Securities: the new world wealth machine.
Securitization—the issuance of high-quality bonds and stocks—has become the most powerful engine of wealth creation in the world economy. Securitization requires that a state find ways to increase the market value of its capital stock. In the past, manufacturing, exporting, and direct investment p...
| Publicado en: | Foreign Policy no. 104; pp. 118 - 134 |
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| Formato: | Artículo |
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Foreign Policy
Fall 1996
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=503487456&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 503487456 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00157228 FPO jtl: Foreign Policy issn: 00157228 maglogo: N pubinfo: dt: Fall 1996 iid: 104 pid: 178 pub: Foreign Policy artinfo: ui: 503487456 10.2307/1148994 ppf: 118 ppct: 16 formats: fmt: @attributes: type: T tig: atl: Securities: the new world wealth machine. aug: au: Edmunds, John C. su: Securities Capital movements Economic development Wealth sug: subj: Securities Capital movements Economic development Wealth ab: Securitization—the issuance of high-quality bonds and stocks—has become the most powerful engine of wealth creation in the world economy. Securitization requires that a state find ways to increase the market value of its capital stock. In the past, manufacturing, exporting, and direct investment produced prosperity by generating income. Nowadays, wealth is created when business managers give high priority to rewarding shareholders and bondholders. The primacy of shareholder return has created a situation wherein the managers of investment portfolios have acquired enormous influence over the managers of issuing companies, since they, in effect, hold the proxies of the owners. Consequently, many American companies that perform well in the financial markets do so at a price—restructuring and downsizing to increase shareholder wealth leave people unemployed. Despite the disadvantages, however, an increasing number of states have the opportunity to benefit from the global increase in wealth that has accompanied securitization. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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