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Oonagh McDonald

-party repos certainly put it in a strong position to see the way in which such securities were valued. However, in response to the illiquid markets, pressure from Congress and the political fall-out both in the USA and in Europe, on 30 September 2008 the standard setters issued new guidance, designed to address the most immediately urgent fair value measurement questions. The guidance confirmed that management's internal assumptions regarding, for example, expected cash flows, could be used, in appropriate circumstances, to measure fair value when the

in Lehman Brothers
Open Access (free)
The evolving international financial architecture
Shalendra D. Sharma

The Asian financial crisis 6 Beyond the Asian crisis: the evolving international financial architecture We face a world of crisis. If Hong Kong, with its sound fundamentals and prudent financial management, can be brought to the brink of systemic breakdown by aggressive cross-border speculation, then something must be wrong with the world financial order (Joseph Yam, chief executive of the Hong Kong Monetary Authority, January 5, 1999).1 Shortly after the Mexican peso crisis, the G-7 countries launched an effort to strengthen the international financial system

in The Asian financial crisis
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

). Perhaps Indonesia’s greatest vulnerability lay in its weak financial system, especially its dangerously undercapitalized and poorly supervised banks. What explains this weakness, and why was it allowed to persist? A brief background is necessary. First, while the central bank, Bank Indonesia, was responsible for supervising the country’s banking system, it nevertheless reported directly to the president during the Suharto era. This left the entire banking system open to both indirect and direct political interference. It is widely agreed that on numerous occasions

in The Asian financial crisis
Open Access (free)
Issues, debates and an overview of the crisis
Shalendra D. Sharma

reserves had dwindled to US$45 billion, below the level of its short-term debt. As the real came under renewed pressure from speculators the Brazilian government sought external assistance.16 In November the IMF announced a US$41.5 billion multilateral loan package (with the IMF contributing US$18.1 billion under a three-year Stand-By Arrangement), to sustain the value of the real and help Brazil with its balance of payments problem.17 However, the calming effects of the IMF program were short-lived. The failure by the authorities to reach political agreement on the

in The Asian financial crisis
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

developmental state, and (2) elimination of corruption in the political and economic systems” (E-M. Kim 1997, 100). After ruling the country for two and a half years as coup leader, Park was elected president. This served to increase further the institutional coherence and capacity of the state. Park “quickly converted the ‘corrupt soft’ state he had 187 The Asian financial crisis inherited into a ‘developmental hard’ state . . . He then proceeded to execute an industrial policy, using a large battery of targeted and un-targeted interventions to implement his detailed vision

in The Asian financial crisis
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

The Asian financial crisis 2 Thailand: crisis, reform and recovery During the period of economic growth, we were too complacent. In good times we forgot many important truths and neglected many important tasks; we opened up our economy, but our stated plans to pursue discipline were not followed up; we attracted massive flows of cheap foreign capital, which we did not always spend or invest with enough prudence . . . we did not examine the fundamentals of our politics and governance or tackle issues such as bureaucratic inefficiency, lack of transparency and lack

in The Asian financial crisis
Why China survived the financial crisis
Shalendra D. Sharma

’s ability to withstand the crisis, must be understood within the context of its domestic political economy. While it was arguably in China’s interest not to devalue the RMB during the height of crisis, there are forces at work within the economy that may force China to rethink this strategy in the future. The economy: underlying strengths Never in recorded history has an economy grown so rapidly and as extensively as that of post-Mao China. The Third Plenum of the Eleventh Communist Party Congress in December 1978 saw the rise of the late Deng Xiaoping as the paramount

in The Asian financial crisis
Open Access (free)
Oonagh McDonald

the board of directors, 12 September 2008. The Examiner also notes that Lehman posted $5bn cash collateral at JP Morgan's request on 11 September and that Citibank had amended its Direct Custodial Services Agreement to strengthen its lien on Lehman's assets. Lehman calculated that its easily monetized liquidity pool was $2bn. John Varley, chief executive of Barclays advised Paulson that Barclays' board was prepared to consider a possible bid for Lehman. Meanwhile at the Friday evening meeting on 12 September, the CEOs were divided into groups, to

in Lehman Brothers
Don Slater

projects, not the nature of objects. This is evident within corporate practice. An advertising or marketing executive may spend a great deal of time thinking through the definition of an object and the structures that stabilise it precisely in order to destabilise the good and re-stabilise it in an optimal position within competitive and consumption relations. What should this mobile phone, for example, be sold as? A gadget, a status symbol, a practical necessity, an integral part of 102 Don Slater mobile information systems comprising PDAs, Internet and integrated

in Market relations and the competitive process
The resurgence of Route 128 in Massachusetts
Michael H. Best

). Sun Microsystems, Silicon Graphics and Cisco Systems are but three other examples whose origins can all be traced to Stanford’s classrooms. See MIT’s: The Impact of Innovation website at http://web.mit.edu/newsoffice/ founders According to Mass High Tech (17(38). 1999. p. 23), the software industry of Massachusetts is driven by ‘. . . small firms founded by former executives who have cashed out before, or by recent graduates of the area’s top engineering schools’. Cambridge University researchers have developed many innovations, often in partnership with industrial

in Market relations and the competitive process