Many prominent critics regard the international financial system as the dark side of globalization, threatening disadvantaged nations near and far. But inThe Next Great Globalization, eminent economist Frederic Mishkin argues the opposite: that financial globalization today is essential for poor nations to become rich. Mishkin argues that an effectively managed financial globalization promises benefits on the scale of the hugely successful trade and information globalizations of the nineteenth and twentieth centuries. This financial revolution can lift developing nations out of squalor and increase the wealth and stability of emerging and industrialized nations alike. By presenting an unprecedented picture of the potential benefits of financial globalization, and by showing in clear and hard-headed terms how these gains can be realized, Mishkin provides a hopeful vision of the next phase of globalization.
Mishkin draws on historical examples to caution that mismanagement of financial globalization, often aided and abetted by rich elites, can wreak havoc in developing countries, but he uses these examples to demonstrate how better policies can help poor nations to open up their economies to the benefits of global investment. According to Mishkin, the international community must provide incentives for developing countries to establish effective property rights, banking regulations, accounting practices, and corporate governance--the institutions necessary to attract and manage global investment. And the West must be a partner in integrating the financial systems of rich and poor countries--to the benefit of both.
The Next Great Globalizationmakes the case that finance will be a driving force in the twenty-first-century economy, and demonstrates how this force can and should be shaped to the benefit of all, especially the disadvantaged nations most in need of growth and prosperity.
Subjects: Economics, Political Science
Princeton Financial SystemsÂ® (PFS), a leading provider of investment accounting, investment compliance, data management, performance measurement and reporting solutions to the global investment industry, today announced the availability of MIG21 Data Manager. The new module for MIG21, PFS' award-winning investment compliance solution, provides data editing and maintenance functionalities to improve data quality and help minimize data-related compliance errors.
MIG21 Data Manager enables users to centrally maintain and add missing or incorrect compliance data such as fund or asset information, ratings as well as issuers and to easily configure new structured products or other asset classes. MIG21 Data Manager thus minimizes the time-lag between data changes, their correction in the back office system and subsequent upload into the compliance server. In combination with the Bloomberg Data Feed Connector Bloomberg data can be automatically imported to keep market data updated.
Sophisticated data override capabilities ensure that any automatically imported data overwrites manual data changes only according to pre-set rules. A maker/checker principle together with a full audit trail for all manual data changes ensures maximum data security of PFSâ new MIG21 data management solution. The solution also provides statistics for data imports. MIG21 Data Manager has been designed to work with MIG21 6.1 and above.
Hubert Gries, Product Manager Compliance and Order Management at PFS, emphasizes: "Many compliance officers struggle with data-related compliance errors: the back office system may not deliver all data needed for the compliance check, certain master data such as issuer information are either missing or incorrect or market data might not be current. The new MIG21 Data Manager is designed for this need. It is the first data solution that facilitates and accelerates data management in the compliance system to avoid errors during the check run. Together with MIG21, the solution caters perfectly to the growing demand in the market for a secure, future-proof and user-friendly solution to efficiently manage any kind of compliance information."