Islam encourages business and financial transactions as a way of securing the basic needs for all human beings, but these need to be conducted in accordance with the principles contained in the Qur'an and Sunnah. However, these legal concepts are not classified subject-wise, and the verses on commercial law, like all other topics, are scattered throughout the Qur'an, making it difficult for readers to gain a full understanding of the topic. This, therefore, is the first comprehensive book to demystify Islamic contract law and specifically Islamic financial contracts, and to examine its roots and history. The book is written in a clear style to allow for a greater understanding of the more challenging and misunderstood areas pertaining to Islamic business and financial contracts. It also contributes a series of chapters which address the market niche and need, concerning Shariah compliance for Islamic financial products and services. The book is divided into 16 chapters in order to provide a holistic and thorough overview of Islamic law of contract. It covers the objections and misconceptions surrounding Islamic business and financial contracts. It also includes the key features and guiding principles of Islamic law of contract and offers technical know-how, illustrating the concept of formation of a contract, as well as the essential elements of a valid contract. The authors also offer a discussion on the system of options under Islamic business and financial contracts and potential solutions to breach of contracts. The book will serve as a handy reference for scholars and students of Islamic business and finance and Islamic commercial law and will also be beneficial for practitioners as well as legal and judicial officers. It will open new doors for further research in the field of Islamic financial contracts.

Over the last three decades, inflation targeting (IT) has become the most popular monetary policy framework among larger economies. At the same time, its constituting features leave room for different interpretations, translating into various central banks' institutional set-ups. Against this backdrop, this book investigates the importance of institutional arrangements for policy outcomes. In particular, the book answers the question of whether there are significant differences in IT central banks' institutional set-ups, and-if yes-whether they influence the ability of monetary authorities to meet their policy goals. The book examines around 70 aspects related to independence, accountability and transparency of 42 IT central banks over the last 30 years. Based on the analysis, it can be concluded that the quality of the institutional set-ups materially affects monetary policy effectiveness. In fact, a visible improvement of institutional arrangements resulting from pursuing an inflation targeting strategy can be treated as its lasting contribution to central banking. Thus, despite the recent critique of the framework, its prospects continue to be rather favourable. Overall, for the advocates of inflation targeting, the findings of the book can be seen as identifying the sources of IT strengths, while for IT opponents, they may be viewed as indicating which elements of IT institutional set-ups should be kept even if the need to replace this strategy with another regime will, indeed, result in a change. Given the role monetary policy plays within the economy, such knowledge may have significant implications. Therefore, the book will be relevant for different audiences, including scholars and researchers of monetary economics and monetary policy, and will be essential reading for central banks already pursuing an IT strategy or those preparing to adopt one. Importantly, the book includes supplementary indices of proposed institutional arrangements that assess a range of aspects related to IT central bank's independence, accountability, and transparency. Readers thus have access to the author's full database, which covers individual indices for all monetary authorities investigated across the given period of analysis.

The UK's departure from the EU has profoundly affected the politics and economics of Northern Ireland. Brexit has shattered a political accommodation that was taking shape in the region that involved nationalism and unionism refraining from aggressively pursuing their own objectives or making excessive demands on each other. Economically, it has made the task of building an innovative economy in the region immeasurably more difficult. Without radical change, Northern Ireland is destined to be an economic outhouse of an under-performing UK economy. This book represents the first systematic study of the impact of Brexit on the political and economic future of Northern Ireland and Ireland. It provides a detailed assessment of the consequences of the Belfast Agreement and highlights how Brexit imperils the advances that have been made since its signing in 1998. It makes a dispassionate assessment of the changes that may be necessary to create a stronger Northern Ireland economy. On the one hand, demands for the immediate unification of Ireland that are now being made loudly and persistently by nationalists and republicans are considered too precipitous. The two economies on the island are not yet ready for Irish unity. On the other hand, the book argues the case for a radical reorientation of the Northern Ireland economy through the incremental creation of an all-Ireland economy. The book cuts through the rhetoric that characterizes so much discussion about the Northern Ireland economy and provides a hard-headed appraisal of not only its structure and performance, but also the economic feasibility of Irish unity.

This book provides a detailed examination of foreign direct investment (FDI) inflows in Central and Eastern Europe (CEE) after closer integration in the European Union. An important facet of European economic integration was the development of a free-trade area in Central and Eastern Europe, which improved market accessibility. However, to date these relations have been little explored theoretically.The book examines foreign investments in different transition countries from both a theoretical and an empirical perspective. It analyzes changes in the choice of location by foreign investors in nineteen CEE countries between 1992 and 2015, and shows that it is linked to the removal of intra-regional trade barriers. The findings suggest that regional integration increases the incentives for multinationals to invest in the participating countries, especially in those with larger markets and lower production costs.

This book reviews the key policy debates during the post-crash era, describing the issues that policymakers grappled with, the decisions that they took and the details of the policy instruments that were created. Focusing specifically on issues in monetary and fiscal policy, chapters demonstrate that very little that was done during this period conformed to the simple textbook treatment of macroeconomic policy: central banks cutting policy rates or finance ministers cutting the rate of income tax. The author guides the reader through the revolution in the conduct of macroeconomic policy in an engaging and approachable manner, and illuminates the key innovations in the toolkit and themes in the debate over past years with great detail, from negative rates to quantitative easing, and from austerity versus financial repression, restructuring and default to productivity puzzles and deflation.

The papers in this proceedings volume were presented at the 9th international conference "The Economies of the Balkan and Eastern European Countries in the Changing World" (EBEEC) held in Athens, Greece, in April 2017. They include the scientific results of research on current issues relevant for the wider area of Eastern Europe. Authors from 30 different countries develop new ideas, covering topics such as international economies, European integration, the economic crisis, macroeconomics, banking, stock markets, education, energy, innovation, and marketing. The contributions also examine the role of the economies of the Balkan and Eastern European countries in a pan-European context.

This book examines the origins of the IS-LM model, one of the most significant innovations in the history of economic thought. It shows that the complete IS-LM model, including the equations and diagram, was produced by a group of economists who contributed their respective mathematical models of Keynes's General Theory, including Champernowne, Reddaway, Harrod, and Meade, not to mention Hicks. Furthermore, the book discusses the implications of newly discovered archival material, including a previously overlooked document showing that John Maynard Keynes himself was the first to present the IS-LM model equations in a lecture he gave on December 4, 1933. It focuses on the implications of this material in terms of understanding the evolution of Keynes's approach from 1933 to 1937, later interpreters of his General Theory, and the ongoing debate between Keynesians and Post-Keynesians on the nature of his system. Given the revelations it presents, this book will transform the profession's understanding of the origins of the IS-LM model and modern macroeconomics.

In the wake of the 2008 financial crisis, central banks created trillions of dollars of new money, and poured it into financial markets. 'Quantitative Easing' (QE) was supposed to prevent deflation and restore economic growth. But the money didn't go to ordinary people: it went to the rich, who didn't need it. It went to big corporations and banks - the same banks whose reckless lending caused the crash. This led to a decade of stagnation, not recovery. QE failed. In this book, Frances Coppola makes the case for a 'people's QE', in which the money goes directly to ordinary people and small businesses. She argues that it is the fairest and most effective way of restoring crisis-hit economies and helping to solve the long-term challenges of ageing populations, automation and climate change.

This book uniquely explores the role and governance mechanism of central banks by applying new institutional economics (NIE). Simultaneously, the book tests the analytical viability of NIE when applied to an organization that has both public and private characteristics. Special attention is paid to the Bank of Japan (BOJ) based on the author's 30 years of work experience and "participant observation" there, touching upon discussion of central bank independence. The book argues that central bank independence cannot be defended solely by law, and a mechanism to eliminate requests from politicians needs to be embedded within the governance structure. The book also provides a comparative analysis between the BOJ and central banks in Europe and the USA. In reviewing the global financial crisis of 2008-2009, it suggests possible measures based on behavioral economics and public choice theory. These theory-based analyses provide useful insights when considering matters such as whether a central bank should issue electronic money or the European system of central banks could be established in Asia.

This book offers a novel treatment of one of the most important and long-standing research agendas in critical political economy: the theorizing of stages of capitalist development. Albritton advances the work of Japanese economist, Kozo Uno, to explore capital accumulation and its ideological, legal and political supports, not only in the stages of mercantilism, liberalism and imperialism, but also in the post-World War II capitalist stage of consumerism. The power of Albritton's adoption of this Japanese approach resides in the crisp clarity it achieves over the way stage theorizing of capitalism draws on both economic theory and historical analysis. In the new, fully revised edition, written with Richard Westra, two new chapters are added. One meticulously examines the tendencies of capitalism euphemized as globalization and financialization which followed the crisis of the stage of consumerism. The other deals with current threats to civilization posed by burgeoning militarism, environmental destruction and climate apocalypse. The concluding chapter argues for the necessity of major social change to ensure a liveable future for humanity. The book will be of interest to researchers and students of political economy and the history of economic thought, as well as a wider audience interested in the transformation and crises of capitalism.

The first stock exchange in Warsaw - capital city of the Kingdom of Poland- was established in 1817. Over the past 205 years, the fortunes of the capital market have been closely linked to the "bumpy road" of Polish history. The establishment of the GPW Warsaw Stock Exchange in 1991 was a landmark for transformation from a centrally planned communist economy to a market-driven capitalist one. Since the doors of the exchange reopened, Polish GDP per capita (current USD) increased eight times, translating into an average yearly growth rate of over 7%. The capital market has played a pivotal role in the economic success of Poland over the last three decades. It is not easy to precisely quantify the impact, as it was rather a spill-over effect. Economic growth has fostered the development of a capital market, and more efficient conversion of savings to investments via the capital market. The excellence of capital market institutions can be gauged with reference to various parameters. A synthetic measure is so-called market status. According to FTSE Russell (global index provider), Polish capital attained developed market status in 2018, being the first and only post-communist state to do so. It is fair to say that transformation has been completed and developed market status indicates clearly that the institutions and regulations are world class. The current challenge is competing with other developed markets for the best issuers and offering the most demanding investors an excellent trading experience. This book offers scientific insight into the Polish capital market story. Authored by a group of renowned scholars, with contributions aspiring to the highest academic standards for theoretical considerations and empirical research. The book covers various topics, including links between monetary policy and capital markets, micro and macro market structures, and investors and issuers' behaviour and strategies. All chapters are rooted in contemporary finance theory, supported by various econometric models based on the most recently available data. The book aims to provide academics and practitioners insight into the Polish capital market, appealing especially to those interested in gaining a deeper understanding of emerging markets' successful transformation into developed ones. It can also be used as supplementary reading for doctoral and master's students in finance, particularly relating to capital markets and economics - predominantly development economics and economic policy.

Gilbert has written the book we all wish we could write. It offers a very concise description of the world's economic, environmental, social, and governmental problems, but more importantly, it tells us what we can do about them now, before it is too late. The book is jam-packed with interesting data, much of which is from China-the new epicenter of toxic capitalism. Although it can be used as a great reference, it is not merely an academic tome. It has an armchair feel and is a terrifi c read. Bravo Frank T. Gallo, Ph.D., Chief Leadership Consultant, Aon Hewitt Greater China, and the author of Business Leadership in China

The recent world economic crisis showed very clearly that financial crises and sovereign defaults are severe threats to economic and social prosperity. In addition, it became apparent that currency crises and banking crises often occur together and are closely related to sovereign debt crises and defaults.

The present book contains new research on various important issues related to financial crises and sovereign default risk by leading experts in the field. The book discusses new modelling approaches to financial crises, defaults and their interdependencies. It also sheds light on the consequences of different sorts of crises for the trust in the institutions which are concerned with managing them. Moreover, it provides discussions of several institutional features of the EMU and the world financial system and in particular the risks inherent in these institutions. The book also includes interesting suggestions for solving crises and improving financial stability.

This book questions whether it is possible for globalization to be reversed and constructs a model for anticipating this potential development in future years. The first part focuses on the preliminary problems of globalization, constructing a model (or index) of its various phases of evolution. It then goes on to consider four problems which represent the principle worries of middles classes when considering globalization: terrorism, inequality, immigration and political representation. It depicts a scenario for the coming years in which globalization may slow down, or fall back altogether, taking care to describe the mechanism whereby either situation would happen.

Handbook in Environmental Economics, Volume 4, the latest in this ongoing series, highlights new advances in the field, with this new volume presenting timely chapters on Modeling Ecosystems and Economic Systems, Framing Sustainability Policy Questions: Who Leads - Ecology or Economics?, Valuing Natural Capital Within an Integrated Economic Ecological, Developing Economies, Urbanization, Climate Change and Health, Viewing Environmental Policy Instruments for Domestic and International Perspective, Quasi experimental Estimation of Environmental Policies, Environment Macro, The Rules for Formal and Informal Institutions in Managing Environmental Resources, and How Should Uncertainty Be Integrated into the Methods for Policy Evaluation?

This volume presents contributions that analyse the extraordinary impact of digital technology on business, services, and the production of value in many sectors of the economy. At the heart of this book is the fact that the entire digital economy is now worth almost 6% of global GDP, and it continues to grow at an unprecedented rate. The volume covers the general debate on taxation and the digital economy with the chapters by Russo, Makiyama and Boccia, before completing the analysis with discussion of three national case studies covering the U.S. (Pagano), U.K. (Leonardi) and Italy (Boccia and Leonardi). Contributors are leading experts in the fields of taxation and the digital economy and contextualise the key issues surrounding the digitalisation of the economy from an international perspective.

This book includes papers presented at the 11th International Conference "Economies of the Balkan and Eastern European Countries" (EBEEC), held in Bucharest, Romania, in May 2019. It sheds new light on the micro- and macroeconomic developments in the Eastern European and Balkan countries, while at the same time taking into account the broader regional and global factors influencing these developments. By examining how the decisions and the performance of economic, social and political actors in the region are intertwined with wider regional and global events, the contributions highlight the dynamic development in Eastern Europe and the Balkans region. Further, the book demonstrates how the region has overcome numerous challenges in the past and is evolving within the framework of European economic integration and the global effervescent economy.

• Introduces the dynamics, principles and mathematics behind ten macroeconomic models allowing students to visualise the models and understand the economic intuition behind them. • Provides a step-by-step guide, and the necessary MATLAB codes, to allow readers to simulate and experiment with the models themselves.

How does one distinguish between European Union investments that improve welfare and those that create economic malaise? Funding the Greek Crisis: The European Union, Cohesion Policies, and the Great Recession explores the sources of the Greek Crisis that lie primarily in EU policies that appeared to have worked better for other countries but not for Greece. Without overly simplifying the Greek condition, it provides insights into policies the countries of the euro area may need to implement in order to ensure collective cohesion and individual success. Arguing that EU preferences for autonomous investments discouraged organic development with lasting implications, Funding the Greek Crisis sheds new light on the nature of regional competitiveness and public economics.

Any enquiry into the nature, performance, role, demerits, growth, efficiency, or other aspects of financial services such as banking and insurance activities, requires rigorous estimates of their economic output, i.e., the economic contributions made by these firms, as well as by the industries as a whole. Accordingly, this book condenses several theoretical, methodological, empirical, and philosophical issues in conceptualizing, measuring, and empirically operationalizing the economic output of the banking and insurance industries. The analytical focus is on both Global and Emerging Markets perspectives. The book synthesizes applied and conceptual evidence to locate the chosen theme's analytical patterns, consensus, and disagreements. The selected subject matter is studied within the firm-level and aggregate settings, bringing literature of varied scopes together. Contributions from various international academics, practitioners, and policymakers further enrich the narrative. The book concludes with data-driven case studies that analyze the extent to which the critical performance parameters of the banking and insurance industries in the BRIICS economies - including estimation of aggregate industry-level partial factor productivities, total factor productivity, technical efficiency, and returns to scale - vary concerning alternate measures of their output. The present work also provides a brief note on the inputs measurement dimension, following which there is a discussion on the limitations, future scope, and conclusions. This work will be valuable for researchers and policymakers undertaking performance analyses related to banking and insurance activities. It shall provide them with the examination of a plethora of analytical options and related issues on the theory and praxis of output measurement, all finely organized into one single volume.

Introduction to Quantitative Macroeconomics Using Julia: From Basic to State-of-the-Art Computational Techniques facilitates access to fundamental techniques in computational and quantitative macroeconomics. It focuses on the recent and very promising software, Julia, which offers a MATLAB-like language at speeds comparable to C/Fortran, also discussing modeling challenges that make quantitative macroeconomics dynamic, a key feature that few books on the topic include for macroeconomists who need the basic tools to build, solve and simulate macroeconomic models. This book neatly fills the gap between intermediate macroeconomic books and modern DSGE models used in research.

This book provides an impressive overview of emerging technologies, especially nanotechnologies and biotechnologies, and their prospective applications. It identifies and describes existing and potential markets for emerging technology-based applications, and projects scenarios for macroeconomic development based on these technologies. Integrated roadmaps for the development of a nano- and bioindustry are shown and policy measures and corporate strategies developed to advance these technologies. These measures are illustrated using roadmaps and policy case studies.The book combines a practical, comprehensive overview of the technical side of emerging technologies and their applications in various fields with an analysis of market developments and characteristics.

A non-mathematical introduction to the macroeconomic analysis of both the open economy and the world economy. The text assumes a basic understanding of macroeconomics and is of interest to policy-makers and second year undergraduates.

Despite the dynamic development of the discipline of economics, the ways in which economics is taught and how it defines its basic principles have hardly changed, resulting in economics being criticised for its inability to provide relevant insights on global challenges. In response, this book defines new principles of economics and seeks to establish economics as the science of markets. A New Principles of Economics provides an alternative conceptual framework for the study of economics, integrating recent developments and research in both economics and neighbouring social sciences. Adopting the structure of a standard principles text, it separates the study of markets as mechanisms and markets in their wider contexts. In doing so, a number of new perspectives are introduced, including approaching the economy as part and parcel of the Earth system; directly connecting the analysis of production with an analysis of technology and thermodynamic principles; explicitly treating markets as forms of social networks mediated by the institution of money; and reinstating the central role of distribution in political economy analysis. Drawing on the latest theories and research on the economy, and including both the natural and social sciences, this text provides a holistic introduction suitable for postgraduates and other advanced students.

This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.