"Managing Global Risks and Creating Prosperity: the Role of the IMF and Regional Financial Architectures"

In this paper,following an evolutionary theory of international financial institutions-- called "the extended panda's thumb" approach-- the role of IMF under the present globalization moves is analyzed. It is shown that IMF must change in a direction which allows for greater national policy autonomy. It is also shown that the IMF needs complementary regional institutions of cooperation in order to create a stabilizing financial architecture. Thus regional financial architectures will need to be integral parts of any new global financial architecture(GFA).The tentative steps taken towards regional cooperation in Asia after the financial crisis are discussed to illustrate the opportunities and challenges posed by the need to evolve towards a hybrid GFA.

"The Extended Panda's Thumb and a New Global Financial Architecture"

An evolutionary theory of international financial institutions is developed and two broad types of possible (evolutionary) equilibrium Global Financial Architectures(GFAs) are identified. The first is called an overarching type, exemplified by the classical gold standard and the defunct Bretton Woods system. The second is called a hybrid form that allows for the existence and coevolution of some Regional Financial Architectures(RFAs) as well. The changing roles of the IMF and national economic policies are examined within these two possible financial architectures under globalization It is found that from an evolutionary perspective, a hybrid form with a reformed IMF and regional cooperation through appropriately designed RFAs can create the best possible institutional and policy environment for financial stability and sustained growth .An evolutionary argument, called "the extended panda's thumb", is advanced to establish the possibility of adapting many existing institutions including the IMF, for creating a hybrid GFA. The tentative steps taken towards regional cooperation in Asia after the financial crisis are discussed to illustrate the opportunities and challenges posed by the need to evolve towards a hybrid GFA.

Risk assessment and relationship management: practical approach to supply chain risk management

The literature suggests the need for incorporating the risk construct into the measurement of organisational performance, although few examples are available as to how this might be undertaken in relation to supply chains. A conceptual framework for the development of performance and risk management within the supply chain is evolved from the literature and empirical evidence. The twin levels of dyadic performance/risk management and the management of a portfolio of performance/risks is addressed, employing Agency Theory to guide the analysis. The empirical evidence relates to the downstream management of dealerships by a large multinational organisation. Propositions are derived from the analysis relating to the issues and mechanisms that may be employed to effectively manage a portfolio of supply chain performance and risks

Use of IC information in Japanese financial firms

Purpose – The purpose of this paper is to explore the perceptions of: how Japanese financial firms (JFF) acquire and use company intellectual capital (IC) information in their common routine equity investment decisions, how this activity contributes to knowledge creation in the JFFs, and how investee company knowledge creation is affected by the JFFs.<p></p> Design/methodology/approach – The research employed a multi-case design, using four JFF cases. The investigation was performed in terms of Nonaka and Toyama's “theory of the knowledge creating firm”.<p></p> Findings – IC information contributed to earnings estimates and company valuation. Emotional information contributed to JFF feelings and confidence in their information use and valuation. JFF knowledge was an important component of the key interacting and informed contexts used by JFFs. This generated opportunities to improve disclosure and accountability between JFFs and their investee companies. Common patterns of behaviour across the JFFs were counterbalanced by variety and differences noted in JFF behaviour.<p></p> Practical implications – The findings provide important insights into how JFF knowledge creating patterns could limit or progress a common language of communication between companies and markets on the subject of IC. This could impact on the quality of corporate disclosure and accountability processes.<p></p> Originality/value – The paper demonstrates that there is a need for further use of qualitative studies of financial market behavior. Especially in the area of understanding the communication of IC between firms and financial markets, the potential of using sociology of finance approaches appears to be considerable

Flood resilience: a co-evolutionary approach : residents, spatial developments and flood risk management in the Dender Basin

What is flood resilience? At first sight, flooding presents itself as a physical issue. This could lead one to think that solutions are to be found in the physical realm – from robust, large-scale solutions (such as dikes, weirs) to flexible, small-scale ones (such as floodgates, flood proofing, floating homes). The cover picture, however, shows that there is more to the story. While caravans could be considered physically resilient, as they can accommodate changing conditions, their efficiency depends on the social structures that support them – they simply need to be moved. Resilience is thus not merely about infrastructure. It is also about people, and how people use infrastructures. Flood resilience, therefore, is not only to be sought in the technical, but also in the social realm. Therefore, this dissertation has been an endeavor to understand the role of different actors in managing flood risks. It analyzes which actors directly and indirectly contribute to the spatial development of flood risks. It then looks at how these different actors relate to and interact with each other to produce flood resilience. As such, it develops a framework that provides a broad perspective on how flood risks develop through time and place and explores what the role of spatial planners could be in bringing these different parties together