Lost Opportunities for Compromise in the Bank War: A Reassessment of Jackson's Veto Message

1987 ◽  
Vol 61 (4) ◽  
pp. 531-550 ◽  
Author(s):  
Edwin J. Perkins
Keyword(s):  
United States ◽  
Financial Markets ◽  
The United States ◽  
Systematic Analysis

In this article Professor Perkins reexamines President Andrew Jackson's objections to the bill to recharter the Second Bank of the United States, as expressed in his famous veto message of 1832. He observes that, in addition to its exaggerated rhetoric, the veto message discusses at length a number of alleged deficiencies in the existing charter provisions. Professor Perkins's systematic analysis of the probable ramifications of a series of judicious alterations reveals that a compromise bill reformulated to meet most of the president's stated objections would not have seriously undermined the institution's position in American financial markets. Although several opportunities for sensible compromise arose, Nicholas Biddle and other members of the probank faction disregarded them. Perkins argues that the failure of bank supporters to consider comparatively modest modifications in the terms of recharter was a major blunder that ultimately doomed the Second Bank.

Ocena antykryzysowej polityki gospodarczej Stanów Zjednoczonych i wybranych państw członkowskich Unii Europejskiej w latach 2005–2014

2016 ◽  
pp. 26-46
Author(s):  
Marcin Jan Flotyński
Keyword(s):  
United States ◽  
European Union ◽  
Financial Markets ◽  
Global Economy ◽  
Global Financial Crisis ◽  
The United States ◽  
The European Union ◽  
High Volatility ◽  
The Global Financial Crisis ◽  
Domestic Products

The global financial crisis in 2007–2009 began a period of high volatility on the financial markets. Specifically, it caused an increased amplitude of fluctuations of the level of gross domestic products, the level of investment and consumption and exchange rates in particular countries. To address the adverse market circumstances, governments and central banks took actions in order to bolster the weakening global economy. The aim of this article is to present the anti-crisis actions in the United States and selected member states of the European Union, including Poland, and an assessment of their efficiency. The analysis conducted indicates that generally the actions taken in the United States in response to the crisis were faster and more adequate to the existing circumstances than in the European Union.

Are You Experienced? US Ambassadors and International Crises, 1946–2014

2021 ◽  
Vol 17 (4) ◽  
Author(s):  
Paul K MacDonald
Keyword(s):  
United States ◽  
International Politics ◽  
The United States ◽  
International Crises ◽  
Systematic Analysis ◽  
Militarized Disputes ◽  
Political Appointees ◽  
Significant Difference ◽  
The Military ◽  
Sizable Number

Abstract How important are ambassadors in international politics? While a growing body of research stresses the importance of diplomacy in international politics, it remains unclear if individual ambassadors make a significant difference or what attributes make for an effective ambassador. This paper explores these questions through a systematic analysis of 2,730 US ambassadors between 1946 and 2014. The United States is distinctive in that it sends a sizable number of noncareer political appointees to serve as ambassadors. This provides a unique opportunity to examine how an ambassador's experience shapes where they are placed and how they perform. Using various techniques to address selection effects, including matching, I find that the United States is less likely to experience a militarized dispute with a host nation when it is represented by a political ambassador. Moreover, political ambassadors with professional experience in politics or the military, those who are close to the president, and those who are appointed in permissive congressional environments are less likely to experience militarized disputes during their tenure. Individual ambassadors matter, but diplomatic experience alone is not the only attribute that makes for an effective ambassador.

scholarly journals Interdependence of stock exchange indices from leading capital markets: USA, Germany and Japan Stock Market

Bizinfo Blace ◽  
2021 ◽  
Vol 12 (1) ◽  
pp. 15-28
Author(s):  
Milena Marjanović ◽  
Ivan Mihailović ◽  
Ognjen Dimitrijević
Keyword(s):  
United States ◽  
Financial Markets ◽  
Capital Markets ◽  
Stock Exchange ◽  
Impulse Response Function ◽  
The United States ◽  
Causality Test ◽  
Vector Autoregressive ◽  
Equilibrium Relationship ◽  
The Us

In the context of globalization, due to the accelerated process of economic integration of countries and financial markets, the interdependence of the world's leading financial markets is more than obvious. This paper investigates the interdependence of stock exchange indices from leading capital markets in the world: USA, European Union and Asia. Our intention is to determine the direction of causality between the observed capital markets, as well as whether and in what way shocks in one market are transmitted to other markets. Research methodology includes stationarity testing, the existence of cointegration, the application of the Vector Autoregressive Model (VAR) which is complemented by the Granger causality test and the Impulse Response Function (IRF) analysis. The results of the research are as follows. Johansen's cointegration test showed that there is no long-term equilibrium relationship between the observed markets, while Granger's test showed that there is mutual causality between the capital markets of Germany and the United States. As for the Japanese index, previous events in Germany and the United States are statistically significant, but previous events on the Tokyo Stock Exchange cannot explain movements in Germany and the United States. According to the results of the IRF analysis, shocks that may occur in the US market have an almost identical impact on all observed markets. On the other hand, disturbances on the Japanese market are not transmitted to the German and American market, i.e. remain in Japan.

scholarly journals The Exchange Stabilization Fund: How It Works

1999 ◽  
pp. 1-4
Author(s):  
William P. Osterberg ◽  
James B. Thomson
Keyword(s):  
United States ◽  
South Korea ◽  
Financial Markets ◽  
The United States ◽  
Financial Assistance ◽  
International Financial Markets

The increased turmoil in international financial markets, starting with the Asian crises of 1997, has led to calls for financial assistance from the wealthier nations. In December 1997, the United States announced a $5 billion commitment toward an international package of financial assistance for South Korea. Two months earlier the United States pledged $3 billion for assistance to Indonesia. In both instances, the Exchange Stabilization Fund (ESF) was to be involved.

Contagion or Interdependence in the Financial Markets of Asia, Latin America, and the United States: From Tequila Effect to the Subprime Crisis

2011 ◽  
pp. 93-99
Author(s):  
Emerson Fernandes Marcal ◽  
Pedro L. Valls Pereira ◽  
Diogenes Manoel Leiva Martin ◽  
Wilson Toshiro Nakamura ◽  
Wagner Oliveira Monteiro
Keyword(s):  
United States ◽  
Latin America ◽  
Financial Markets ◽  
The United States ◽  
Subprime Crisis

The Economic Crisis

2013 ◽  
pp. 39-49
Author(s):  
Daniel Belingher ◽  
Cantemir Adrian Calin
Keyword(s):  
United States ◽  
Financial Markets ◽  
Economic System ◽  
Systems Theory ◽  
Economic Crisis ◽  
The United States ◽  
Entire System ◽  
Real Economy ◽  
Crisis Period ◽  
Real Gdp

The current chapter shows the gap between the real economy and the financial markets in the United States during the pre-crisis period at the end of 2007, as well as during the subsequent crisis period. The current research chapter also emphasizes the catastrophic effect that financial markets had inside the whole economic system due to this gap. The premise from which this chapter starts can be found in the systems theory and consists in Heinz von Foerster’s theorem. This research has an empirical nature and shows in which way an anomaly within the system can destabilize the entire system, finally resulting in the installation of the crisis period that we are still facing. In order to illustrate this, the authors refer to the evolution of the values of DJIA and real GDP, observed between mid 1940s until 2010 in the United States.

Das European Shadow Financial Regulatory Committee: Ein Beitrag zur Regulierungskultur in Europa

2000 ◽  
Vol 1 (3) ◽  
pp. 319-335
Author(s):  
Harald A. Benink ◽  
Reinhard H. Schmidt
Keyword(s):  
United States ◽  
Financial Markets ◽  
Financial Regulation ◽  
The United States ◽  
Political Integration ◽  
The Us ◽  
The Stability ◽  
Financial Regulatory ◽  
Regulatory Committee ◽  
Shadow Financial Regulatory Committee

AbstractThe turbulence in the international financial markets in the 1980s inspired the idea that independent academics might be in a position to make a contribution to the improvement of regulation and thus ultimately also to the stability of the national financial sector in the United States. This led to the creation of the US “Shadow Financial Regulatory Committee“, a group of academics and other independent experts working in the field of financial regulation, which meets regularly and issues statements concerning conceptual as well as current issues in financial regulation. Two years ago, a similar shadow committee was founded in Europe. It is composed of members from 11 different countries. The special problems of financial regulation in Europe, as well as the special features of the European Shadow Financial Regulatory Committee (ESFRC), derive from the fact that despite the trend towards economic and political integration, Europe is still a collection of different nations with different institutional set-ups and political and economic traditions. In this paper, Harald Benink, chairman of the ESFRC, and Reinhard H. Schmidt, one of the two German members, describe the origin, the objectives and the functioning of the committee and the thrust of its recommendations.

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