- Industry: Economy; Printing & publishing
- Number of terms: 15233
- Number of blossaries: 1
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During 1997-98, many of the East Asian tiger economies suffered a severe financial and economic crisis. This had big consequences for the global financial markets, which had become increasingly exposed to the promise that Asia had seemed to offer. The crisis destroyed wealth on a massive scale and sent absolute poverty shooting up. In the banking system alone, corporate loans equivalent to around half of one year's GDP went bad - a destruction of savings on a scale more usually associated with a full-scale war. The precise cause of the crisis remains a matter of debate. Fingers have been pointed at the currency peg adopted by some countries, and a reduction of capital controls in the years before the crisis. Some blamed economic contagion. The crisis brought an end to a then widespread belief that there was a distinct "Asian way" of capitalism that might prove just as successful as capitalism in America or Europe. Instead, critics turned their fire on Asian cronyism, ill-disciplined banking and lack of transparency. In the years following the crisis, most of the countries involved have introduced reforms designed to increase transparency and improve the health of the banking system, although some (such as South Korea) went much further than others (such as Indonesia).
Industry:Economy
Hal-hal yang telah mendapatkan kekuatan atau beberapa nilai lainnya ke pemilik mereka.
Industry:Economy
Ini adalah salah satu dari dua teori-teori ekonomi yang berpengaruh tentang bagaimana aset adalah harga di pasar keuangan. Yang lain adalah aset modal harga model. Arbitrase harga teori mengatakan bahwa harga aset keuangan mencerminkan beberapa faktor risiko utama, seperti diharapkan tingkat bunga, dan bagaimana perubahan harga aset yang relatif terhadap harga portofolio aset. Jika harga aset terjadi untuk menyimpang dari apa yang dikatakannya teori itu seharusnya, arbitrase oleh investor harus membawanya kembali ke jalur.
Industry:Economy
Membeli aset di satu pasar dan secara bersamaan menjual aset identik di pasar lain dengan harga yang lebih tinggi. Kadang-kadang ini akan menjadi aset yang identik dalam pasar yang berbeda, misalnya, saham di perusahaan yang tercatat di Bursa Efek London dan New York Stock Exchange. Sering aset yang arbitraged akan sama dengan cara yang lebih rumit, misalnya, mereka akan berbagai macam efek/instrumen keuangan yang masing-masing terkena risiko yang identik. Beberapa jenis arbitrase yang benar-benar bebas risiko — ini adalah murni arbitrase. Misalnya, jika Euro tersedia lebih murah dalam dolar di London daripada di New York, arbitrase (juga dikenal sebagai ARB) dapat membuat keuntungan bebas risiko dengan membeli Euro di London dan menjual jumlah yang sama dari mereka di New York. Peluang untuk arbitrase murni telah menjadi langka di beberapa tahun terakhir, sebagian karena globalisasi pasar keuangan. Hari ini, banyak yang disebut arbitrase, banyak dilakukan oleh hedge fund, melibatkan aset yang memiliki beberapa kemiripan tetapi tidak identik. Ini bukanlah arbitrasi murni dan dapat jauh dari bebas risiko.
Industry:Economy
Peningkatan nilai aset dan kebalikan dari depresiasi. Ketika nilai mata uang meningkat dibandingkan lain, menghargai.
Industry:Economy
Government policy for dealing with monopoly. Antitrust laws aim to stop abuses of market power by big companies and, sometimes, to prevent corporate mergers and acquisitions that would create or strengthen a monopolist. There have been big differences in antitrust policies both among countries and within the same country over time. This has reflected different ideas about what constitutes a monopoly and, where there is one, what sorts of behavior are abusive. In the United States, monopoly policy has been built on the Sherman Antitrust Act of 1890. This prohibited contracts or conspiracies to restrain trade or, in the words of a later act, to monopolize commerce. In the early 20th century this law was used to reduce the economic power wielded by so-called "robber barons", such as JP Morgan and John D. Rockefeller, who dominated much of American industry through huge trusts that controlled companies' voting shares. Du Pont chemicals, the railroad companies and Rockefeller's Standard Oil, among others, were broken up. In the 1970s the Sherman Act was turned (ultimately without success) against IBM, and in 1982 it secured the break-up of AT&T's nationwide telecoms monopoly. In the 1980s a more laissez-faire approach was adopted, underpinned by economic theories from the Chicago school. These theories said that the only justification for antitrust intervention should be that a lack of competition harmed consumers, and not that a firm had become, in some ill-defined sense, too big. Some monopolistic activities previously targeted by antitrust authorities, such as predatory pricing and exclusive marketing agreements, were much less harmful to consumers than had been thought in the past. They also criticized the traditional method of identifying a monopoly, which was based on looking at what percentage of a market was served by the biggest firm or firms, using a measure known as the Herfindahl-Hirschman index. Instead, they argued that even a market dominated by one firm need not be a matter of antitrust concern, provided it was a contestable market. In the 1990s American antitrust policy became somewhat more interventionist. A high-profile lawsuit was launched against Microsoft in 1998. The giant software company was found guilty of anti-competitive behavior, which was said to slow the pace of innovation. However, fears that the firm would be broken up, signaling a far more interventionalist American antitrust policy, proved misplaced. The firm was not severely punished. In the UK, antitrust policy was long judged according to what policymakers decided was in the public interest. At times this approach was comparatively permissive of mergers and acquisitions; at others it was less so. However, in the mid-1980s the UK followed the American lead in basing antitrust policy on whether changes in competition harmed consumers. Within the rest of the European Union several big countries pursued policies of building up national champions, allowing chosen firms to enjoy some monopoly power at home which could be used to make them more effective competitors abroad. However, during the 1990s the European Commission became increasingly active in antitrust policy, mostly seeking to promote competition within the EU. In 2000, the EU controversially blocked a merger between two American firms, GE and Honeywell; the deal had already been approved by America's antitrust regulators. The controversy highlighted an important issue. As globalization increases, the relevant market for judging whether market power exists or is being abused will increasingly cover far more territory than any one single economy. Indeed, there may be a need to establish a global antitrust watchdog, perhaps under the auspices of the world trade organization.
Industry:Economy
Menempatkan pemegang saham pertama; gagasan bahwa semua aktivitas bisnis harus bertujuan untuk memaksimalkan nilai total saham perusahaan. Beberapa kritikus berpendapat bahwa berkonsentrasi pada nilai pemegang saham akan berbahaya bagi perusahaan di stakeholders lainnya, seperti karyawan, pemasok, dan pelanggan.
Industry:Economy
Financial securities, each granting part ownership of a company. In return for risking their capital by giving it to the company’s management to develop the business, shareholders get the right to a slice of whatever is left of the firm’s revenue after it has met all its other obligations. This money is paid as a dividend, although most companies retain some of their residual revenue for investment purposes. Shareholders have voting rights, including the right to vote in the election of the company’s board of directors. Shares are also known as equities. They can be traded in the public financial markets or held as private equity.
Industry:Economy
Panduan kasar Apakah hadiah dari investasi membenarkan risiko, diciptakan oleh Bill Sharpe, pemenang Hadiah Nobel Ekonomi dan co-pencipta aset modal harga model. Anda hanya membagi masa laba atas investasi (kurang tingkat bebas risiko) dengan deviasi standar, ukuran sederhana risiko. Semakin tinggi rasio Sharpe adalah lebih baik, itu adalah, semakin besar adalah kembalinya per satuan risiko. Namun, karena ukuran mundur-mencari, berdasarkan apa yang telah dilakukan investasi di masa lalu, rasio Sharpe tidak menjamin kinerja yang sama di masa depan.
Industry:Economy
Dampak keseluruhan kegiatan ekonomi pada kesejahteraan masyarakat. Manfaat/biaya sosial adalah jumlah dari pribadi keuntungan/biaya yang timbul dari kegiatan dan eksternalitas apapun.
Industry:Economy
