'Monetary policy is not just a matter of optimal stabilization policy; it is also fundamentally a matter of politics. But while this observation is commonplace, it is not adequately incorporated into economists' reasoning and analysis. Gerald Epstein's work represents perhaps the most prominent exception to this last rule. Reading him provides a salutary reminder that we need to pay closer attention to this political aspect when thinking about central banks and what they do.' - Barry Eichengreen, University of California, Berkeley, US Central banks are among the most powerful government economic institutions in the world. This volume explores the economic and political contours of the struggle for influence over the policies of central banks such as the Federal Reserve, and the implications of this struggle for economic performance and the distribution of wealth and power in society. Written over several decades by Gerald Epstein and co-authors, these works explore why central banks do what they do, and how they could better operate. Epstein shows that central banks are a contested terrain over which major economic and political groups fight for control; and demonstrates that though in the US and most other countries, private bankers have the upper-hand in this political struggle, they don t always win. Graduate students, faculty and advanced undergraduates in economics, political science and sociology who are interested in central banking and finance as well as specialists who focus on central banking will find greater understanding of central banks through The Political Economy of Central Banking.

Public private partnerships (PPPs) have been a controversial approach to procuring public infrastructure services. Against a background of recent trenchant criticism of PPPs, Mervyn K. Lewis, a leading scholar in the area, re-examines their utility. He questions what PPPs can and cannot do, why governments choose this route and whether PPPs can ever be good value for money. The author analyses the extensive use of PPPs for hospitals and transport megaprojects and outlines the key challenges to implementing them, shaping the future direction of the PPP model. Exploring the psychological influences on decision-making, the book also puts a new focus on the people delivering the project; it is not only a matter of selecting the right model. Professor Lewis concludes that, although the PPP model remains problematic, if chosen appropriately every procurement approach has its place in good policy. Providing an in-depth exploration of the features of PPPs and the complexities of megaprojects, Rethinking Public Private Partnerships will be of considerable interest to academics and students of public policy, economic regulation and governance, and public finance. Its re-assessment of the field will also prove invaluable for government procurers, advisory firms and PPP experts.

George J. Benston, professor of Finance, Accounting, and Economics at Emory University's Goizueta Business School, died unexpectedly in January 2008. He was an impassioned advocate for corporate integrity and a unique scholar; his research interests were as broad as those of any recent academician. His colleagues have selected and organized his most important papers into two volumes. This second volume consists of his publications in the fields of accounting and finance. The editor has selected a broad range of papers from each of the major areas that are representative of Benston's work in that particular field. James D. Rosenfeld, Professor of Finance, Accounting, and Economics, Goizueta Business School, Emory University, serves as the editor and is assisted by an editorial advisory board including George Kaufman, Greg Waymire, Bob Eisenbeis, Larry Wall, Rashad Abdel-Kalik, and Lemma Senbet.

Based on the synthesis of a large empirical and theoretical literature on center-region relations in China and Russia, Federalism in China and Russia is one of the first attempts to integrate this literature from different disciplines into a coherent common framework. Libman and Rochlitz argue that the divergence in growth performance between Russia and China can be - at least partially - explained by a number of features of the Chinese system of center-regional relations. The authors offer a comparative analysis of the development of center-region relations in Russia and in China and explore several dimensions of these relations: fiscal ties and incentives; bureaucratic practices; flows of information; and local government practices, while addressing the determinants of divergence between both countries. They also examine how the Chinese system has recently started to change, by adopting several features of the Russian model, which might be one of the reasons for China's declining growth performance in recent years. Federalism in China and Russia should be read by scholars in public economics, political economy and comparative politics, as well as by students and policy analysts. For scholars, the book serves as a point of reference in studying the comparative evolution of the two countries. It will enrich the discussion on fiscal federalism, center-region relations and sub-national political regimes, and could potentially become an important part of syllabi in political economy, public economics and comparative politics courses. For policy analysts, the book offers a comprehensive survey of the evolution of center-periphery relations of the two countries and the differences between them, which is important to better understand the overall development of Russia and China.

Advocating a style of law and a role for legal agency which returns to its essential humanist ideology and represents public spiritedness, this unique book confronts the myths surrounding globalisation, advancing the role for law as a change agent unburdened from its current market functionality. Mark Findlay argues that law has a new and urgent relevance to confront the absence of resilience in self-determined market places, and to make coherent the anarchic forces which are running, and ruining the world. The inevitability of law's re-invention during global crises is considered, offering a critical evaluation of the future of legal agency, service delivery and access to justice. Chapters also engage with citizen-centric surveillance society to examine the dangers to personal data, individual integrity, and work-life quality from unregulated mass data sharing. Exciting and thought-provoking, this book will be critical reading for scholars and students in law, economics and governance interested in globalisation and crises, such as pandemics, as well as populist politics and anxiety governance.

This original book examines how investment theory and regulatory constraints are linked to the professional processes of portfolio investments, and how the principles of Islam as defined by sharia fit into these processes. It also explores the measures required to create and grow a global Islamic asset management industry. Established on a foundation of Modern Portfolio Theory, the book extends the theory to include asset management based on sharia. Chapters also consider how ethical investing is quickly becoming the driving force of the $100 trillion asset management industry. Taking a practical approach, John A. Sandwick, M. Kabir Hassan and Pablo Collazzo compare conventional and sharia portfolio performance and risk through measurement tools commonly used in asset management, including Sharpe ratio, standard deviation, Value at Risk, annualized mean return, and correlation. They map conventional portfolio construction and optimization, then reproduce the same processes with real-world, sharia-compliant portfolios. This book will be critical reading for scholars and students of Islamic economics and finance, Islamic studies, and financial regulation. Considering Islamic asset management as a unique function of Islamic finance, this book will also be a useful resource for practitioners and finance professionals.

Focusing on the developing economic challenges confronting Korea and the US in response to the aging of their populations, this timely book examines how public policies are evolving in light of demographic changes, the impact of aging on governmental expenditures, and transitions in the labor force associated with aging. International contributors comparatively analyze government approaches to population aging, illustrating the similar challenges faced across nations. Chapters draw attention to those particular issues that public policy plans must surmount, including funding pressures on retirement plans and the effects of an aging labor force on economic growth and productivity. They offer evidence on the scale of these challenges in Korea and the US and empirically evaluate how governments, employers, and individuals may respond to these issues in the years to come. Addressing fiscal sustainability and key social security programs, including the implications of the 2015 Korean pension reform and the economic difficulties entailed by the future of Medicare, this book investigates the implications of managing and sustaining welfare for an aging population. This cutting-edge book will be ideal reading for economists focusing on public policy and welfare programs, benefiting from the comparative approach to fiscal accountability and sustainability. It will also appeal to practitioners and policymakers seeking insights into the consequences of an aging population and hoping to develop innovative methods and approaches to welfare.

Elgar Research Agendas outline the future of research in a given area. Leading scholars are given the space to explore their subject in provocative ways, and map out the potential directions of travel. They are relevant but also visionary. Offering fresh insights into the key emerging issues in the field, including the changing socio-economic contexts brought about by the rise of the millennial generation and the creative class, the Covid-19 pandemic, and a greater emphasis on social responsibility, this forward-looking Research Agenda critically debates and rethinks theories and practices in the property sector. Promoting interdisciplinary approaches to the topic, chapters explore the disruptive changes to the field brought about by technological revolutions, before moving on to reflect upon the meaning of value, risks and investment behaviours, and finally examining the institutional contexts and stakeholders that shape the industry. Leading scholars combine practice with in-depth theoretical discussions, highlighting critical future avenues of research in the field. Real estate, planning and economics scholars will find this to be an important read, particularly with the blend of conceptual and empirical perspectives. Real estate practitioners and businesses will also find the practical guidance and discussion of real-life challenges in the book helpful.

The role of a financial manager is to ensure the financial sustainability of a firm by maintaining a firm's profitability, liquidity and solvency. Sales may generate revenue, but it is only when credit sales are converted into cash once debtors settle their accounts that these goals are achieved. As firms attempt to ensure their sustainability, they face competition from other firms, regulation, policy uncertainty and taxation issues, new technologies, as well as a dependency on suppliers and labour, plus challenges from environmental issues and dynamic economic conditions. Finance for non-financial managers explains the long-term goal of creating value, followed by the short-term goals of profitability, liquidity and solvency. A firm has to acquire assets and to finance them at the lowest cost possible. However, the management of these assets is not exclusively in the hands of a financial manager. Other functional departments, especially supply chain management and marketing, play a significant role. Finance for non-financial managers thus provides an understanding of the principles of financial management required to contribute favourably to the long-term sustainability of a firm. Finance for non-financial managers explains the financial goals of a firm, and illustrates how the principles of finance should be applied in creating wealth as opposed to simply maximising profit. With its thought-provoking opening cases and user-friendly content, this book is ideal for anyone who has little or no prior knowledge of accounting or financial management. Finance for non-financial managers is a useful resource for managers involved in marketing, human resources, logistics, supply chain management and information management, and for professionals such as engineers, architects, attorneys and medical professionals in private practice.

This book's eminent editors and contributing authors provide an accessible and engaging account of the 'new' politics of corporate taxation, highlighting the complex and multidimensional strategies used by activists to influence public opinion, formal regulation and corporate behaviour. While campaigning is successful at exposing tax avoidance, it presents significant governance challenges. As this book reveals, the battle to establish fair and sustainable corporate tax regimes has only just begun. Chapters offer readers a timely assessment of the emerging role of new tax justice NGOs, the media and whistleblowers, as well as new governance strategies and policies targeting multinational corporations. Through the lens of political science, the authors show how civil society organisations shape the agenda of tax practices of the world's largest and most powerful corporations, including examples such as Apple and Google. A detailed evaluation is given of new private governance initiatives in the international tax arena and their relationship with traditional forms of regulation. Looking closely at the wider significance of the debate in contemporary global governance, academics and graduates in the fields of international political economy, global governance, development studies and taxation will find this book a timely and thought-provoking read. Contributors: A. Christians, R. Eccleston, A. Elbra, F. Gale, L. Johnson, A. Kellow, L. Latulippe, J. Mikler, H. Murphy-Gregory, T. Porter, K. Ronit, L. Seabrooke, L. Smith, J. Van Alstine, D. Wigan, R. Woodward

The subject of investment relationships between the European Union and China is an increasingly vital topic to understand, yet academic literature has until now been underexplored. Bringing together expert contributors, this book provides a critical analysis of the current law and policy between the EU and China, which will prove to be vital in the field of international economic law. Divided into three parts, this book deals with the key issues of the EU-China investment partnership and its implications, both internally and internationally. Each chapter in China-European Union Investment Relationships covers a core theme of the subject of international economic law, including competition law, financial regulation, economic integration and dispute resolution. Covering the key topics in the area, and drawing diverse perspectives into a single collection, this book is an important resource for scholars and practitioners in legal and policy fields, and will be invaluable for students of trade and investment law to understand in more detail human rights and environmental law and policy. Contributors include: J. Baumgartner, J. Chaisse, N.B. Duong, D. Freeman, M. Hodgson, J. Hu, J. Jemielniak, C.-C. Kao, P. Kerneis, D.J. Lewis, F. Lupo-Pasini, E. Neframi, F.D. Simoes, V.V. Thien, C. Titi, C.-H. Wu

Businesses, philanthropies and non-profit entities are increasingly successful in capturing public funds to support private provision of schooling in developed and developing countries. Coupled with market-based reforms that include weak regulation, control over workforces, standardization of processes and economies of scale, private provision of schooling is often seen to be convenient for both public authorities and businesses. This book examines how the public subsidization of these forms of private education affects quality, equality and the realization of human rights. With original research from leading experts, The State, Business and Education sheds light on the privatization of education in fragile circumstances. It illustrates the ways in which private actors have expanded their involvement in education as a business, and shows the influence of policy borrowing on the spread of for-profit education. Case studies from Argentina, Bangladesh, Brazil, China, India and Syrian refugee camps illustrate the ways in which private actors have expanded their involvement in education as a business. This book will be of interest not only to academics and students of international and comparative education, but also to education development professionals in both the private and public sectors, with its empirical assessment of case studies, and careful consideration of the lessons to be learned from each. Contributors include: M. Avelar, J. Barkan, M. de Koning, A. Draxler, C. Fontdevila, S. Kamat, F. Menashy, M.C. Moschetti, E. Richardson, B. Schulte, C.A. Spreen, G. Steiner-Khamsi, A. Verger, Z. Zakharia, A. Zancajo

The goal of investment management is to achieve the investor's required rate of return by putting assets to their most productive use. The return should compensate the investor for the time during which the funds are committed, the expected rate of inflation and the uncertainty of the anticipated future financial benefits from the investment. Investment management is a concise yet comprehensive introduction to investment analysis and portfolio management, specifically in the South African context. Investment management provides a broad framework and a thorough network of guidelines for the investment management student. It focuses on investment in financial assets such as shares and bonds, and explains both fundamental and technical analysis. It investigates portfolio management and how derivative instruments such as futures, options and swaps may be used for this purpose. A chapter is devoted to the foreign exchange market and its management, and a chapter dealing with the governance of investment management is included. By means of self-assessment questions at the end of each chapter, it prepares undergraduates for postgraduate study and is written with the Chartered Financial Analyst (CFA (R)) Level I learning outcomes in mind. Investment management is aimed at undergraduate investment management students.

The advancement in FinTech especially artificial intelligence (AI) and machine learning (ML), has significantly affected the way financial services are offered and adopted today. Important financial decisions such as investment decision making, macroeconomic analysis, and credit evaluation are getting more complex in the field of finance. ML is used in many financial companies which are making a significant impact on financial services. With the increasing complexity of financial transaction processes, ML can reduce operational costs through process automation which can automate repetitive tasks and increase productivity. Among others, ML can analyze large volumes of historical data and make better trading decisions to increase revenue. This book provides an exhaustive overview of the roles of AI and ML algorithms in financial sectors with special reference to complex financial applications such as financial risk management in a big data environment. In addition, it provides a collection of high-quality research works that address broad challenges in both theoretical and application aspects of AI in the field of finance.