Search results for ""author lars oxelheim""

The dramatic evolution of financial markets in the 1980s and 1990s, accompanied by increasing institutional integration between nations (most notably in the EU), have fostered a widespread belief that governments - particularly those of small economies - have essentially lost the power to pursue sovereign, independent economic policies. At the same time, it is widely assumed that the loss of monetary-policy control is a major opportunity cost for a country adopting a rigid exchange-rate regime or, in the European context, for countries joining the EMU.This book sheds light on these arguments by examining the relationship between the international integration of domestic money markets and the degree of monetary-policy independence in eleven small, open economies in Europe. The authors address these important issues in the context of a broad-based historical analysis of market formation and growth, exchange-rate policies and deregulation. They find that political motives, in conjunction with competitive forces, path dependence and institutional factors, are a major determinant of market development. Moreover, they reveal that credible commitment to a stability goal is a far more reliable predictor of monetary-policy autonomy than the adoption of a specific exchange-rate regime.This accessible investigation of the relationship between domestic money-market development, international financial integration and the monetary-policy options available to small, open economies will be welcomed by students and researchers of macroeconomics, financial economics and political economy. The extensive empirical research and original conclusions will also be of interest and benefit to corporate decisionmakers, bankers, policymakers and regulators.

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A practical and accessible guide that demystifies ForEx risk for managers in all areas of business Virtually any organisation active in the global economy is impacted by fluctuations in foreign exchange (FX or ForEx) markets. Managers need to understand this increasingly complex issue and measure their firm’s exposure to risk. Corporate Foreign Exchange Risk Management is an in-depth yet accessible guide on effective ForEx exposure management. Designed for professionals responsible for managing a profit & loss or balance sheet influenced by ForEx fluctuations, it enables risk managers to navigate the interconnected worlds of financial management and economics. This innovative guide integrates academic discussion of the economics of risk management decisions and pragmatic advice for various situations in which performance measures affected by accounting standards are paid considerable attention. Readers are provided with the tools and knowledge required to handle a broad range of issues related to ForEx risk management. Clear, non-technical chapters demystify concepts that often appear complicated and confusing to managers. Written by globally-recognised experts in corporate finance, risk management and international business, this book: Employs a reader-friendly narrative style to explain complex concepts Provides a clear, actionable risk management strategy which can be used in a variety of businesses Places all concepts in relatable, real-world contexts Explains important academic research to practitioners in plain English Includes effective pedagogical tools and explanations, straightforward examples and end-of-chapter summaries which highlight key points Corporate Foreign Exchange Risk Management is a must-read for any manager who deals with corporate exposure to ForEx risk, as well as analysts wishing to better understand the relation between corporate performance and ForEx fluctuations and students of corporate risk management.

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This collection of chapters constitutes a highly valuable and informed input to the debate on the European Union's present and potential role in the shaping of our common future. Together, the contributors take a comprehensive perspective covering legal, political and economic imbalances in the world that are of acute relevance for the possibilities to effectively tackle challenges common to us all, such as climate change, poverty, trafficking and the supply of scarce fundamental commodities. To what extent can the European Union be a constructive force in ameliorating these imbalances, and thereby in world politics, and how ought it to proceed?'- Per Cramér, University of Gothenburg, Sweden'The international dimension of the EU's activities is under-researched and often poorly understood. This book, drawing on a range of disciplinary perspectives and bringing together a range of authors from the Nordic countries, provides a timely and well-thought-out exposition of the challenges the EU faces in the world.'- Iain Begg, London School of Economics and Political Science, UKThe EU's Role in Fighting Global Imbalances looks at the role of the European Union in addressing some of the greatest challenges of our time: poverty, protectionism, climate change, and human trafficking. The recent crisis has depleted the Union s economic and political resources. At the same time the Union is, like never before, expected to confront these global challenges on the world political arena, where new regional power centres are establishing themselves. Based on a broad and interdisciplinary understanding of the concept of global imbalances, this book argues that these challenges follow from pervasive global imbalances, which at root are economic, political, and legal in character.Contributions from ten leading scholars in the fields of economics, law, and political science provide in-depth analyses of three key dimensions of EU foreign policy, namely: the internal challenges facing the EU, as its 28 member countries struggle to coordinate their actions; the external challenges facing the EU on the global arena, in areas where global imbalances are particularly pervasive, and where measures taken by the Union can have an important impact; and the EU´s performance on the global arena, in the eyes of other key actors.This policy-oriented, interdisciplinary volume offers real insight into the European Union and its role in global affairs and will appeal to academics and policy-makers alike.Contributors: L. Aggestam, A.Bakardjieva Engelbrekt, A. Bigsten, S. Bogojevi , O. Elgström, M. Henrekson, A. Jonsson Cornell, A. Kokko, M. Mårtensson, A. Moberg, L. Oxelheim, T. Persson, T. Sanandaji, A. Schmidt-Felzmann

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Bridging the Prosperity Gap in the EU addresses the great social challenge currently facing the European Union. Taking an interdisciplinary approach, the authors invaluably pinpoint both overarching problems and possibilities associated with the social dimension of European integration.Prominent researchers of economics, law and political science tackle this complex issue, providing new solutions within their respective fields of expertise. The chapters cover crucial policy challenges and analyse fundamental mechanisms that limit, or otherwise affect, the evolution of a European social dimension. These insights clarify the far-reaching measures that will be needed to gradually restore the balance between market integration and social protection across the European Union. Illustrating the importance of cohesion, this book is vital for those interested in comparative European studies, from backgrounds in public and social policy, law and economics.Contributors include: U. Bernitz, N. Charron, A.-C. Jungar, A.-S. Lind, M. Ljunge, L. Magnusson, M. Martensson, S. Murhem, P. Nyman, L. Oxelheim, J. Paju, T. Persson, B. Rothstein, J. Ruist, J.J. Votinius

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The increasing amounts of money paid out in compensation to corporate executives have become the subject of a heated public policy debate on both sides of the Atlantic during the last decade. The magnitude of these sums, as well as the timing of payments relative to evidence of corporate success or - more notably, failure - has surprised and, in many cases, angered employees, shareholders and politicians, and drawn considerable attention in the media. Are executives in many firms exploiting their power to benefit themselves at the expense of other stakeholders or is the level of compensation the result of an effective market mechanism? This book is intended to fill a void created by the current focus of economic, financial and management research on executive compensation in the USA, and to address whether results from the US generalize to Europe, whether there is a European model for executive compensation, and whether European compensation structures enhance the wealth of shareholders and citizens. The research presented here provides a foundation for further research that will help shareholders, their representatives on boards, and policy makers develop wealth enhancing procedures, contracts and rules within European corporate governance systems. The book covers a wide range of issues, including: corporate law and regulation in the area of corporate governance; prosperity and growth effects of compensation contracts; effects of compensation packages on incentives; organization of markets for executives; the choice of performance measure in performance-linked compensation contracts; influences from the US on compensation levels in Europe; as well as country studies of factors affecting compensation packages and their characteristics. This book will be of interest to academics, practitioners and policy makers. On the academic side, researchers and students in the field of business economics, corporate governance, finance, international business, and management will discover research results that enhance their knowledge and provide the basis for further research. Among practitioners, board members, executives, chief financial officers, and bankers will benefit from this book when evaluating and designing executive compensation schemes. Policy makers will find research-based material that can either support or call into question their preconceived opinions.

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