The main objective of this paper is to review the theoretical issues and available empirical evidence on capital account liberalization. In addition to being of interest in its own right, capital account liberalizations is important to the debate on the New International Financial Architecture (NIFA) and to the post-Doha agenda at the World Trade Organization (WTO) in relation to foreign direct...

Last month, in this magazine, this author argued in Fixing Financial Statements: Financial Statement Overhaul that the traditional formats of the primary financial statements—income statement, balance sheet, and cash flow statement—need major redesign to again be useful for meaningful financial analysis, decision-making and value creation. Since the fundamental objective of a business is to inc...

Using the household panel data from Townsend Thai data, we create the economic and balance of payments accounts for a set of villages in rural and semiurban areas of Thailand. We then study these village economies as small open countries, as in international economics, exploring in particular the relationship between the real (production and trade) and financial (credit and financial flows) var...

8 The Journal of financial transformation As a result of domestic and external factors, capital flows to emerging market economies are highly volatile. All too often, these economies experience severe financial distress, which in some instances lead them to the country-equivalent of bankruptcy. Recently, the IMF and the U.S. Treasury have come up with plans to facilitate an orderly restructurin...

Abstract: The implementation of government legislation, social responsibility, environmental concerns regarding the reduction of waste, hazardous material and other consumer residuals have made the competition between the firms stricter than ever and nowadays firms that want to survive need a more productive and innovative approach toward the financial aspects of their businesses.his pape...

This paper suggests, first, that a simple theoretical framework is useful in explaining financial crises in emerging economies. Second, it reviews the East Asian financial crises of 1997-98 . Third, the paper examines the origins of Argentina’s crisis of 2001-02. Fourth, it presents a comparative analysis of both crises, highlighting their similarities and differences. Finally, the conclusions ...

Business environment in which banks in our country perform their activity is rather dynamic. Financial sector has, as in the most transitional countries, firstly started with the process of radical changes and continuous access to European business standards. In that sense, constant changes of legal regulations and bylaws that regulate this field set before the banks increasingly higher and mor...

The Sukuk market has become the fastest growing segment of the Islamic financial services industry. Governments and other corporate entities have started tapping the local and international Sukuk markets in order to raise the required funds. The investor base is also expanding and Sukuk has now become a popular and obvious choice for retail investors in a number of jurisdictions. However, becau...

We study the Casimir force on a single surface immersed in an inhomoge-neous medium. Specifically we study the vacuum fluctuations of a scalar field with a spatially varying squared mass, m 2 + λ∆(x − a) + V (x), where V is a smooth potential and ∆(x) is a unit-area function sharply peaked around x = 0. ∆(x − a) represents a semi-penetrable thin plate placed at x = a. In the limits {∆(x−a) → δ(...