Within a few short months in 1997, Asian economies that had been considered not only healthy but "miraculous" suddenly fell off a precipice as investors withdrew massively first from Asian currencies and, in rapid order, from equity markets across the region. On October 27 1997, the turmoil in Asian markets spooked Wall Street in the largest single-day decline in history, a drop of 550 points. It was predicted that the Asian crash could drive the US trade deficit from $191 billion to $300 billion by 1998, creating huge new tensions in relations with some of the largest US trading partners. These wrenching changes, following a generation of success, raise numerous questions about the steps that led to the crisis, its likely outcome and the limits and constraints of "Asian capitalism". Edith Terry presents a blow-by-blow account of the crisis, beginning with the 1996 collapse of the Bangkok Bank of Commerce. In her overview, she links the fall of the Asian miracle with the theme of globalization, arguing that the crisis demonstrates the urgency of dismantling restraints to trade, investment, and financial services, and that the United States should take leadership in pushing for new and sweeping reform through the World Trade Organization and in bilateral negotiations with its trading partners. The final section of the book deals with the rise of the "Asian miracle" - how the myth was created, who created it, why it succeeded for so long - and is informed by analysis of the Japanese prototype.

Reflecting the diverse and profound changes triggered by the latest wave of economic globalization, this book highlights various governance responses at national, regional and global levels. The topics covered are wide-ranging and include economic history and development, European integration, exchange rate arrangements, industrial and labor economics, international cooperation and multilateralism, and public choice. The book is divided into three parts: The first part, which contains contributions by Barry Eichengreen and Marc Flandreau, is devoted to economic history. The second part examines open economy macroeconomics with a focus on Europe, including contributions by Jurgen von Hagen and Paul Krugman. The third part presents contributions to international political economy, and related interdisciplinary topics. This Festschrift is written in honor of Jorge Braga de Macedo, Professor Emeritus of Economics at the Nova School of Business and Economics and a distinguished Portuguese academic whose work has an impressive global reach. The contributions, written by a selection of international authors, deal with his oeuvre covering the wide range of topics broached in this book, as his publication record amply attests.

This open access book explores one of the most fiercely debated issues in China: if and how China will surpass the middle income trap that has plagued many developing countries for years. This book gives readers a clear picture of China today and acts as a reference for other developing countries. China is facing many setbacks and experiencing an economic slowdown in recent years due to some serious issues, and income inequality is one such issue deferring China's development potential by creating a middle income trap. This book thoroughly investigates both the unpromising factors and favorable conditions for China to overcome the trap. It illustrates that traps may be encountered at any stage of development and argues that political stability is the prerequisite to creating a favorable environment for economic development and addressing this "middle income trap". Written by one of China's central planners, this book offers precious insights into the industrial policies that are transforming China and the world and will be of interest to China scholars, economists and political scientists.

This book clarifies some misunderstandings about money by tying the concept of money to the goods and services sector of the economy. In addition, it demystifies the process of money creation on the part of central banks. The phenomenon of money is ubiquitous; it has been around for tens of thousands of years, if not longer. Indeed, no modern economy could function without money. For many, however, the concept of money remains elusive. Worse still, misinformation abounds, which leaves the uninitiated vulnerable to fraud. This lack of understanding has serious policy implications as well. When policymakers lack a firm grasp of the concept, policy is likely to be flawed and its effects are likely to be detrimental to the body politic. After providing a brief history of money, the author details the role of money in the division of labor and specialization, in economic growth, and in an interconnected world. Throughout the book, he points out the pitfalls of fallacious thinking. In recent policy debates, such thinking has led to proposals ranging from the re-institution of the gold standard to supplying limitless money as suggested by Modern Monetary Theory.

This book explores the present conflictual relationship between the economy, the environment, and society. The current mainstream economic model is analysed from the perspective of the founding economists to review its suitability to tackle issues of sustainable development. The problems of redistribution and social justice are debated at length; alongside those concerning the giant state, degrowth, and a vision of sustainability that is founded on the idea of a self-regulating free market economy. Business cycle sustainability, anti-crisis therapy, technological unemployment, the natural rate of interest, and the Bruntland matrix are also examined. This book aims to present a holistic approach to sustainable development where social, ecological, and economic components are balanced. It will be relevant to students and researchers interested in this topic.

This book discusses ideas for stakeholders to develop strategies to access and use financial products and services such as deposits, loans, and fund transfer mechanism, insurance, payment services, and intermediaries, distribution channels at economical prices in order to cater to the needs of the poor and underprivileged people. Financial inclusion ensures ease of access, availability, and usage of the financial products and services to all the sections of the society. The book will help in recognizing the role of financial inclusion as one of the main drivers in reducing income inequality and thus supporting sustainable economic growth of the countries, especially of an emerging economy. The book provides conceptual and practical ideas from the practitioners, best practices from the experts, and empirical views from the researchers on the best practices and how to mitigate the challenges and issues plaguing the development of the financial inclusion.

This book studies China's international relations, development strategies and development path. It provides an objective and in-depth analysis of areas including international relations in the context of China's population and resource environment, ways to strengthen China's external competitiveness, strategies for economic security and China's trade currency, Sino-US relations in the 21st Century, geopolitical strategy and great renaissance of Chinese culture. The book analyzes the difficulties, challenges and unique features of China's economic and social development. Further, it examines long-term and short-term social and economic issues as well as the difficulties in dealing with the issues. It provides objective and realistic suggestions for realizing China's dream of the great rejuvenation of the nation. It is a valuable source of reference for researchers and practitioners interested in China's development.

'This is an extremely important and long-awaited book. The authors provide a cogent guide to all that is wrong with the theory and empirical applications of the discredited notion of an aggregate production function. Their critique has devastating implications for orthodox macroeconomics.' - Anwar Shaikh, New School for Social Research, US 'This is a very important book. Proofs that aggregate production functions do not exist have been around for more than 50 years. This casts doubt not only on macroeconomic theory but also on empirical work and policy. Yet, this has not deterred macro-economists. The authors show in great detail that the apparent 'fit' of such functions to value-based data is a tautology and not a proof that such aggregates exist. One hopes that the profession will finally take note.' - Franklin M. Fisher, Massachusetts Institute of Technology, US 'Felipe and McCombie have gathered all of the compelling arguments denying the existence of aggregate production functions and showing that econometric estimates based on these fail to measure what they purport to quantify: they are artefacts. Their critique, which ought to be read by any economist doing empirical work, is destructive of nearly all that is important to mainstream economics: NAIRU and potential output measures, measures of wage elasticities, of output elasticities and of total factor productivity growth.' - Marc Lavoie, University of Ottawa, Canada This authoritative and stimulating book represents a fundamental critique of the aggregate production function, a concept widely used in macroeconomics. The authors explain why, despite the serious aggregation problems that surround it, aggregate production functions often give plausible statistical results. This is due to the use of constant-price value data, rather than the theoretically correct physical data, together with an underlying accounting identity that relates the data definitionally. It is in this sense that the aggregate production function is 'not even wrong': it is not a behavioral relationship capable of being statistically refuted. The book examines the history of the production function and shows how certain seminal works on neoclassical growth theory, labor demand functions and estimates of the mark-up, among others, suffer from this fundamental problem. The book represents a fundamental critique of the aggregate production function and will be of interest to all macroeconomists. Contents: Prologue: 'Not Even Wrong' Introduction 1. Some Problems with the Aggregate Production Function 2. The Aggregate Production Function: Behavioural Relationship or Accounting Identity? 3. Simulation Studies, the Aggregate Production Function and the Accounting Identity 4. 'Are There Laws of Production?' The Work of Cobb and Douglas and its Early Reception 5. Solow's Technical Change and the Aggregate Production Function', and the Accounting Identity 6. What does Total Factor Productivity Actually Measure? Further Observations on the Solow Model 7. Why Are Some Countries Richer than Others? A Sceptical View of Mankiw-Romer-Weil's Test of the Neoclassical Growth Model 8. Some Problems with the Neoclassical Dual-Sector Growth Model 9. Is Capital Special? The Role of the Growth of Capital and its Externality Effect in Economic Growth 10. Problems Posed by the Accounting Identity for the Estimation of the Degree of Market Power and the Mark-up 11. Are Estimates of Labour Demand Functions Mere Statistical Artefacts? 12. Why Have the Criticisms of the Aggregate Production Function Generally Been Ignored? On Further Misunderstandings and Misinterpretations of the Implications of the Accounting Identity References Index

This book focuses on the contribution of Information Technology (IT) and Information Technology Enabled Services (ITES) in shaping the current and future global economic scenario, with a special focus on Asia, and taking into account the three broad macroeconomic dimensions - growth, sustainability and governance mechanisms. The last two decades have witnessed a structural shift in the world economy due to the tremendous growth in gross domestic product share for the service sector; in fact, service has emerged as the dominant sector and the main driver of GDP growth. This is mainly attributable to the spectacular success of the IT sector in the new knowledge economy. Tradability, technology and transportability - the three T's - govern productivity growth in today's services. Growing Asian economies such as India, China and Vietnam, using their demographic advantages, have been reaping the benefits of this boom. The book's content focuses on recent debates and discussions concerning the issue of long-term sustainability and governance, especially in India, as these companies are facing continuous challenges in terms of international competition, salary inflation, health hazards, scarcity of talent, employee attrition, security concerns, global slowdown and many other technology-related issues. The book further highlights how the increased application of IT-based products and services is resulting in harsh inequalities concerning income distribution in many developing countries of Asia, mainly because of its labor shedding nature, and hence might be detrimental to sustainable development, if suitable policy measures are not implemented to counter these effects. The book provides a wealth of information for researchers, graduate students and political scientists alike, as well as thought-provoking insights for social scientists, policymakers and government officials. It also offers a valuable source of data for business and management professionals, and for members of Chambers of Commerce and Industry.

This book sheds new light on if and why, between 2009 and 2015, European governments succeeded or failed in initiating and actually realizing some of the farthest-reaching austerity plans in modern history. The author analyzes the economic and political context and the underlying causes of austerity and economic adjustment packages during the Euro crisis. In doing so, he shows that austerity has its roots in an institutional mismatch between capitalist diversity in the Eurozone on the one hand, and an ill-conceived common economic regime on the other. In this context, austerity trumped politics, and even democracy itself. The book will appeal to scholars of political science and comparative political economy, as well as governmental policymakers and practitioners in the finance sector.

This book explains how the US dollar serves as the primary reserve currency for the international financial system and assesses its prospects for the future. The book provides an analysis of the main factors that have given rise to the global currency power of the dollar and the key benefits that have accrued to both the United States and other countries from this arrangement. It then considers the growing costs that can be associated with the dollar-centered reserve system and the prospects for the medium-term in terms of its potential threats to global financial stability. In the light of these considerations, the book examines three alternative currency arrangements that could address some or all of the defects associated with the global currency power of the dollar. These include a shift to a multi-reserve currency system, an enhancement of the IMF's role as an international lender of last resort and provider of global "safe" assets, and the introduction of central bank digital currencies. "A cogent, persuasive and timely look at the dollar's power." Kirkus Reviews

This book shares essential insights into the implementation of monetary policy in various East Asian countries. Highlighting case studies from China, Taiwan, Korea, Japan and Singapore, leading economists and practitioners from central banks illustrate how dependent effective monetary policy is on the institutional and financial market environment, as well as on successful implementation and communication. The respective contributions cover various aspects of monetary policy implementation, such as: How is inflation targeting handled? For what purposes and how do central banks operate on financial markets, and what are the (at times unintended) effects? How do currency market interventions help achieve the monetary policy targets set by individual countries or areas? In addition, Asian experiences are contrasted with those from the Eurozone.

Mexico provides a case study of a cornerstone economy in the development of the hemospheric free trade zone in the Americas, an adjusting economy which has been integrated into uneven economies (Canada and the US). This volume examines the Mexican economy and its attempt to develop an innovation system, providing an example of the dynamics that are of concern to evolutionary economists.

This book argues that the theory of sustainable development lost some of its rigor because of two main reasons. The first manifests itself as an inflation of concepts that hampers the correct understanding of sustainability's essence. The second one consists of a departure from the traditional scientific sources of the classicists and, in part, neoclassicists. Exploiting relevant areas of their works, the authors outline the theoretical framework necessary to promote a healthy version of sustainability. Of utmost interest prove to be areas such as: the formation process of natural prices and natural rate of interest; placing growth before employment and placing production before distribution, consumption, and social justice. The main idea of the book consists of a call for breaking away from the impure forms of the theory of sustainable development and its reconstruction through the reconciliation with the laws of healthy growth as they are highlighted in the works of the founders. The authors make the case for an approach to sustainable development that is holistic, macroeconomic, and institutionalist, where social, ecological, and economic components are reconciled. This work presents a fresh perspective in the context of current works on sustainability, serving as an accessible research resource and public policy decision guide.

Perhaps no country benefitted more from the Marshall Plan for assistance in reconstruction of Europe after World War II than Austria. On a per capita basis, each American taxpayer invested $80 per person in the Plan; each Austrian received $133 from the European recovery program, more than any other of the sixteen participating countries. Without the Marshall Plan, the Austrian economic miracle of the 1950s would have been unthinkable. Despite this, contemporary Austria seems to have forgotten this essential American contribution to its postwar reconstruction. This volume in the Contemporary Austrian Studies series examines how the plan affected Austria, and how it is perceived today. The political context of the Marshall Plan in Austria is addressed in essays by Jill Lewis and Matthew Berg. Dieter Stiefer describes the vast Soviet economic exploitation of their Austrian occupation zone. Andrea Komlosy shows how the Marshall Plan helped complete the division of Europe. Siegfried Beer suggests the secret involvement of the CIA in the Marshall Plan, while Hans J3rgen Schrder analyzes the effectiveness of Marshall Plan propaganda programs in Germany and Austria. The macroeconomic impact of Marshall Plan funds on Austrian economic policy is outlined by Hans Seidel. Kurt Tweraser, Georg Rigele and G3nter Bischof suggest the microeconomic importance of funds for the steel, electricity and tourist sectors of the Austrian economy. Wilhelm Kohler's sweeping analysis compares the American transfer of funds to postwar Europe with current debates about the cost of European Union enlargement. The legacy of the Marshall Plan is addressed by former Austrian Finance Minister Ferdinand Lacina. Kurt Loffler and Hans Fubenegger summarize the activities of the Economic Recovery Program Fund. Coming on the heels of the fiftieth anniversary of the Marshall Plan, this compelling overview of the Plan and its impact will be important for historians, those interested in international politics, and Austrian scholars. G3nter Bischof is professor of history and associate director of Center-Austria at the University of New Orleans; Anton Pelinka is professor of political science at the University of Innsbruck and director of the Institute of Conflict Research in Vienna; Dieter Stiefel is professor of social and economic history at the University of Vienna and executive secretary of the Schumpeter Society in Vienna. This volume offers a collection of articles, mostly by contemporary Austrian-born historians, touching on various phases of the Marshall Plan administered through the European Recovery Program (ERP) and its successors counterfunds' assistance to the present. A splendid introduction followed by the key thirteen articles on the plan is augmented by several nontopical essays and book reviews, along with a survey of Austrian politics in 1998. A number of articles emanated from a 1998 conference at the University of New Orleans. Both novice and specialist will appreciate this book."-"The Historian"

This book outlines the connection between the principles of proportionality of state intervention and strategies made by the European Union. It describes underlining reasons for the occurrence of the global economic recession and available intervention options for governments to the EU markets.This book works out several possibilities EU countries use with the help of state intervention to actively intervene in the market economy. The author critically assesses the proportionality of interventions in the markets of EU members. With regard to the European economic recession, the book highlights the background of the global financial and external debt crisis. In this context, possible measures for growth promotion processes of the EU are also described.The book will appeal to lecturers and students of economics disciplines worldwide, political advisors of EU member states and decision-makers of the European Central Bank; as well as, in principle, all interested readers who would like to learn more about fiscal policy in the European Union.

This book has studied the principle, essence and development law of sharing economics. First of all, it analyzes the inevitability of sharing economics as the mainstream and determines that its research object is the social resources of the production, gathering, exchange, use, distribution and value creation disciplines. Secondly, it defines and analyzes the connotation, scope, concept, characteristics, research hypothesis, property right attribute, constituent elements and income distribution of the sharing economics which aims to improve the efficiency of resource allocation and reduce the market transaction cost. This book is characterized by the construction of a theoretical system composed of contingency, cooperative consumption, cognitive surplus and impersonal transaction. This book provides readers with a theoretical theory of sharing economics and an important theoretical reference for innovative entrepreneurship.

This book provides a comprehensive and concrete illustration of time series analysis focusing on the state-space model, which has recently attracted increasing attention in a broad range of fields. The major feature of the book lies in its consistent Bayesian treatment regarding whole combinations of batch and sequential solutions for linear Gaussian and general state-space models: MCMC and Kalman/particle filter. The reader is given insight on flexible modeling in modern time series analysis. The main topics of the book deal with the state-space model, covering extensively, from introductory and exploratory methods to the latest advanced topics such as real-time structural change detection. Additionally, a practical exercise using R/Stan based on real data promotes understanding and enhances the reader's analytical capability.

This book discusses the theory, methods, and applications of flow of funds analysis. The book integrates the basic principles of economic statistics, financial accounts, international finance, econometric models, and financial network analysis, providing a systematic and comprehensive introduction to the interconnection between these research fields. It thus provides the reader with the intellectual groundwork indispensable for understanding the workings and interactions of today's globalized financial markets. The main focus of the book is how to observe the flow of funds in macroeconomics, how to measure the global flow of funds (GFF), and how to use GFF data to carry out an analysis. Based on the statistical framework for measuring GFF under the System of National Accounts, the book identifies the systematic relationship of financial linkages among economic sectors and with the rest of the world while integrating data sources that include stock data, geographically broken down by country-region, and selected financial instruments. It sets out the GFF concept and constructs a GFF matrix (metadata) on a from-whom-to-whom basis within a country-by-country pattern. Lastly, an established GFF matrix table is used to conduct an empirical study including an econometric model and financial network analysis.

This book presents selected papers from the 32nd Eurasia Business and Economics Society (EBES) Conference - Istanbul. Due to the COVID-19 restrictions, the conference presentation mode has been switched to "online/virtual presentation only". The theoretical and empirical papers gathered here cover diverse areas of business, economics and finance in various geographic regions, including not only topics from HR, management, finance, marketing but also contributions on public economics, political economy and regional studies.

Central Asia's new states have been buffeted by financial ill winds from East Asia and Russia and by Islamic revolutionary movements from the south. In the context of widespread and deepening impoverishment, endemic corruption, gaping inequalities, and external pressures to undertake difficult reforms, economic crisis threatens to expand into profoundly destabilizing social and political crises as well.

This volume analyzes the geopolitical and macroeconomic situation of Central Asia, local policy responses to the current crisis, and alternative scenarios for the foreseeable future. It devotes particular attention to Kazakhstan, Turkmenistan, and Uzbekistan. Beyond the immediate case, the book focuses on policy measures and institutional improvements that could most directly impact the capacity of economies in the region to adapt to the globalization process.

Now fully revised and expanded, this is the only available bibliography on the subject of "land-lockedness" and its effects on economic development. Reflecting its expanded title, this new edition includes not only updated information on the plight of land-locked countries, but also their current levels of economic development and their role in international law, such as the International Law of the Sea, Kyoto Protocol on Greenhouse Gas Emissions, and international pipeline agreements. The volume lists thousands of primary and secondary source materials for research, including books, monographs, journals, governmental reports, NGO publications, and unpublished materials. The book is truly international in scope, with listings in 29 languages.

An authoritative account of the dangers of unfettered markets and monied politics, People, Power, and Profits shows us an America in crisis. The American people, however, are far from powerless, and Joseph Stiglitz provides an alternative path forward through his vision of progressive capitalism, with a comprehensive set of political and economic changes.

This book summarizes the evolution of modern macroeconomics (New Consensus Macroeconomics, NCM) and proposes a new approach to theoretical and empirical analysis, which is based on a recently developed dynamic stochastic general equilibrium (DSGE) model. Dynamic macroeconomic analysis in emerging market economies is challenging, and of growing importance in the global economy, where emerging markets are becoming more and more influential. Clearly, a deeper understanding of the inner workings of emerging economies, particularly with respect to their socioeconomic structure and the urbanization process, is needed. The book's extends the NCM/DSGE model to better account for significant economic and social features in emerging market economies. In particular, household heterogeneities and social stratification are explicitly incorporated into the framework proposed here, substantially enhancing the comprehensiveness of the model economy, and allowing it to better account for underlying social structure in emerging economies. Furthermore, financial and housing markets have not been considered sufficiently in either the advanced or emerging economy literature, an oversight this book remedies. As such, it makes an original and valuable contribution to the field, and a direction for future research.

Central banks are major players in today's economic and financial policy-making. While respected for their technical acumen and their pivotal role in defusing the global financial crisis, they are at the same time mistrusted by others and considered to be too powerful. In order to contribute to a better understanding of the why, what and how of central banking, this book traces the progress of central banks from modest beginnings, including financing wars, to the powerful institutions they have become. It describes the evolution of the Bank of England to a fully-fledged central bank, the very different route taken by the Federal Reserve and, much later, by the European Central Bank. The gold standard, floating exchange rates, and the battle against inflation are covered in depth, alongside a review of modern monetary policy and central banks' role in maintaining financial stability. Throughout the book, the ups and downs of central banks' relationship vis-a-vis their governments are a recurring theme, even surmising that reigning in the independence of central banks risks inflicting serious damage to economic and financial stability. Uncovering the challenges that the money masters may face in an uncertain future, this book will be of interest to academics, researchers, and practitioners in central banking, finance, and economics at large.