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.

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.

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.

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.

This book answers the question of how exactly property price indexes should be constructed. The formation and collapse of property bubbles has had a profound impact on the economic administration of many nations. The property price bubble that began around the mid-1980s in Japan has been called the 20th century's biggest bubble. In its aftermath, the country faced a period of long-term economic stagnation dubbed the "lost decade." Sweden and the United States have also faced collapses of property bubbles in the 20th and early 21st centuries, respectively. It has been pointed out that the "information gap" that existed between policy-making authorities and the property (including housing) and financial markets was a problem. In 2009, the IMF proposed the creation of a housing price index to the G20 in order to fill this information gap, and the proposal was adopted. Furthermore, in 2011, it was suggested that the next economic crisis would be caused by a bubble in commercial property prices, and it was decided to create a commercial property index as well. This book provides practical examples of how the theory of property price indexes can be applied to the issues of property as a non-homogenous good and a technological and environmental change.

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 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.

In the era of globalization and liberalization, the world is enjoying high growth as well as suffering from the ill-effects of unequal distribution of its economic outcomes. The activities of anti-government demonstrations in China and across the world via the Occupy Wall Street Movement highlight that inequality has become an international phenomenon. It is apparent in both poor countries under authoritarianism and rich countries governed by a democratic regime. Thus, inequality has become not only a hurdle to development but also a threat to social and political stability. The spread of the Jasmine Revolution across parts of North Africa and the Arab Spring are illustrative of what can happen under certain circumstances.This book confirms the inconsistencies between high growth and increasing inequality via a series of case studies across 11 countries, numerous regions, and OECD members. Many of the case studies draw upon original household surveys. Our findings indicate the seriousness of income inequality, explore factors that have caused the inequality and analyze their economic and social consequences.The book raises, and deals with, three key questions: (1) Can high growth reduce inequality gradually? (2) Can government intervention be effective in equalizing income distribution? (3) Is the income disparity an engine for, or an obstacle of, high growth?

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.

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.

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 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 demonstrates the continuing relevance of economics for understanding the world, through a restatement of the importance of plurality and heterodox ideas for teaching and research. The Great Financial Crash of 2007-8 gave rise to a widespread critique of economics for its inability to explain the most significant economic event since the 1930s. The current straightjacket of neo-classical undergraduate economic teaching and research hinders students' understanding of the world they live in. The chapters in this book provide examples to demonstrate the importance of pluralistic and heterodox ideas from across the breadth of economics. The authors' plurality of approach is indicative of the fact that economics is a much broader discipline than the dominant neo-classical orthodoxy would suggest. This volume provides undergraduate students with a range of alternative ideas and university lecturers with examples whereby the curricula have been broadened to include pluralist and heterodox ideas.

This survey of portfolio theory, from its modern origins through more sophisticated, "postmodern" incarnations, evaluates portfolio risk according to the first four moments of any statistical distribution: mean, variance, skewness, and excess kurtosis. In pursuit of financial models that more accurately describe abnormal markets and investor psychology, this book bifurcates beta on either side of mean returns. It then evaluates this traditional risk measure according to its relative volatility and correlation components. After specifying a four-moment capital asset pricing model, this book devotes special attention to measures of market risk in global banking regulation. Despite the deficiencies of modern portfolio theory, contemporary finance continues to rest on mean-variance optimization and the two-moment capital asset pricing model. The term postmodern portfolio theory captures many of the advances in financial learning since the original articulation of modern portfolio theory. A comprehensive approach to financial risk management must address all aspects of portfolio theory, from the beautiful symmetries of modern portfolio theory to the disturbing behavioral insights and the vastly expanded mathematical arsenal of the postmodern critique. Mastery of postmodern portfolio theory's quantitative tools and behavioral insights holds the key to the efficient frontier of risk management.

This volume sheds new light on economic developments in several countries of Southeast Europe. The European Union and especially the eurozone continue to experience rhythms of fiscal crisis, as can most clearly be seen in the debt crisis in the South Periphery. Despite the fact that several measures and decisions have been taken to deal with the crisis (banking union, liquidity support from the European Central Bank), proposals to reform Europe's strategic policy in order to find a way out of the crisis have been put forward. This book explores the respective roles that specific sectors, e.g. the agricultural sector, social capital, tax policies and labour immigration, can play in this regard. The importance of international economic relations (exports, imports, FDI, exchange rates) is analysed, in order to illustrate the nature of the economic developments and the major economic difficulties these countries face.

The Carter administration took office at an unfortunate time as far as economics is concerned. The economy was floundering, and the oil crisis and energy problems were all too prevalent. The author explains that as Carter turned to fighting inflation, he abandoned the traditional Democratic agenda and became a forerunner of Reagan. In the end, he did not conquer inflation, but he did sacrifice his ambitious programs for restructuring government, crafting a lasting energy program, and reforming the tax structure, welfare, and health care.

William Mott examines the relationships between economic growth and international conflict in history and theory, developing and analyzing a set of observed empirical modern growth-conflict relationships over long periods, and presenting an explanation of the observations. After introducing the growth-conflict relationship as the unit of analysis, he identifies historical perceptions of the growth-conflict relationship from ancient times through the modern era. Mott offers an alternative theoretical construct for further investigation, and speculates about the impact of these results on orthodox political-economic theory. The results of this work carry powerful implications for national management of foreign direct investment and trade in both home countries and host nations.

This book explores the process of financialization whereby economies are increasingly dominated by finance capital. This process is characterized by rising income inequality, wage stagnation, increased indebtedness, a rising financial sector share of profits, and tendencies to generate asset price bubbles. The financial crisis of 2008 and the subsequent recession and stagnation represent the latest phase. The book provides a comprehensive treatment of these developments, beginning with a presentation of
the empirical evidence. That is followed by economic theory chapters dealing with the macroeconomics of financialization, business cycle effects; microeconomic developments; tendencies toward Minsky-style economic instability; and economic growth effects. The final section of the book focuses on the political economy of financialization and policies to stabilize financial markets.

This book analyzes the post-subprime crisis world from the global, Asian and Chinese perspectives. It dispels some of the myths about the crisis's effects on Asia and China; and exposes the ugly truth of bailout policies and their distortion and hindering of the world's economic rebalancing effort in the post-subprime era.

This book provides a detailed and up-to- date analysis of the current and near-future domestic economic situation in China based on the concept of "New Normal", which was first proposed by Chinese President Xi Jinping and which is commonly used in discussions on China's current economy. China's New Normal is the result of the growing pressures on domestic resources, environmental restrictions, and unstable international economic recovery and characterized by a moderate economic increase, a proper increase in commodity pricing, stabilizing new employment and optimizing economic structure. The book argues that while China focuses on stability and quality in macro-control and enhancing reform and innovation, many contradictions and problems in economic operations are gradually being solved, therefore optimizing the economic structure. The book explores many aspects of China's economic development under the "New Normal" while making analysis and policy suggestions for the present economic trends.

During the past 4 years, faith in the present financial model has been shaken in terms of policy, regulation, the financial sector itself, and exchange-rate regimes. Past and present policies of the world s most respected central banks have come under fire. Regulations that defined the system have undergone major reviews. Complicated financial instruments that provided new ways of financial intermediation have been exposed as culprits behind the financial meltdown. After 10 years of success, Europe s single currency is under threat. In short, the established financial model not only has been unable to prevent the crisis but, arguably, has been a cause of it.

There is no longer one obvious model that meets all needs. The burst of Japan s bubble was followed by two lost decades . Before a contrite Japan completely adopted Western ways of finance, the Lehman shock hit, followed by the euro crisis. Monetary policy, financial regulation and the state of the financial sector all must be reconsidered. Currencies and exchange rates make up another important aspect of finance. If the Western model of finance is discredited, does that mean the dominance of Western currencies is also eroded? What does the crisis in the euro area tell us about exchange rate regimes in general?

Clearly, a new model is needed, one that is conducive to both stability and prosperity. But who will provide it? This volume records the cumulative results of three EU Studies Institute (EUSI) conferences that have addressed these issues, and examines how Asia and Europe compare in the quest for the next financial model. While many books on Europe and Asia focus on integration and what Asia can learn from Europe, this book emphasizes mutual lessons in the common search for a new model.

EU Studies Institute

The EU Studies Institute in Tokyo (EUSI) was launched on 1 April 2009 as a consortium comprising Hitotsubashi University, Tsuda College, and Keio University. The Institute is sponsored by the European Commission for a four-and-a-half-year period. As a centre for academic education, research and outreach, it aims to strengthen EU Japan relations. Details are at http: //eusi.jp/content_en/"

There is no better guide than Paul Krugman to basic economics, the ideas that animate much of our public policy. Likewise, there is no better foe of zombie economics, the misunderstandings that just won't die. Arguing with Zombies is Krugman "the most hated and most admired columnist in the US" (Martin Wolf, Financial Times) at his best, turning readers into intelligent consumers of the daily news with quick, vivid sketches of the key concepts behind taxes, health care, international trade and more. In this new book, in which he builds on and expands his The New York Times columns and other writings, "the most celebrated economist of his generation" (The Economist), offers short, accessible chapters on topics including the European Union and Brexit, the fight for national health care in the United States, the financial meltdown of 2007-2008, the attack on Social Security and the fraudulent argument-the ultimate zombie-that tax cuts for the rich will benefit all.