The massive external debt burden of sub-Sahara Africa has gained widespread attention as a serious policy issue during the past few years. These countries are particularly vulnerable because 1.they have large international borrowing requirements and the resulting external debt is denominated in different currencies; 2.most of their external debt is in obligations with variable interest rates; and 3.their trade in primary commodities is significant. Yet a recent survey by the World Bank revealed that 70 percent of foreign borrowers in developing countries do not hedge their interest rate or exchange rate exposures. In general, the Third World lacks the expertise in the use of recently-developed hedging tools and the understanding of the risk structure of their economies. This book carries out a through analysis of the financial risks characteristics of Nigeria. In addition, a debt composition hedging strategy is developed that minimizes Nigeria's budget exposure to external price shocks. The survey should be useful to developing countries who may be considering utilizing hedging techniques to improve their credit ratings and limit the impact of volatility in global markets.
This book is a comparative law study exploring the piercing of the corporate veil in Latin America within the context of the Anglo-American method. The piercing of the corporate veil is a remedy applied, in exceptional circumstances, to prevent and punish an inappropriate use of the corporate personality. The application of this remedy and the issues it involves has been widely researched in Anglo-American jurisdictions and, until recently, little attention has been given to this subject in Latin America. This region has been through internal political conflicts that undermined economic development. However, rise of democratic governments has created the political stability necessary for investment and economic development meaning that the corporate personality is now more commonly used in Latin America. Consequently, corporate personality issues have become a subject of study in this region. Drawing on case studies from Mexico, Colombia, Brazil and Argentina, Piercing the Corporate Veil in Latin American Jurisprudence examines the ingenuity of Latin American jurisdictions to deal with corporate personality issues and compares this method with the Anglo-American framework. Focusing in particular on the influence of two key factors- legal tradition and the uniqueness of each legal system- the author highlights both similarities and differences in the way in which the piercing of the corporate veil is applied in Latin American and Anglo-American jurisdictions. This book will be of great interest to scholars of company and comparative law, and business studies in general.
This is a memoir of the Civil War written by a Confederate cavalryman who rode with the notorious Nathan Bedford Forrest in the Western theater. From the beginning: IN yielding to the request which has brought forth this effort, I shall not assume the role of the historian nor set myself up as a critic of any command or commander. Being in my seventy-sixth year, in the calming twilight of life's evening, I feel that I am capable of recording, without prejudice or passion, my impressions of that most heated era of our country, whose momentous events-sad, tragic, glorious-represent the summit of dramatic interest in all my years. As it is impossible for any two persons to see the same things exactly alike, it is but natural to suppose that I shall present facts at variance with the views of some others; but as my purpose is not that of the controversialist, I shall have no quarrel with any man's views, but to all who may be interested in this narrative I would say that the scenes herein reviewed came within the vision of my eyes, and my highest ambition is to give a truthful reflection from my viewpoint."
Although it is commonly assumed that consumers benefit from the application of competition law, this is not necessarily always the case. Economic efficiency is paramount; thus, competition law in Europe and antitrust law in the United States are designed primarily to protect business competitors (and in Europe to promote market integration), and it is only incidentally that such law may also serve to protect consumers. That is the essential starting point of this penetrating critique. The author explores the extent to which US antitrust law and EC competition law adequately safeguard consumer interests. Specifically, he shows how the two jurisdictions have gone about evaluating collusive practices, abusive conduct by dominant firms and merger activity, and how the policies thus formed have impacted upon the promotion of consumer interests. He argues that unless consumer interests are directly and specifically addressed in the assessment process, maximization of consumer welfare is not sufficiently achieved. Using rigorous analysis he develops legal arguments that can accomplish such goals as the following: - replace the economic theory of 'consumer welfare' with a principle of consumer well-being; - build consumer benefits into specific areas of competition policy; - assess competition cases so that income distribution effects are more beneficial to consumers; and - control mergers in such a way that efficiencies are passed directly to consumers. The author argues that, in the last analysis, the promotion of consumer well-being should be the sole or at least the primary goal of any antitrust regime. Lawyers and scholars interested in the application and development and reform of competition law and policy will welcome this book. They will find not only a fresh approach to interpretation and practice in their field - comparing and contrasting two major systems of competition law - but also an extremely lucid analysis of the various economic arguments used to highlight the consumer welfare enhancing or welfare reducing effects of business practices.
The National Strategy for ICT at Key Stage 3 challenges the practice and organization of ICT in secondary schools; presenting a very different way of teaching ICT in the early years of secondary education. The teaching of ICT in this key stage needs to be radically revised to implement new proposals, and this book will support teachers and schools as they do so. It sets out to extend teacher's understanding of the development of their students' ICT capability, explain and clarify the document for busy practitioners, interpret the expectations of the strategy, and provide practical suggestions and examples of ways of making it meet the needs of their students.
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