Publications
From Asian to Global Financial Crisis: an Asian Regulator’s View of Unfettered Finance in the 1990s and 2000s.
Cambridge University Press 2009. ISBN 078-0-521-11864-4, by
Andrew Sheng
Reviewed by John Chown in Central Banking , Volume XX, Number 3 February 2010
This is one of the best of the many books I have read on the crisis. Andrew Sheng studied in the UK before returning to Malaysia where he became chief economist of Bank Negara and, after a spell at the World Bank, held senior positions in Hong Kong and now China. It can be read at two levels, and is excellent on the history of the Asian financial crisis, their lessons for today, and the future of their markets, asking whether they are ready for their challenges and opportunities. It also has excellent comments on recent developments: “The lethal brew of large capital flows, high market volatility, leverage and investment banks were all there during the Asian crisis. Surely the current banking crisis looks very much like the dot-com plus Enron failures of 2000 - 2001 writ large? There were the same trading of complex derivatives, bad corporate governments, poor accounting, SIVs and fraud." My only minor criticism is that he did not say enough about the currency implications.
Recent Developments Affecting 0ffshore Financial Centres
John Chown and Binne Vries
This brings together certain recent developments, and as these are moving quickly, we will be updating regularly.
"Tax Reform in the UK”
John Chown, Svensk Skattetidning, Norstedts Juridik, Argang 75, 5/2008, pp. 332-342.
International Tax Planning Using UK Companies
Martin Palmer and John Dewhurst (2010) Jordans Publishing.
The New Rules Applying To Non-Domiciliaries
John Dewhurst, Journal of International Trust and Corporate Planning
Vol 16 No 1 2009
The Gulf Region. A New Hub of Global Financial Power
Edited by John Nugée and Paola Subacci, Royal Institute of International Affairs 2008
Reviewed by John Chown in Central Banking
February 2009, Vo. XIX, No.3.
When Markets Collide: Investment Strategies for the Age of Global Economic Change
Mohamed El-Erian, McGraw-Hill 2008. Reviewed by John Chown in Central Banking, November 2008, Vo. XIX, No 2
El-Erian is one of the most perceptive financial market economists but obviously keep his clients such as Harvard safe. The book was written before the crisis really hit but he clearly knew exactly what was coming.
Transitional and Emerging Countries – the road to prosperity – capital markets and tax policy
John Chown
This paper has been rewritten many times and discusses how we can help transitional and emerging countries on the road to prosperity by creating healthy capital markets, promoting savings and encouraging both domestic and foreign investment. It is based on our experience (described under ‘public policy') and includes some thoughts (based on a recent book by William Easterly) about the problems of working with aid agencies and how they could improve their procedures. We are currently working on a project in Thailand and are now undertaking further research on how and why countries have succeeded in the past, and on the specific role of Stock Exchanges. When this is completed, we will update.
PDF »
Eliminating tax obstacles for cross-border operations. (recent developments in European company law)
John Chown
Talk given to the European Law Academy in Trier, Germany, in February 2007.
This was based on many years’ experience of company tax reform and harmonisation in the EU and elsewhere with particular reference to what was known as the ‘surplus ACT’ problem. It discusses the often misconceived tax initiatives taken within the European Union over the years and shows how successive attempts to patch up short-term problems have created others involving such apparently unconnected issues as pensions policy, corporate governance and the growth of private equity.
PDF »
Making Markets Work – The Central Banker’s Role
Central Banking, Vol. XIV No. 3, 2004
An overview of what emerging and transitional markets need to do to develop their capital markets. It was based on experience in Russia and elsewhere, and directed specifically at Central Bankers. Following publication, John Chown was invited to speak to a Central Bank seminar.
A History of Monetary Unions
John Chown
Routledge London and New York 2003. Paperback 2006.
This book has again become topical now that it is more generally realised that EMU is not for ever. Covers a range of Monetary regimes as the title would suggest, and shows how some past monetary Unions eventually collapsed. Apart from earlier historic examples, and of course the sequence of events from the birth and death of Bretton Woods to EMU itself, it contains original material on the monetary aspects of the break-up of the Soviet Union and former Yugoslavia. It is a sequel to the earlier "A History of Money." (Routledge, 1994, paperback 1996, Chinese translation 2002)
Currency Crises Compared [Argentina, Turkey, Russia]
Central Banking, Vol.l XIII, No. 2
John Chown November 2002
A comparison of three, possibly unexpected crises, each of which was based on (different) technical economic misunderstandings.
