Popular equity investments, such as shares in Safaricom, are already trading at unexpectedly low levels.

Indeed, these private funds account for about two thirds of all new debt.

But in bad times, when it is important to keep banks lending, bank capital would automatically be increased by the debt to equity conversion.

Private capital in its present state is not able to understand the interests of society as a whole.

Reflecting flawed economic arguments, India embraced autarky in trade and rejected inflows of equity investment.

Strip out all this non tradable equity and what is left is a market worth about 145 billion (around 12 of GDP) at the end of 2002. The equivalent figure in developed markets is usually over 100 of GDP.

Banks often oppose higher equity asset ratios, because equity capital is more expensive than debt capital.

Strip out all this non tradable equity and what is left is a market worth about 145 billion (around 12 of GDP) at the end of 2002.

Private capital cruelly insists on the viewpoint that the State must not intervene in the economy.

Central banks and finance ministries are also complicit, since debt gets bailed out far more aggressively than equity does. But, contrary to populist rhetoric, it is not just rich, well connected bondholders who get bailed out.

In this context, potential growth may well fall back to the predicted 2.5 annual rate, even though the economy s capital stock is in good shape.

Central banks and finance ministries are also complicit, since debt gets bailed out far more aggressively than equity does.

Regulators might consider imposing pro cyclical equity requirements increasing the equity percentage in boom times in order to offset losses in the inevitable bust times.

Today s financial firm equity and bond holders must bear the main cost, or there is little hope they will behave more responsibly in the future.

Investment banks like Bear Stearns and Lehman Brothers got into trouble because they had too little equity capital far less than 10 .

B. Mediation Division

That's your department.

The Lehman Brothers bankruptcy created an extraordinary and immediate demand for additional bank capital, which the private sector could not supply.

Private sector

Capital controls and fiscal incentives will keep legitimate private capital at home and promote domestic investment.

The state owned sector makes up 33.3 of the economy, the private sector 4.6 , and the remainder in foreign investment.

Hello, is this the personnel department?

He's a private detective.

He's a private dick.

The key is to reflect on six kinds of capital goods business capital, infrastructure, human capital, intellectual capital, natural capital, and social capital.

C. Office of Staff Legal Assistance

Operations Branch

The shoe department is on the third floor.

He got transferred to another department.

A tax could be imposed, say, at the rate of 90 , on the excess gains from the acquisition of state assets e.g., on gains in excess of 10 cumulative returns on original equity investments.

I have a private teacher.

This isn't a private beach.

Thereupon, we should ask ourselves whether private capital has no influence, or whether it actually leads politics and thereby the whole country, for its own selfish ends.

Humanitarian Branch

Personnel Logistics Branch Force Engineer Branch

The toy department is on the fifth floor.

Mr. Yamada is in charge of the personnel section.

The shoe department is on the third floor.

Capital Shrugged

Damming Capital

The funds are sorely needed.

What should the private sector do better?

A private plane has crashed in Colorado

I want to make a private visit.

Since private capital is not bound by social responsibility, and therefore also not by the unemployment it causes, the social costs born by the state must necessarily increase.