... Valentinian embraced the archbishop of Milan, and graciously received the submission ofthe provinces oftheWest Those provinces were involved inthe guilt of rebellion; while the inflexible courage ... symbols of Jupiter and Hercules were displayed inthe field, against the invincible standard ofthe cross But the vain hopes ofthe Pagans were soon annihilated by the defeat of Eugenius; and they ... by all the provinces ofthe West, had the merit, andthe satisfaction, of boasting, that, except those who had perished by the chance of war, his triumph was not stained by the blood ofthe Romans...
... the kings ofthe Franks, the Burgundians, the Visigoths, the Vandals, andthe Thuringians, and contributed to maintain the harmony, or at least the balance, ofthe great republic oftheWest ... overrun by the Barbarians, and Asia by the monks: the poverty oftheWest discouraged the trade and manufactures ofthe East: the produce of labor was consumed by the unprofitable servants ofthe ... thefalloftheRomanempireinthe West, an interval of fifty years, till the memorable reign of Justinian, is faintly marked by the obscure names and imperfect annals of Zeno, Anastasius, and...
... name and rank, the exclusive privilege of choosing theRoman emperor; and these electors were the king of Bohemia, the duke of Saxony, the margrave of Brandenburgh, the count palatine ofthe Rhine, ... zeal and ambition ofthe popes the Romans were not addicted, like the inhabitants of Elis, to the innocent and placid labors of agriculture; andthe Barbarians of Italy, though softened by the ... magnified by the distress and division ofthe rest of Europe The islands of Great Britain and Ireland were disputed by a crowd of princes of Saxon or Scottish origin: and, after the loss of Spain, the...
... mentioned ^35 the flight ofthe Venetians from the fallen cities ofthe continent, and their obscure shelter inthe chain of islands that line the extremity ofthe Adriatic Gulf Inthe midst ofthe waters, ... almost exterminated in a single battle; andinthe pillage ofthe city, inthe profanation ofthe holy sepulchre, the Latins confess and regret the modesty and discipline ofthe Turks and Saracens ... with scandal inthe West. ] The honor ofthe monarchy andthe safety ofthe capital were deeply wounded by the revolt ofthe Bulgarians and Walachians Since the victory ofthe second Basil, they...
... was inspired to write The History oftheDeclineandFalloftheRomanEmpire while musing amidst the ruins ofthe Capitol and listening to barefoot friars singing vespers inthe Temple of Jupiter ... Kenya andthe Sudan 13 Spinning the Destiny of India The Route to Independence 14 That Is the End ofthe British Empire Singapore and Burma 15 The Aim of Labour Is to Save theEmpire Ceylon and ... humming noise, a compound of buzzing, and chirping, and whistling, and croaking of numberless reptiles and insects on the earth, inthe air, andinthe water.” 120 Moreover, the island was subject...
... denote the care taken in grooming The head groom would test the work ofthe stable-boys by applying a clean muslin handkerchief to the coats ofthe animals, and, if any stain of dirt showed, there ... On the very next day debate upon this resolution began inthe committee ofthe whole, for there was then no system of standing committees to intervene between the House and its business The debate ... instead of proposing and sustaining its own duties and measures by a bold and manly appeal to the nation inthe face of its representatives." The last ofthe organic acts ofthe session was the...
... $120 billion by the Bank of Japan, $15 billion by Danmarks Nationalbank, $240 billion by the ECB, $15 billion by the Norges Bank, $30 billion by the Reserve Bank of Australia, $30 billion by the ... borrowers (in the form of subprime and Alt-A loans) displayed sharp increases during the boom, followed by big drops in their shares after the bubble burst Prior to 1980, the vast majority of all ... funding the subprime mortgage loans on their own balance sheets, but also providing both on- and off-balance sheet funding to other financial firms involved in subprime loans In addition, they...
... accepted by subsequent Jews as the basic document fixing Jewish law and ritual Explicit in this version ofthe Talmud is the belief both inthe immortality ofthe soul andinthe resurrection ofthe body ... and Stoic philosophers ofthe time, including physicians, since it provided a clear means of explaining in a physical way how mind and body might interact If the brain were the seat ofthe mind ... 19 ] Andinthe breast, andin what is termed the thorax, they encased the mortal soul; and as the one part of this was superior andthe other inferior they divided the cavity ofthe thorax into...
... technological innovation that breaks through the defenses and becomes the basis of an insurgent industry The advent of personal computing andthe Internet revolution it will eventually beget are both instances ... radio broadcasting as a sort of cleansing instrument for the mind, just as the bathtub is for the body.”17 T I HE DEALS OFB RITISH B ROADCASTING In 1922, John Reith, the youngest son of a Scottish ... America in search of adventure.5 The Independents, rooted inthe farms and small towns ofthe West, were innovators, but of a conceptual kind, not the technical kind la Alexander Bell They saw...
... change relative to each other By buying the bill futures and shorting (that is, betting on a declineinthe prices of) the actual bills, Eckstein really had two bets going, each in opposite directions.* ... reasonable to think that the prices would converge And there was a bit of magic inthe trade, which was the secret of Eckstein’s business, of Long-Term Capital’s future business, and indeed of every ... all, became incredibly close They sat in a double row of desks inthe middle of Salomon’s raucous trading floor, which was the model for the investment bank in Tom Wolfe’s The Bonfire ofthe Vanities...
... Crisis in Japan 17 The Rise of Abacus Banking in Japan 19 TheFallof Abacus Banking in Japan 53 The Banking Crisis 73 II The Rise andFallof Abacus Banking andthe Looming Banking Crisis in China ... 99 The Rise of Abacus Banking in China 101 TheFallof Abacus Banking in China 127 The Looming Banking Crisis in China 145 x Contents Conclusions 163 Selected Bibliography 171 Index 179 Exhibits ... The Rise andFallof Abacus Banking in Japan and China The Rise andFallof Abacus Banking in Japan and China Yuko Arayama and Panos Mourdoukoutas QUORUM BOOKS Westport, Connecticut...
... discussion ofthe lowgrowth, post-bubble era and investigates thedeclineandfallof abacus banking Chapter discusses of how the rise andfallof abacus banking contributed to the prolonged banking ... the postwar period andthe banking crisis ofthe 1990s, and Part II addresses the rise andfallof abacus banking in China andthe looming banking crisis ofthe 1990s A chapter-by-chapter discussion ... risks and rewards of their investments Arguing these contentions in more detail, the remainder of this book contains two parts Part I discusses the rise andfallof abacus banking in Japan in the...
... functioning of banks and corporations, which in essence limits 40 The Rise andFallof Abacus Banking in Japan and China banking risks and controls the behavior of bank managers According to Adams and ... panic or insolvency.24 The BOJ policy of overlending can be traced back to the turn ofthe century, as a vehicle of financing the country’s industrialization In expanding their loan business, the most ... designed to instill a sense of belonging and security, thus contributing to worker productivity.42 36 The Rise andFallof Abacus Banking in Japan and China Relations between banks and their corporate...
... former MOF bureaucrats make bad 46 The Rise andFallof Abacus Banking in Japan and China bank managers Banks run by former MOF bureaucrats have lower ROEs as compared to banks run by non-MOF bureaucrats ... Japanese banks inthe late 1970s andthe 1980s, which will be addressed inthe next chapter 48 The Rise andFallof Abacus Banking in Japan and China Second, a substantial part of Japan’s banking ... The MOF approves applications for the establishment of banks, applications for the reductions in bank capital, the opening and closing of branches, andthe merger and liquidation of existing bank...
... Specifically, the continued liberalization of demand and time deposits further intensified the 70 The Rise andFallof Abacus Banking in Japan and China Exhibit 3.8 The Disbanding of Gosou-sendan ... tightening of fiscal and monetary policy inthe early 1990s eliminated most ofthe conditions of abacus banking But what presented the final blow to abacus banking was the disbanding ofthe Gosou-sendan ... demonstrates The Banking Crisis 79 how the burst ofthe economic bubble inthe late 1980s andthe early 1990s eliminated the conditions of abacus banking, leaving banks in a risky world without the freedom,...
... three to five banks as their ‘‘core banks’’ among banks instead of a single main bank.11 The replacement ofthe institution ofthe main bank with the institution ofthe core banks has two important ... more flexible in dealing with the rapid changes in their market environment brought about by deregulation But why did the MOF andthe BOJ fail to diagnose the bubble and take measures to burst it ... earlier, rather than later? The MOF failed to diagnose the bubble andthe banking crisis because it was part ofthe problem rather than part ofthe solution In fact, as early as 1992, the MOF knew...
... subsidiary ofthe Ministry of Finance There were no specialized roles for the central bank and 106 The Rise andFallof Abacus Banking in Japan and China commercial banks inthe system The PBC functioned ... the lower the interest rate ‘ The outstanding feature ofthe structure was The Rise of Abacus Banking in China 107 that the interest rate moved inversely with the degree of socialization ofthe ... second part ofthe nineteenth century, but the Taiping Rebellion and again powerful guilds restricted the development ofthe economy andthe banking industry The Taiping Rebellion, for instance,...
... routine and predictable businesses (i.e., expand the volume of lending rather than the quality of lending or venture to the genuine and unpredictable business of developing new products and services) ... led to the eventual declineandfallofthe abacus banking system andthe banking crisis Globalization’s dark side is less visible and less evident in China, which has been a latecomer to the world ... these 128 The Rise andFallof Abacus Banking in Japan and China countries have made in developing their economies Globalization has further turned into a major challenge to the institutions and policies...
... of financing provincial and local projects • The asset bubble fueled by excessive spending financed by state banks and ITICs 150 The Rise andFallof Abacus Banking in Japan and China Exhibit 7.4 ... Regardless of how non-performing assets are measured and reported, China’s looming banking crisis reflects the rise andfallof abacus banking andthe deliberate efforts of national, provincial, and ... from the banking system, they account for percent of GDP.7 In this sense, China’s banking crisis is not reflected inthe amount of non-performing assets accumulated inthe books of Chinese banks...
... Employment, and Establishments inthe Construction Sector in China (1981–1996) 158 The Rise andFallof Abacus Banking in Japan and China By the mid-1990’s, far too much had been built Beijing, Shanghai, ... rise andfallof abacus banking in China The bank rose along with the economic growth ofthe Hainan province and also fell along with it GITIC is another case in point When the economy grew, the ... and foreign competition, turning the banking en- 166 The Rise andFallof Abacus Banking in Japan and China vironment from a certain to an uncertain world Elaborating on this major shift in the...