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began to increase A decade of deregulation?3 their presence in London, and were primarily engaged in wholesale activity, in part due to the rise of the Eurocurrency market. But they had an impact on the operations of UK monetary and financial institutions, which held over half of their total assets in foreign currencies. By 1980, the share of deposits held by foreign-owned banks rose to 70%, while their holdings of sterling deposits rose to 25%. British banks, on the other hand, held only 30% of total deposits. Japanese banks had begun to make their appearance as
set out reforms aimed at reducing the risk profile of LIBOR and creating the conditions for more banks to participate. Prior to the publication of the road map, the IBA had consulted widely and held roundtables chaired by the Bank of England, the Bank of Japan, the Banque de France, the Board of Governors of the Federal Reserve Bank of New York and the Swiss National Bank. To anchor LIBOR to the greatest extent in transactions, as well as to reflect changes in banks’ funding models, the IBA ‘has designed a waterfall of submission methodologies’ to ensure that LIBOR
. The severe recession of that period would also materially affect the ability of other civil businesses to generate remunerative orders, most notably what had been automation systems division at Wythenshawe which specialised in the development and production of computerised command and control equipment for a wide variety of customers, from manufacturing industry to emergency services such as the police. With declining order books and increased competition from European and Japanese conglomerates, this exacerbated that division’s traditional problem of accommodating
the parts’. 42 The other international ICT4D process was WSIS, an idea originated by the Tunisian government at an ITU event in 1998. It organised two major gatherings, the first in Geneva in 2003 and the second in Tunis in 2005. The latter was underwritten by the Tunisian government: ‘It was the biggest donation to the process.’ 43 An ITU secretariat managed both events. Contributors included Japan, Germany, France, Finland
, including Japan and Denmark. The Bank of England at the time of writing has not yet tried this but may consider it if a further stimulus is required. 5.3.4 Lender of last resort In section 5.2.3 we discussed the role of lender of last resort (LOLR) in general and in this section we will examine the various methods
probably most applicable to the Anglo-Saxon economies of the US and the UK, with the transformation to a securitised financial system taking place earlier in the US. In contrast, countries such as Germany and Japan have continued to operate with a financial system which more closely represents the bank-oriented system – see chapter 3 for a discussion of universal banking. 2
, even if, as in Alex’s case, they had not engaged with it in school. Erika, who identifies as Japanese American and middle class with working-class family members , recalled the life her grandmother experienced on a low income with cancer as being a motivating factor for choosing economics, as she wondered at that time
range of ideological and strategic reasons. In Thailand, economics was focused on the state and government, many Latin American nations imitated the French and the German influence was prominent in Japanese economics education. 33 After the Russian Revolution in 1917, the Soviet Union developed another model of economics based on specialised institutes and academies connected to the state
environment would lose the contest. The ‘business friendly’ result was an attempt to manage (all) private business by carrots, without sticks. Policy was a matter of incentives to corporate enterprise in the form of tax cuts, debt relief privileges and state-funded gifts, including infrastructure improvement and skills training. Lest business felt unloved, tax avoidance through blatantly artificial schemes was widely condoned. These policies flew in the face of historical experience: successful industrial policy in Japan and Korea had offered rewards conditional upon firms
. Britain and the British Empire were run by right-minded people rather like Keynes himself, and he appears to have been genuinely confused and upset that American left-liberals saw Britain as the arch-imperial power and looked at it unfavourably even compared with Japanese expansionism (Skidelsky 2000 ). Keynes’s racism was a more curious mixture. He disliked the Chinese but had a patronising fondness for Black Americans. He quite liked Germans but was never keen on the French. He had an antipathy towards the Welsh, particularly at one time as embodied by Lloyd George