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Capitalist-style reforms were an important factor in the economic and social evolution of the Late Ottoman Empire. This research investigates how foreign governments and financiers, and especially Britain, influenced these various financial reforms implemented in the Ottoman Empire during the 19th century. The chief purpose of such reforms was to integrate the Empire into the capitalist world-economy by imposing, both directly and indirectly, the adoption of rules, institutions, attitudes and procedures amenable to exploitation on the part of foreign and also local capitalists. Drawing on primary sources, mainly from the United Kingdom's National Archives, the article argues that foreign pressure for financial reforms was instrumental in the Empire's economic subjection to the rules and norms that regulated the capitalist world-economy, most notably in the field of public finance, banking and the monetary sector. It takes a long-term view and largely adheres to the scholarly evolution of Antonio Gramsci's theory of hegemony and world-systems theory and methodology developed by Fernand Braudel, Immanuel Wallerstein and Giovanni Arrighi, adopting a multidisciplinary and macro-scale perspective. Special attention is paid to the correlation between secondary and primary sources in support of empirical evidence. More broadly, this research contributes to the literature on the capitalist world-economy and brings a set of theoretical frameworks to bear on defining the role of financial reforms induced mainly by Britain in peripheral and semi-peripheral countries. [ABSTRACT FROM AUTHOR]

he objective of this study is to analyze the effectiveness of financial reform policies. We examine six Latin American emerging financial markets (Argentina, Brazil, Chile, Colombia, Mexico and Peru), and four Asian countries (South Korea, Indonesia, Thailand, and Malaysia) that introduced substantial financial reforms after the Asian financial crisis and compared them to assess the effectiveness of the reforms and make some policy suggestions for emerging Latin American financial markets. We perform an ordinary least squares analysis and compare the market performance of financial institutions in the four Asian countries with that of other emerging markets. A set of panel data was constructed for the period from 2011 to 2018. Our primary findings include: (i) the financial reform measures suggested by the IMF resulted in significantly better financial management efficiency in the four Asian countries targeted in this study than in other countries with emerging markets; (ii) the effects of the financial reform measures are continuous, and even today, the financial management efficiency of these four Asian countries remains comparatively sound. [ABSTRACT FROM AUTHOR]

In the wake of the dissolution of the Union of Soviet Socialist Republics (USSR), the disappearance of the Council for Mutual Economic Assistance (comecon), and the flourishing of neoliberalism in a globalized and economically and financially deregulated world, Cuba, with a State-directed economy, has undertaken a series of reforms to begin its slow and complicated transition toward a new paradigm of capitalist development, which will permit it to sort out its domestic problems and deal with the global crisis. These transformations took off with the arrival of Raúl Castro to power and the reopening of political and diplomatic relations with the United States of America. To depict the current scenario, this paper introduces some general aspects of Cuba and analyzes them in the short-, medium-, and long-term scope of the economic reforms. [ABSTRACT FROM AUTHOR]

This study investigates the impact of financial reforms of 1990's on dividend policy along with exploring its determinants for three hundreds and seventy four publically listed firms on Karachi Stock Exchange (KSE) from 1988 to 2008. To assess the impact of financial reforms on dividend policy and pointing out its determinants, the Generalized Methods of Moments (GMM) econometric technique is used. Empirical results based on the data suggest a positive impact of profitability on current year's dividend payout. Last years' dividend per share was found to be the strongest positive predictor of dividend payments. Liquidity, historical reserves and size are the other strongest and most influential positive predictors of dividend behaviour. Furthermore, firms with higher debt to equity ratio and larger reserves in the current year together with more growth opportunities pay lesser dividends. Tax payments were found to have a negative relationship with dividend payout. Based on an index for financial reforms, the results reveal a strong positive impact of the reform process on dividend payments. [ABSTRACT FROM AUTHOR]

Literature in economics has identified many channels through which the financial liberalization may affect demand for money. There are evidences of stability as well as instability of demand for money due to financial development for developing economies. The objective of the current study is to examine the effect of financial liberalization on demand for money in Pakistan, i.e. whether financial liberalization has affected the demand for money or not. The issue is important as stable demand for money function is a prerequisite for formulating and operating monetary policy. To achieve the objective JJ cointegration and auto regressive distributed lag (ARDL) to the cointegration is employed to estimate the long-run equilibrium relationship between broad money M2 and composite financial liberalization index along with other determinants of demand for money like gross domestic product, real deposit rate and exchange rate. In order to assess the stability of the model, the parameter constancy tests, i.e. recursive residuals, CUSUM and CUSUMSQ tests have been applied. The empirical results indicated that for broad money, there exists long-run money demand function. The financial liberalization, gross domestic product and real deposit rate positively affect the demand for money in the long as well as short-run. [ABSTRACT FROM AUTHOR]

Several strategies have been designed and implemented in African countries to promote development. Even though they may have contributed to increased gross domestic product growth over the years, they have largely failed because of a number of factors, namely: ineffective leadership; poor policy implementation; policy discontinuity; slow industrialisation; and an environment not conducive for private sector growth. The failure of these strategies or paradigms has led to the continued search for an appropriate strategy to address Africa’s development predicament. This search has also been exacerbated by the rise of China, East Asia and some Latin American countries as newly industrialising countries, the 2008 global economic crisis stemming from market failure and the renewed interest in the role and nature of the state in the development process, especially its role in reviving the economies of many Western countries with bail-out packages by the state. These developments no doubt point not only to the role of the state in development but also to the kind of state that will promote and facilitate socio-economic development. The kind of state to shoulder the burden of socio-economic development is the developmental state, which according to (Evans, 2008, p. 13), ‘If … it was important to 20th century economic success … will be much more important to 21st century success’. Using Ghana (considered as a non-developmental state) and South Africa (considered to be an emerging developmental state) as case studies, the paper examines the extent or the degree to which the two countries have met or achieved the key seven features of the developmental state. Some recommendations are also made with the aim of consolidating progress thus far and deepening or accelerating the process. In doing so, it is hoped that the lecture will make a contribution to the literature on the concept of the developmental state. [ABSTRACT FROM PUBLISHER]

The weak-form efficient market hypothesis for the Nigerian Stock Market (NSM) is explored using different statistical tests. The analyses use overall stock market returns collected over the period 2000–2010. It is shown that the NSM is not weak-form efficient which questions the benefits of the 2004 financial reforms. It is also shown that the degree of market inefficiency varies across the periods corresponding to the financial reforms and 2007 global financial crisis, for daily and monthly returns. The results are important to security analysts, investors, and security exchange regulatory agencies in their investment, stock market development, and policy-making decisions. [ABSTRACT FROM AUTHOR]

This paper studies the dynamic behavior of stock price index of Karachi Stock Exchange (KSE). We use annual data from 1973-2008 to capture the long run and short run relationships of stock prices with various macroeconomic variables such as real interest rate, investment. money supply and exchange rate. The Bounds Test approach to cointegration in the framework of Autoregressive Distributed Lagged Model (ARDL) is applied. Index for financial liberalization is developed using dating convention to examine the long run and short run impact of financial reforms on KSE share price index. The results clearly indicate that financial reforms have a positive and significant impact on stock price index in the long run. On the contrary, in the short run a negative but statistically insignificant relationship exists. This may be attributed to the slow process of easing out of financial constraints. Future research should focus on using high frequency data to ascertain why financial reforms do not affect stock price index in the short run. [ABSTRACT FROM AUTHOR]

Reforming the system of financial instruments on the housing market is a recurring issue. This paper constructs a model explaining household behaviour, in particular the effects of prices and income on the tenure choice and the level of housing consumption. It analyses the effects that may be expected of fundamental changes of financial policy instruments in the Netherlands: (1) a conversion of below market rents to market rent levels; (2) a switch from the current fiscal system for owner-occupiers to a general lump sum tax reduction; and (3) a combination of these measures. The results indicate that the initial disadvantageous effects on the housing costs are large, but the behavioural response of households and the expected changes of price levels considerably reduce or even eliminate longrun effects. Since the effects may be substantial for individual households, a well-considered transition path, as is done in other countries, should be used. [ABSTRACT FROM AUTHOR]

The changes to the developmental state resulting from Taiwan's political liberalization and democratization have created a complex political-economic decision-making landscape that has affected the process of financial reforms. In this article, the author examines the impact that the changes in the nature of the Taiwanese state, institutions, and the increase in the number of important political actors have on financial liberalization and reforms that have been undertaken thus far, providing a theoretical framework to explain how institutional changes, the interactions of political actors, and changes in incentives in the political system can help one understand the politics of financial reform. Using this theoretical framework, the author examines the application of the theory to the Taiwan case in depth. [ABSTRACT FROM AUTHOR]

This article investigates the impact of financial sources on firm growth in Brazil. In particular underlying objectives of this paper is to answer the questions, does external or internal and formal or informal financial sources affects differently on firm performance?, and does financial institutional development support firm performance? Empirical results reveal that internal finance maintains positive relation with firm growth. Growth positively relates to the formal financial institutions while it is found insignificant to informal institutions. Furthermore, analysis strengthens the view that developed financial system is a very imperative factor for firm's growth in less developed countries. [ABSTRACT FROM AUTHOR]

This article explores the major financial reforms of both government-funded and self-funded statutory bodies in Singapore over the last 7 years. The reforms have been based on two models of administrative reform: the business enterprise model and the bureaucratic efficiency model. In accordance with the business enterprise model, changes have been made to place statutory bodies on a more commercial footing, requiring them to adopt the financial and management practices found in business enterprises and, in doing so, to become more financially self-reliant. The autonomy expected to flow from these reforms has been circumscribed by the retention of key decision-making responsibilities and veto powers at the center of government. The reforms thus indicate ambivalence in the thinking of political and administrative leaders in relation to the management of statutory bodies, allowing them greater freedom as business-like enterprises, but still subjecting them to centrally imposed restrictions and directives. [ABSTRACT FROM AUTHOR]