By Samuel M. Katz
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Additional resources for Israeli Elite Units
Sample text
They did neither well. Products were created which were so complicated that not even those that created them fully understood their risk implications; risk has been amplified, not managed. Meanwhile, products that should have been created—to help ordinary citizens manage the important risks, which they confront—were not. No one can claim that financial markets did a stellar job in allocating resources in the late 1990s—97 per cent of the investments in fiber optics took years to see any light. But at least that mistake had an unintended benefit: as the costs of interconnections were driven down, India and China became more integrated into the global economy.
This agenda is still valid today. However, it should be broadened to take into account the lessons from the period 2002–8. One important lesson underlines the key role of markets for developing countries’ exports. The experience of financial globalization tells us that capital inflows and external savings are by no means substitutes for growth-cumexports. Therefore, together with institutional reforms aimed at stabilizing the workings of the global financial system, developing countries should also call for a deeper reform, intended to consolidate the positive features of the 2002–8 configuration.
In a sense, these incentives were designed to encourage risk-taking. The problem is that they encouraged excessive risk-taking because of the mismatch between private returns and social returns. Accounting frameworks exacerbated these problems. Banks could record profits today (and executives enjoy compensation related to those profits), but the potential liabilities were placed off the balance sheet. INCENTIVES FOR ACCOUNTING FIRMS The Enron/WorldCom scandal brought to the fore long recognized incentive problems with accounting (auditing) firms, and some clear conflicts of interest.
Israeli Elite Units by Samuel M. Katz
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