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Hernando de Soto Polar is a Peruvian economist known for his work on the informal economy and on the importance of business and property rights. His work on the developing world has earned him praise worldwide by numerous heads of state, particularly for his publication The Mystery of Capital and The Other Path. He is the current president of the Institute for Liberty and Democracy (ILD), a think tank devoted to promoting economic development in developing countries located in Lima, Peru.
An intangible asset is an asset that lacks physical substance. Examples are patents, copyright, franchises, goodwill, trademarks, and trade names, reputation, R&D, know-how, as well as any form of digital asset such as software and data. This is in contrast to physical assets and financial assets.
Money creation, or money issuance, is the process by which the money supply of a country, or an economic or monetary region, is increased. In most modern economies, money is created by both central banks and commercial banks. Money issued by central banks is a liability, typically called reserve deposits, and is only available for use by central bank account holders, which are generally large commercial banks and foreign central banks. Central banks can increase the quantity of reserve deposits directly, by making loans to account holders, purchasing assets from account holders, or by recording an asset, such as a deferred asset, and directly increasing liabilities. However, the majority of the money supply used by the public for conducting transactions is created by the commercial banking system in the form of commercial bank deposits. Bank loans issued by commercial banks expand the quantity of bank deposits.
A theory of capitalism describes the essential features of capitalism and how it functions. The history of various such theories is the subject of this article.
The 2000s United States housing bubble or house price boom or 2000shousing cycle was a sharp run up and subsequent collapse of house asset prices affecting over half of the U.S. states. In many regions a real estate bubble, it was the impetus for the subprime mortgage crisis. Housing prices peaked in early 2006, started to decline in 2006 and 2007, and reached new lows in 2011. On December 30, 2008, the Case–Shiller home price index reported the largest price drop in its history. The credit crisis resulting from the bursting of the housing bubble is an important cause of the Great Recession in the United States.
The American subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the 2007–2008 global financial crisis. The crisis led to a severe economic recession, with millions losing their jobs and many businesses going bankrupt. The U.S. government intervened with a series of measures to stabilize the financial system, including the Troubled Asset Relief Program (TARP) and the American Recovery and Reinvestment Act (ARRA).
Credit unions are not-for-profit financial cooperatives. In the early stages of development of a nation's financial system, unserved and underserved populations had to rely on risky and expensive informal financial services from sources like money lenders, ROSCAs and saving at home. Credit unions proved they could meet demand for financial services that banks could not: from professional, middle class and poorer people. Those that served poorer urban and rural communities became an important source of microfinance.
The Institute for Liberty and Democracy (ILD) is a think tank based in Lima devoted to the promotion of property rights in developing countries. It was established in 1981 by Peruvian economist Hernando de Soto. The ILD works with developing countries to implement property and business rights reforms that provide the legal tools and institutions required for citizens to participate in the formal economy.
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The U.S. central banking system, the Federal Reserve, in partnership with central banks around the world, took several steps to address the subprime mortgage crisis. Federal Reserve Chairman Ben Bernanke stated in early 2008: "Broadly, the Federal Reserve’s response has followed two tracks: efforts to support market liquidity and functioning and the pursuit of our macroeconomic objectives through monetary policy." A 2011 study by the Government Accountability Office found that "on numerous occasions in 2008 and 2009, the Federal Reserve Board invoked emergency authority under the Federal Reserve Act of 1913 to authorize new broad-based programs and financial assistance to individual institutions to stabilize financial markets. Loans outstanding for the emergency programs peaked at more than $1 trillion in late 2008."
Government policies and the subprime mortgage crisis covers the United States government policies and its impact on the subprime mortgage crisis of 2007-2009. The U.S. subprime mortgage crisis was a set of events and conditions that led to the 2007–2008 financial crisis and subsequent recession. It was characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages. Several major financial institutions collapsed in September 2008, with significant disruption in the flow of credit to businesses and consumers and the onset of a severe global recession.
The Australian property bubble is the economic theory that the Australian property market has become or is becoming significantly overpriced and due for a significant downturn. Since the early 2010s, various commentators, including one Treasury official, have claimed the Australian property market is in a significant bubble.
The Subprime mortgage crisis solutions debate discusses various actions and proposals by economists, government officials, journalists, and business leaders to address the subprime mortgage crisis and broader 2007–2008 financial crisis.
A global saving glut is a situation in which desired saving exceeds desired investment. By 2005 Ben Bernanke, chairman of the Federal Reserve, the central bank of the United States, expressed concern about the "significant increase in the global supply of saving" and its implications for monetary policies, particularly in the United States. Although Bernanke's analyses focused on events in 2003 to 2007 that led to the 2007–2009 financial crisis, regarding GSG countries and the United States, excessive saving by the non-financial corporate sector (NFCS) is an ongoing phenomenon, affecting many countries. Bernanke's global saving glut (GSG) hypothesis argued that increased capital inflows to the United States from GSG countries were an important reason that U.S. longer-term interest rates from 2003 to 2007 were lower than expected.
Foreign trade of the United States comprises the international imports and exports of the United States. The country is among the top three global importers and exporters.
Land titling is a form of land reform in which private individuals and families are given formal property rights for land which they have previously occupied informally or used on the basis of customary land tenure. Proponents argue that providing formal titles increases security of land tenure, supports development of markets in land, and allows better access to credit. Peruvian economist Hernando de Soto Polar is the most well-known advocate of the approach, but it has a long history. Recently, "inspired by these ideas, and fostered by international development agencies, land titling programs have been launched throughout developing and transition economies as part of poverty alleviation efforts." The goals of poverty alleviation and urban management, however, can lead to conflicts in the design of land titling programs.
Many factors directly and indirectly serve as the causes of the Great Recession that started in 2008 with the US subprime mortgage crisis. The major causes of the initial subprime mortgage crisis and the following recession include lax lending standards contributing to the real-estate bubbles that have since burst; U.S. government housing policies; and limited regulation of non-depository financial institutions. Once the recession began, various responses were attempted with different degrees of success. These included fiscal policies of governments; monetary policies of central banks; measures designed to help indebted consumers refinance their mortgage debt; and inconsistent approaches used by nations to bail out troubled banking industries and private bondholders, assuming private debt burdens or socializing losses.
The 2007–2008 financial crisis, or the global financial crisis (GFC), was the most severe worldwide economic crisis since the 1929 Wall Street crash that began the Great Depression. Causes of the crisis included predatory lending in the form of subprime mortgages to low-income homebuyers and a resulting housing bubble, excessive risk-taking by global financial institutions, and lack of regulatory oversight, which culminated in a "perfect storm" that triggered the Great Recession, which lasted from late 2007 to mid-2009. The financial crisis began in early 2007, as mortgage-backed securities (MBS) tied to U.S. real estate, as well as a vast web of derivatives linked to those MBS, collapsed in value. Financial institutions worldwide suffered severe damage, reaching a climax with the bankruptcy of Lehman Brothers on September 15, 2008, and a subsequent international banking crisis.
References
- 1 2 Nevin, Andrew S.; Agbedana, Oluseyi; Omosomi, Omomia (2019). "Bringing Dead Capital to life: What Nigeria should be doing" (PDF). PricewaterhouseCoopers .
- ↑ Economist Hernando de Soto Discusses the Informal Economy in Tunisia
- 1 2 3 4 5 6 7 8 9 Arsenault, Chris (2016-08-01). "Property rights for world's poor could unlock trillions in 'dead capital': economist". Reuters . Retrieved 2020-12-11.
- ↑ "The Power of the Poor".
- ↑ "The Economic Effects of Dead Capital: Future Capital Series Part 3".
- ↑ Brefort, Loup (18 November 2010). "Unlocking the Dead Capital". World Bank. Retrieved 2020-12-11.
- 1 2 3 4 Johnson Gaither, Cassandra; Zarnoch, Stanley J. (September 2017). "Unearthing 'dead capital': Heirs' property prediction in two U.S. southern counties" (PDF). Land Use Policy. 67: 367–377. Bibcode:2017LUPol..67..367J. doi:10.1016/j.landusepol.2017.05.009.