Public-finance

The emerging markets crisis that unfolded beginning in the summer of 1997 has catapulted the debate on capital inflows into emerging markets, and the boom and bust cycles that have accompanied these inflows, to the center of policy discussions. The present volume examines the patterns of private capital flows into emerging markets by placing them in historical perspective, and evaluates the policy responses that governments have used to deal with the problems associated with cross-border capital flows, and suggests policies that balance the risks and benefits from the ascendancy of financial markets and the market-based mode of governance. It is a timely contribution to the ongoing debate, and constitutes highly recommended reading for anyone who is interested in acquiring a grasp of the patterns in emerging markets financing, the ongoing policy debate, as well as the dilemmas that international capital flows continue to pose to emerging market recipients of these flows. The volume would have benefited from a capital markets perspective on financial crises as recent market dynamics have been crucially dependent on capital market factors such as risk management of banks. The papers were written in the early part of the recent crises, focusing on Thailand and in some cases Korea, but not including Russia's default in August 1998 and Brazil's recent devaluation. Kahler, however, does an excellent job in putting the papers together in one volume and writing an insightful overview tying the themes together. The chapters in this volume provide a good overview of the issues surrounding the inflows of capital to emerging markets and the policy conondrums they engender. While the focus is primarily macroeconomic and ignores some of the features of international financial markets that have characterized the recent emerging markets crisis, the wealth of theory and facts are important tools to anyone interested in understanding cross-border capital flows.

Capital Campaigns from the Ground Up: How Nonprofits Can Have the Buildings of their Dreams
By: Stanley Weinstein ACFRE, EMBA

Published by: The AFP/Wiley Fund Development Series

Reviewed by: Norman Olshansky, President
NFP Consulting Resources Inc.

Planning for and conducting a Capital Campaign can be a very complex, time consuming and challenging enterprise for a nonprofit organization. It can also revitalize, enhance and enable organizations to dramatically improve their overall operations and financial resource development activities way beyond the conclusion of the campaign.

Stanley Weinstein's book is a very good source for information on what it takes for a capital campaign to succeed. The main part of the book contains advice obtained from Weinstein, who was a professional fundraiser and consultant. He has many years of campaign experience, and was a former member of the national board of the Association of Fundraising Professionals. His comments on planning, board involvement, prospect identification and cultivation, as well as on volunteer and solicitor training are very good. He also has separate chapters on Churches and Faith Based Institutions as well as Historic Preservation Projects. See below for chapter listing.

One of the more significant aspects of the book, which is not found in most other publications on capital campaigns, is the chapter written by Dale Dekker, one of the contributing authors who is an architect. His input on Project Planning, Design, Construction, Furnishings, Contracting, etc. is excellent.

The book also provides very good information on the basic techniques, skills, processes, timelines and pre-requisites for a successful capital campaign. It could be an even more valuable publication if it included more examples from case experiences that demonstrate creative use of newer fundraising techniques, divisional activities, marketing and additional information on how to help potential solicitors overcome anxiety related to making the ask.

Budgeting and sequencing of the information could also be improved. It wasn't until chapter 8 that issues related to pre-campaign planning studies was reviewed.

On the plus side, the inclusion of a detailed index at the end of the book helps to make the publication a valuable reference resource.

Chapters include:
Coordinating Project Planning and Fundraising Planning
Confidence and Communications
Building a Strong and Committed Board
Project Planning
Project Delivery Strategies
Prospect Identification and Cultivation
The Case for Support and Campaign Materials
Precampaign Planning Study and Campaign Readiness
Staff and Volunteer Solicitation Training
Managing the Campaign
Grants and Government Funding
Churches and Faith Based Institutions
Historic Preservation Projects
Parting Thoughts

Despite its limitations, this is a solid publication and a very helpful addition to the body of materials currently available on the subject.