Capital markets in the context of "Financial director"

Pamulaparthi Venkata Narasimha Rao (28 June 1921 – 23 December 2004) was an Indian independence activist, lawyer, and statesman from the Indian National Congress who served as the prime minister of India from 1991 to 1996. He was the first person from South India and the second person from a non-Hindi speaking background to be prime minister. He is known for his role in initiating India's economic liberalisation following an economic crisis in 1991, a process that has been sustained and expanded by every successive prime minister of the country.

Prior to his premiership, he served as the chief minister of Andhra Pradesh, and later also held high-order portfolios of the union government, such as Defence, Home Affairs and External Affairs. In 1991 Indian general election, the Indian National Congress led by him, won 244 seats, and thereafter, he, along with external support from other parties, formed a minority government with him being the prime minister.As prime minister, Rao adopted to avert the impending 1991 economic crisis, the reforms progressed furthest in the areas of opening up to foreign investment, reforming capital markets, deregulating domestic business, and reforming the trade regime. Trade reforms and changes in the regulation of foreign direct investment were introduced to open India to foreign trade while stabilising external loans.

Financial integration is a phenomenon in which financial markets in neighboring, regional and/or global economies are closely linked together. Various forms of actual financial integration include: Information sharing among financial institutions; sharing of best practices among financial institutions; sharing of cutting edge technologies (through licensing) among financial institutions; firms borrow and raise funds directly in the international capital markets; investors directly invest in the international capital markets; newly engineered financial products are domestically innovated and originated then sold and bought in the international capital markets; rapid adaption/copycat of newly engineered financial products among financial institutions in different economies; cross-border capital flows; and foreign participation in the domestic financial markets.

Because of financial market imperfections, financial integration in neighboring, regional and/or global economies is therefore imperfect. For example, imperfect financial integration can stem from the inequality of the marginal rate of substitutions of different agents. In addition to financial market imperfections, legal restrictions can also hinder financial integration. Therefore, financial integration can also be achieved from the elimination of restrictions pertaining to cross-border financial operations to allow (a) financial institutions to operate freely, (b) permit businesses to directly raise funds or borrow and (c) equity and bond investors to invest across the state line with fewer [or without imposing any] restrictions. However, it is important to note that many of the legal restrictions exist because of the market imperfections that hinder financial integration. Legal restrictions are sometimes second-best devices for dealing with the market imperfections that limit financial integration. Consequently, removing the legal restrictions can make the world economy become worse off.In addition, financial integration of neighboring, regional and/or global economies can take place through a formal international treaty which the governing bodies of these economies agree to cooperate to address regional and/or global financial disturbances through regulatory and policy responses. The extent to which financial integration is measured includes gross capital flows, stocks of foreign assets and liabilities, degree of co-movement of stock returns, degree of dispersion of worldwide real interest rates, and financial openness. Also there are views that not gross capital flows (capital inflow plus capital outflow), but bilateral capital flows determine financial integration of a country, which disregards capital surplus and capital deficit amounts. For instance, a county with only capital inflow and no capital outflow will be considered not financially integrated.

Cahill Gordon & Reindel LLP is an American law firm based in New York City with offices also in Washington, D.C. and London. Founded in 1919, it is prominent in the practice areas of capital markets and banking & finance.

The socialist calculation debate, sometimes known as the economic calculation debate, is a discourse on the subject of how a socialist economy would perform economic calculation given the absence of the law of value, money, financial prices for capital goods and private ownership of the means of production. More specifically, the debate is centered on the application of economic planning for the allocation of the means of production as a substitute for capital markets and whether or not such an arrangement would be superior to capitalism in terms of efficiency and productivity.

The historical debate was cast between the Austrian School represented by Ludwig von Mises and Friedrich Hayek, who argued against the feasibility of socialism; and between neoclassical and Marxian economists, most notably Cläre Tisch (as a forerunner), Oskar R. Lange, Abba P. Lerner, Fred M. Taylor, Henry Douglas Dickinson and Maurice Dobb, who took the position that socialism was both feasible and superior to capitalism. A central aspect of the debate concerned the role and scope of the law of value in a socialist economy. Although contributions to the question of economic coordination and calculation under socialism existed within the socialist movement prior to the 20th century, the phrase socialist calculation debate emerged in the 1920s beginning with Mises' critique of socialism.