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Finance & Investment - USA - From Wall Street to Beijing
Global Finance Has New Rules, New Players
Pennsylvania, USA -Knowledge/Wharton College, U.Penn -3 Nov 2005: -- The rising power of hedge funds and private equity investment, continued sharp competition among Wall Street firms, and growth in China and India are the key drivers of global finance today, according to industry leaders at a recent Wharton Finance Conference whose theme was From Wall Street to Beijing: Thriving in a Changing Environment... Speakers on one of the conference panels, entitled Financing Growth in Expanding Markets, noted that privatization and rapid growth in Asia and India, along with structural change in Latin America, are creating strong capital markets in emerging economies. These local markets are increasingly taking a role in capital formation at the expense of Wall Street... “Throughout the 1980s, the U.S. was the driver of the world economy, and the world focused on exporting to it. The reality is that in the last two, three or four years the real growth engines are India and China,” with Japan now beginning to emerge as well, said James R. Birle, Jr., managing director and head of global equity capital markets at Merrill Lynch... Jeff Shafer, vice chairman of Citigroup’s public sector business, discussed the Chinese banking industry, which traditionally has been burdened by bad loans. But recently, he said, the industry is privatizing...
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