The Resolution of International Financial Crises: Private Finance and Public Funds

Over the past year and a half, authors Andy Haldane of the Bank of England and Mark Kruger of the Bank of Canada have been developing a framework for the resolution of international financial crises that aligns incentives for all parties in a way that deals with the crisis and preserves the integrity of the international financial system. The framework is built on principles, not rules. It attempts to be clear about the respective roles and responsibilities of the public and private sectors. A central element in shaping private sector expectations is knowledge that the official sector will behave predictably. Constraints on lending by the International Monetary Fund are a key step in that direction. They ensure that private sector involvement is a crucial part of crisis resolution, and they help encourage debtors and creditors to seek co-operative solutions to a crisis. Characterized by constraints, clarity, and orderliness, the framework has the potential to reduce the incidence and cost of financial crises.

An outsider's inside view of ethnic entrepreneurship

Purpose: This paper aims to critically reflect upon the qualitative research strategy adopted by an outsider investigating business practices between first and second-generation South Asian entrepreneurs. The paper presents, explains and justifies the methodological design and outsider strategy used to help overcome a number of operational research issues. In addition, for those considering the use of qualitative methodology for similar research, practical advice is offered to researchers whom do not share the same ethnicity as the informants under investigation. Design/methodology/approach: To implement an outsider strategy, the methodological design draws its theoretical underpinning via a phenomenological paradigm. Issues appertaining to sample design, negotiating access, adopted research instruments are examined, and their uses to overcome potential operational issues justified. Findings: The complexities, difficulties and successes of an outsider looking in are highlighted. Evident is the impact of personal and structural power relations between researcher and interviewee, as well as potential research problems as a result thereof. The paper stresses the need to ensure the preservation of researcher integrity, credibility and confidentiality, as he/she will encounter situations wherein he/she will be tested to the fullest. Research limitations/implications: The research environment within the Greater London area where the respondents are located may not be as generalisable when compared with other parts of the UK and ethnic entrepreneurs therein. Originality/value: The paper presents an evaluation of a qualitative research strategy used by an outsider to gain an inside view of ethnic entrepreneurship. Paper type Research pape

Asset Purchase Facility Corporate Bond Secondary Market Scheme

Market Notic