This book records the first success stories of a new form of financial intermediation, the hometown investment fund, that has become a national strategy in Japan, partly to meet the need to finance small and medium-sized enterprises (SMEs) after the devastating earthquake and tsunami in March 2011. The hometown investment fund has three main advantages. First, it contributes to financial market stability by lowering information asymmetry. Individual households and firms have direct access to information about the borrowing firms, mainly SMEs, that they lend to. Second, it is a stable source of risk capital. The fund is project driven. Firms and households decide to invest by getting to know the borrowers and their projects. In this way the fund distributes risk but not so that it renders risk intractable, which was the problem with the "originate and distribute" model. Third, it contributes to economic recovery by connecting firms and households with SMEs that are worthy of their support. It also creates employment opportunities, at the SMEs as well as for the pool of retirees from financial institutions who can help assess the projects. Introduction of the hometown investment fund has huge global implications. The world is seeking a method of financial intermediation that minimizes information asymmetry, distributes risk without making it opaque, and contributes to economic recovery. Funds similar to Japan's hometown investment fund can succeed in all three ways. After all, the majority of the world's businesses are SMEs. The first chapter explains the theory behind this method, and the following chapters relate success stories from Japan and other parts of Asia. This book should encourage policymakers, economists, lenders, and borrowers, especially in developing countries, to adopt this new form of financial intermediation, thus contributing to global economic stability.
This story is part history and part memoir. It concerns my father, a Presbyterian minister, and what he went through during the period 1957 to 1970, when he gave himself wholeheartedly to move his middle-class, Midwestern congregations into action on behalf of the oppressed. In the course of events, my father was arrested, with twelve other white ministers from the North, in 1964, in Pike County, Mississippi, while protesting the county's refusal to register black voters. He spent one night in jail. The protest was in and out of the national news quickly, but it had a large impact on the town to which he returned, Athens, Ohio. He became the locus of controversy, a stand-in for the civil rights movement, and his church became the stage on which the struggle was played out in Athens. The story begins in Westerville, Ohio, in November 1957, with the performance of a minstrel show. It was a fundraiser performed by local citizens to benefit the varsity sports teams of the local college, Otterbein, and it was performed in Otterbein's auditorium, just down the street from First Presbyterian Church, of which my father was pastor. He thought minstrel shows were self-evidently bad and that it was his duty to say so. He wrote a column in the local newspaper upbraiding the citizenry for supporting the minstrel show. He was not naive. And yet he was surprised by the reaction. Public opinion strongly favored it. Members of his church were scandalized not by the minstrel show but by his speaking against it. With the brouhaha that followed publication of his newspaper column, my father gained three things: a reputation as an advocate for civil rights, the understanding that his ministry would provoke conflict, and his own commitment to go ahead with his eyes open. He was eventually forced to leave the Westerville church. His next pastorate was at First Presbyterian Church of Athens, a small city with a large university some eighty miles southeast of Columbus. He arrived in January 1963 resolved to engage the congregation and himself in the civil rights movement as deeply as possible. This story tells the story of my father's attempt to do this, and its consequences. I've been telling this story all my adult life-every month or two for the last forty-five years, I'd guess, usually a three-minute version. Besides being a kind of personal cornerstone story for me, I've always thought it had merit on its own as an exemplary story of the 1960s, the decade in which I passed my adolescence. Ever since then I've been promising myself that I would some day take the full measure of this story. This is it.
An endearing adventure story about finding a place to call home
Alexis Deacon is an acclaimed author and illustrator. Beegu and Jitterbug Jam, both of which he illustrated, were awarded the New York Times Book Review Best Illustrated Book of the Year. Alexis lives in London.
About the illustrator
Viviane Schwarz is the author-illustrator of the highly acclaimed picture books The Adventures of a Nose and Shark and Lobster's Amazing Undersea Adventure. She lives in London.
Thirteen-year-old Jason and his skateboarding colleagues are trying to stay one step ahead of a secret committee of public servants ready to slaughter thousands. The motive? It seems the bad guys want control of the over-the-counter drug market, and killing is the best way to do it. Things are different in the year 2041, but mass murder is still a serious crime. Go figure. The future is full of new technology and social change, and while many are quite happy with their structured lives, there's a large faction of citizens that feels the need to break away from the controls. News of civil hostilities fills the communications network, and is reminiscent of the divisions rampant during the Civil War era in American history and Jason jumps, grinds, and stumbles himself right into the middle of the chaos. A stranger approaches Jason with a deal that's hard to refuse. Win a spot on the prestigious school skateboarding team by simply agreeing to observe members of Congress during the team's scheduled tour of the State Capital. That doesn't seem too hard, nor does keeping the little favor a secret - certainly not when the advantage seems all on his side. But is it really? Danger looms when Jason and a friend overhear a private meeting that forces the accidental heroes to make decisions that could affect millions of lives across the country. Life can be a little complicated for a seventh-grade hero who works undercover for a secret organization. Jason and his friends become inventive sleuths, using their wits and available resources to fight evil. Twisted plots and skating maneuvers keep these boarders on their toes.
The Sails Take-Home Library features two sets of stimulating texts to support take-home reading programs. The books are filled with amusing characters, humorous situations and colourful pictures, to engage students and encourage them to read outside the classroom. The inclusion of Parent Notes in each book enables parents to play an integral part in strengthening their child's reading skills.
The Sails Take-Home Library features an exciting mix of titles in both Set A and Set B. Covering a variety of genres and styles, the vibrant mix of fiction and non-fiction titles will engage every student.
This reader is classified as Reading Level 6 / Fountas and Pinnell Level D. Visit our Levelled readers page for further information on reading levels.
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