Chronic macro-economic and financial imbalances in the world economy: a meta-economic view

Global finance, combining offshore banking and universal banks to drive a broader globalization process, has transformed the modus operandi of the world economy. This requires a new "meta-economic" framework in which short-term portfolio-investment flows are treated as the dominant phenomenon they have become. Organized by global finance, these layered bi-directional flows between center and periphery manage a tension between financial concentration and monetary fragmentation. The resulting imbalances express the asymmetries built into that tension and render the exchange rate a more strategic policy variable than ever.

Emerging markets and the international financial architecture: a blueprint for reform

If emerging markets are to achieve their objective of joining the ranks of industrialized, developed countries, they must use their economic and political influence to support radical change in the international financial system. This working paper recommends John Maynard Keynes's "clearing union" as a blueprint for reform of the international financial architecture that could address emerging market grievances more effectively than current approaches. Keynes's proposal for the postwar international system sought to remedy some of the same problems currently facing emerging market economies. It was based on the idea that financial stability was predicated on a balance between imports and exports over time, with any divergence from balance providing automatic financing of the debit countries by the creditor countries via a global clearinghouse or settlement system for trade and payments on current account. This eliminated national currency payments for imports and exports; countries received credits or debits in a notional unit of account fixed to national currency. Since the unit of account could not be traded, bought, or sold, it would not be an international reserve currency. The credits with the clearinghouse could only be used to offset debits by buying imports, and if not used for this purpose they would eventually be extinguished; hence the burden of adjustment would be shared equally - credit generated by surpluses would have to be used to buy imports from the countries with debit balances. Emerging market economies could improve upon current schemes for regionally governed financial institutions by using this proposal as a template for the creation of regional clearing unions using a notional unit of account.

Building governance in the international financial system: Context and challenges

ABSTRACTThe international financial system has undergone deep changes since the 1970s and its stability cannot be reached in spite of actor's interests or the existence of countless coordination fora. Analyzing the system's incentive structure, one can note that its stability depends on the control of imbalances, which are not always harmful for States, creating, thus, a disturbing component in the quest for international financial management. Furthermore, non-state actors have acquired a disproportional share of power following financial globalization, escaping the control of States and of the international community.

Animal Spirits in Financial Markets: Agent-Based Model

In this work an agent based model (ABM) was proposed using the main idea from the Jabłonska-Capasso-Morale (JCM) model and maximized greediness concept. Using a multi-agents simulator, the power of the ABM was assessed by using the historical prices of silver metal dating from the 01.03.2000 to 01.03.2013. The model results, analysed in two different situations, with and without maximized greediness, have proven that the ABM is capable of explaining the silver price dynamics even in utmost events. The ABM without maximal greediness explained the prices with more irrationalities whereas the ABM with maximal greediness tracked the price movements with more rational decisions. In the comparison test, the model without maximal greediness stood as the best to capture the silver market dynamics. Therefore, the proposed ABM confirms the suggested reasons for financial crises or markets failure. It reveals that an economic or financial collapse may be stimulated by irrational and rational decisions, yet irrationalities may dominate the market.

Financial working capital - management and measurement

Unexpected changes in cash flow have started to occur more frequently after the financial crisis. The capital structures of companies have also changed, and financial flexibility as well as flexible asset management have therefore become more important. This thesis aims at presenting financial working capital management, a part of flexible asset management, as a possibility to gain financial flexibility and survive the changes. This thesis operates in the interface of corporate finance, strategic management and management accounting, and it has two main objectives: to examine financial working capital management and to develop measures of financial working capital. The research in this thesis has been conducted using archival research and design science. Qualitative comparative analysis and model building are used to formulate tools and strategies for financial working capital management. The tools are tested with simulations, case studies and statistical analysis. The empirical data is collected from companies listed in the Helsinki Stock Exchange. The results of this thesis indicate that there are several possible financial working capital management strategies. FOCAL matrix is created in the thesis to assist in the selection of a strategy. The results also imply that profitability can be improved by reducing financial working capital, which creates a need to change the financial working capital management strategy. Financial flow cycle, and its modification, is developed in this thesis to measure financial working capital. Financial working capital as a concept is presented in this thesis with an orientation towards the management view. New dimensions have also been produced to financial management and working capital management, while providing a holistic approach to financial flexibility. Financial working capital management strategies are presented to managers and practical tools are provided for decision-making.

Desired learning outcomes for the curricula in financial services industry as perceived by professionals in the financial services industry located in the Greater Toronto Area /

This study sought to explore the changing nature of the financial services industry in Toronto, Canada and the impact that these changes will have on the vocational educational outcomes required by Ontario Colleges of Applied Arts and Technology (CAAT) graduates who wish to enter the financial services industry. The study was descriptive and exploratory, based on both quantitative and qualitative data. Triangulation of 3 data sources (a collection of newspaper articles from the Toronto Star between July 1999 and June 2000, the calendars of the 25 CAATs, and a survey questionnaire prepared by me and distributed to subject matter experts who are key practitioners in the financial services industry) was used. The study contains a discussion of how the financial services industry is changing. The first question to be answered was: What do current practitioners in financial services perceive to be the knowledge, skills, and attitudes that will be required of future graduates for employment within the financial services industry? The study found that Ontario CAAT's graduates entering the financial services field need both business and financial services vocational learning outcomes. Colleges should have 2 programs 1 in accounting and 1 in financial services. The report addresses which specific topics should be included in the financial services program. The second question to be answered was: How does this anticipated profile of knowledge, skills, and attitudes change depending on the degree of implementation of the new technologies by the survey respondent? The study found no pattern. The third question to be answered was: In what way do existing programs need to change in the area of accreditation as perceived by the respondents? The study found that for accreditation, 3 credentials should be addressed within the financial services program. These are the Canadian Securities, the Life Underwriters, and the Certified Financial Planner designations. The last question to be answered was: What new knowledge, skills, and attitudes need to be incorporated into college curricula to address changing needs in the employment sector? For each Ontario CAAT which has a financial services program (excluding accounting), their program was reviewed in light of the topics as perceived by professionals in the financial services industry.

Understanding the financial status of a group of high performance athletes

With the 2010 Vancouver Winter Olympic Games quickly approaching, there has been a heightened interest in the performance of Canadian athletes at international competitions (Duffy, 2007; Fidlin, 2005; Longley, 2006). Two significant documents outline Canada's goal to become the number one sporting nation at the 2010 Olympic Games, and improve Canada's performance at the 2008 Olympic Games: Own the Podium and Road to Excellence (Priestner Allinger & Allinger, 2004; Road to Excellence, 2006). These two documents represent heightened interest in the performance of our elite athletes, in conjunction with Canada's hosting status of the Vancouver 2010 Winter Olympic Games. The requirements to train and compete at the international level have become more demanding both in terms of financial resources and time commitment. The need to financially assist athletes with their training and competition costs has been an important topic of debate over the past decades (Beamish & Borowy, 1987; Gatehouse, 2004; Macintosh, 1996; Munro, 1970; Owens, 2004). Two sources of fiinding for high performance athletes in Canada are the Athlete Assistance Program (AAP) provided by the Federal Government and the Canadian Olympic Excellence Fund provided by the Canadian Olympic Committee. The importance of these fiinds for athletes has been discussed in various forums (Ekos, 1992, 1997, 2005; Priestner Allinger & Allinger, 2004; Thibault «& Babiak, 2005). However, alternative sources of funds for high performance athletes have never been the object of research. As such the purpose of this study was to describe a group of athlete applicants from the time period of November 2004 to April 2006, and to contextualize these applications within the development of the Charitable Fund for Athletes.

Speeches delivered by several Indians chiefs.. also an extract of a letter from an Indian chief /

Reprint of the 1810 ed. printed by Samuel Wood, New York,

Scholfield-Galbraith family fonds, 1865-1924

The Scholfield and Galbraith families of Dunnville, Ont. were related by marriage. Thomas Jefferson Galbraith (1842-1921) worked as a collector of canal tolls at Port Maitland, a landing waiter and searcher and an acting preventive officer in Customs. He was married to Jane Ann [Jennie] Montieth and they had five children, Margaret, Minnie Montieth, Genevieve Marion, Edith Stuart and Thomas Percy Galbraith. Genevieve Marion Galbraith was married to Harry E. Scholfield, son of Frederick Scholfield (d.1908) and Georginna Galer (d. 1888), a dry goods merchant in Dunnville. Some extent records belong to a William Scholfield who operated a mill in Dunnville. Included are records related to land lease, mortgage and bargain and sale agreements between Scholfield and various individuals, including Richard Kirkpatrick, William Kohler, Alvin Drake, Robert Ban[u]d, Henry Beckett, Sr., Samuel Waltho, Nehemiah Niece.

Letter from David Todd to Colonel Proctor, Commanding Officer of the 41st Regiment- 9 Feb 1812

Transcript (spelling and grammar retained): “Col Proctor Sir I hope your goodness will excuse the Liberty I have taken of Enclosing a Letter for my nephew Mr. Hailes to your care, and begging the favor of you to forward it to him, - not knowing myself at what Post he is – With Great Respect I am Sir Your Most Obed Serv David Todd”

Speeches delivered by several Indians chiefs.. also an extract of a letter from an Indian chief

Reprint of the 1810 ed. printed by Samuel Wood, New York, Reprinted by Ipswich By J. Bush, Tavern-Street

Grant of Permission for lease of military lands from Sir Robert Prescott to Thomas Clark, 1798-1801.

Transcript (original spelling and grammar retained): By His Excellency Robert Prescott Esquire, Captain General and Governor in Chief in and over His Majestys Provinces of Upper and Lower Canada, General and Commander in Chief of all His Majesty’s forces in the Provinces of Upper and Lower Canada, Nova Scotia, New Brunswick and their several Dependencies and in the Island of Newfoundland &ca. &ca. &ca. I do hereby authorise and permit Thomas Clark of Queenstown in the County of Lincoln in the Province of Upper Canada merchant to take possession of all that Lot, piece and parcel of Land (being part of the land reserved by his Majesty for Military purposes) situate, lying and being at Queenstown in the Township of Newark, in the Home District in the said Province of Upper Canada, bounded and abutted as follows, that is to say beginning at the Distance of two Chains and ninety links from the South East End of his Majesty’s Store House, the said distance being measured along the Bank up Stream, thence South thirty nine degrees and an half West one Chain and fifty links thence south fifty degrees and an half East one Chain and thirty links thence North thirty nine degrees and an half East to the Edge of the Bank and from thence along the Bank to the place of beginning, containing thirty one perches and one hundred and twenty five square links and to occupy and hold the said Lot, piece and parcel of Land during pleasure subject nevertheless to the provisoes and Conditions herein after contained, that is to say. First on condition that it shall and may be lawful to and for His Majesty his Heirs and Successors and to and for the Commander in Chief of His Majesty Forces for the time being and to and for the Officer commanding his Majesty’s Forces in Upper Canada for the time being and to and for either of them to determine and make void this present permission to occupy during pleasure the said Lot, Piece or Parcel of Land above described at any time hereafter whenever he or they shall see fit so to do without any compensation or indemnification to the said Thomas Clark or any other Person or Persons whosoever for any Loss Injury or Damage which he the said Thomas Clark or any other Person or Persons whosoever may thereby sustain. Secondly on this further Condition that it shall and may be lawful to and for His Majesty his Heirs and Successors and to and for his and their Officers, Soldiers and Servants at any time hereafter by order of the Commander in Chief of His Majesty’s Forces for the time being or by order of the Officer commanding his Majesty’s forces in Upper Canada for the time being or by order of the Officer of His Majesty’s Corps of Royal Engineers commanding in the said Province of Upper Canada for the time being to enter upon the said Lot Piece and parcel of Land which the said Thomas Clark is hereby permitted to occupy during pleasure or upon any part thereof and to take down and from the said Lot piece and parcel of Land or from any part thereof to remove any dwelling House Store or other Buildings on the said Lot, piece or Parcel of Land or any part thereof erected and to remove any goods or Chattels on the said Lot piece and parcel of Land or on any part thereof or on any such dwelling House Store or other building found or being and that His Majesty his Heirs and Successors or any other Person or Persons whosoever shall not be liable or responsible to the said Thomas Clark or to any other Person or Persons whosoever for any Loss, Injury or Damage which he or they shall or may in such case sustain. Thirdly on this further Condition that the said Thomas Clark shall not erect on the said Lot Piece or Parcel of Land which the said Thomas Clark is hereby permitted to occupy during pleasure or upon any part thereof at any time or times hereafter any dwelling House store or other Building whatsoever of Stone or brick or of any other materials wood only exccepted and that if any dwelling House or Store or other building of Stone or brick or of any other materials except wood shall at any time be erected on the said Lot, piece or parcel of Land or upon any part thereof, then and in such case, this present permission and every Clause and Article thereof shall from thenceforth cease and determine and be absolutely and entirely null and void. And lastly on this further Condition that the said Thomas Clark or any other Person whosoever shall not assign this permission to occupy the said Lot, Piece or Parcel of Land above described to any Person of Persons whosoever, and if any such assignment shall be made by the said Thomas Clark or by any other Person in his right, or on his behalf, that then and in such case such assignment and this permission to occupy during pleasure the said Lot piece and parcel of Land above described, and every Clause and Article thereof shall from thenceforth cease and determine and be absolutely and entirely null and void. Given under my hand at the Castle of St. Lewis in the City of Quebec in the Province of Lower Canada this Ninth day of July in the year of our Lord one thousand seven hundred and ninety eight and in the thirty eighth year of His Majesty’s Reign. [Signed here by Robert Prescott] By Order of the Commander in Chief [Signed here by James Green (Illegible signature)] I the said Thomas Clark above named do hereby accept the above written Permission to occupy during pleasure the said Lot piece and parcel of Land above described upon and subject to the several Provisioes and Conditions above written and each and every of them severally and respectively. In witness whereof I have hereunto set my hand the Sixteenth day of August in the year of our Lord one thousand seven hundred and ninety eight and in the thirty eighth year of His Majesty’s Reign. [Signed here by Thomas Clark] Signed in the presence of [Illegible signature – looks like J. M Donell Lt. Col.] [Illegible – looks like 2d. Battn R. C. Sm?] [Signed here by C. Anderson] Whereas Inconveniences did arise from the peculiar situation of the Ground contiguous to the above described Lot of Land and the occupation thereof, if estimated by the above Limits would prove highly disadvantageous to Mr. Thomas Clark be it known that in consideration thereof we do permit the above Lot to extend one half Chain more in length up stream so as to comprehend the space allowed for the Road between Lots Two + Three, and we do hereby appropriate the said additional space wholly to the use of the said Thomas Clark. In witness whereof we have hereunto subscribed this Thirteenth Day of October in the Year of our Lord one thousand Eight Hundred and one. [Signed here by J. M’Donell Lt. Col] 2d. Battn. R. C. [in?] Com of Fort George + Dependencies Robt. Pilkington Captain Royal Engineers

DONATION DECISIONS: THE ROLES OF FINANCIAL AND EMOTIONAL INFORMATION

This paper investigates the impact of personal affinity toward a charity and information regarding financial management of potential recipient charitable organizations on decisions to donate. Using an experiment, the study examines how personal donation decisions differ from corporate donation decisions made by managers and how the emotional intelligence of donors affects donation decisions. The results indicate that threshold and financial information on charities assembled by the Better Business Bureau, a charity rating agency, made a significant impact on corporate donation decisions. The study also shows that emotional intelligence plays an important role that aids both individual donors and managers to regulate their donation decisions.

Pay roll voucher #12 from the Engineer Department of Port Dalhousie and Thorold Railway Extension for the office approved by F. Shanly, chief engineer, April, 1857

Pay roll voucher #12 from the Engineer Department of Port Dalhousie and Thorold Railway Extension for the office approved by F. Shanly, chief engineer, April, 1857.

Pay roll voucher #13 from the Engineer Department of Port Dalhousie and Thorold Railway Extension for the Northern Division for the month of April, 1857 approved by F. Shanly, chief engineer and W.G. Thompson, assistant engineer, April 27, 1857

Pay roll voucher #13 from the Engineer Department of Port Dalhousie and Thorold Railway Extension for the Northern Division for the month of April, 1857 approved by F. Shanly, chief engineer and W.G. Thompson, assistant engineer, April 27, 1857.