Power Of Financial Institutions Research Articles

Fóruns de Educação: resistências, limites e possibilidades de atuação no contexto da Pandemia da COVID-19

O artigo busca refletir sobre a instituição Fórum de Educação, suas competências, limites e possibilidades no contexto da luta de classes que se estabelece no campo das políticas educacionais. Tomando como referência o materialismo histórico dialético contextualiza-se o processo recente de disputas em torno da política nacional de educação, em que o Plano Nacional de Educação, o Fórum Nacional de Educação e as Conferências de Educação ganham centralidade, enquanto instâncias onde se materializa a luta de classe por distintos projetos de educação e sociedade. Na análise, são tomados como referências concretas os Fóruns Municipais de Educação do Tocantins, enquanto elementos do processo centralização-descentralização das políticas públicas educacionais em âmbito nacional, estadual e municipal. As considerações finais apontam que no contexto da Pandemia da COVID-19, a agenda conservadora e neoliberal desponta com mais força, revelando os interesses do poder econômico das instituições financeiras, aliando a mídia com o mercado, impondo uma pauta ultraconservadora e uma agenda política em plano internacional, que representa novos desafios para o campo progressista, na organização de um plano de lutas em defesa da educação pública, que não pode dispensar a efetiva participação social na conformação de uma agenda orientada para garantir o direito à educação para todos.
 Palavras-chave: fóruns de educação, planos de educação, conferências de educação, luta de classes.
 
 Education Forums: resistance, limits and possibilities of action in the context of the COVID-19 Pandemic
 ABSTRACT. The article seeks to reflect on the Education Forum institution, its competences, limits and possibilities in the context of the class struggle that is established in the field of educational policies. Taking dialectical historical materialism as a reference, a recent process of disputes around the national education policy is contextualized, in which the National Education Plan, the National Education Forum and the Education Conferences gain centrality, as instances where the struggle takes place of class by different projects of education and society. In the analysis, the Municipal Education Forums of Tocantins are taken as concrete references, as elements of the centralization-decentralization process of educational public policies at the national, state and municipal levels. The final considerations point out that in the context of the COVID-19 Pandemic, the conservative and neoliberal agenda emerges with more force, revealing the interests of the economic power of financial institutions, allying the media with the market, imposing an ultra-conservative agenda and a political agenda in international plan, which represents new challenges for the progressive field, in the organization of a plan of struggles in defense of public education, which cannot dispense with effective social participation in shaping an agenda aimed at guaranteeing the right to education for all.
 Keywords: education forums, education plans, education conferences, class struggle.
 
 Foros de Educación: resistencias, límites y posibilidades de acción en el contexto de la Pandemia del COVID-19
 RESUMEN. El artículo busca reflexionar sobre la institución Foro de Educación, sus competencias, límites y posibilidades en el contexto de la lucha de clases que se establece en el campo de las políticas educativas. Tomando como referencia el materialismo histórico dialéctico, se contextualiza un proceso reciente de disputas en torno a la política educativa nacional, en el que el Plan Nacional de Educación, el Foro Nacional de Educación y las Conferencias de Educación adquieren centralidad, como instancias donde se desarrolla la lucha. De clase por diferentes proyectos de educación y sociedad. En el análisis, los Foros Municipales de Educación de Tocantins se toman como referentes concretos, como elementos del proceso de centralización-descentralización de las políticas públicas educativas a nivel nacional, estatal y municipal. Las consideraciones finales señalan que en el contexto de la Pandemia COVID-19, la agenda conservadora y neoliberal emerge con más fuerza, revelando los intereses del poder económico de las instituciones financieras, aliando a los medios con el mercado, imponiendo una agenda ultraconservadora. y una agenda política en plan internacional, que representa nuevos desafíos para el campo progresista, en la organización de un plan de luchas en defensa de la educación pública, que no puede prescindir de una participación social efectiva en la conformación de una agenda orientada a garantizar el derecho a la educación para todos.
 Palabras clave: foros de educación, planes de educación, conferencias de educación, lucha de clases.

Let’s Talk: What FinReg Can Learn from New Governance (and Vice Versa)

Lauren Edelman’s Working Law: Courts, Corporation, and Symbolic Civil Rights (2016) is remarkably relevant to the study of financial regulation. In particular, three factors that Edelman identifies as contributing to legal endogeneity and symbolic compliance—ambiguous law, a lack of clear outcome measures, and the presence of legal intermediaries—are especially salient in this context. It has long been recognized that powerful financial institutions and the lawyers, lobbyists, and other agents who serve them have the ability to influence the law ex ante, through political lobbying. Edelman’s work reinforces the point that they may also do so ex post through an endogenous process of interpretation, implementation, and, ultimately, enshrinement of symbolic compliance with ambiguous law.

Let’s Talk: What FinReg Can Learn from New Governance (And Vice Versa)

Lauren Edelman’s Working Law is remarkably relevant to the study of financial regulation. In particular, three factors that Edelman identifies as contributing to legal endogeneity and symbolic compliance – ambiguous law, a lack of clear outcome measures, and the presence of legal intermediaries – are especially salient in this context. It has long been recognized that powerful financial institutions and the lawyers, lobbyists, and other agents who serve them have the ability to influence the law ex ante, through political lobbying. Edelman’s work reinforces the point that they may also do so ex post through an endogenous process of interpretation, implementation, and, ultimately, enshrinement of symbolic compliance with ambiguous law.

Portfolio Society: On the Capitalist Mode of Prediction

As a college freshman, I recall asking an economics professor how any single equilibrium price for complex assets in financial markets was reached between buyers and sellers—to which I received a generic ‘demand meets supply’ answer and was left to my devices to figure out how this was executed in practice. Although I have since visited a trading desk and saw the closing of such transactions first-hand (and learned about the models underlying them), I now wish Ivan Ascher’s account of the intricacies of contemporary financial markets—and their implications for the common man—had been available to me then. In this short and highly readable publication, the author covers original ground, namely his critique of the rise of financial markets that have largely securitized key relationships between capital holders—a step further from the well-described securitization of assets in the market economy. Inspired by Marx’s critique of political economy of his time, Ivan Ascher’s narrative opens by recounting the perils caused by an accumulation of subprime loans in the USA before 2007, leading to the largest financial crisis of modern history. The author is blunt in calling out the ‘extraordinary – and terrifying – power of financial institutions’ (p. 20)1—and makes a case for stating that our society should not simply be thought of as a ‘civil society (…) mediated by monetized exchange, but as a historically unique portfolio society in which capital’s relation to its own future (and hence everyone’s relation to the future) is itself mediated by financial markets’ (p. 24).

Analysis of financial markets and investment development strategies in agricultural sector of Kohgiluyeh and Boyer-Ahmad Province of Iran

In order to achieve the economic growth and development, some specific plans and mechanisms in social, cultural and economic fields are required. Strong financial markets are among such specific mechanisms in the economic area which in turn requires powerful financial institutions. In this research, abilities and restrictions of financial system of Kohgiluye & Boyer-Ahmad province of Iran have been reviewed and discussed that the substantial proportion of required agricultural credits of province farmers is provided by the formal sector of financial market, especially Agricultural Bank of Iran. The interest rate of formal sector credits is much less than the rates of interest applied in the informal sector even by enumerating administrative costs. Finally, the financial market development strategies of agricultural sector of the province have been determined. Keywords: Financial Market, Broker, Capital, Agriculture, Facilities, Bank, Iran.

Current and structural developments in the financial systems of OECD enhanced engagement countries

This paper discusses the financial systems of OECD Enhanced Engagement Countries (EE5: Brazil, China, India, Indonesia, and South Africa). Rather than providing a comprehensive survey of each financial system, it is designed to highlight some of the salient features of EE5 financial systems, emphasising those aspects of the system that these countries have in common and those that are different from those in OECD countries. While there are significant differences among EE5 countries, this group shares some distinctive characteristics. EE5 have relatively lower financial assets/GDP ratios and their financial intermediation remains relatively bank dominated and less international. Equity markets have reached proportions comparable to those of OECD countries, but fixed income markets (especially private debt markets) remain relatively backward. At the same time, the financial systems of EE5 countries have been developing rapidly supported by steady reforms. Going forward, many institutions outside OECD countries are likely to become bigger players in financial markets, and the emergence of large asset holdings, rising shares of world equity and bond markets and the emergence of powerful financial institutions in new regions of the world are likely to influence the contours of the world financial system in years to come.

Competition in the Context of Financial Consolidation: An Application to the Colombian Case (Competencia En Un Contexto De Consolidación Financiera: Una Aplicación Al Caso Colombiano)

The trend towards consolidation in the banking industry has increased market concentration over the last years. Standard industrial organization criteria advocates that greater concentration raises market power in financial institutions, thus leading prices above perfect competition (mark-up). However, research conducted under the New Empirical Approach of the Industrial Organization (NEIO) weakens this paradigm. This paper uses this approach to evaluate the degree of credit market competition in the Colombian banking sector in 1994-2006. The estimation of a nonstructural model shows that while the drive towards consolidation remains, institutions maintain a competitive conduct in the credit market. This result is in line with other studies that have assessed the degree of competition in the financial sector from the deposits perspective.

Facing Down Armageddon

25 BEIJING—The modern era has seen the creation of enormous wealth and the broad advance of human development. Put simply, the majority of the world’s people are now enjoying unprecedented levels of prosperity and opportunity. But the unexpected speed and severity of the global financial crisis and collapse of some of the most powerful financial institutions have also precipitated a steep decline of the world economy— making this one of the worst of times. It has shaken the foundations of our civilization, the wealthiest ever, and given the lie to its promise of even greater wealth ahead. Still, the accelerating damage to the Earth’s natural capital will have even more devastating consequences for the human future than the current financial and economic crises. The economic and human costs of climate change to the global economy already amount to an estimated $125 billion per year and the loss of 300,000 lives, according to a recent study by the Global Humanitarian Forum headed by former UN Secretary-General Kofi Annan. And, as noted in a recent report by the World Resources Institute, we face the increased extinction of species, the waning of fish stocks, the ominous decline in the quality and availability of water for human consumption, the continued degradation of forests and biological resources, the loss of productive soil, worsening air pollution, and a severely contaminated food chain—all threatening the very nature and sustainability of life on Earth. Together, they represent the single greatest threat to human security. Some, however, still contend we can only deal with the risks of climate change and repair damage from environmental degradation after we fix the global economy. This is the height of folly. Waiting would only intensify the imminent threats to our civilization. Climate change is rooted in the same basic condition that has produced the global financial and economic crises— the unsustainable nature of our existing economic system. The rapid and unexpected meltdown across the planet demonstrates dramatically the vulnerability of a system that cannot continue on the pathway that led to its collapse. This dictates that we must manage these crises of multiple origins on a systemic, integrated basis, rather than as separate and often competing issues. Only thus can we transform crisis into opportunity, and rebuild our civilization in a manner that will ensure the survival and sustainability of life on our planet. The United Nations has played a leading role in the development of awareness of Maurice Strong served as secretary-general of the 1972 United Nations Conference on the Human Environment, which launched the world environmental movement, and the 1992 Earth Summit. He was the first executive director of the United Nations Environment Program (UNEP). He currently spends much time in Beijing where he is actively involved in environmental and related issues, notably climate change.

Maiores bancos privados no Brasil: um perfil econômico e sociopolítico

O trabalho analisa elementos do poder das instituições financeiras, destacando o controle sobre o fluxo de capitais - caracterizado como hegemonia financeira -, a constituição dos grupos econômicos ou financeiros, a estrutura de representação dos interesses de classe do setor e a participação deste no processo político e nos aparatos de decisão do Estado. Considerando a reestruturação financeira ocorrida no Brasil na década de 1990, o trabalho traça um perfil dos dez maiores bancos privados a partir de indicadores econômicos e sociopolíticos selecionados. Para além de sua posição como meros intermediários financeiros, identifica-se em que medida esses bancos configuram-se como grupos econômicos e, especialmente, como unidades de articulação mais ampla, que se revela em conexões com o Estado e com a própria organização e atuação de classe nos âmbitos corporativo e político.

Returns to Market Power in Financial Institutions

ABSTRACT The strong positive relationship between firm profits and size for Thai financial institutions cannot be explained by returns to scale or scope. Evidence for this statement is found by applying both production frontier and function techniques and different model specifications on data covering 1991 to 1995 for Thai banks and finance & securities companies. Increasing returns to market power is the only way to explain the Thai data. A firm enjoys returns to market power if the bigger the firm, the higher the price it can charge and/or the lower the price it has to pay for inputs.

Financial globalisation and economic sovereignty

A number of very significant changes took place in the international financial system at the beginning of the 1970s, as a result of changes in the relations of economic power between the most developed countries in the world. A number of new financial instruments appeared in response to the new conditions on the international currency and financial markets, with far-reaching implications for the efficiency of national economic policy, in particular on the three main segments - monetary, fiscal, and exchange rate policy. The process of financial liberalization began in the late sixties and early seventies and became a dominant characteristic of the final two decades of last century. The essence of financial liberalization is the elimination of the state?s influence on the extension of credit, interest rates, bank-ownership, and the free movement of international capital. In the process of financial liberalization, countries with developed market structures and powerful financial institutions were at a great advantage over countries whose financial sector was poorly or under-developed. As a result of their very different starting positions, the process of financial liberalization during the last two decades led to a doubling of the gap between the richest and the poorest countries. Two decades ago, the richest five countries in the world were 128 times richer than the five poorest countries. During those two decades, this became 249 times richer. A change in business philosophy and the mission and goals of companies could well have a progressive, development impact, with a view to reducing the wealth gap, particularly in regions and countries sidelined as regards development until now. Nevertheless, international economic and financial groups and institutional capacity-building in national governments, including the ability to carry out an efficient macroeconomic policy, will continue to have a vital role to play in stimulating development and reducing these enormous disparities.

The Changing Role of Women in Finance

Finance is a gun. Politics is knowing when to pull the trigger.' In these few words the taciturn Mafia boss Don Lucchese in The Godfather Part III highlights the inextricable link between money and power, which together represent most significant influences on society and gender throughout history. Until the 1960s the very title for this article would have been regarded as a contradiction in terms. With few notable exceptions, women and finance did not mix, largely because they were not given the opportunity to do so. Today, women represent a significant force for change in the financial services industry, both as a target market for financial products and as key employees within the financial institutions. To place the power of financial institutions in an economic context, pension funds and life assurance funds together own about two-thirds of the UK stock market, with a further tranche owned by other collective retail funds, such as unit trusts and open-ended investment companies. As a result, the investment companies that manage these funds effectively control British industry, and are the channel through which the funding for future businesses must flow. The simple fact is, therefore, that the boards of British companies are answerable on a more regular basis to private fund managers than they are to financial regulators or the government itself.

Strong Managers, Weak Owners: The Political Roots of American Corporate Finance.

In a broad-based democracy, not all contracts will survive. Even some efficient contracts will be banned, if enough people dislike them. Thus if the average voter dislikes powerful private financial institutions, politics will, all else being equal, ban them. Interest groups cancel one another out. One group wants powerful financial institutions and another, such as small-town bankers, does not. The small-town bankers have a leg up in the political infighting, because popular opinion is on their side, leading to a ban on some arrangements that a less regulated economy might produce. Or, to recast the problem in agency cost terms, managers would like to be free from the oversight that powerful financial intermediaries might provide, and in the modern era, politicians might side with managers when the managers’ goals of thwarting takeovers align with a public wary of too many hostile takeovers. The politician can satisfy the managerial interest group and be popular at the same time. Agency costs move into the political arena; some contracts are banned, and whether the substitutes that arise are always perfect ones, without additional costs, is an open question. Law restricted the dominant financial institutions from the end of the nineteenth century onward. American banks were fragmented geographically, lacking the size to take big slices of capital of the large American firms emerging at the end of the nineteenth century. Banks’ products and portfolios have been further restricted: they were barred from the securities business and from owning stock. Their affiliates were also restricted in the stock they could own. Insurers could not buy stock for most of this century. Mutual funds cannot easily devote their portfolios to big blocks and face legal problems if they go into the boardroom. Pensions cannot take very big blocks without legal and structural problems; the big private pensions are under managerial control, not the other way around. These rule were neither random nor economically inevitable. While public interest goals of keeping financial intermediaries prudent and stable explain some of the rules, they do not explain all of them. Two dominant themes lay behind many of the rules: American public opinion, which mistrusted private large accumulations of power, and interest group politics. There were winners in fragmenting financial institutions. These winners had a large voice in Congress, and their goals matched public opinion. For example, small banks wanted to shackle large ones and succeeded in getting and keeping branching limits, banks on banks in the securities business, banks on bank affiliates’ moving outside of banking, and deposit insurance (which, by guaranteeing depositors that they will be paid if the bank fails, helps smaller, weaker banks more than it helps more solid, often bigger banks). These features of the political economy of American finance became foundational for corporate finance and the separation of ownership from control.

Club Mediterranée's growth and policies

The Club Mediterranée has grown in 31 years from modest and improbable origins to be France's largest hotel chain ranking number 13 worldwide. Its profitability is sound, it has ample financial resources, and its view of the market is global. It is the only non-American tourist organisation to have made significant incursions into the North American market, and it sees much of its future both there and in the Far East. The Group has some of France's most powerful financial institutions among its shareholders and board members, and is led by an individualistic entrepreneur. The Group's strengths and philosophy are examined, the nature of its operation described, and its strategy for the future outlined.

Determinants of Young Marrieds' Life Insurance Purchasing Behavior: An Empirical Investigation

The study examines the variables associated with the amount and type of life insurance purchased by a sample of young newly-married couples. Socioeconomic, demographic, psychographic, and other variables are examined by means of Multiple Classification Analysis. The purchase of a larger than average amount of life insurance was found to be much more likely in households where: (1) the husband did not attend college, (2) current and expected household incomes were in the low and high ranges, (3) net worth was greater, (4) the husband had purchased no life insurance before marriage, and (5) the wife had purchased term insurance before marriage. The purchase of term insurance was found to be much more likely in households where: (1) the net worth was greater, (2) the wife purchased term insurance before marriage, and (3) the insurance agent did not influence the decision. The purchase of life insurance is one of the most important consumer purchasing decisions. In the United States, consumers pay out over $24 billion for life insurance premiums or slightly over three percent of their total disposable personal income. These premium receipts, plus the investment income earned on them, has allowed the life insurance industry to become one of the most powerful financial institutions, controlling over $240 billion in assets. One of the most important market segments for the life insurance industry consists of young married couples. Often the first and most important purchases of life insurance are made at this stage of the life cycle. Life insurance decisions made at this time may have a lasting influence on future life insurance purchases. Thus, it is important for the industry to understand the life insurance purchasing behavior of this market segment. This article examines the variables associated with the amount and the type of life insurance purchased by young newly-married couples. Socioeconomic variables, demographic variables, psychographic variables, and other explanatory factors, some of which have not been investigated Dan R. Anderson, Ph.D., CPCU, is Assistant Professor of Business (Risk Management and Insurance) in the Graduate School of Business of the University of Wisconsin, Madison. John R. Nevin, Ph.D., is Assistant Professor of Business (Marketing) in the Graduate School of Business of the University of Wisconsin, Madison. This paper was submitted in April, 1974.