This volume brings together business, government and academic representatives from the United States, Pacific and Asian nations to address issues of regional economic cooperation in the Pacific Basin. The contributors focus particularly on cooperation in five areas: development, commodities, technology, human resources, and issues and directions. Their papers explore both the broad questions of cooperation in regional economic development and more practical concerns such as appropriate technology, political constraints, and foreign aid. Invaluable supplemental reading for courses in economic development and comparative economics, "Pacific Cooperation and Development" provides important new insights into the dynamics of economic development in an increasingly critical global market.

The financialization of the economy has brought a number of interrelated problems which have contributed to growing income and wealth inequality. Askari and Mirakhor assert that it is time to make a bold change by putting our financial house in order and on a better path, advocating for a fundamental reform of the financial system.

Growth, Employment, Inequality, and the Environment deals with the fundamental economic problems of our time: employment, inequality, the environment, and quality of life. These exciting new volumes are the first of their kind in which these problems are analyzed using a unified theory framework.

This book presents the complete and pioneering works of the great Spanish economist, German Bernacer (1883-1965), to an English audience for the first time. Bernacer, the first director of the Research Service of the Bank of Spain (1930-55), inspired Keynes' theory but was also a major critic and opponent of it. A macro economist by trade, Bernacer's major theory related to recurring crises, which he believed were inherent in the existence of speculative markets such as property, works of art, long term currency markets, commercial trading, materials, and energy. Bernacer believed that these speculative markets generate unearned income and hoarding,they abound in financial capital and, when such capital is captured, it then lacks in production industries where real value is created, draining their financing. The author shows how history has repeated itself in this manner in 1929, 2007, 2008, 2014 and 2016. The author derives his content from Bernacer's Spanish publications and his private correspondence with his contemporary economists, providing an historical and thematic insight into his thinking. It is well-timed to contribute to current worldwide debates on monetary,financial and budgetary policies needed to implement an economic order that can restore economic stability, providing readers with rare and important insights into the deep roots of crises. The book will be of interest to all readers interested in the history of economic thought, history of financial crises, Keynesian approaches to economics and criticism to Keynesian approaches.

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.

Two important new developments have occurred that have significant impact on the evolution of econometrics, namely, the end of the Cold War and the emergence of the information revolution in nearly all economies of the world.

The information revolution has had significant effect on data flows, making them much more timely, accessible, and descriptive of more parts of the economy. At the same time, it has changed the industrial structure of many economies, giving rise to increasing importance of the tertiary sectors (e.g. services). The new generation of hardware and software enables econometricians to handle larger and more complex problems, especially those that are data intensive and computer intrusive.

These major events require reconsideration and redrafting of some of the materials of the original edition.

The present volume retains the original structure of "Lectures on Microeconomic Theory" and takes up principles of constructing dynamic macroeconometric models and their use in economic analyses and forecasting, while introducing many updates, revisions and extensions. The description of the econometric methodology has been limited to specific applications of time series analysis, and the title has been changed to "Principles of Macroeconometric Modeling."

The first four chapters discuss the principles of specifying equations of structural macromodels, covering both developed marked economies, transition economies and world-wide models. The remaining chapters cover some major issues in the use of macromodels. The point of departure is model simulation, especially of the prevailing non-linear models, which is followed by model validation. The analysis of model dynamics covers economic fluctuations and the relevant implications of non-stationarity. The use of macromodels in policy analysis is presented next; it includes multiplier analysis and scenario simulations. The monograph ends up with forecasting being a special case of simulation analysis.

The international fragmentation of current production processes has led to an explosion of trade in intermediate products, indirectly impacting jobs, income, resources, energy, and emissions. Much of what is consumed is produced via global value chains contributing to climate change via carbon dioxide emissions. The editors comprehensively present research that has advanced the state of the art in input-output analysis over the past two decades, along with an original introduction. Also provided is analysis of the complex interdependent international production structures and their links to social inequality and the environment, which has led to a demand for international input-output tables.

This informative research review discusses the most prominent papers within the economics of structural change and growth. This piece focuses on research that investigates the causes and consequences of structural change with either theoretical or calibrated models, mindfully referring to some of the most celebrated literature over the last two decades. The research review analyses literature covering the impact structural change has on an array of economic factors including convergence, per capita income and spatial development. Prefaced by an original introduction from the editors, this collection would be well suited to scholars and macro-development economists wishing to extend their knowledge of this compelling topic.

Standard equilibrium economic models focus on interdependencies. In Out of Equilibrium, Amendola and Gaffard develop a theory also dealing with interdependencies, but based on disequilibria, which take the form of feedback mechanisms over time. The way in which these disequilibria interact sequentially determines the evolution path of an economy. As a result, different processes may be associated with any kind of original shock. Whereas in equilibrium models these processes are determined by the 'fundamentals' of the economy, here the outcome is heavily influenced by the processes themselves, the sequential decisions taken, and policies followed. The model proposed in this book is a heuristic tool that makes it possible to explore these `disequilibria'. By using it, economic phenomena and policy recommendations appear entirely different, and in most cases the interpretations made are diametrically opposite to those advocated by the dominant equilibrium theory, thus giving a new perspective on the recent past of the Western economies.

This study quantifies the relationships between the economies of the Unites States and Japan on an industrially disaggregated basis. It links two large-scale econometric models of the U.S. and Japan in the framework of the world model system (Project LINK). These models are useful not only for forecasts and aggregate policy studies, but also for detailed investigation of industrial changes and trade policy on sectoral output employment, trade balance, and inflation in both countries. The interactions with other parts of the world are also taken into account. Applications to policy changes and exchange rate variations illustrate the potential of the model system and provide a powerful insight into the operation of two closely integrated economies. A pioneering effort to link quantitatively the relationships between the economies of the United States and Japan, this volume will be of interest to economists and policymakers here and abroad.

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 proceedings volume presents new methods and applications in applied economics with special interest in advanced cross-section data estimation methodology. Featuring select contributions from the 2019 International Conference on Applied Economics (ICOAE 2019) held in Milan, Italy, this book explores areas such as applied macroeconomics, applied microeconomics, applied financial economics, applied international economics, applied agricultural economics, applied marketing and applied managerial 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 analyze economic problems of the real world, usually with economic policy interest. In addition, there is growing interest in the field of applied economics for cross-section data estimation methods, tests and techniques. This volume makes a contribution in the field of applied economic research by presenting the most current research. Featuring country specific studies, this book is of interest to academics, students, researchers, practitioners, and policy makers in applied economics, econometrics and economic policy.

Joseph Stiglitz examines the theory behind the economic downturns that have plagued our world in recent times. This fascinating three-part lecture acknowledges the failure of economic models to successfully predict the 2008 crisis and explores alternative models which, if adopted, could potentially restore a stable and prosperous economy.

This book introduces a new approach in the field of macroeconomic inventory studies: the use of multivariate statistics to evaluate long-term characteristics of inventory investments in developed countries. By analyzing a 44-year period series of annual inventory change in percentage of GDP in a set of OECD countries, disclosing their relationship to growth, industry structure and alternative uses of GDP (fixed capital investments, foreign trade and consumption), it fills a gap in the economic literature. It is generally accepted that inventories play an important role in all levels of the economy. However, while there is extensive literature on micro- (and even item-) level inventory problems, macroeconomic inventory studies are scarce. Both the long-term processes of inventory formation and their correlation with other macroeconomic factors provide interesting conclusions about economic changes and policies in our immediate past, and present important insights for the future.

In the aftermath of the stock market crash, Irving Fisher pointed to the electrification of the U.S. industry as one of the underlying causes of the stock market boom. Earlier, in 1927, Brookings Institution economists had lamented the scant attention energy had received from economists. Today, some 60 years later, power remains the forgotten factor input. In this book, the author incorporates energy into the corpus of economic analysis. Unlike previous attempts, which were mostly theoretical, this work generates testable predictions. The result is a model of production based on the two universal factor inputs--broadly defined energy and broadly defined organization.

Once the model of production is developed, the book then tests an empirical model with data from U.S., German, and Japanese manufacturing. The results are used to reexamine the role of energy in productivity slowdown. When the empirically and theoretically correct model of production is used, the Solow residual disappears: growth in manufacturing value added is fully accounted for by growth in energy, capital, and labor.

This is an especially impressive study, one really without equal in terms of its coverage and sophistication. . . . While the analysis is predominately neoclassical, it is sensibly and sensitively done, and there is much to be learned from these pages on the immense difficulties involved in designing and implementing appropriate small-state economic policy. The tug of economic reality facing small economies in an open-world economy make the push coming from internal interests a real balancing act, as Worrell appreciates. There are other points one might have liked Worrell to have touched upon, but this work is really in a class by itself; there is no other general economic study of the region that is even remotely comparable. "Choice"

Dr. Worrell has been Director of Economic Research at the Central Bank of Barbados for over ten years. During this time he has observed firsthand the economic fluctuations in the Caribbean, advised the Barbados Government on policy, and written about the issues. "Small Island EconomieS" offers the author's reflections on the English-speaking Caribbean's economic performance during the last fifteen years. This insightful volume will be of use to specialists of developing and comparative economies and third world scholars, as well as those concerned with present-day international relationships.

This report is a partial result of the China's Quarterly Macroeconomic Model (CQMM), a project developed and maintained by the Center for Macroeconomic Research (CMR) at Xiamen University. The CMR, one of the Key Research Institutes of Humanities and Social Sciences sponsored by the Ministry of Education of China, has been focusing on China's economic forecast and macroeconomic policy analysis, and it started to develop the CQMM for purpose of short-term forecasting, policy analysis, and simulation in 2005. Based on the CQMM, the CMR and its partners hold press conferences to release forecasts for China's major macroeconomic variables. Since July, 2006, twenty-six quarterly reports on China's macroeconomic outlook have been presented and thirteen annual reports have been published. This report, the twenty-sixth quarterly report, has been presented at the Forum on China's Macroeconomic Outlook and Press Conference of CQMM on February 26, 2019. This conference was jointly held at Beijing by the CMR and the Economic Information Daily at Xinhua News Agency

For Eastern European and other countries, market democracy offers an organizing principle for reform, a model on which to base movement toward a market economy. Macesich stresses the importance of such an organizing principle, asserting that without it the state will again assume dominance and the political and economic structure will be taken over by well-organized special interests to the detriment of the rest of society. In such a scenario, reform simply perpetuates the interests of the ever-active political elite and bureaucracy. Market democracy, the culmination of more than three hundred years of economic and political thought, is centered on a pluralistic democracy with a free-market-oriented society. Proponents of market democracy do not share the Marxist pretention that commandeering society is the one way to assure prosperity and freedom; they are equally skeptical of the nationalism which has replaced Marxism in many of these countries as the guiding spirit of government. This study draws on the experience of the Austro-Hungarian Empire, demonstrating the futility of promoting narrow nationalism in the ethnic hodgepodge that constitutes the population in this part of Europe.

The volume's eight chapters look at the organization of a market democracy and the historical and theoretical principles involved. Then Macesich zeroes in on the key role of money, the constraints of nationalism; bureaucracy and market democracy; and property rights, privatization, and other issues. The volume closes with two chapters devoted to the politics of reform and a re-examination of Europe's past. This timely volume will be especially valuable to scholars in the areas of development economics, international finance and trade, political economy, political science, and socialism.

The second of two works resulting from the author's extensive study of energy and the world economy, this book examines the international macroeconomic aspects of energy adjustment. Specifically, the author analyzes the ways in which economies adjust to external shocks, particularly the oil price shock and other energy market changes of the 1970s and early 1980s. He seeks to put the recessions experienced by industrial countries during the last decade in historical and analytical perspective, arguing that with the increasing openness of the world economy, the effects of the domestic policies of the industrial economies are increasingly relevant to the economic prospects of developing countries. He argues further that the apparent problems of the global economy during the post-1973 era--stagnant growth, inflation, the international debt crisis, and rising protectionism--are in part the result of a deterioration in the economic performance of industrial countries.

The author begins by examining the effects of energy supply disturbances on the world economy. Subsequent chapters explore such issues as challenges to economic stabilization policy; the impact of external shocks on the economies of less developed countries, especially with regard to inflation and balance of payments problems; the relationship between world payment imbalances and recycling problems; and the link between energy markets and the international debt crisis. Finally, the author provides a theoretical framework for the international adjustment to energy shocks, focusing on flexible exchange-rate policy responses to exogenous shocks in the 1970s and the contribution of exchange rate misalignment to the international debt crisis of the 1980s.

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.

This book is a quarterly forecast and analysis report on the Chinese economy. It is published twice a year and presents ongoing results from the "China Quarterly Macroeconomic Model (CQMM)," a research project at the Center for Macroeconomic Research (CMR) at Xiamen University. Based on the CQMM model, the research team forecast major macroeconomic indicators for the next 8 quarters, including the rate of GDP growth, the CPI, fixed-asset investment, resident consumption and foreign trade. At the same time it focuses on simulation of current macroeconomic policies in China. In addition to helping readers understand China's economic trend and policy guide, this book has three main goals: to help readers understand China's economic performance; to forecast the main macroeconomic indicators for the next 8 quarters; and to simulate the effectiveness of macroeconomic policies.

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.

Confident in the knowledge that the U.S.was the dominant world economic power, state leaders paid little attention to economic development after World War II. Then, with increasing competition from Asia, Germany, and South America, the recession of the 1980s, and the Reagan cutbacks in assistance to states, they began to place more emphasis on state economic development, finding that earlier policies did little to help their states develop economically. Today, the pursuit of state economic development is so intense it pushes other issues to the back burner. Examining the impact of interest groups on state economic development policies, this book helps to account for some of the forces that have molded development policy during this crucial time.

With the reemergence of economic development as a policy issue, state policy makers have developed over 300 distinct policies. What causes state officials to adopt or modify specific policies is open to debate. Investigating a series of variables believed to influence variations in state economic policies, the author finds that contemporary theories do not adequately explain the relationship between the lobbying efforts of interest groups and differences in economic development policies.