Although economic theory has increased our understanding of some economic problems, it has rendered others, including the problem of capital accumulation, growth, and development, more difficult to understand. Focusing on capitalist economic systems, this book develops a theoretical approach to the study of aggregate capital dynamics. The theory is developed within the Keynesian framework of aggregate thinking and builds on the work of such Cambridge economists as Robinson, Kaldor, and Pasinetti. The approach helps to resolve some theoretical difficulties within the Keynesian framework for studying aggregate investment behavior. Dompere also provides a criticism of the neoclassical investment theory and the general neoclassical theoretical framework for studying aggregate capital accumulation, investment, and growth. Reexamining some questions on investment that earlier theorists have tried to answer, this study develops some of the basic ideas of Keynes, Robinson, Kaldor, and Pasinetti into a general theoretical system that allows an optimal aggregate capital and investment to be determined for a given information set.

This book provides an up-to-date overview of the development of the German financial system, with a particular focus on financialization and the financial crisis, topics that have increasingly gained attention since the crisis and the discussion on the secular stagnation started. The authors of the book-economists who have conducted extensive research in this area-offer a perspective on the financial system in the context of its importance for the overall economic system. The book not only provides detailed insights into Germany's financial system; it also takes a broader perspective on finance and connects it with current macroeconomic developments in Germany.

For courses in Intermediate Macroeconomics. Macroeconomics traces the history, evolution, and challenges of Keynesian economics, presenting a comprehensive, detailed, and unbiased view of modern macroeconomic theory. This book narrates the evolution of economic theory, presenting the most recent and modern developments, without glossing over the fundamental disagreements among macroeconomists on both theory and policy. Major theories are presented and compared. Important agreements and differences are discussed. Demonstrations of the controversies are presented, which centre on well-defined theoretical differences. Many of the post-1970 developments in macroeconomics have been the result of dissatisfaction with the Keynesian theory and the policy prescriptions that follow from it. In order for students to understand the evolution of macroeconomics, the author presents the history of Keynesian thought by: Providing an up-to-date summary of the Keynesian position, including research that has come to be called the new Keynesian economics. Offering a detailed analysis of challenges to the Keynesian position.

This volume presents selected articles from the 21st Eurasia Business and Economics Society (EBES) Conference, which was held in Budapest (Hungary) in 2017. The theoretical and empirical papers in this volume cover various areas of business, economics, and finance from a diverse range of regions. In particular, this volume focuses on the latest trends in consumer behavior, new questions in the development of organizational strategy, and the interaction of financial economics with industrial economics and policy.

This book investigates the existing and possible links between the concept of a Carbon Club and the Paris Agreement. In doing so the book defines those criteria that may lead to an effective establishment of a Carbon Club acting within the mandate of the Paris Agreement and identifies the key questions that such an option may help to tackle: Which low-carbon pathways are compatible with the new temperature targets set by the Paris Agreement? Can new entities like the Carbon Club have a decisive role in guaranteeing the alignment of the aggregate mitigating actions with the global objectives identified within the Paris Agreement? What role will be played by market and non-market approaches within the proposed framework? How can economic, social, and environmental sustainability be ensured during the implementation of the Agreement? How can justice and equity be encouraged between the Parties and all the involved actors as required by the Agreement? Which instruments can be designed and adopted to provide the expected degree of transparency for the new system? To respond to these questions the book adopts a holistic approach, able to emphasize the strong interrelations. The book discusses the opportunity to develop a Carbon Club within the Article 6 framework, and provides a feasible roadmap for its means of implementation, rules and governance structure. The final result is a feasible policy proposal that takes into account all the key issues introduced by the questions, and draws a roadmap towards a 'low-carbon Bretton Woods'.

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.

This book provides a new methodological approach to money and macroeconomics. Realizing that the abstract equilibrium models lacked descriptions of fundamental issues of a modern monetary economy, the focus of this book lies on the (stylized) balance sheets of the main actors. Money, after all, is born on the balance sheets of the central bank or commercial bank. While households and firms hold accounts at banks with deposits, banks hold an account at the central bank where deposits are called reserves. The book aims to explain how the two monetary circuits - central bank deposits and bank deposits - are intertwined. It is also shown how government spending injects money into the economy. Modern Monetary Theory and European Macroeconomics covers both the general case and then the Eurozone specifically. A very simple macroeconomic model follows which explains the major accounting identities of macroeconomics. Using this new methodology, the Eurozone crisis is examined from a fresh perspective. It turns out that not government debt but the stagnation of private sector debt was the major economic problem and that cuts in government spending worsened the economic situation. The concluding chapters discuss what a solution to the current problems of the Eurozone must look like, with scenarios that examine a future with and without a euro. This book provides a detailed balance sheet view of monetary and fiscal operations, with a focus on the Eurozone economy. Students, policy-makers and financial market actors will learn to assess the institutional processes that underpin a modern monetary economy, in times of boom and in times of bust.

Providing an insider's examination of China's economic reform and its political implications, this text uses wide ranging primary materials, including interviews, surveys and author's own recollections of Deng Xiaoping and Zhao Ziyang. It aims to shed new light on the Chinese approach to reform, including its dual goal, dynamic gradualism and reform leadership. It assesses the vast social and political changes set forth by the reform, especially multiplying socio political problems, and the international ramifications of China's rise.

Take your first learning steps in the essential Principles of Economics and follow in the footsteps of all leading economists! Economics touches almost every aspect of life: from climate change to terrorism, taxes to house prices, and wages to how much time one spends studying! Economics 11th edition retains the hallmarks of previous editions, providing a detailed overview of the principles of economics, showcasing how economic theories apply to real-world data, recent events, and examples. Specific features such as 'Economics in Action' and 'Economics in the News' incorporate the latest developments in Eurozone and UK policy, including Brexit and the impact of COVID-19 on the economy. The text aims at helping you think like an economist, enabling you to evaluate economic policies, understand human behaviour, develop critical thinking skills and make more informed decisions. Take your first learning steps like all leading economists once did with a course in the principles of economics, and learn to think like an economist with this comprehensive text! Personalise learning with MyLab (R) Economics. By combining trusted author content with digital tools and a flexible platform, MyLab Economics personalises the learning experience and improves results for each student. Parkin, Powell & Matthews, Economics (European), 11th edition PLUS MyLab Economics with eText access card Pack (9781292424767) consists of: 9781292424750 Economics, 11e (print book) 9781292424774 MyLab Economics Instant Access Card 9781292424781 MyLab Economics eText Pearson, the world's learning company. NOTE: Before purchasing, check with your instructor to confirm the correct ISBN. Several versions of the MyLab (R) and Mastering (R) platforms exist for each title, and registrations are not transferable. To register for and use MyLab or Mastering, you may also need a Course ID, which your instructor will provide. If purchasing or renting from companies other than Pearson, the access codes for the MyLab platform may not be included, may be incorrect, or may be previously redeemed. Check with the seller before completing purchase.

This book examines economic policies utilized within Southeast Europe in response to the COVID-19 pandemic. Covering countries both within and outside the European Union, the human and economic cost of the pandemic is calculated using macroeconomic models from a short and longer term perspective. The economic policies used during the pandemic are analyzed, alongside crisis management approaches, to highlight the effectiveness of monetary policy, fiscal policies and potential future economic solutions for the post COVID-19 period. This book aims to provide policy recommendations based on findings from Southeast Europe. It is relevant to researchers and policymakers involved in economic policy and the political economy, as well as anyone interested in the responses to the COVID-19 pandemic.

The book provides a comprehensive overview of the latest econometric methods for studying the dynamics of macroeconomic and financial time series. It examines alternative methodological approaches and concepts, including quantile spectra and co-spectra, and explores topics such as non-linear and non-stationary behavior, stochastic volatility models, and the econometrics of commodity markets and globalization. Furthermore, it demonstrates the application of recent techniques in various fields: in the frequency domain, in the analysis of persistent dynamics, in the estimation of state space models and new classes of volatility models. The book is divided into two parts: The first part applies econometrics to the field of macroeconomics, discussing trend/cycle decomposition, growth analysis, monetary policy and international trade. The second part applies econometrics to a wide range of topics in financial economics, including price dynamics in equity, commodity and foreign exchange markets and portfolio analysis. The book is essential reading for scholars, students, and practitioners in government and financial institutions interested in applying recent econometric time series methods to financial and economic data.

This book explores the integrity of equity markets, addressing such issues as the exchange vs. customer perspective on price discovery and the ways market participants deal with key regulatory concerns. Do market practitioners pass the integrity test? How does "market integrity" play out globally? What is the overall veracity of the marketplace? These are some of the key questions considered in this volume from the viewpoints of traders, economists, financial market strategists and exchange representative. Titled after the Baruch College Financial Markets Conference, Market Integrity: Do Our Equity Markets Pass the Test?, this book is of interest to market practitioners, trading professionals, academics and students in the field of financial markets. The Zicklin School of Business Financial Markets Series presents the insights emerging from a sequence of conferences hosted by the Zicklin School at Baruch College for industry professionals, regulators and scholars. Much more than historical documents, the transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panelists and speakers are integrated for a complete thematic presentation. Each book is focused on a well-delineated topic, but all deliver broader insights into the quality and efficiency of the U.S. equity markets and the dynamic forces changing them.

This volume offers a collection of studies on problem of organization's efficiency, criteria for evaluating the efficiency, tools and methods for measuring the efficiency. The articles included present an interdisciplinary look at efficiency, its essence and the principles of its measurement. The contributions also identify a broad spectrum of conditions for achieving efficiency in various types of organizations and systems (e.g. public institution, non-profit organizations), representing various industries. The book collects selected papers presented at the 7th International Conference "Efficiency as a Source of the Wealth of Nations", held in Wroclaw, Poland, in May 2017.

This workbook presents the answers to the exercises in Macroeconomic Theory, Fluctuations, Inflation and Growth in Closed and Open Economies by Fernando de Holanda Barbosa (2018). Altogether, there are 172 exercises in eleven chapters and three appendices. The organization of this workbook follows the organization of the main text. The first part deals with flexible price models, including the representative agent model, the overlapping generations model, and the Solow growth model. The second part covers sticky price models; both Keynesian and Neoclassical. The third part presents exercises on the government budget constraint and monetary theory issues. There are two types of exercises in this workbook. The first type provides the student with material to practice for a full understanding the subjects presented in the text. The second type covers topics that are not dealt with in the main text, but are included for the sake of completeness. These exercises are marked with an asterisk and can be solved using the tools presented in the corresponding textbook chapter or appendix.

* 4th edition has more emphasis on inequality, ownership structures, financialization, the changing nature of work, and global as well as economy-wide change and uncertainty * Several chapters include discussion on the impacts of COVID-19 on economic well-being and other macroeconomic outcomes like health and labour markets * General updates, including new data, new exercises and discussion questions * The first three chapters of 3rd edition have now been condensed to two chapters in the 4th edition * Differs from other principles books on the market in its pluralist approach. It covers everything the student needs to know, whilst also placing issues in their historical, institutional, social, political, and ethical context. * Introduces students to different schools of thought in economics. Perspectives include neoclassical economics, Keynesian economics, ecological economics, institutional economics and feminist economics. * Logical building-block structure, providing student with a clear sequential approach to macroeconomic models. * Companion website with student study guide, PPT slides and teaching materials (including test bank)

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.

The book focuses on how microfinance institutions can be the alternative way to supply funds to combat different phases of global economic recessions. Also, it emphasizes upon their capabilities in reducing poverty and inequality as the countries of the world today aim to attain the goal of sustainable development. The book further deals with the challenges that the micro financial institutions may face while sustain in the competitive and vast changing global business environment. Finally, the book analyses the effectiveness of micro financial services for the emergence of micro, small and medium enterprises with new technology and innovations which, in turn, can be instrumental in ensuring new relocation of global supply chains.

This book gathers selected papers from the 29th Eurasia Business and Economics Society (EBES) Conference, held in Lisbon, Portugal. While the theoretical and empirical papers presented cover diverse areas of economics and finance in various geographic regions, the main focus is on the latest research concerning accounting/audits, banking, the economics of innovation, and empirical studies on emerging economies and international trade. Studies on labor economics and public economics, as well as regional studies, round out the coverage.

The issue of government or state involvement in the process of economic development and reform has become very popular in the economic development literature. This timely volume examines China's post-Mao economic reforms, and the Chinese government's involvement in the process of managing those reforms. Focusing on management issues, the book considers the state led reforms from a comprehensive and interdisciplinary perspective. The work consists of two parts--the experience of China's post-Mao reforms and major issues associated with the reforms. The first part covers the background, stages and measures, and achievements and problems of economic reforms. The second part addresses major changes in China's regional development, administrative system, and state-society relations. A final chapter considers the lessons of China's economic reforms.

Industry officials and government policymakers have for some time decried the lack of a framework for establishing and defending Research and Development (R&D) policies. Effective policy requires an understanding of the underlying economics. This book offers models and analysis of the economic elements that drive technology-based growth with emphasis on their implications for policy analysis. It also compares existing U.S. policies with those used in Europe and Japan. The results of these models and analysis is a framework for matching various forms of underinvestment with efficient strategic and policy responses. This market-failure based approach enables industry and government R&D initiatives to be developed, analyzed, and implemented with greater success than previously attained.

The first part of the book analyzes economic trends to show how they are affected by technological change and the evolving nature of foreign competition. R&D spending patterns are studied to identify and characterize market failures that prevent adequate private-sector investments in technology. A model is presented for a typical technology-based industry. The second part looks at specific technologies and policies that impact R&D investment and that have been the subject of intense policy debate.

This book offers a look at equity markets and what they have experienced since the 1997 Order Handling Rules were instituted. Specifically, it examines the tremendous technology innovation, intensified competition between an expanding set of alternative trading venues, and continuing regulatory changes that have occurred. Who have been the key initiators? How has market quality evolved over this period in response? What further structural and regulatory changes are still needed? These are among the key questions addressed in the volume, titled after the Baruch College Financial Markets Conference entitled Rapidly Changing Securities Markets: Who are the Initiators? The Zicklin School of Business Financial Markets Series presents the insights emerging from a sequence of conferences hosted by the Zicklin School at Baruch College for industry professionals, regulators, and scholars. Much more than historical documents, the transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panelists and speakers are integrated for a complete thematic presentation. Each book is focused on a well delineated topic, but all deliver broader insights into the quality and efficiency of the U.S. equity markets and the dynamic forces changing them.

Business Cycles in Economic Thought underlines how, over the time span of two centuries, economic thought interacted with cycles in a continuous renewal of theories and rethinking of policies, whilst economic actions embedded themselves into past economic thought. This book argues that studying crises and periods of growth in different European countries will help to understand how different national, political and cultural traditions influenced the complex interaction of economic cycles and economic theorizing. The editors of this great volume bring together expert contributors consisting of economists, historians of economic thought and historians of economics, to analyse crises and theories of the nineteenth and the twentieth century. This is alongside a comprehensive outlook on the most relevant advances of economic theory in France, Germany and Italy, as well as coverage of non-European countries, such as the United States. Several of the highly prestigious Villa Vigoni Trilateral Conferences formed the background for the discussions in this book. This volume is of great interest to students and academics who study history of economic thought, political economy and macroeconomics.

This unconventional book addresses the imbalance of power between countries that give and receive funds for international financial development, with particular attention to the outcomes and impacts of this imbalance on recipient countries. It provides an in-depth analysis of the perceptions that population segments of recipient countries have of the power plays inherent in giving and receiving financial assistance, delving deep into the factors that affect these perceptions to examine how and why developed countries wield power over countries receiving financial assistance. While the text focuses primarily on African countries, it also addresses the broader power imbalance between developed countries in the global north and developing countries in the global south. It also examines perceptions of development assistance and power imbalance between the global south in general and the BRICS countries which provide assistance to the global south in particular. This book is an ideal tool for those studying the socioeconomic impacts of international financial assistance to developing countries.

This contributed volume combines approaches of the current inequality debate with aspects of finance based on profound macroeconomic model analyses. Research on inequality has had a long tradition in economics. With the financial crisis from 2007, not only output decreased tremendously, but also inequality has risen since then. The book presents selected contributions of a workshop held at Bielefeld University in 2016 and features additional papers written by experts in the field. A mixture of established researchers and young scholars presents both theoretical and empirical frameworks to analyze the subject.