global financial system global financial system worldwide framework legal agreements institutions formal informal economic actors facilitate international flows financial capital purposes investment trade financing emerging late 19th century modern wave economic evolution marked establishment central banks treaties organizations aimed improving transparency regulation effectiveness international markets late 1800s world migration communication technology facilitated unprecedented growth international trade investment onset world war trade contracted foreign exchange markets paralyzed money market countries sought defend external policies trade virtually halted effects global great depression series trade agreements slowly reduced worldwide efforts international monetary system world war improved exchange rate stability record growth global finance series currency oil crises 1970s led countries float world economy increasingly financially integrated 1980s 1990s capital account financial series financial crises europe asia latin_america followed effects greater exposure volatile capital flows global financial crisis originated united_states quickly propagated nations recognized catalyst worldwide great recession market adjustment greece monetary union ignited sovereign debt crisis european nations known crisis country decision operate open economy financial capital carries monetary implications captured balance payments renders exposure risks international finance political deterioration regulatory changes foreign exchange controls legal property rights investments individuals groups participate global financial system consumers international businesses undertake consumption production investment governments bodies act international trade economic development crisis management regulatory bodies establish financial regulations legal procedures independent bodies facilitate industry supervision research associations analyze data publish reports policy host public discourse global financial affairs global financial system greater stability governments deal differing regional national needs nations trying orderly unconventional monetary policies installed recovery expanding scope scale emerging market face challenge precision carefully institute sustainable policies extraordinary market sensitivity provoking investors retreat capital stronger markets nations inability align interests achieve international consensus matters banking regulation risk future global financial history international financial architecture emergence financial world experienced substantial changes prior created environment favorable increase development international financial centers principal changes unprecedented growth capital flows resulting rapid financial center integration faster communication london paris existed world prominent financial centers soon berlin new_york grew major financial centres array smaller financial centers important found market amsterdam brussels geneva london remained leading international financial center decades leading world war modern wave economic began period marked transportation expansion record levels migration enhanced communications trade expansion growth capital transfers mid nineteenth century passport system europe dissolved rail transport expanded rapidly countries issuing require carry people travel freely international arise guidance united_nations international civil aviation organization million europeans migrated away europe approximately million travelers migrated united_states rest reached canada australia argentina brazil europe experienced influx foreigners growing population absence meaningful passport requirements allowed free travel migration enormous scale difficult technological advances transportation particularly expansion railway travel dominance steam powered boats traditional sailing ships world railway mileage grew kilometers kilometers cargo surpassed 1890s telephone wireless precursor radio providing communication cable laid beneath ocean connect london new_york europe asia connected new economic grew free trade starting united_kingdom entered free trade agreement france known treaty golden age wave endured return german chancellor von introduced protective agricultural manufacturing goods making germany nation institute new protective trade policies france introduced greatly raising customs duties agricultural manufacturing goods united_states maintained strong nineteenth century imposing customs duties imported goods despite measures international trade continued grow slowing foreign trade grew faster rate phase wave free trade phase sparked united_kingdom unprecedented growth foreign investment 1880s 1900s served core driver financial worldwide total capital invested abroad amounted billion dollars greatest share foreign assets held united_kingdom france germany united_states netherlands belgium switzerland held foreign investments par germany panic october united_states experienced bank run trust company forcing trust close october provoking reactions panic secretary treasury george john morgan deposited million million respectively reserve banks new_york_city enabling fully covered bank run new_york led money market occurred simultaneously demands credit heightened grain demands serviced purchase substantial quantities gold london international markets exposed crisis bank england sustain artificially high lending rate service flow gold united_states bank england organized pool different nations france temporarily lent million million gold birth federal reserve system united_states congress passed federal reserve act giving rise federal reserve system inception drew influence panic legislators individual investors john morgan serve resort system design considered findings committee investigation possibility money trust wall street concentration influence national financial matters questioned investment suspected unusually deep involvement manufacturing corporations committee findings inconclusive possibility support long resisted notion establishing central bank federal reserve overarching aim sole resort resolve united_states money supply significant shifts money demand addition addressing underlying issues precipitated international money market new_york banks liberated need maintain reserves began undertaking greater risks new access facilities enabled launch foreign branches new_york rivalry london competitive market interwar period referred onset world war end age innocence foreign exchange markets conflict impact united_kingdom declared war germany august following germany invasion france belgium weeks prior foreign exchange market london exhibit distress european tensions increasing political uncertainty motivated investors chase prompting commercial banks borrow heavily london market money market began reserves bank england new pounds sterling bank england forced raise rates daily days july august foreign investors resorted buying pounds london pay newly sudden demand pounds led pound appreciate gold value major sharply french french banks began london accounts london increasingly difficult culminated record exchange rate usd emergency measures introduced form extended bank holidays effect financial contracts informally unable negotiated export thwarted gold shipments week later bank england began address foreign exchange markets establishing new channel payments participants payments gold designated bank england account canada minister finance exchange receive pounds sterling exchange rate approximately million usd flowed channel months pound sterling ultimately improve inadequate relief merchant banks receiving sterling bills pound sterling world reserve currency leading vehicle currency market merchant banks accept sterling bills left currency markets paralyzed government attempted measures revive london foreign exchange market notable implemented september extend previous october allow bank england temporarily loan funds paid end war effort settle outstanding unpaid currency transactions mid october london market began functioning properly result september measures war continued present unfavorable circumstances foreign exchange market london stock exchange prolonged closure economic resources support transition producing exports producing military armaments freight mail pound sterling enjoyed general stability world war large steps taken government influence pound value ways provided individuals freedom continue trading measures included open market foreign exchange borrowing foreign pounds sterling finance war activities capital controls limited import restrictions allied powers established bank international settlements principal purposes manage scheduled payment germany imposed treaty versailles function bank central banks world nations hold portion reserves deposits institution serves forum central bank cooperation research international monetary financial matters operates general trustee financial settlements nations president signed act law june aim protect agriculture united_states congressional representatives ultimately raised host manufactured goods resulting average duties high thousand goods trading partners responded kind introducing new wide range goods pressured compelled adhere republican_party platform sought protective alleviate market pressures nation struggling reduce domestic unemployment rate culmination stock market crash onset great depression heightened fears act protective policies advice henry ford protested calling veto act exports united_states worldwide international trade virtually ground halt international comprising trade policies bouts economic nationalism credited worldwide propagation great depression formal abandonment gold standard classical gold standard established united_kingdom bank england enabled redemption gold france germany united_states russia japan embraced standard marking international acceptance departure standard occurred august nations erected trade gold exports suspended redemption gold following end world war november austria hungary germany russia poland began experiencing having informally departed standard freed exchange rate fixing allowed float countries period sought gain national advantages bolster exports currency values predatory levels number countries including united_states attempts restore gold standard early years great depression brought bank runs united_states austria germany placed pressures gold reserves united_kingdom degree gold standard germany nation formally abandon post world war gold standard bank implemented foreign exchange controls announced bankruptcy july september united_kingdom allowed pound sterling float freely end host countries including austria canada japan sweden abandoned gold following widespread bank failures gold reserves united_states broke free gold standard april france follow suit investors fled political concerns prime minister government trade united_states disastrous effects proved difficult election campaign franklin roosevelt 32nd president democratic_party worked reverse trade favor trade alternative cutting imports democrats advocated trade congress passed trade agreements act aimed restoring global trade reducing unemployment legislation authorized president roosevelt negotiate trade agreements reduce considerably country agreed cut certain institute corresponding cuts promote trade nations negotiated agreements average rate decreased approximately period legislation contained important favored nation clause countries trade agreements result rates certain countries particular import difficulties associated differential rates clause effectively reductions trade agreements ultimately reducing worldwide rates rise woods financial order inception united_nations entity slowly began delegates early member states met hotel woods new_hampshire united_nations monetary financial conference commonly referred woods conference delegates remained effects great depression struggles sustain international gold standard 1930s related market previous discourse international monetary system focused fixed versus floating exchange rates woods delegates favored exchange rates flexibility system nations exchange rates dollar gold usd arrangement commonly referred woods system maintaining fixed rates nations dollar allow exchange rates band agreed meet requirement central banks intervene sales purchases dollar members adjust response long run fundamental balance payments responsible fiscal monetary policy tools strategies enabled greater exchange rate stability commercial financial transactions fostered unprecedented growth international trade foreign investment feature grew delegates experiences 1930s excessively volatile exchange rates exchange controls followed proved destructive trade prolonged effects great depression capital mobility faced facto limits system governments instituted restrictions capital flows aligned monetary policy support important component woods agreements creation new international financial institutions international monetary fund international bank reconstruction development collectively referred woods institutions operational respectively established support monetary system cooperation international monetary issues providing advisory technical assistance members offering emergency lending nations experiencing repeated difficulties restoring balance payments members contribute funds pool according share gross world product emergency loans issued member states authorized encouraged employ capital controls necessary manage payments meet targets prohibited relying financing cover particularly short term capital instituted guide members provide short term financing window balance payments established serve type financial global capital long term investment opportunities postwar reconstruction projects creation organizations crucial milestone evolution international financial architecture consider significant achievement cooperation following world war establishment international development association known world bank middle income developing countries extends bank lending program offering loans grants world nations general agreement trade countries concluded general agreement trade conference geneva delegates intended agreement member states negotiate creation body known international trade organization ratified facto framework later trade negotiations members emphasized trade approach lowering barriers pursuit mutual gains agreement structure enabled signatories enforce regulations trading goods services centered trade relations needed non agricultural exports needed prohibited agreement favored nation clause prohibited members offering rates nation offer fellow members event discovery non agricultural subsidies members authorized offset policies agreement provided governments transparent structure managing trade relations avoiding pressures principles extend financial activity consistent era rigid capital movements agreement initial round achieved limited success reducing reduced signatories offered smaller trade concessions resurgence financial flexible exchange rate regimes present exchange rate stability sustained woods system facilitated expanding international trade early success masked underlying design flaw existed mechanism increasing supply international reserves support continued growth trade system began experiencing market pressures deteriorating key participants late 1950s early 1960s central banks needed dollars hold reserves unable expand money supplies meant exceeding dollar reserves threatening exchange rate accommodate needs woods system depended united_states run dollar consequence dollar value began exceeding gold backing early 1960s investors sell gold greater dollar exchange rate london united_states signaling market participants dollar belgian american economist robert defined problem known dilemma country national economic interests conflict international objectives world reserve currency france voiced concerns artificially low price gold called returns gold standard excess dollars flowed international markets united_states expanded money supply accommodate costs military campaign vietnam war gold reserves assaulted speculative investors following current account deficit 19th century august president richard_nixon suspended exchange dollars gold nixon shock closure gold window effectively shifted adjustment dollar nations speculative traders chased began selling dollars anticipation dollar capital presented difficulties foreign central banks faced choosing money supplies largely ineffective capital controls floating exchange rates following surrounding dollar dollar price gold raised usd woods system modified allow fluctuations augmented band agreement signed members december agreement delayed system demise years system erosion dollar occurred oil crises 1970s emphasized importance international financial markets recycling balance payments financing world reserve currency began float nations began adopting floating exchange rate regimes post woods financial order amendment articles agreement developed new reserve instrument called special drawing rights held central banks exchanged fund alternative gold entered service originally units market basket sixteen major vehicle countries share total world exports exceeded basket composition changed time presently consists dollar euro japanese chinese british pound holding reserves nations transactions fund instrument vehicle trade international transactions currency basket portfolio characteristic greater stability inherent free floating exchange rates special drawing rights originally equivalent specified gold directly gold instead served obtaining exchanged gold fund initially issued billion members signed jamaica agreement january ratified end woods system fund role supporting international monetary system agreement officially embraced flexible exchange rate regimes emerged failure agreement measures tandem floating exchange rates agreement endorsed central bank aimed clearing excessive agreement abandonment gold reserve instrument fund subsequently gold reserves returning gold members selling provide poorer nations relief funding developing countries countries endowed oil export resources enjoyed greater access lending programs result fund continued assisting nations experiencing balance payments currency crises began imposing funding required countries adopt policies aimed reducing spending cuts tax increases reducing protective trade barriers monetary policy second amendment articles agreement signed legally free floating acceptance gold achieved jamaica agreement required members support stable exchange rates policy post woods system member states retained autonomy selecting exchange rate regime amendment expanded institution capacity oversight charged members supporting monetary fund regime implementation role called surveillance recognized pivotal point evolution fund mandate extended balance payments issues broader concern internal external stresses countries overall economic policies dominance flexible exchange rate regimes foreign exchange markets significantly volatile newly elected president ronald_reagan administration brought increasing balance payments budget finance united_states offered artificially high real interest rates attract large foreign capital foreign investors demand dollars grew dollar value appreciated substantially reaching peak february trade deficit grew billion billion dollars result dollar strong appreciation met september plaza hotel new_york_city agreed dollar major resolve united_states trade deficit pledged support goal foreign exchange market known plaza accord dollar continued nations increasingly concerned decline heavily exchange rate increase address concerns held summit paris agreed pursue improved exchange rate stability better coordinate policies known accord accord managed float regime central banks jointly intervene resolve foreign exchange market stabilize freely floating exchange rates stabilized following embrace managed floating 1990s strong economic performance dot bubble stock market correction dot bubble country trade deficit grew september attacks increased political dollar began european monetary system following agreement member states european economic community adopted narrower currency band exchange rates creating smaller scale fixed exchange rate system known snake tunnel snake proved countries coordinate policies european monetary system phased currency snake featured key components european currency unit artificial weighted average market basket european_union members exchange rate mechanism procedure managing exchange rate fluctuations keeping calculated grid par values grid derived participating country established currency system terms weights changed response values currency basket exchange rate reached upper lower limit band nations currency pair intervene collectively foreign exchange market buy sell currency necessary return exchange rate par value according matrix requirement cooperative market intervention marked key difference woods system similarly woods members impose capital controls monetary policy shifts countries responsible exchange rates approaching bounds identified divergence indicator measured value central exchange rates grid adjusted exceptional circumstances modified months average systems initial years operation year lifespan central rates adjusted times birth world trade organization round trade negotiations took place nations party agreements achieved negotiations achievements trade agricultural goods general agreement trade services agreements intellectual property rights issues key manifestation round agreement signed april established world trade organization chartered trade organization charged continuing mandate promote trade govern trade relations prevent damaging trade practices policies operational january compared predecessor features improved mechanism settling trade disputes organization membership based dependent consensus traditional trade negotiations function designed address prior weaknesses parties dispute delays negotiations fall weak enforcement members reached agreement committed softer restrictions commercial financial services including banking services trading insurance services commitments entered force march consisting governments accounting approximately worldwide financial services financial integration crises present financial integration nations grew substantially 1980s 1990s capital accounts integration financial markets banks rendered benefits greater productivity broad sharing risk resulting carried substantive cost terms shared increased exposure risks accompanying financial integration recent decades succession countries increasingly abandoned regulations behavior financial simplified requirements disclosure public regulatory authorities economies open nations increasingly exposed external argued greater worldwide financial integration resulted volatile capital flows increasing potential financial market given greater integration nations crisis easily 1980s 1990s saw wave currency crises sovereign including black monday stock market crashes european monetary system crisis mexican crisis asian currency crisis russian financial crisis argentine crisis crises differed terms breadth causes capital flights brought speculative attacks fixed exchange rate perceived given nation fiscal policy self fulfilling speculative attacks investors expecting investors follow suit given doubts nation currency lack access developed functioning domestic capital markets emerging market countries current account conditions limited capital mobility dysfunctional banking systems following research crises plagued developing countries 1990s reached consensus capital flows carries important countries observe benefits offered financial conditions include stable policies healthy fiscal policy robust bank regulations strong legal protection property rights largely favor adherence organized sequence encouraging foreign direct investment domestic equity capital embracing capital short term capital mobility country achieved functioning domestic capital markets established sound regulatory framework emerging market economy develop credible currency eyes domestic international investors realize benefits greater greater savings higher interest rates accelerated economic growth country access foreign capital markets maintaining credible currency vulnerable speculative capital flights sudden stops carry economic social costs countries sought improve transparency global financial system response crises 1980s 1990s committee banking supervision formed members central bank governors facilitate cooperation supervision regulation banking practices headquartered bank international settlements switzerland committee held rounds known collectively known took place emphasized credit risk assessment different asset classes motivated concerns large multinational banks appropriately regulated stemming observations 1980s latin american debt crisis following committee published recommendations new capital requirements banks nations implemented years later established financial stability forum financial stability board facilitate cooperation regulatory agencies promote stability global financial system forum charged developing international standards implementation thereof accord set emphasized capital requirements safeguard risk need global consistency banking regulations disadvantage banks operating internationally motivated seen accord insufficient public disclosure banks risk profiles oversight regulatory bodies members slow implement major efforts european_union united_states taking place late committee revised capital requirements set enhancements known iii centered leverage ratio requirement aimed restricting excessive banks addition strengthening ratio iii modified weight risk capital necessary risks bank holdings concluding capital threshold set value bank risk weighted assets birth european economic monetary union february european_union countries signed treaty outlined stage plan accelerate progress economic monetary union stage centered capital mobility policies countries second stage established european monetary institute ultimately dissolved tandem establishment european central bank european system central banks key treaty outlining convergence criteria members need satisfy permitted proceed final stage introduced common currency circulation known euro adopted members european_union january sovereignty matters monetary policy countries continued national legal fixed rates began issuing official euro coins notes comprises nations issued euro non euro states global financial crisis following market 1990s financial crises september attacks financial integration intensified developed nations emerging markets substantial growth capital flows banks trading financial derivatives structured finance products worldwide international capital flows grew dollars primarily form short term money market instruments united_states experienced growth size complexity firms engaged broad range financial services borders wake act repealed glass act ending limitations commercial banks investment banking activity nations began relying foreign capital finance domestic investment opportunities resulting unprecedented capital flows advanced economies developing countries reflected global grew gross world product global financial crisis precipitated shared key features exhibited wave international financial crises 1990s including accelerated capital weak regulatory relaxed monetary policies herd behavior investment bubbles collapsing asset prices massive problems originated united_states advanced nations similarly asian crisis global crisis entailed broad lending banks undertaking real estate investments poor standards corporate governance financial particularly united_states crisis characterized growing non performing assets large fiscal excessive financing housing sector real estate bubble triggered financial crisis bubble financed foreign capital flowing different countries effects began nations crisis precursor global economic referred great recession wake crisis total volume world trade goods services fell recover increased concentration emerging market countries global financial crisis demonstrated negative effects worldwide financial integration sparking discourse countries system altogether crisis newly elected government greece revealed national budget data fiscal deficit year opposed espoused previous administration news alerted markets fact greece deficit exceeded maximum outlined economic monetary union stability growth pact investors concerned possible sovereign default rapidly sold greek bonds given greece prior decision embrace euro currency longer held monetary policy autonomy intervene national currency absorb shock boost traditional solution sudden capital flight crisis proved spread portugal italy spain greece collectively referred pigs ratings agencies downgraded countries debt instruments increased national debts crisis continued spread soon grew european sovereign debt crisis threatened economic recovery wake great recession tandem european_union members assembled billion greece afflicted nations additionally pledged purchase bonds troubled nations effort risk banking system panic crisis recognized highlighting depth financial integration europe contrasted lack fiscal integration political unification necessary prevent decisively respond crises initial waves crisis public speculated turmoil result abandonment euro german federal minister finance called expulsion countries commonly referred crisis ongoing recently began encompassing financial crisis implications capital balance payments balance payments accounts payments received foreign countries receipts considered credit transactions payments considered transactions balance payments function components transactions involving export import goods services form current account transactions involving purchase sale financial assets form financial account transactions involving unconventional transfers wealth form capital account current account trade balance net factor income abroad net transfers financial account value exports versus imports assets capital account value asset transfers received net transfers given capital account includes official reserve account central banks purchases sales domestic currency foreign exchange gold purposes maintaining utilizing bank reserves balance payments sums zero current account surplus indicates deficit asset accounts vice versa current account surplus deficit indicates extent country relying foreign capital finance consumption investments living means example assuming capital account balance zero asset transfers available financing current account deficit billion implies financial account surplus net asset exports billion net financial assets known exchanging future payments current consumption net export financial assets indicates growth country debt perspective balance payments links nation income spending indicating degree current account financed domestic foreign financial capital nation wealth shaped time healthy balance payments position important economic growth countries experiencing growth demand trouble sustaining healthy balance payments demand slow leading unused excess supply discouraged foreign investment attractive exports reinforce negative cycle payments country external wealth measured value foreign assets net foreign current account surplus corresponding financial account deficit indicates increase external wealth deficit indicates decrease aside current account indications country net buyer net seller assets shifts nation external wealth influenced capital gains capital losses foreign investments having positive external wealth means country net world economy negative external wealth indicates net unique financial risks nations international businesses face array financial risks unique foreign investment activity political risk potential losses foreign country political instability unfavorable developments different forms transfer risk emphasizes surrounding country capital controls balance payments operational risk characterizes concerns country regulatory policies impact normal business operations control risk born surrounding property decision rights local operation foreign direct investments credit risk implies face absent unfavorable regulatory framework little legal protection foreign investments example foreign governments commit sovereign default debt obligations international investors legal consequence governments decide foreign held assets enact contrived policy changes following investor decision acquire assets host country country risk encompasses political risk credit risk represents potential developments host country threaten capacity debt gains interest participants economic actors core economic functions consumption production investment highly recent decades consumers increasingly import foreign goods purchase domestic goods produced foreign businesses continue expand production internationally meet increasingly consumption world economy international financial integration nations afforded investors opportunity asset investing abroad consumers multinational corporations individual institutional investors financial banks key economic actors global financial system central banks european central bank federal reserve system undertake open market operations efforts realize monetary policy goals international financial institutions woods institutions development banks development finance institutions provide emergency financing countries crisis provide risk tools prospective foreign investors assemble capital development finance poverty reduction initiatives trade organizations world trade organization institute international finance world federation exchanges attempt ease trade facilitate trade disputes address economic affairs promote standards sponsor research statistics publications regulatory bodies explicit goals financial regulation include countries pursuits financial stability market players fraudulent activity implicit goals include offering viable competitive financial environments world investors single nation functioning governance financial regulations deposit insurance emergency financing windows standard accounting practices established legal disclosure procedures develop grow healthy domestic financial system global context central political authority exists extend arrangements globally governments establish host institutions practices evolved time referred collectively international financial architecture architecture regulatory authorities national governments organizations capacity influence international financial markets national governments employ finance regulatory agencies impose foreign capital controls use central banks execute desired intervention open markets degree self regulation occurs banks financial institutions attempt operate guidelines set published organizations international monetary fund bank international settlements particularly committee banking supervision committee global financial system examples international regulatory bodies financial stability board established coordinate information activities developed countries international organization commissions coordinates regulation financial international association insurance promotes consistent insurance industry supervision financial action task force money collaboration battling money terrorism financing international accounting standards board publishes accounting standards public private arrangements exist assist guide countries struggling sovereign debt payments paris club london club national commissions independent financial maintain oversight industries foreign exchange market activities examples financial europe european banking authority identifies risks institutional weaknesses national european shadow financial regulatory committee reviews financial regulatory issues publishes policy recommendations research organizations research academic institutions professional associations think tanks aim observe model understand publish recommendations improve transparency effectiveness global financial system example independent non partisan world economic forum global agenda council global financial system global agenda council international monetary system report risks assemble policy recommendations global financial markets association discussion global financial issues members professional associations world group thirty formed private international group researchers representatives committed advancing understanding international economics global finance future global financial system reported global financial system path improved financial stability faces host transitional challenges borne regional policy regimes challenge managing united_states monetary policy elegant orderly manner difficult markets adjust reflect investors expectations new monetary regime higher interest rates interest rates rise sharply exacerbated structural decline market higher interest rates greater structural short term shadow banking system particularly mortgage market real estate investment central banks contemplating ways exit unconventional monetary policies employed recent years nations japan attempting programs larger scales combat pressures nations implemented national reforms aimed strengthening monetary union stress banks governments european nations portugal italy spain continue struggle heavily corporate sectors fragmented financial markets investors face difficulty identifying quality assets banks operating environments need stronger provisions place withstand corresponding market adjustments absorb potential losses emerging market economies face challenges greater stability bond markets indicate heightened sensitivity monetary external investors flooding domestic markets rendering exposure potential capital flights brought heavy corporate credit environments economies tasked transitioning sustainable balanced financial sectors market growth provoke investor withdrawal global financial crisis great recession prompted renewed discourse architecture global financial system events called attention financial integration global governance risks financial establishment formal international monetary system empowered guardian world undergone extensive changes politically economically fundamentally altered international financial institutions operate increasing world bank lack adherence formal monetary system created void global constraints national policies deficit rule based governance financial activities french economist executive director world economic forum woods committee pointed radical proposals global central bank world financial authority deemed impractical leading consideration medium term efforts improve transparency disclosure strengthen emerging market financial climates bolster regulatory environments advanced nations better moderate capital account exchange rate regime selection emerging markets drawn attention calls increased participation private sector management financial crises institutions resources council foreign relations assessment global finance notes excessive institutions overlapping limited authority coupled difficulty national interests international reforms key weaknesses global financial reform nations presently enjoy comprehensive structure policy coordination global savings global financial crisis extent united_states status steward world reserve currency called question post crisis efforts pursue policies aimed foreign exchange markets lack international consensus best monitor govern banking investment activity threatens world ability prevent future global financial crises slow delayed implementation banking regulations meet iii criteria means standards effect rendering continued exposure global finance risks despite iii efforts bolster financial stability board capacity facilitate cooperation regulatory changes regulation exists predominantly national regional levels reform efforts world bank chief economist chairman council economic advisers joseph referred late 1990s growing consensus wrong system having capacity impose high costs great number people hardly participants international financial markets international investments borrowing foreign argued foreign crises strong worldwide repercussions phenomenon moral hazard particularly multinational firms deliberately invest highly risky government bonds anticipation national international crises overcome emergency financing employing places heavy burden living afflicted countries high costs damage standards living advocated finding means short term international capital flows adversely affecting long term foreign direct investment usually carries new knowledge technological economies american economist chairman federal reserve paul argued lack global consensus key issues threatens efforts reform global financial system argued possibly important issue unified approach addressing failures important financial institutions noting public government officials grown disillusioned deploying tax revenues bail creditors sake stopping economic disaster expressed array potential coordinated measures increased policy surveillance commitment nations adopt agreed best practices mandatory consultation bodies leading direct policy recommendations controls national qualification emergency financing facilities offered central banks improved incentive structures financial penalties governor bank england governor bank canada mark described approaches global financial reform financial institutions economic effects strengthening banks individually defending economic cycles banks improving strengthening financial institutions stronger capital requirements provisions better measurement management risks agreed new standards presented committee banking supervision summit pittsburgh pennsylvania standards included leverage ratio targets supplement capital requirements established improving global financial system requires enable system withstand singular institutional market failures argued view institutions bear burden financial losses future financial crises occurrences defined pre planned suggested national follow canada establishing staged intervention procedures require banks commit termed living detail plans orderly institutional failure summit seoul south_korea collectively endorsed new collection capital standards banks recommended iii executive board noted difficulty identifying institutions constitute importance size complexity degree global financial system efforts identify group globally institutions suggested held standards higher mandated iii despite institutional failures failures drag financial systems participate advocated regulatory reform extends banking regulations argued favor greater transparency increased public disclosure increased regulation shadow banking system president federal reserve bank new_york vice chairman federal open market committee william argued global financial system regulated largely national basis supporting world economy global financial firms advocated pathways improving safety security global financial system special capital requirement financial institutions deemed important level playing field exploitation disparate regulatory environments neighbour policies serve national expense global financial stability superior cooperation regional national regulatory regimes broader sharing information records trade counter financial derivatives improved responsibilities home versus host country banks encounter trouble defined procedures managing emergency solutions borders including parties responsible risk terms funding measures


result convex geometry applications mathematical economics describes addition sets space addition defined addition sets members example adding set consisting zero yields set consisting zero related results provide answer question sum sets close convex set defined convex line segment joining points set example solid disk formula convex set circle formula line segment joining distinct points formula circle suggests number summed sets exceeds dimension space sum approximately convex introduced step proof states upper bound distance sum convex hull convex hull set smallest convex set contains distance zero sum convex bound distance depends dimension shapes sets number sets shapes sets determine bound distance average sets convex hull increases infinity bound decreases zero sets uniformly bounded size upper bound decreased alternatively lloyd jon published economist ross investigating existence economic studying kenneth arrow paper studied economy non convex sets replaced convex hulls proved economy closely quasi original economy proved quasi optimal properties true proved exist convex economies following paper results widely central results convex economic theory good large economies non example quasi closely approximate economy results general form major achievements postwar economic theory wrote roger topic non convex sets economics studied nobel lloyd won prize arrow robert paul paul topic convex sets economics emphasized robert applications probability theory theory explain successful solution problems sums functions law averages random sets proved convex sets introductory example example contained interval real numbers convex implies point sum real number distance convex interval non convex set equals half distance average sum convex hull half distance sets added average sum fills convex hull maximum distance average convex hull approaches zero average includes depends following definitions results convex geometry real spaces real space dimensions given coordinate system point identified ordered pair real numbers called coordinates conventionally denoted points plane added coordinate wise point multiplied real number coordinate wise generally real space finite dimension viewed set real numbers operations defined addition real number finite dimensional spaces operations addition real number defined coordinate wise following example plane convex sets real space non set defined convex pair points point line segment joins example solid disk formula convex circle formula contain line segment joining points formula non convex set contained interval convex example solid cube convex hollow example crescent shape non convex set convex definition depending author formally set convex points real number unit interval point member mathematical induction set convex convex combination members belongs definition convex combination space weighted average set non negative real numbers satisfying equation definition convex set implies intersection convex sets convex set generally intersection family convex sets convex set particular intersection sets set convex convex hull real space convex hull minimal convex set contains intersection convex sets cover convex hull set defined set convex combinations points example convex hull set closed interval real numbers contains end points convex hull unit circle closed unit disk contains unit circle addition real space sum non sets defined set formed addition element wise sets example principle mathematical induction sum finite family non sets set formed element wise addition convex hulls sums addition respect operation taking convex hulls specifically real space convex hull sum sum convex hulls result holds generally consequence principle mathematical induction finite collection sets statements preceding identity implies point lies convex hull sum sets lies sum convex hulls sets definition addition expression means selection points convex hulls sets representation selection points depends chosen sum point representation point states dimension number needed sets choice depends point representation formula belongs convex hull fewer sets belongs remaining sets formula sets depends particular point represented implies example point sum real number dimension real space conversely characterizes dimension finite dimensional real spaces space natural number number dimension exactly holds finite dimensional spaces prove bounds distance sum convex hull sum states squared distance point sum original sum bounded sum squares largest sets smallest spheres sets bound independent number sets states bound distance sum convex hull distance zero sum convex bound distance depends dimension shapes sets number sets exceeds inner radius inner radius set defined smallest number point convex hull sphere radius contains convex hull contains inner radius reduce upper bound stated states squared distance point sum original sum bounded sum squares largest inner sets states upper bound distance sum sets convex hull sum distance sum convex hull measurement non set simplicity distance called non set respect measurement bound non sum depends largest inner sets bound depend number sets example distance convex interval non convex set equals half bound non average decreases number increases example distance averaged set convex hull half distance shapes sets determine bound distance average set convex hull number increases infinity bound decreases zero sets uniformly bounded size fact bound non average set decreases zero number increases infinity inner bounded number original proof established existence representation provide computing representation similar given arrow abstract elegant proof extended different appeared unpublished papers published method computing representation given sum point proof provides weaker bound original result elementary proof finite dimensional space found book applications estimating gap problems zero sum games applications enables researchers extend results sums convex sets sums general sets need convex sums sets arise economics mathematical probability theory mathematical sciences non important feature applications economics economics consumer preferences defined goods basket represented non negative coordinates represent quantities goods set indifference curve defined consumer consumer indifference curve contains consumer regards equivalent pair indifference curve consumer prefer basket basket passes indifference curve consumer preference set relative indifference curve union indifference curve consumer prefers indifference curve consumer preferences convex preference sets convex optimal basket goods occurs budget line supports consumer preference set shown means optimal basket highest possible indifference curve given budget line defined terms price consumer income set optimal function prices function called consumer demand preference set convex price consumer demand convex set example unique optimal basket line segment non convex preferences preference set non convex prices determine budget line supports separate optimal example imagine lion costs eagle zoo budget eagle lion suppose zoo keeper views animal equally valuable case zoo purchase lion eagle course contemporary zoo keeper want purchase half eagle half lion griffin zoo keeper preferences non convex zoo keeper prefers having animal having strictly convex combination consumer preference set non convex prices consumer demand connected disconnected demand implies behavior consumer discussed indifference curves purchases thought possessing character convex origin regions concave forced conclusion portions convex origin regarded possessing importance essentially detected occur demand variation price leading abrupt jumping point straight line rotated reveal existence measure depth concave portions indifference curves dimensional exist forever remain obscurity difficulties studying non convex preferences emphasized paul wrote non eternal darkness according nonetheless non convex preferences illuminated sequence papers journal political economy main contributors particular paper discussed approximate sums non convex sets papers stimulated paper lloyd martin considered consumer preferences introduced concept approximate papers paper influenced notion quasi robert paper contemporary economics previous publications non economics collected kenneth arrow gave undergraduate enrolled arrow graduate advanced mathematical economics course term paper studied general artificial economy non convex preferences replaced convex hulls economy price aggregate demand sum convex hulls consumers demands ideas interested lloyd jon proved eponymous private correspondence reported published paper publication applied proved economy general closely quasi original economy number agents exceeds dimension goods proved exists quasi prices following properties quasi prices consumers choose optimal preferred meeting budget constraints quasi prices economy good market supply equals demand quasi prices nearly clear markets original economy upper bound distance set economy set quasi original economy followed established aggregate allocation fictitious economy generated taking convex hulls consumption production sets allocation real economy bounded way independent number economic agents average agent experiences intended actions significance number agents goes infinity following paper results widely economic theory roger summarized economic implications key results obtained assumption remain approximately relevant circumstances fails example economies large consumption preference destroy standard results results general form major achievements postwar economic theory wrote topic non convex sets economics studied nobel arrow robert paul paul topic convex sets economics emphasized robert results featured economics literature general theory public economics including market failures game theory mathematical economics applied mathematics results influenced economics research measure integration theory mathematical explain large problems non nearly solved methods convergence stated convex problems encouraged use methods convex applications sums functions theory relies following definitions functions function set pairs arguments function real valued function set points real valued function defined convex function convex set example function convex absolute value function function pictured non convex interval problems problems objective function sum functions argument example problems linear given problem optimal solution fix optimal solution min minimum value problem consider optimal solution problem convex hulls taken functions optimal solution limit sequence points problem course given optimal point sum points original small number analysis published explain apparent problems despite non problems young mathematician surprised success convex methods problems known non convex problems solution dual problem problem need provide useful information solving problem problem convex satisfy qualification problem function non convex nonetheless solution dual problem provided close problem optimal value analysis explained success methods convex large problems despite non functions later authors argued produced approximately convex aggregate problem functions non convex crucial step publications use encouraged use methods convex applications sums functions probability measure theory convex sets studied probability theory point convex hull non finite dimensional space expected value simple random takes values consequence non set collection expected values simple valued random equals convex hull equality implies results useful probability theory direction probability theory provides tools examine convex sets generally results specifically results widely theory random sets example prove law large numbers central limit large principle limit results avoid assumption random sets convex probability measure finite measure applications non measure theory theories volume measures enables inequality bounds volume sums terms volumes sets volume set defined terms measure defined space advanced measure theory prove states range measure convex traditional term range alternatively image set values produced function measure valued measure example probability measures defined space product function measure defined event economics bang bang control theory statistical theory called continuous counterpart called


feminist economics feminist economics critical study economics including history research attempting overcome male focuses topics particular relevance women care work segregation exclusion women minorities certain fields deficiencies economic models household new forms data collection measurement gender empowerment measure gem gender aware theories capabilities approach feminist economics ultimately seeks produce gender inclusive economics feminist attention social constructions traditional economics questioning extent positive objective showing models methods biased exclusive attention masculine associated topics sided favoring masculine associated assumptions methods economics traditionally focused markets masculine associated ideas autonomy logic feminist fuller exploration economic life including culturally feminine topics family economics examining importance connections emotion explaining economic phenomena inclusion topics helped create policies reduced gender racial ethnic discrimination satisfying goals central economics scholars including nelson nancy contributed feminist economics book women counted regarded founding document discipline 1990s feminist economics recognised established field economics origins history early feminist political scientists systems scientists argued women traditional work child raising caring sick elders nursing teaching systematically respect men example jane thesis guardian ethic contrast trader ethic sought explain activity including child protecting healing tasks traditionally assigned women written later published handbook warrior presents argument production reproduction domestic labor performed women constitutes foundation economic transactions survival included according warrior economics presented today lacks basis reality leaves foundation economic life foundation built women labor reproductive labor produces new mother milk new consumer secondly women labor environmentally necessary cleaning cooking raw materials negotiating maintain social stability prepares market maintains constitutes women continuing industry enabling laborers occupy position work force fundamental labor economic activity survived continue evolve warrior notes income men illegal activities like arms drugs human trafficking political religious undisclosed activities provide rich revenue stream men figures underground economies women numerically like trafficking humans prostitution domestic tiny fraction revenue filters women children usually spent merely maintenance lives case money spent clothing clients instance focusing according government sponsored report urban institute street prostitute dallas little sex act week atlanta sex business brings estimated million year warrior believes inclusive facts based economic analysis provide reliable bases future planning environmental reproductive population needs published woman role economic development provided systematic examination effects agricultural transformation structural changes evidence illuminated negative outcomes changes women work laid basis broad claim women men weather storm policies forces different ways measures employment equity implemented developed nations 1970s 1990s entirely successful removing wage gaps nations strong equity traditions published women counted new feminist economics groundbreaking systematic critique system national accounts international standard measuring economic growth ways women unpaid work value nature excluded counts productive economy foreword anthology counting nelson wrote work people showed exactly unpaid work traditionally women invisible national accounting systems damage causes book encouraged influenced wide range work ways numerical preserving rewarding work care lives pointing similar neglect natural environment issued wake issues ecological grown pressing time recent decades field feminist economics widened encompass topics supported formation committee status women economics profession gender based critiques traditional economics appeared 1970s 80s subsequent emergence development alternatives women new era dawn founding international association feminist economics journal feminist economics encouraged rapid growth feminist economics disciplines initial emphasis feminist critique established theory policy approaches critique began household labor markets spread international trade ultimately extending areas traditional economic analysis feminist pushed produced gender aware theory analysis focus economics sought research methods feminist economics shares perspectives ecological economics applied field green economy including focus nature justice care values critiques traditional economics definitive list principles feminist economics feminist offer variety critiques standard approaches economics example prominent feminist economist england provided earliest feminist critiques traditional economics challenged claims utility comparisons impossible tastes actors selfish household heads act list represent central feminist economic critiques traditional economics wide variety viewpoints critiques attention value economic analysis idea contrary typical conception economics positive science held practitioners example jean suggest issues choose study kinds questions ask type analysis undertaken product belief system influenced numerous factors ideological character similarly diana comments economic statistics based underlying story forming basis definition way narrative constructions necessarily definitions statistics economic research escape inherently regardless labeled feminist attention value aspects economics criticize depiction objective science free trade central principle mainstream economics trade better comparative advantage efficiency gains greater efficiency feminist question claim grown explore role gender play international trade trade gender inequality feminist explore interests specific trade practices serve example highlight africa cultivation single cash crop export countries countries extremely vulnerable price fluctuations weather patterns feminist consider specific effects trade decisions instance countries kenya men generally controlled earnings cash crops women expected provide food clothing household traditional role african family labor produce cash crops women suffered significantly transition away food production trade similarly women lack economic power business owners likely hired cheap labor involving situations exclusion non market activity feminist economics attention importance non market activities domestic work economic development stands sharp contrast economics forms labor non economic phenomena including labor economic accounts removes substantial gender bias women perform tasks labor economic models work women ignored literally effort specifically example nancy examines role children public goods non market labor parents contributes development human capital public service sense children positive invested according traditional analysis indicates oversight partially results failing properly examine non market activities described exclusion non market activities national accounting systems relied deliberate choice design international standard national accounts explicitly excluded non market activities countries norway included unpaid household work half 19th century left reasons compatibility new international standard argues basic income tool promoting gender neutral social citizenship rights partially address concerns omission power relations feminist economics assert power relations exist economy assessed economic models ways previously overlooked example texts sale labor viewed mutually beneficial exchange benefits parties mention power exchange tend employer power employee power relations favor men mention particular difficulties confront women workplace consequently understanding power helps analyze male dominated economic institutions actually function women disadvantage workplace feminist extend criticisms aspects social world arguing power relations endemic important feature society omission gender race feminist economics argue gender race considered economic analysis argues systematically inferior position women inside outside household societies points necessity treating gender force development analysis goes experiences men women household different examining economics gender misleading economic models improved explicitly considering gender race class describes importance gender racial ethnic differences inequality capitalism built key ways words aspect capitalist economy theory practice ignores inherently flawed feminist economist says racial gender differences examined traditionally ignored equally described feminist difference july issue feminist economics journal dedicated issues gender color class gender differences cases gender differences exaggerated potentially encouraging recent works nelson shown idea women risk men popular assertion economics actually rests extremely thin evidence conducting analyses recent studies demonstrates significant differences measures mean risk found substantive size group level differences tend small order fraction standard studies fail find significant difference studies fail find difference likely published highlighted addition claims men women different preferences risk competition tend applying women men individuals fact small differences average behavior found studies generally accompanied large overlaps men women men women generally found risk competitive groups economic model person called describing person society influenced society mode interaction ideal market prices necessary considerations view people considered rational actors engage marginal analysis decisions feminist argue people complex models vision economic actor includes group interactions actions motivated factors greed feminist economics holds reformation provides better description actual experiences men women market arguing mainstream economics role competition actors instead feminist like nancy cooperation plays role economy feminist point agency available children sick elderly responsibilities care compromise agency critical departure model feminist critique focus economics monetary rewards nancy notes legal rules cultural norms affect market outcomes ways distinctly women includes segregation resulting unequal pay women feminist research areas description labor markets chosen freely individuals acting free feminist economics includes study norms relevant economics challenging traditional view material incentives reliably provide goods want need consumer sovereignty hold true people institutional economics means feminist improve model theory examines role institutions evolutionary social processes shaping economic behavior emphasizing complexity human motives importance culture relations power provides view economic actor work george efficiency wages based notions provides example feminist model economic actors work agents isolated instead act concert capable experiencing jealousy interested personal relationships work based psychology suggests wages influenced considerations purely market forces limited economics thought study society manages scarce resources limited mathematical inquiry traditional approach assures separates economics softer fields political science feminist argue contrary mathematical conception economics limited scarce resources early years science philosophy limits economic analysis feminist diverse data collection broader economic models economic feminist suggest content teaching style economics courses benefit certain changes recommend including experimental learning laboratory sessions individual research chances economics want dialogue instructors students feminist interested course content influences demographic composition future suggesting classroom climate affects students perceptions ability 2000s financial crisis argue financial crisis response revealed crisis ideas mainstream economics economics profession economy economic theory economics profession argue include new advances feminist economics starting point socially responsible sensible subject creating economy economic theories fully acknowledge care planet major areas inquiry economic feminist critiques economics include economics like science socially constructed feminist social act privilege male identified western interpretations economics generally incorporate feminist theory traditional economics communities signal expectations appropriate participants exclusion outsiders criticisms extend theories research areas economics order accounts economic life deeply influenced biased histories social structures norms cultural practices interactions politics feminist critical distinction masculine bias economics primarily result gender sex words feminist highlight mainstream economics focus social beliefs like separation logical consistency individual accomplishment mathematics lack emotion gender authorities subjects representation men subjects study concern economic history feminist mainstream economics developed european descended middle upper middle class men led suppression life experiences diversity world people especially women children non traditional families example emphasizes assumptions remained economic models including feminist offers strategies overcome better represent diversity world people additionally feminist claim historical bases economics inherently women points specific historical assumptions woman arose embedded economics continue maintain women different norms exclude include ideas women married women children women economically dependent male relative women reproductive capacities women industrial workforce women unfit economic agents trusted right economic decisions feminist examine early economic interaction lack interaction gender women issues showing examples women historical engagement economic thought example discusses adam smith engagement feminist discourse role women eighteenth century france england finds writings smith typically supported status quo women issues lost sight division labor family contribution women economic work response points mary works woman labour help understand smith contemporaneous experiences women fill gaps theories central feminist economics effort alter theoretical modeling economy reduce gender bias feminist inquiries focus international capital flows fiscal monetary policy international trade general modifications main forms gender addition gender based creation sector system gender method economic analysis seeks overcome gender bias showing men women differ consumption investment saving behavior gender strategies justify separation gender labor investment increase female activity raises savings model highlights gender effects shows economies higher likelihood recovering women participate labor force instead time approach demonstrates effects gender enhancing models bernard shows traditional models fail adequately assess work related reproduction assuming population labor determined fails account fact produced caring labor performed women stephen use growth model women education positive significant effect labor productivity robust men education cases highlight address gender gender plays significant role models outcomes sector system sector system approach models economy separate systems involving standard includes gender specific william developed sector approach low income farm based economies shows farming depended labor women production income depended labor men women cash crop activities model shows men control production income seek maximize income women additional effort cash crop production causing increases cash crops come expense production feminist argue economics focused mechanisms like income theories concept including income health education empowerment social status argue economic success measured goods gross domestic product measured human aggregate income sufficient evaluate general individual needs considered leading feminist study health longevity access property education related factors illustrate woman property status owning house land directly significantly reduces chances experiencing domestic violence employment makes little difference argue property increases women self esteem economic security fall positions enhancing options property ownership important contributor women economic reduces violence order measure generally feminist helped develop alternatives gross domestic product human development index models interest feminist include labor theory value thoroughly developed das capital model considers production socially constructed human project wages means earning living economic models human innate desires needs opposed monetary incentives human capabilities approach feminist martha created human capabilities approach alternative way assess economic success rooted ideas welfare economics focused individual potential choose value unlike traditional economic measures success focused utility income assets monetary measures capabilities approach focuses individuals able approach emphasizes processes outcomes draws attention cultural social material dynamics martha expanded model complete list central capabilities including life health integrity thought recent years capabilities approach influenced creation new models including human development index household central feminist economics different approach family household classical economics units typically described new home introduced study family traditional economics usually assumes family single unit money distributed equally concluded optimal distribution provisions takes place family result view families manner individuals models according feminist endorsed traditional expectations sexes applied rational choice models explain home behavior feminist modify assumptions account sexual gender relations single parent families sex relationships relations children consequences reproduction specifically feminist household models game theory diversity household experiences example mainstream model helped provide better understanding household power shows lack power outside options women ability negotiate families shows social norms women unpaid work household disadvantage women household feminist argue claims important economic outcomes recognized economic care economy feminist join acknowledging care work kind work includes tasks involving central economic development human feminist study paid unpaid care work argue traditional analysis economics ignores value household unpaid work feminist argued unpaid domestic work valuable paid work measures economic success include unpaid work shown women responsible performing care work argues care basis economic activity market economies concluding needs care people animals things highlights sustaining nature care services offered formal economy feminist highlighted power inequality issues families households example shows responsibility care work influences time poverty experienced single mothers united_states similarly sarah examines effects unpaid care work performed women guatemala work equality studies department university college dublin focused domestic arrangements affluent households care work performed home pay feminist economics examine implications including increasing involvement women paid care work potential exploitation effects lives care workers study ways women work measured measured undertaken women counted 1980s 1990s studies began justify different means determining value influenced theory social capital individual capital emerged late 1990s ecological economics influenced modern human development theory entry gender social capital unpaid work unpaid work include domestic work care work work unpaid market labor voluntary work clear consensus definition categories broadly speaking kinds work seen contributing reproduction society domestic work maintenance home usually universally recognizable laundry care work looking relative friend needs support age physical learning disability illness including mental illness includes raising children care work involves close personal emotional interaction included category self care leisure time activities included work work order meet basic needs collecting water market values assigned efforts categorized productive activities according latest revision international system national accounts poorly measured surveys unpaid market work direct contributions unpaid family members market work officially belongs member household voluntary work usually work non household members return little system national accounts country measures economic output according system national accounts sponsored mainly united_nations implemented mainly organizations european commission international monetary fund organization economic operation development world bank recognizes unpaid work area interest unpaid household services excluded production boundary feminist criticized exclusion leaving unpaid work basic necessary labor ignored accounting measures intended recognize gender criticized ignoring unpaid work examples gender related development index gender empowerment measure gem include unpaid work feminist economics calls comprehensive index includes participation unpaid work recent years increasing attention issue recognition unpaid work reports commitment measurement unpaid work emphasizing care work women goal fourth world conference women beijing measurement unpaid work method widely measure unpaid work gathering information time use implemented developing countries underway time use measurement involves collecting data time men women spend daily weekly monthly basis certain activities fall categories unpaid work techniques gather data include surveys depth interviews diaries participant observation proponents time use diaries believe method generate detailed information tend capture greater variation questions argue participant observation researcher spends lengthy periods time households helping observing labor process generates accurate information researcher studied accurately reporting activities perform accuracy problem measuring unpaid work issue collecting accurate information concern research studies particularly difficult evaluating unpaid work time use surveys reveal relatively little time devoted unpaid direct care activities demands production countries great account example mother collect wood fuel child location child care performing work usually indirect care included time use studies result studies certain types unpaid work participant observation criticized time consuming focus small numbers households limited information gather data gathering involves difficulties potential research subjects reports instance people domestic labor reason pay close attention time tasks time spent familiar activities measuring time problematic slowest inefficient workers appear carry greatest workload time use assessing criticized easily ing gender differences workload men women time responsible children participant observation studies shown men likely children watching men standards care limited ensuring children hurt dirty ignored deliberately left mother returns aspect problem able participate studies usually women heaviest work loads choose participate studies general measurement time causes demanding aspects unpaid work premise time appropriate tool measuring women unpaid work goes surveys criticized lacking depth complexity questions specifically tailored particular circumstances second problem difficulty comparisons cultures comparisons countries currently hampered differences activity classification nomenclature depth surveys way necessary information desired difficult perform cross cultural comparisons lack adequate universal terminology discussing unpaid work example despite increasing recognition domestic labor work existing easily convey new people tend talk work home separate spheres working mothers usually assumed paid labor force despite feminist mother working mother readily accepted terms express different work activities job titles housewife home manager problematic conveys sense women domestic labor paid employment complexity problem complexity domestic labor issues separating unpaid work categories time use studies issues account separating primary secondary activities studies account fact frequently tasks simultaneously tasks overlap boundaries work relationships unclear woman determine primary activity preparing dinner putting laundry away making coffee having coffee attending children activities considered work playing child categorized developmental care work included study responses mentioned child supervision indirect care work activity suggests activity based surveys supplemented stylized questions care responsibilities activities past time use studies tended measure primary activities respondents things asked indicate important changing recent years time feminist point main ways determining value unpaid work opportunity cost method replacement cost method input output cost method opportunity cost method uses wage person earn market value labor time method opportunity cost idea mainstream economics second method uses replacement costs simple terms measuring money party work market words value person cleaning house hour hourly wage maid method approaches replacement cost method examines possible example wage general domestic worker perform variety tasks including second approach specialist replacement cost method aims distinguish different household tasks choose replacements accordingly method input output cost method looks costs includes value added household instance value time devoted cooking meal determined asking cost purchase similar meal output market cost capital goods utilities raw materials devoted meal remainder represents value factors production primarily labor types models try value household output determining monetary values dinner example ingredients production meal compares market difficulty establishing monetary levels criticism time concerns choice monetary levels unpaid work valued activity performed output produced issue concerns differences quality market household products feminist issue market system determine values variety reasons lead conclusion market provides perfect non market work wage produced market services accurately reflect actual opportunity cost time spent household production wages methods come industries wages depressed gender accurately value unpaid work related argument market accepts existing sex gender divisions labor pay normal basic assumption underlying calculations produced serve reinforce gender challenge women criticisms opportunity cost criticisms leveled method opportunity cost method depends lost earnings worker toilet cleaned lawyer greater value cleaned means value varies drastically issues method multiple individuals single person uniform entire day days week issue enjoyment activity opportunity cost estimate difficulties replacement cost replacement cost method critics types jobs example activities calculated wages workers child relates problem depressed wages female dominated industries jobs equivalent leads unpaid work argued education levels ought comparable example value time college educated parent spends reading aloud child asking cost hire college educated worker average wage difficulties input output methods critiques input output methods include difficulty identifying measuring household issues variation households effects findings economic effects unpaid work wide ranging study conducted determine unpaid household work engaged residents different countries study incorporating results time use surveys countries found country average hours spent day unpaid household work hours day domestic work widely seen women work majority performed women women participate labor force study found adding time spent unpaid household work time spent engaging paid work married mothers accumulate hours work week compared hours week unmarried mothers hours week fathers married efforts true economic value unpaid work included measures gross domestic product shown value enormous united_states estimated meaning true value unpaid work dollars year countries percentage higher united_kingdom high unpaid work largely women economic results contributions women society formal economy research causes consequences segregation gender pay gap glass ceiling significant feminist economics conventional economic theories 1960s 1970s explained result free choices women men simply different abilities preferences feminist pointed important roles played beliefs institutions sexual harassment discrimination effects anti discrimination laws adopted industrial countries beginning 1970s studied women moved large numbers previous male especially like medicine law decades 20th century gender pay gap remains slowly feminist power ellen examined gender pay gap found wage setting procedures primarily driven market forces instead power actors cultural value work constitutes proper living social gender norms consequently assert economic models typically account overt employment discrimination sex remains concern feminist recent years attention paid discrimination women men hands care children sick elderly friends relatives business government policies designed accommodate ideal worker traditional male worker responsibilities workers inefficient treatment resulted feminist work diverse tied detailed nuanced studies ways affects women particular effects relate socially outcomes country case studies data feminist focus policies involving development example argues economic development global south depends large improved reproductive rights gender laws ownership inheritance policies sensitive proportion women informal economy additionally discusses impacts social clause enforce global labor standards international trade agreements drawing bangladesh argues jobs appear workers areas present opportunities ways avoid situations informal economy alternatively example raises examples studies illustrate effects women including study malaysian philippine workers free trade zones example local resistance women use wages create women centers aimed providing legal medical services libraries cooperative housing local community members efforts highlights allow women chance control economic conditions increase sense alter pace direction cases feminist work removing gender theoretical bases example focuses typical theories rapid integration world economic space flow goods capital money order exclude women argues traditional emphasize power global capital flows experiences populations technical abstract economic processes depict political economy highlights alternative views created describes emphasize idea market natural force instead depicting process individual economic actors including women explains concept gender biased depiction dominant unified intentional inherently misleading suggests critique narratives showing global economy highly complex centered unclear data collection feminist challenge perception objective presumed data valid instead analysis data sets generated disciplines increased use methods additionally feminist propose utilizing non traditional data collection strategies utilizing growth accounting conducting tests economic theories developing country case studies pursuing research conceptual levels data collection looks systems specific moral position viewpoint instead attempting perspective neutral observer intention create counter existing recognizing explanations world phenomena arise socially influenced viewpoints feminist theories claim present universal principles actually present masculine viewpoint guise view varied sources data collection needed issues ethical judgment feminist depart traditional economics ethical valid fact desirable economic analysis example argues policies leading greater central economic analysis similarly says better understanding care work allow shift priorities making money making stuff making lives networks care relationship central economics country case studies feminist use country level smaller case studies focused developing countries populations example michael gray examine social norms central understanding agricultural activities examine care economy spain suggest women entrance labor market requires responsibilities studies importance local social norms government policies cultural situations feminist variation crucial factor included economics alternative measures success feminist shift economic success measured changes include increased focus policy ability bring society social justice improve people lives specific goals including equity universal needs elimination poverty freedom discrimination protection human capabilities human development index feminist support use human development index composite order assess countries overall level human development opposed measures takes account broad array measures monetary considerations including life literacy education standards living countries worldwide gender related development index gender related development index introduced human development report written united_nations development program order add gender sensitive dimension human development index takes account average general level wealth given country wealth distributed different groups society especially feminist universally agree use offer improvements social institutions gender index social institutions gender index recently developed measure gender inequality calculated analyzing social institutions societal practices legal norms factors largely frame gender norms society combining sources inequality able high levels inequality applicable dimensions allowing partial compensation gaps remaining dimensions highly analysis institutional sources gender inequality countries proven add new insights outcomes women factors religion region world controlled rankings largely mirror countries portugal argentina leading pack countries like afghanistan significantly organizations feminist economics continues widely recognized reputed evidenced numerous organizations dedicated widely influenced principles international association feminist economics formed international association feminist economics independent american economic association seeks challenge masculine economics majority members open female male academics fields activists academics currently members countries founding members based majority current members based outside gained non governmental organization status united_nations feminist economics journal feminist economics edited diana rice university university utah peer reviewed journal established provide open forum dialogue debate feminist economic perspectives journal agenda promote policies better lives world people women men journal awarded council editors learned journals award best new journal social science citation index ranked journal feminist economics 20th economics journals 2nd women studies journals relation disciplines green economics incorporates ideas feminist economics list feminism explicit goal political measures seeking greater economic general gender equality feminist economics linked welfare economics labour economics emphasizes child welfare value labour opposed traditional focus exclusively production marketplace graduate programs small growing number graduate programs world offer courses concentrations feminist economics noted offerings departments economics


accounting research accounting research research effects economic events process accounting effects reported information economic events encompasses broad range research areas including financial accounting management accounting taxation academic accounting research addresses aspects accounting profession scientific method research practicing focuses solving problems client group clients academic accounting research significant contribution accounting practice changes accounting education accounting recent decades led divide practice accounting overview accounting research carried academic researchers practicing academic accounting research addresses areas accounting profession examines issues scientific method uses evidence variety sources including financial information experiments computer research practicing focuses solving immediate problems single client small group clients involve example decision making implementation new accounting standards presentation unusual transactions financial statements impact new tax laws clients accounting research carried accounting organizations standard setting bodies example international accounting standards board initiate research projects certain issues results inform decision issues active agenda history accounting research accounting research undergone significant changes past decades 1950s accounting established adopted requirements social science phd qualifications research papers mid-1970s saw shift dominance research positive research uses methods finance economics established academic disciplines academic research accounting practice contribution academic research practice contribution academic accounting research accounting practice includes assessment current accounting practices development new practices development university academic research important role play assessing extent existing practices fit purpose developing new practices address changing business economic societal needs research informs teaching universities affecting range issues future generations aware consider important example academic accounting research improve understanding actually use information provide prior academic studies contributed fraud risk assessment future direction profession impact changing accounting standards gap practice publications including recent accounting literature suggested divide gap academic professional communities accounting aspects divide suggested include criticisms academics speaking aiming publish research improve practice criticisms practicing resistant changes status quo reluctant disclose data divide accounting practice originally centered broader education technical training best way educate 1950s accounting practice grew divided accounting academic community adopting requirements social science practicing maintained emphasis professional qualifications technical skills aside accounting practice different skills requirements variety factors proposed divide view lack training reading academic research lead practicing dismiss helpful information complicated disconnected useful view points fundamental failures academic research business economics general example researchers failed effectively question prevailing economic business models types academic accounting research areas academic accounting research covers wide range related topics classified areas including financial accounting management accounting taxation governance accounting information systems research financial accounting research examines financial accounting financial markets focuses relationship accounting information decision making external users accounting information capital markets managerial accounting research focuses relationship accounting information internal users accounting information example examining allocation resources decision making enterprise research studies related function including decision making effects financial reporting taxation research examines taxation related issues market reactions tax decision making relationship accounting information tax authorities governance research examines overall corporate management organizations research examines issues related accounting information systems system security design science academic accounting research classified archival experimental studies archival research research examines objective data collected including data collected researchers experimental research research examines data researcher gathered treatments subjects research research based act formally modeling theories ideas mathematical terms classification possible include use case studies computer field research