Browsing by Author "Young, Leslie"

Now showing 1 - 6 of 6

Open Access
China and India in the World Economy
(Te Herenga Waka—Victoria University of Wellington, 2005) Young, Leslie
Professor Leslie Young presented China and India in the World Economy at an ISCR seminar.
Open Access
Chinese Communism and Global Capitalism: OffShore Macroeconomics
(Te Herenga Waka—Victoria University of Wellington, 2006) Young, Leslie
The contrasting histories cultures and institutional structures of China and the US have drawn them into an ironic partnership: each outsources the most embarrassing parts of its political economy to the other. One outcome is a massive shift of intellectual property trademarks and profits to offshore tax havens by US multinationals aided and abetted by China in return for free access to that intellectual property. This is why the trade and macroeconomic inbalances between the US and China have not affected the US dollar. The macroeconomic inbalances should eventually be resolved via some mix of US debt repudiation China's expropriation of US multinationals and their joint shutdown of the tax havens.
Open Access
The East Asian Financial Crisis
(Te Herenga Waka—Victoria University of Wellington, 1998) Young, Leslie
After describing the major events in the regional financial crisis I shall link them to structural problems in Asian finance. These structural problems arise from institutional limitations grounded in the culture and political economy of East Asia. The "East Asian Model" of political economy was successful in manufacturing giving rise to triumphant rhetoric on Asian values from Asian leaders last year. I shall attempt to identify why the "East Asian Model" failed in finance. I conclude with a discussion of the dangers & opportunities created by the regional financial crisis.
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Enlargements and topology
(Te Herenga Waka—Victoria University of Wellington, 1969) Young, Leslie
The notion of an ultrapower of a higher order structure is formulated and used in an independent proof that the enlargement of a consistent set of sentences in the sense of ROBINSON has a model. The implications of this result in foundations are discussed and the Hahn-Banach Theorem and the Finiteness Principle of the predicate calculus are shown to follow. The Characterisation of topological properties in terms of monads of standard points in the non-standard theory of topological spaces is shown to be directly related to the theories of nets and of filters. The notions of monad of a filter and monad of a net are introduced and their place in the above relationships is determined.
Open Access
Globalization and Financial Regulation
(Te Herenga Waka—Victoria University of Wellington, 1999) Young, Leslie
There has been no shortage of villains in the financial crisis which began in Asia and has now encompassed all major emerging markets: bankers regulators hedge funds and the IMF have all been excoriated for incompetence and immorality. This paper argues that the problems which have emerged from the crisis are structural i.e. they arise from the very nature of financial activity. While the structural problems have been present from the beginnings of finance the advance of technology and of globalization has so exacerbated the problems as to undermine the foundations of the international market order. To highlight the structural nature of the problems this paper will eschew the search for villains and examine the theoretical basis for the globalization of financial markets - the major direction of their recent evolution. Economic theory identifies major difficulties in the presumption that this drive will lead to socially desirable outcomes. The financial crisis can be understood as the exacerbation of these difficulties by globalization and the advance of information technology.
Open Access
{GOD IS [GREAT} WALL STREET]
(Te Herenga Waka—Victoria University of Wellington, 2008) Young, Leslie
Arab and Chinese Sovereign Wealth Funds are recapitalizing international banks crippled by the subprime crisis. This reflects long-term changes in the international economy that are leading globalization to self-destruct. This seminar highlights the cultural and historical drivers and their implications for the future of international business.