The book analyses the institutions of the European financial market supervision and the challenges of financial markets. The current European supervisory structure for financial markets represents a major development in European supervisory history. Its operation however has to be explored and analysed critically. Has it gone far enough to provide a sufficiently comprehensive and resilient system to reduce or mitigate systemic risks and handle financial crises? Some claim it has gone too far already. Fresh and rigorous critical legal and economic analysis from an independent scholarly perspective are needed to assess whether the institutional design of the European supervisory architecture has proved itself to be an efficient and effective model. This book discusses many dimensions of the structure and workings of the European system from various angles providing different dimensions. The book makes an important contribution to the limited literature on financial market supervision.

Africans Investing in Africa explores intra-African trade and investment by showing how, where and why Africans invest across Africa; to identify the economic, political and social experiences that hinder or stimulate investment; and to highlight examples of pan-African investors.

This powerful study suggests that strategic pragmatism has enabled Japan to use Western theories and doctrines more comprehensively and thoroughly than the West. The authors contend that Japan's success depends, in part, upon three factors: the ability to recognize a need for action; the ability to respond to such a need even under less than optimal technological conditions, cutting across theoretical and ideological lines; and the ability to adjust or correct action as soon as failure is recognized. By comparing Japan's policies and structure to patterns prevailing in major Western countries, Japan's `secret' can be translated into concepts familiar to the West. This brilliant and provocative book…is a tour de force that argues that Japanese-type economic policies can be duplicated in other capitalist states and that it is a mistake to believe that such policies can only evolve in the unique environment of Japanese culture and society. Foreign Affairs Japan's rise to economic power has been the focus of much attention and speculation in the West. This powerful study suggests that strategic pragmatism has enabled Japan to use Western theories and doctrines more comprehensively and thoroughly than the West. The authors contend that Japan's success depends, in part, upon three factors. The first is the ability to recognize a need for action. Next, the Japanese are able to respond to such a need even under less than optimal technological conditions and can cut across theoretical and ideological lines. Finally, they are ready to adjust or correct action as soon as failure is recognized. Western countries should look at the global significance of Japan's economic performance and learn from their model of action. By comparing Japan's policies and structure to patterns prevailing in major Western countries, Japan's 'secret' can be translated into concepts familiar to the West. Economists, government officials, and business policy makers will find this new approach to Japan's success a worthwhile study. Strategic Pragmatism opens with an explanation for Japan's economic performance. The book then presents the interesting way in which Japan makes functional cuts across doctrines. There is a chapter addressing adaptation and how Western economic concepts are incorporated into Japanese policy. Goal attainment includes such topics as neo-classical infant industry protection and mercantilist aspects in the policy of industrial development. Pattern maintenance is followed by integration, and then the relation of structure and action. Finally the authors develop a model demonstrating how Japan derives a sense of direction from the nature of the changing problems to be solved--the heart of strategic pragmatism.

How are the economic policies which developing countries adopt selected and how do they change? Who are the key players in economic development policies? Professor Anil Hira answers these questions head on by suggesting new ways of looking at how ideas affect economic policy. He first traces the way that ideas become wedded to interest groups over time, and he interprets the debate over economic development policy as a series of changes in idea-interest networks, often marked by crises. He then looks closely at economic idea entrepreneurs. Through concrete case studies of networks in Latin America, with a focus on Chilean economic policy, Hira explains not only how ideas are introduced, but which ones win out in the economic policy process and why. He introduces the concept of economic knowledge networks to understand groups of economists wedded to certain sets of ideas, such as neoliberalism or structuralism. Economic knowledge networks extend beyond Latin America and can be found in such diverse places as Indonesia and Egypt. Hira identifies the characteristics of these groups and shows how they create political action through their organizational activities and ideas. Hira not only sheds light on how ideas affect economic policy, but also provides an inside story on the groups responsible for the new economic revolution that is sweeping Latin America and transforming the regional economy. An important resource for scholars, students, and policy makers involved with international political economy, emerging economies, and Latin American studies.

This book examines new classical macroeconomics from a comparative and critical point of view that confronts the original texts and later comments as a first dimension of comparison. The second dimension appears in a historical context, since none of the new classical doctrines can be analyzed ignoring the parallelism and discrepancies with the theory of Keynes, Friedman or Phelps. Radicalism of new classical macroeconomics has brought fundamental changes in economic thought, but the doctrines got vulgarized and distorted thanks to the mass of followers. Nowadays, economic theory and policy, trying to find their ways, have a less clear relationship than ever. Therefore, this volume is aimed at mapping and reconsidering the policy instruments and transmission mechanisms offered by the new classicals. Its central question points to the real nature of new classical macroeconomics: what consequences are grounded by the assumptions new classicals used. Moreover, issues raised by automatic fiscal stabilizers and fiscal reforms are analyzed as well, even if they were out of the range of classical texts. The book draws a picture of new classical macroeconomics stressing the analogies with Keynesian countercyclical policies, instead of the discrepancies commonly held.

The US housing bubble and the ensuing financial crisis and recession, as well as the ongoing slow recovery, have prompted a renewal of interest in the business cycle theory associated with the Austrian school of economics. Over the last thirty years, Austrian economists have extended and refined that theory while also deploying Austrian insights in other areas of monetary theory and macroeconomics. In this volume, a number of macroeconomists influenced by the Austrian school demonstrate its explanatory power by applying those ideas to a variety of historical and contemporary issues. Several of the papers focus on the differences between the US and Canadian experiences during the early 21st century, while other contributors offer critical extensions of Austrian monetary and business cycle theory. The volume also includes empirical applications to the housing boom and bust, and several papers consider the place of Austrian macroeconomics within the school's approach to political economy and public policy more generally. "Studies in Austrian Macroeconomics" shows the breadth and depth of modern macroeconomics in the Austrian tradition.

Optimal growth theory studies the problem of efficient resource allocation over time, a fundamental concern of economic research. Since the 1970s, the techniques of nonlinear dynamical systems have become a vital tool in optimal growth theory, illuminating dynamics and demonstrating the possibility of endogenous economic fluctuations. Kazuo Nishimura's seminal contributions on business cycles, chaotic equilibria and indeterminacy have been central to this development, transforming our understanding of economic growth, cycles, and the relationship between them. The subjects of Kazuo's analysis remain of fundamental importance to modern economic theory. This book collects his major contributions in a single volume. Kazuo Nishimura has been recognized for his contributions to economic theory on many occasions, being elected fellow of the Econometric Society and serving as an editor of several major journals. Chapter "Introduction" is available open access under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License via link.springer.com.

Gordon maintains that the United States must implement policy measures to reduce the large amounts of capital it is borrowing from the rest of the world--a problem she attributes, mainly, to low private savings rates and high federal budget deficits. She explains how the United States became a debtor nation, describes the changes in global capital markets that occurred in the 1980s, and analyzes the extent of global capital requirements, the drop in the U.S. savings rate, and the policy measures that could be taken to raise it. Unlike most discussions that focus on faulty international trade practices as a cause of U.S. deficits, Gordon places a large share of the responsibility on U.S. macroeconomic policies. Concise, readable, lucid, Gordon's book will be useful to professionals in banking and finance, and to academics and upper-level students of international business, finance, and economics.

Outbursts of regional conflict within national boundaries have characterized recent years. Sub-national states--including parts of the Soviet Union, India, Canada, and Yugoslavia--dissatisfied with their central governments, seek forms of independence to pursue autonomous development paths. These region/state conflicts have occurred in nations at all levels of development (Canada and Indonesia, France and Papua New Guinea), under diverse economic systems (the USSR and Canada, Yugoslavia and Spain), and across political systems (federations such as India and unitary states such as Italy). Bookman's study develops methods whereby both state and region can evaluate the region's potential to sustain economic growth autonomously--filling the gap in current perceptions of inter-regional relations. Bookman introduces the concept of discontinuous development to facilitate the analysis of sub-national regions that have varying levels of development. The volume's emphasis on high-income regions within both agricultural and industrial nations and on the economic basis of conflict makes it a unique contribution that assesses the viability of regions as autonomous entities. The major part of the volume studies empirical evidence from India and Yugoslavia, especially timely in light of present ethnic and religious conflicts in both countries.

The volume is divided into three sections: Foundations; Discontinuous Development and Inter-regional Conflict; and Empirical Evidence from India and Yugoslavia. The first section presents a theoretical framework for issues internal to regions, as well as regions relative to the nation. It also outlines four ways of studying inter-regional conflict which are explored in the empirical chapters. Part 2 analyzes eight high-income regions characterized by discontinuous development and relates their experiences to the four hypotheses presented earlier. The last section contains empirical chapters testing the model in the context of India and Yugoslavia. The final chapter contains a full discussion of the hypotheses pertaining to secession, and offers some suggestions concerning the possibilities of secession as the outcome of inter-regional conflict. The explosive consequences of recent trends make it imperative that scholars in development economics, political economy, political science, and macroeconomics as well as policy makers comprehend the inter-regional economic and political relationships behind these conflicts.

This book extends Thirlwall's original model and adapts its implications to the current problems of the developed and emerging economies. In this context, this book combines theoretical models and empirical applications to unveil new results consistent with the balance of payments constrained growth. The book provides an alternative to orthodox growth theory which neglects the importance of the balance of payments as a constraint to growth.

This book is designed to help the reader understand the environment and practices of multinational banks. Topics have been selected for their continuing relevance, despite changing events and issues. This comprehensive, up-to-date presentation provides both theory and practical information relating to international banking centers, regulation in international banking, foreign exchange management, financial engineering, country risk assessment, multinational banking services, syndicated loans, and international institutions in multinational banking.

This book presents the growth and development of international banking and the role of large multinational banks in financial markets. It also presents the numerous types of foreign banking presence a bank can choose when it decides to go international. A description of the important banking centers is also covered. Issues pertaining to the regulation of international banking are elucidated in detail along with the impact of numerous U.S. laws on the operation of U.S. multinational banks. Specific operational issues such as foreign exchange management, the use of standard derivatives such as swaps and options, along with numerous financial engineering and risk management techniques are presented.

Among other things the book covers country risk assessment, other multinational banking services, project financing, syndicated loans, and is part of the activities of many multinational banks. Furthermore, international institutions such as the Export-Import Bank, The World Bank, The International Monetary Fund, and the Bank for International Settlements, are described and their role in international finance and banking is explained. Finally, the book looks at likely future issues that will affect and influence the field of international banking. In particular, the advent of new competition, legislation, and financial instruments are analyzed.

This book gives a full account of the economic and social history of Italy since unification (1860), with an introduction covering the previous period since the Middle Ages. The Economic History of Italy represents a scholarly and authoritative account of Italy's progress from a rural economy to an industrialized nation. The book makes a broad division of the period into three parts: the take-off (1860-1913), the consolidation in the midst of two wars and a world depression (1914-47), and the great expansion (1948-1990). Professor Zamagni traces the growth of industrialization, and argues that despite several advanced areas Italy only became an industrialized nation after the Second World War, and that during the 1980s the South was still clearly behind the rest of the country. Zamagni analyses data both from a macroeconomic position, in looking at the growth of the finance sector, or the role of the State, and from a microeconomic position when she draws conclusions from the changing population structure, or from the actions of individual businesses. Professor Zamagni reveals that even though the population more than doubled during this time the level of national income rose 19-fold, to move Italy from a peripheral status in Europe to a central position as a prosperous country. A central theme of the book is Professor Zamagni's argument that the Italian economy has been successful not by any great individuality of its own but by being flexible enough to incorporate the successes of other countries: Japan's integrated business network, for example, or Germany's financial structure. She places the industrialization of Italy in the international context by comparing Italy's GDP and other measures of prosperity at different times to the USA, Japan, the UK, France, and Germany. The book is based on original field-work by the author, and the many detailed but small-scale studies existing in Italian. Quantitative trends are described in more than 70 tables of data, while the book provides appendices containing chronologies of main events in various sectors and biographies.

This book offers important new insights into recent advances and perspectives in the field of political economy of development in Southeastern European countries. In addition, it provides theoretical and empirical contributions to political economy of development in an international context. Written by authors from Greece, Serbia and Turkey, the book covers a broad spectrum of topics - from macroeconomics and economic policy to international political economy and globalization. Presenting new and original ideas, this is a valuable resource for anyone wishing to gain a deeper understanding of political economy of development in Southeastern Europe: academicians, policymakers and business practitioners.

Following the Rio Agreement in 1967, the birth of the Special Drawing Right (SDR) was widely heralded as the first step towards a world international money. The SDR's intended purpose, though, was more modest: to help salvage the prevailing international monetary system which had evolved since Bretton Woods. This volume examines the relatively recent and important history of SDRs - what they are, where they came from, and why they are significant. It considers the changing roles and influences of the US and the IMF as post-Bretton Woods monetary arrangements established themselves. Despite their retreat from early acclaim, work continued, particularly at the Fund, on enhancing the potential of SDRs to contribute to international monetary stability and SDRs have recently re-emerged as a potential source of support and stability for the international monetary system underpinning the world economy. The SDR, and the debate surrounding it, is an excellent prism through which to examine other important themes in contemporary international political economy, including international liquidity provision and international monetary reform. Ultimately, the policies of the US, the Fund, and the changing nature of the relationship between them emerge as fundamental themes for an understanding of prospects for SDRs under post-Bretton Woods international monetary arrangements. Today, the promise and disappointment that has characterized the short history of SDRs is more important than ever as the world again examines these arrangements in the wake of the international financial crisis.

This is the fourth edition of Professor Lindauer's early ground-breaking "Macroeconomics" series. It holds reader interest because it constantly relates the concepts of modern macroeconomics to today's "Great Recession" and the policies and conditions that brought it about and are needed to end it. In so doing it explains why not all Keynesian and neo-classical theory and monetary and fiscal policies are applicable to the unique structure and institutions of the United States and how the current recession can be quickly ended - via a new approach to monetary policy, long ago explained by Lindauer and adopted by other countries.

Professor Lindauer's previous works include books such as "Land Taxation and Indian Economic Development" (with Sarjit Singh); various editions of his "Macroeconomics" series; and his early ground-breaking journal articles such as ""Stabilization Inflation and the Inflation-Unemployment Trade-off."" An abridged non-technical explanation of the theories and policies described herein is available on Kindle as "Inflations, Unemployment, and Government Deficits: End Them." It is suitable for journalists, laymen, and lawyers attempting to serve as Federal Reserve governors.

It was while at Claremont as professor of economics and department chairman that he developed the concepts of macro-pragmatic economics and integrated them into the then-existing theories of inflation and unemployment. Importantly in these days of massive unemployment, the unique and quickly effective monetary policies he suggested years ago to end recessions without causing inflation or exacerbating government deficits are immediately available to the Federal Reserve.

Lindauer's books have been translated into Japanese, Spanish, Korean, Hindi, Urdu, Chinese, and Portuguese and his policy suggestions implemented by central banks around the world. He has served as a visiting professor of economics at Sussex University and the University of California; and as a Distinguished Senior Fulbright Professor at the University of Punjab. He lives and writes in Chicago and Scottsdale. His teaching efforts in retirement are limited to lectures, short courses, and single-term visiting professorships.

This proceedings volume presents new methods and applications in applied economic research with an emphasis on advances in panel data analysis. Featuring papers presented at the 2017 International Conference on Applied Economics (ICOAE) held at Coventry University, this volume provides current research on econometric panel data methodologies as they are applied in microeconomics, macroeconomics, financial economics and agricultural economics. International Conference on Applied Economics (ICOAE) is an annual conference that started in 2008 designed to bring together economists from different fields of applied economic research in order to share methods and ideas. Applied economics is a rapidly growing field of economics that combines economic theory with econometrics to analyse economic problems of the real world usually with economic policy interest. In addition, there is growing interest in the field for panel data estimation methods, tests and techniques. This volume makes a contribution in the field of applied economic research in this area. Featuring country specific studies, this book will be of interest to academics, students, researchers, practitioners, and policy makers in applied economics and economic policy.

These essays, which focus on the critical issues that now confront the country in its continuing search for reform, stability, and unity, were written prior to recognition of the independence of Slovenia, Croatia, and Bosnia-Herzegovina by countries of the European Community, the United States, and others. The newly independent countries of the former Yugoslav federation will continue to occupy the same geographic and economic space. Their future economic and sociopolitical relations will provide many other opportunities for association. These essays provide valuable insight into the policies that may evolve from these relations and are of more than just historical interest.

This volume will be valuable to economists, political scientists, and others in the social sciences interested in the dramatic events unfolding in Eastern Europe. It will also provide lessons for those in other countries seeking similar reforms.

The disintegration of Yugoslavia, accompanied by the emergence of new borders, is paradigmatically highlighting the relevance of borders in processes of societal change, crisis and conflict. This is even more the case, if we consider the violent practices that evolved out of populist discourse of ethnically homogenous bounded space in this process that happened in the wars in Yugoslavia in the 1990ies. Exploring the boundaries of Yugoslavia is not just relevant in the context of Balkan area studies, but the sketched phenomena acquire much wider importance, and can be helpful in order to better understand the dynamics of b/ordering societal space, that are so characteristic for our present situation.

Through a close examination of India's policies, economic system, social systems and politics, this study explores the numerous perspectives and debates on India's urbanization. The authors link contemporary urban issues with emerging challenges associated with policies and city management.

This study brings an original slant to the complex and much-debated question of the proper role of government in the economic sphere. Representing a broad range of disciplinary and ideological approaches, the authors identify and explore the most fundamental propositions concerning the economic role of government, as well as the generalizations, major themes, and conclusions that can be drawn from them. The essays focus on the deep levels of political and economic organization and on the values and underlying assumptions that are the bases of the institution of government. Written by a distinguished group of specialists, the work approaches the issue multidimensionally--from the standpoint of social science, history, law, and philosophy. Not mere ideological exercises, the essays focus on the deep levels of political and economic organization and on the values and underlying assumptions that are the bases of the institution of government. Connections between the government's economic role and ideology, free enterprise, power politics, and group interests are considered together with the constitutional implications of governmental economic powers. Other issues addressed include the changing economic role of government, contradictions and ambiguities in the government's economic functions, rules governing economic activity, and the role of economists in government. Providing a diversity of viewpoints and a wealth of fresh insights, this book can be used in graduate and undergraduate courses in economics, political science, philosophy, and law, and will appeal to the informed general worker.

This book discusses capital markets and investment decision-making, focusing on the globalisation of the world economy. It presents empirically tested results from Indian and Southwest Asian stock markets and offers valuable insights into the working of Indian capital markets. The book is divided into four parts: the first part examines capital-market operations, particularly clearance and settlement processes, and stock market operations. The second part then addresses the functioning of global markets and investment decisions; more specifically it explores calendar anomalies, dependencies, overreaction effect, causality effect and stock returns volatility in South Asia, U.S. and global stock markets as a whole. Part three covers issues relating to capital structure, values of firm and investment strategies. Lastly, part four discusses emerging issues in finance like behavioral finance, Islamic finance, and international financial reporting standards. The book fills the gap in the existing finance literature and helps fund managers and individual investors make more accurate investment decisions.

This book tries to integrate the different arrangements devised in the MTS for small and large NMEs into one analytical framework and explores two sets of rules (GATT/WTO-minus and GATT/WTO-plus) along three historical stages (shaping, weakening and strengthening). The focal point of this book is to uncover the composition and structure of the NME treatment in the MTS, its evolving logic and process, and the nature and trend of the political-economic relations between NMEs and the MTS.