This text offers detailed analysis and informed comment on the future of emerging economic policies. It is essential reading for all postgraduates and scholars looking for expert discussion and debate on the issues surrounding economic policy.

Dealing with economic issues related to income and wealth among individuals, regions and countries, this book presents a general theory with endogenous capital, knowledge and preference changes for an economic system with heterogeneous households, multiple sectors, multiple regions and multiple countries.

Research in Labor Economics 44 takes another in-depth and focussed look at Inequality. This time however it is tied in with well-being of the workforce. Research in Labor Economics volume 44 contains new and innovative research on the causes and consequences of inequality and well-being of the work force.

This book provides new ways of analyzing the key issues in international finance and open economy macroeconomics. The topics covered include: financial globalization and the evolution of the international financial system; international macroeconomic accounting and measurement; early balance of payments approaches; the intertemporal model of international borrowing and lending; the significance of external deficits; the determinants of interest rate differentials and exchange rates; the effectiveness of monetary and fiscal policies; capital mobility and economic growth; and the causes of financial crisis in emerging economies.

China's emerging financial markets reflect the usual contrast between the country's measured approach toward policy, regulatory, and market reform, and the dynamic pace of rapid economic growth and development. But they also offer unusual challenges and opportunities. In the past five years, the pace of opening and reform has accelerated sharply. Recapitalization and partial privatization of the largest banks, and the allowance of some joint venture and branch operations for foreign financial institutions, are making rapid headway in developing and expanding financial services and improving access to domestic business and households. This book provides the most extensive look available at the evolving Chinese financial system. It begins with alternative perspectives on the evolution of the financial system and the broad outlines of its prospects and potential contribution to economic growth. Three articles review broad aspects of the financial system. Franklin Allen, Jun ''QJ'' Qian, Meijun Qian, and Mengxin Zhao lead off with overviews of the banking system and performance of the equity market and other institutions.

This book will be of particular relevance for readers interested in a thorough analysis of international capital flows, their determinants and their macroeconomic implications. It also provides information about the origines of international financial crisis and assess proposals to overcome and avoid financial crisis in the future.The book is an outcome of a conference held at the Kiel Institute of World Economics. The papers cover the track record of financial integration, the changing structure of financial markets and the implications for macroeconomics and growth. Particular emphasis is placed on the various financial crises of the 1990s and on proposals for a reform of the international financial system.

What are the driving forces - both endogenous and exogenous - for, and how have they influenced China's economic transformations during the past decades? This revised and updated second edition sets out to analyze and compare the operational mechanisms of the Chinese economy between the pre-- and post-reform periods and through both national and provincial dimensions. A multiregional comparison of the Chinese economy is conducted in terms of natural and human resources, institutional evolution, as well as economic and social performances. The first edition of this book was selected as the 'Best Book on Chinese Economy' by Questia librarians. -- Publisher's description.

Infrastructure and Poverty in Sub-Saharan Africa analyzes the extent to which, how, and how fast the infrastructure needs of the poor have been met in Sub-Saharan Africa. Estache and Wodon explore the extent to which some key policies have hurt or helped progress in trying to speed the expansions of coverage so clearly needed in the region. They focus on electricity, water, sanitation, and other services at the core of the day-to-day needs of the population, examining the extent to which reforms of the last 15-20 years have managed to reduce the infrastructure gap. They anchor their analysis on the evidence available about the macroeconomic importance of infrastructure for the region, the policies that have been adopted to accelerate coverage, and a detailed assessment of the poverty dimensions of infrastructure.

Public debt has become a severe problem for a great many economies. While the effects of tax policies on the allocation of resources are readily derived, the mechanisms that make public deficits and debt influence the economy are not so easily understood. This book elaborates on the effects of public debt starting from the intertemporal budget constraint of the government. It is shown under which conditions a government can stick to the intertemporal budget constraint and then, demonstrated how public debt affects the growth process and welfare in market economies. The effects are derived for models with complete labor markets as well as taking into account labor market imperfections. The focus in this book is on fiscal policy issues, but it also deals with monetary policy aspects. The theoretical analysis is complemented with empirical time series analyses on debt sustainability and with panel studies dealing with the relationship between public debt and economic growth.

The human imprint on the biosphere has become so pronounced in recent years that there has been talk of a new geological era, the 'Anthropocene'. Gathering contributions from some of the world's foremost heterodox economists, this book explores the new economic directions and paradigms that are required to respond to this crisis.

In this book, a leading observer of the international financial system assesses official efforts to address the problem of financial crises in emerging markets. Professor Eichengreen describes the progress that has been made in limiting the frequency of crises and strengthening the international financial system. He also shows that initiatives in this area have unintentionally made life more difficult for the poorest countries. He therefore argues that efforts to limit the threat to the international financial system need to be linked to an increase in development assistance. Another place where official efforts have fallen short, the author argues is in creating new ways of resolving crises. He shows that official financing through the International Monetary Fund is part of the problem. The IMF's financial rescues allow investors to escape without losses, in turn encouraging them to lend without due regard to the risks. This only makes the international system more crises prone. That the IMF has repeatedly come under pressure to bail out crisis countries reflects the absence of other acceptable ways of resolving the financial difficulties of emerging markets. Not lending threatens to expose the international financial system to a disorderly and disruptive crisis. At the same time, radical new alternatives like an international bankruptcy court or international lender of last resort would create more problems than they solved-even if there was the political appetite for such ambitious schemes, which there is not. The author concludes that the best way to enhance the efficiency and stability of international financial markets is by pushing for changes to the provisions of loan agreements that will enhance the capacity of creditors and debtors to resolve financial problems on their own.

This volume is a collection of papers presented at the first meeting of the Society for the Study of Economic Inequality (ECINEQ). The Society??'s aims are to ???provide an international forum for all researchers interested in the study of economic inequality and related fields, bringing together the diversity of perspectives.??? The conference was held in Palma de Mallorca, Spain in July 2005. Over eighty parallel sessions were offered, providing novel and interesting work from both mature scholars and as well as new PhD???s.
With so much quality work from which to choose, it was necessary to limit the scope of Research on Economic Inequality, Volume 14. The first five papers all employ Spanish data and cover topics such as child poverty, social preferences toward redistribution, social exclusion, and multidimensional poverty. The next three papers examine inequality in the EU using alternative methodologies. Chapter Nine explores poverty dynamics among the elderly in Italy. Chapter Ten presents and extends the ???state of the art??? in multidimensional inequality measurement. Chapters Eleven and Twelve contribute to the theoretical underpinnings of inequality measurement. Chapters Thirteen through Fifteen contain analytical papers focused on evaluating the effects of public policy on poverty and inequality. The final two chapters use the questionnaire-experimental approach to examine individuals??? distributional preferences.
*Part of the Research on Economic Inequality series.
*Presents papers form the inaugural meeting of the Society for the Study of Economic Inequality (ECINEQ)
*Provides an international forum for all researchers interested in the study of economicinequality and related fields
*Brings together a diversity of perspectives

Topicality of Asian economy has refused to fade for almost four decades; if anything it has been levitating. The Asian economy has changed markedly since the economic and financial crisis of 1997-1998 and is continuing to evolve. As a scholarly subject matter, Asian economy has not stopped attracting academicians, policy mandarins, decision makers in the arena of business and students of Asian economy. The Asian crisis was a cataclysmic event for the region and brought to the surface several systemic limitations, like those in the financial sector, corporate governance, regulatory oversight, legal framework, and exchange rate management. Managers of Asian economy need to get to the bottom of these acutely problematical systemic issues. Additionally, Asian economies need to change with the demands of time and devise their post crisis development strategy. Asia's growth model, that served it so well for four decades, is overdue for renewal so that it can re-strengthen its bonds with the ever-evolving regional and global economic reality. The old growth model is likely to be less relevant and effective in the post-crisis future of the Asian economies. feature of Asian Economy and Finance: A Post-Crisis Perspective is that unlike most Asia-related books, it is written in a comprehensive and authoritative manner and covers large areas of Asian macro-economy and finance. The noteworthy areas of focus include global and intra-regional trade and investment, as well as financial and monetary aspects. In-depth discussions have been provided on regional integration through expanding trade, financial flows, regional production networks, and financial and monetary co-operation. In taking a contemporary or post-crisis view of the Asian economy, this book offers the newest knowledge related to relevant themes on the Asian economies as well as the latest concepts. In a succinct manner, this book deals with the principal normative and positive strands with which one need to be properly familiar in this subject area. This tightly written volume covers a great deal of ground and imparts knowledge on the Asian economy related themes to students, researchers and policy makers alike. The book is neither overly technical nor model-oriented. analysis style, which stops short of mathematical formulations and econometric modeling. Many students and other readers who have good analytical minds and sound knowledge of economic principles feel lost in mathematical formulations. This writing style makes it accessible to a much larger number of readers.

This study examines the relative successes and failures of reform programs in Poland and Czechoslovakia, as well as the causes of these successes and failures. It provides a synthesized and comparative study of efforts to achieve systemic economic transformation. The work begins with the identification of background forces in these two countries--cultural, social, political, and economic--analyzing their impact on micro-responsiveness to reform policies. Then, within the framework of these forces, the author traces the causes of the two economies' reform failures during and since the Communist era. The central purpose of the work is to provide objective lessons for economies attempting systemic transformations or implementing development policies. This work will be of interest to scholars and policymakers in development economics and comparative economic systems and policies.

The global demographic transition presents marked asymmetries as poor, emerging, and advanced countries are undergoing different stages of transition. Emerging countries are demographically younger than advanced economies. This youth is favorable to growth and generates a demographic dividend. However, the future of emerging economies will bring a decline in the working-age share and a rise in the older population, as is the case in today's developed world. Hence, developing countries must get rich before getting old, while advanced economies must try not to become poorer as they age. Asymmetric Demography and the Global Economy contributes to our understanding of why this demographic transition matters to the domestic macroeconomics and global capital movements affect the asset accumulation, growth potential, current account, and the economy's international investment position. This collaborative collection approaches these questions from the perspective of "systemically important" emerging countries i.e., members of the G20 but considers both the national and the global sides of the problem.

Utz-Peter Reich addresses economists interested in a sound empirical foundation for their theoretical concepts. He investigates economic value and determines how value is defined in theory, which is microeconomic, and how it is measured in practice in national accounts. He demonstrates that microeconomic theory is not made to guide or interpret national accounts figures and he offers an alternative theory.

This volume focuses on the interaction between business, the environment, government regulators and technology, describing the greening of industry in the USA, Japan and the EU and the way in which environmental management is being applied. Following a review of the essential role that financial institutions have to play in this field, the book concludes with an examination of the way in which the regulators are also having to change in order to meet the dual challenge of environmental improvement and the drive for increased industrial competitiveness.

This is an applications-oriented text that demystifies the linkages between monetary and fiscal policies and key macroeconomic variables such as income, unemployment, inflation and interest rates. Specially written "newspaper" articles simulate current macroeconomic news on asset-price bubbles, exchange rates, hyperinflation and more. Exercises and diagrams, and a global perspective - incorporating both developed and emerging economies - make this a broadly useful, real-world oriented text on a complex and shifting subject.

The Asian crisis of 1997-1998 was a major influence on macroeconomic thinking concerning exchange rate regimes, the functioning of international institutions, such as the IMF and the World Bank, and international contagion of macroeconomic instability from one country to another.
Exchange Rate Regimes and Macroeconomic Stability offers perspectives on these issues from the viewpoints of two Nobel Laureates, an IMF economist, and Asian economists. This book contributes new ideas to the ongoing debate on the role of domestic monetary authorities and international institutions in reducing the likelihood of international financial crises, as well as the problems associated with various exchange rate regimes from the standpoint of macroeconomic stability.
Overall, the chapters contained in this volume offer interesting perspectives, which have been stimulated by the recent events in the foreign exchange market. They provide a useful reference for anyone interested in the development of exchange rate regimes, and represent considerable reflection by economists half a century after Bretton Woods.

The 8th volumes of Research in Asian Economic Studies focuses on topics such as "The new Industrial revolution in Asian economies"

This book examines the effectiveness of surveillance by international institutions for financial crisis prevention. It discusses issues relating to designing effective micro- and macro-prudential policies, their mixes and their coordination with monetary policies for achieving financial stability while promoting better macroeconomic performance.

This work is the only economic history of Venezuela written in English. In it, Salazar-Carrillo provides estimates that have not been published previously on the Venezuelan economy in general, and the oil component in particular. Evolution of the oil industry in Venezuela is covered in detail and the concept of the retained value of oil expenditures and tnvestment is developed. Recent government policies and the performance of the Venezuelan economy are evaluated, and export-oriented strategies are considered. The appropriateness of these plans in fostering economic development is discussed.

Challenges in Economic and Financial Policy Formulation provides an introductory, yet comprehensive, treatment of macroeconomic policies and their implementation in an Islamic-designed economic system.

After the ?rst edition of this book was published in early 2005, the world has changed dramatically and at a pace never seen before. The changes that - curred in 2008 and 2009 were completely unthinkable two years before. These changes took place not only in the Finance sector, the origin of the crisis, but also, as a result, in other economic sectors like the automotive sector. Governments now own substantial parts, if not majorities, in banks or other companies which recorded losses of double digit billions of USD in 2008. 2008 saw the collapse of leading stand-alone U. S. investment banks. In many co- tries interest rates fell close to zero. What has happend? While the economy showed strong growth in 2004 to 2006, the Subprime or Credit Crisis changed the picture completely. What started in the U. S. ho- ing market in late 2006 became a full-?edged global ?nancial crisis and has a?ected ?nancial markets around the world. A decline in U. S. house prices and increasing interest rates caused a higher rate of subprime mortgage delinqu- cies in the U. S. and, due to the wide distribution of securitized assets, had a negative e?ect on other markets. As a result, markets realized that risks had been underestimated and volatility increased. This development culminated in the bankruptcy of the investment bank Lehman Brothers in mid September 2008.