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Public sectors in the Pacific Islands are frequently described as being "too big" and as "crowding out" private sector economic activity. Reducing their size, it follows, would provide much-needed space for private sector expansion and result in higher levels of economic growth. This paper addresses these issues, arguing that there is not a good case for supposing that public sectors in the Pacific Islands are excessively large, when the challenges of public administration and public service delivery in such small, remote, dispersed, and divided states are taken into account. Rather than being preoccupied with their size, it would be more useful to focus on whether the resources available to their public sectors are being used efficiently and effectively to provide an adequate range and quality of administrative functions and public services. The paper also argues that, at a general level, the case for crowding out in the Pacific Islands is not particularly compelling, and that it would be more useful to focus on the trade-offs for the private sector of public sector engagement in any given administrative function or area of service delivery. In light of the arguments put forward, the paper sets out the key elements of a refocused agenda on public sector reform in the Pacific Islands.

Crowding Out --- Economic Theory & Research --- Education --- Education for the Knowledge Economy --- Government Size --- Macroeconomics and Economic Growth --- Micro States --- Production Costs --- Public Administration --- Public Sector Development --- Public Sector Employment --- Public Sector Management and Reform --- Public Service Wage Bills --- Small States

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Asset Price Response to New Information examines the effect of two types of psychological biases (namely, conservatism bias and representativeness heuristic) on the asset price reaction to new information. The author constructs various models of a competitive securities market or a security market allowing for strategic interaction among traders to prove rigorously that either conservatism or representativeness is capable of generating both asset price overreaction and underreaction to new information. The results shed some new insights on the phenomena of the asset price overreaction and underreaction to new information. In the literature, very little has been published in this area of behavioral finance. This volume will appeal to graduate-level students and researchers in finance, behavioral finance, and financial engineering.

Capital market. --- Finance. --- Funding --- Funds --- Capital markets --- Market, Capital --- Economic theory. --- Macroeconomics. --- Finance, general. --- Macroeconomics/Monetary Economics//Financial Economics. --- Economic Theory/Quantitative Economics/Mathematical Methods. --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Economics --- Currency question --- Economic theory --- Political economy --- Social sciences --- Economic man --- Economics.

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Il est appréciable que le peuple de cette nation ne comprenne rien au système bancaire et monétaire. Car si tel était le cas, je pense que nous serions confrontés à une révolution avant demain matin. Jamais cette phrase d’Henry Ford n’aura été si actuelle, et ce grâce aux transactions à haute fréquence. Si le trading ultra-rapide (qui représente désormais plus de 60% des échanges boursiers aux Etats-Unis) fait de plus en plus parler de lui, il n’existe aucun ouvrage accessible en français sur ces algorithmes qui calculent à la micro-seconde pertes et profits. 6 vient combler cette absence. Le sujet de « 5 », suite et fin de « 6 », sera principalement la montée en puissance de la modélisation mathématique des marchés, qui n’a qu’un seul objectif : prédire le futur (où le sous-titre de ce second opus : “Retour vers le futur”). Ces théories prédictives sont apparues en France à la fin du XXe siècle, et ont commencé à pénétrer le monde de la finance américaine dans les années 1960, un certain nombre des précurseurs de la mathématisation des marchés ayant auparavant testé leurs théories à… Las Vegas.

Speculation --- Capital market --- Stock exchanges --- Data processing --- Spéculation --- Traders --- Marché financier --- Flux financiers --- Informatique --- Algorithmes --- Finances --- Bulls and bears --- Commercial corners --- Corners, Commercial --- Equity markets --- Exchanges, Securities --- Exchanges, Stock --- Securities exchanges --- Stock-exchange --- Stock markets --- Efficient market theory --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Bucket-shops --- Gambling --- Commodity exchanges --- Contracts, Aleatory --- Investments --- Spéculation. --- Traders. --- Flux financiers. --- Informatique. --- Finances. --- Data processing. --- Capital market - Data processing --- Spéculation. --- Marché financier

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This book provides an overview of the Second Council Directive 77/91/EEC of 13 December 1976 (also known as the Capital Directive) and its implementing rules in each Member State of the European Union and the European Economic Area. It provides companies and advisors with useful insights regarding articles of association and related documents, the incorporation and capital requirements of European companies with limited liability and the rules applicable to the acquisition and pledge of their own shares, the cross-participations, the financial assistance and the distribution of profits. A general report on the Capital Directive is followed by a discussion of the implementation of the rules laid down in the Directive in the national laws of each Member State, each in accordance with a common format and contributed by a practitioner from that State.

Corporations --- Capital market --- Finance --- Law and legislation --- Council of the European Union. --- Corporations - Finance - Law and legislation - European Union countries --- Capital market - Law and legislation - European Union countries --- Autriche --- Belgique --- Bulgarie --- Chypre --- République tchèque --- Danemark --- Estonie --- Finlande --- France --- Allemagne --- Grèce --- Hongrie --- Royaume-Uni --- Lichtenstein --- Irlande --- Italie --- Lettonie --- Lituanie --- Luxembourg --- Malte --- Pays-Bas --- Pologne --- Portugal --- Slovénie --- Roumanie --- Slovaquie --- Espagne --- Suède --- Islande --- Norvège --- Capital markets --- Market, Capital --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Business corporations --- C corporations --- Corporations, Business --- Corporations, Public --- Limited companies --- Publicly held corporations --- Publicly traded corporations --- Public limited companies --- Stock corporations --- Subchapter C corporations --- Business enterprises --- Corporate power --- Disincorporation --- Stocks --- Trusts, Industrial

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This paper presents an assessment of financial sector stability in El Salvador. The findings reveal that the financial system of El Salvador was resilient in the face of the global shocks and political uncertainty that took a toll on the economy in 2009. The new stand-by arrangement with the IMF bolstered confidence in the new authority’s policies and eased concern over the limited lender-of-last-resort capacity of the central bank. Despite the adverse economic environment of 2009, banks’ capitalization and liquidity remain high, and stress tests indicate that most banks could withstand severe shocks. Regulated nonbanks are also sound, but pension funds’ poor profitability could pose a problem in the longer term.

Banks and banking --- Financial institutions --- Finance --- Capital market --- Financial crises --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Capital markets --- Market, Capital --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Funding --- Funds --- Economics --- Currency question --- Financial intermediaries --- Lending institutions --- Associations, institutions, etc. --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Money --- Evaluation. --- Prevention. --- Banks and Banking --- Finance: General --- Money and Monetary Policy --- Industries: Financial Services --- Business and Financial --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: Government Policy and Regulation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary economics --- Financial services law & regulation --- Financial Sector Assessment Program --- State-owned banks --- Credit --- Financial regulation and supervision --- Financial sector policy and analysis --- Financial services industry --- Law and legislation --- El Salvador