organisations (NPOs). NPOs are required to have a governing committee to manage funds allocated by GDHSD. The committee has the capacity to hold the NPO management accountable for the resources (financial and material) entrusted to it by the GDHSD. The effectiveness of NPOs is challenged by poor attendance of board members at meetings, poor understanding of the board's mandate and responsibilities and lack of experience amongst members. The paradigm of PPEM is still faced with challenges to ensure that significant flows of revenue are accounted for and used effectively for growth and poverty reduction. This study is divided into three components. The first section focuses on the background, the introduction and the conceptual framework. The second part focuses on the empirical study for deriving a benchmark for the South African NPO sector. The third section highlights good practices as well as governance-related challenges. Finally, for further consideration by the GDHSD, a series of recommendations is provided, focusing on how key domestic stakeholders can better contribute to successful participatory budgeting programmes. ; https://doi.org/10.4102/td.v7i2.242