Jean Gabszewicz's new book is devoted to the study of strategic multilateral exchange. Contrary to the classical competitive paradigm in which agents are assumed to behave as price takers, here traders are allowed to consciously behave as strategic agents who aim to influence trade to their own advantage. This is usually done in oligopoly theory using a partial equilibrium approach while in this case a system of interrelated markets is considered. Primarily, the book discusses the game-theoretic concept of core and the relationship between core and the set of price allocations in economies embodying significant traders is explored. The author goes on to adopt a non-cooperative approach building on the concept of Nash equilibrium. Strategic Multilateral Exchange will be welcomed by academics, advanced research scholars and doctoral students with an interest in economic theory, microeconomic theory and general equilibrium. It will also appeal to mathematical economists with an orientation in mathematical economics and game theory.

With substantial risks arising from resource constraints on global growth, serious questions are being posed about how a scarcity of finite resources may impact global social and political fragility. The research which forms the core of this book focuses on how this scarcity will impact the financial sector, especially through insurance, pension and banking activities. The UK finance sector, which is considered to be amongst the most globalised, is placed under the microscope, and its approaches to food and oil are particularly noteworthy. Interviews with senior financial experts are analysed alongside more traditional quantitative economic analysis to explore potential future impacts, the scope of natural resource constraints and their impact on the economy.

This is the extraordinary story of how salt fish from Shetland became one of the staple foods of Europe, powered an economic boom and inspired artists, writers and musicians. It ranges from the wild waters of the North Atlantic, the ice-filled fjords of Greenland and the remote islands of Faroe to the dining tables of London's middle classes, the bacalao restaurants of Spain and the Jewish shtetls of Eastern Europe. As well as following the historical thread and exploring how very different cultures were drawn together by the salt fish trade, John Goodlad meets those whose lives revolve around the industry in the twenty-first century and addresses today's pressing themes of sustainability, climate change and food choices.

This book assesses the performance of banks in India over the past several decades, and discusses their current status after fifty years of nationalization. The performance of different categories of banks is evaluated by employing both the traditional ratio analysis and more sophisticated efficiency techniques. The book also explores the market conditions under which Indian banks operate. Going beyond a formal banking study, the book also investigates the causes of the widespread presence of informal credit in parallel to its formal banking counterpart. This approach makes it more comprehensive, unique and closer to the real world. After 50 years of nationalization, India's banking sector is at a crossroads, given the huge and unabated non-performing assets and talks of consolidation. This book, encompassing both the formal and the predominantly 'trust-based' informal credit system, provides essential insights for bankers and policymakers, which will be invaluable in their endeavours to implement meaningful changes. It may also spark new research in the fields of banking performance and efficiency analysis. Lastly, the book not only has significant implications for students of economics, banking, finance and management, but also offers an important resource to support training courses for banking personnel in India.

This book proposes new methods of detecting causality among several dynamic variables and of estimating divisions of nominal income changes into changes in output and prices. Amano builds on established traditions of macro-dynamics and the theories of Keynes and Freidman, while providing innovative perspectives and important policy implications.

This book re-evaluates the regional organizations landscape and discusses how organizations with similar mandates can exercise strikingly different goals. Even economic organizations, which do not produce any outcomes in terms of economic cooperation, can be valuable for their members or individual stakeholders. The book's argument is supported by a combination of quantitative and qualitative methods. It employs a novel dataset of 60 regional organizations to establish correlations between members' goals and their characteristics. More than a dozen case studies in Latin America, Africa, Middle East, Southeast Asia, and post-Soviet Eurasia illustrate the theoretic arguments of how particular types of regional organizations come into existence and evolve. Finally, the book examines the remarkable resilience of regional organizations and considers the conditions under which the stakeholders are willing to abandon support.

This book advocates a holistic reform of the current monetary and financial system dealing with the issues of money creation, central banks, loans, stock markets, tax justice, pension security and the international monetary system - "Bretton Woods II". Its innovative approach presents several alternatives for each cornerstone, in addition to introducing a participatory democratic process whereby sovereign citizens can themselves determine the rules governing the new financial and monetary system. With "democratic money conventions" in each municipality, where the elements of this new money system are discussed and decided on in a participatory manner, and a federal money covenant which then elaborates a template for a referendum about the future "money constitution", a true "sovereign" could progressively convert money from a financial weapon into a democratic tool. The envisaged democratic monetary system, by providing equal opportunities for every member of society to participate in the development of the "new rules of the game", turns money progressively into a public good which increases the freedom for all. The new system furthermore drives the enhancement of constitutional and relational values such as human dignity, solidarity, justice, sustainability, or democracy. Money should serve life and should serve the common good. The "Bank for the Common Good" Project, which was initiated in Austria by the author Christian Felber, represents a practical example of his proposals.

How do market participants construct stable markets? Why do crises that seem inevitable after-the-fact routinely take market participants by surprise? What forces trigger financial panics, and why does uncertainty lead to market volatility? How do economic elites respond to financial distress, and why are some regulatory interventions more effective than others? Social Finance: Shadow Banking during the Global Financial Crisis answers these questions by presenting a new, economic conventions-based model of financial crises. This model emerges from a theoretical synthesis of several intellectual traditions, including Keynesian epistemology, Hyman Minsky's asset market theory, economic sociology, and international relations theory. Social Finance uses this new paradigm to explain instability in the global shadow banking system during the global financial crisis. And it presents the results of interviews with some of the world's leading investors - who saw over $2 trillion in annual order flows and managed over $160 billion in assets - to provide first-hand accounts of markets in crisis. Written in accessible prose, Social Finance will appeal to a broad audience of academics, policymakers, and practitioners interested in understanding the drivers of financial stability in the twenty-first century.

In 1985, General Secretary Mikhail S. Gorbachev led the Soviet Union through a series of revolutionary reforms, such as Perestroika ('Restructuring') and Glasnost ('Openness'). Yet many of these changes failed, resulting in the collapse of centrally administered socialism throughout the country and most of Eastern Europe. Consistency and Viability of Socialist Economics Systems establishes a new and enlightening approach to understanding complex socialist economies. This book presents an original analytical framework to better map out the relationship between the economic, political, ideological structures, and the external environment, as well as the reform process that gives rise to certain economic systems.

Since the 2007 financial crisis, discussion on issues related to the size, spread and frequency of financial crises has captivated a wide variety of audiences. Why has the world economy experienced such a marked increase in financial transactions and private and public indebtedness since the 1980s? How have middle-income developing countries suddenly become a part of this dynamic? And, most importantly, how has the topic of financial crises been featured in households' daily discussions in both developed and developing parts of the world? Domna Michailidou addresses the questions above through exploring the inexorable evolution of financialisation into financial crisis through the examination of three middle-income countries: Mexico, Brazil and South Korea. Concentrating on emerging economies, and especially choosing three very different economies that all experienced financial crises in the 1990s, this book explores what lessons can be learnt regarding financial fragility, volatility and failure in the wake of capital market liberalisation.

This historically-based textbook on international finance and open-economy macroeconomics provides a complete course on the theory and policies that shaped our international financial system. Utilizing the 1944 Bretton Woods Conference as a unifying theme, the book covers all the standard topics of international finance, such as foreign exchange markets, balance of payments accounting, macroeconomic policy in an open economy, exchange rate crises, multinational enterprises, international banking, and the evolution of our international financial system. The detailed international financial theory is presented in a lively manner that reflects the close relationship between actual world events and the development of economic thought.The book also analyzes the causes of the 2008 international financial crisis and recession, encourages critical thinking about whether the current international financial system promotes human well-being, and concludes with a discussion on whether it is time to summon the world's financial leaders to another Bretton Woods Conference. In additional to providing students with a solid understanding of international finance and open-economy macroeconomics, the book is written in a reader-friendly style that makes it a good reference for anyone interested in the many fascinating issues related to our still-evolving global financial system and, more generally, our global economy.

This book investigates why Austrian economists fail to apply the spontaneous order framework to cooperative relationships - such as a dynamic and evolving public sector - that might complement a thriving market. In direct response to Israel Kirzner's The Driving Force of the Market, Nell challenges traditional Austrian economics by proposing "democratic process theory" as a parallel to market process theory, highlighting the possibilities for an economic organization that harnesses the power of transparent and effective democracy. Keeping in mind the central problems experienced in socialist and capitalist countries due to self-interested political and economic actors, The Driving Force of the Collective highlights the public sector advantages of allowing culture and institutions to evolve endogenously as a spontaneous public sector order.

In recent years, the Republic of Guinea has shed its reputation as one of the most tightly controlled state economies in Africa, leaving behind a cloistered era marked by an extraordinarily closed economic and political system. In breaking with its dismal past, Guinea has launched an ambitious program of reform which has affected the entire range of the country's institutions, regulations, and markets.

Culling data from the World Bank, the International Monetary Fund, the United Nations, and numerous interviews and previously unpublished government data, Jehan Arulpragasam and David E. Sahn here present an overview of the Guinean economy, and its evolution--from independence, through crisis, to reform--and model implications of these changes for economic performance and living standards of the poor. Highlighting the chasm between theory and practice, between well-intentioned program and problematic implementation, the authors reveal how Guinea both parallels and contradicts past experiences of economic reform in Africa. Most notably, reform in Guinea has been hindered by the weighty administrative, managerial, and logistical demands of undertaking a vast battery of economic adjustments, all in one fell swoop.

The most detailed and informative study of the Guinean economy to date, "Economic Transition in Guinea" illustrates not only the successes of the nation's reform agenda, but also the fundamental constraints to development that often lie beyond the reach of such reform.

The essays collected here evolved from a two-day conference on Ethiopia held at the Johns Hopkins School for Advanced International Studies. Written by both academics and Ethiopians who have participated personally in the events they discuss, the papers describe and interpret the Ethiopian revolution and explore its successes, failures, and intrinsic qualities. The contributors express a variety of viewpoints and approaches to the current crisis situation in Ethiopia, demonstrating that although the 15-year revolution has failed to measurably improve the lot of Ethiopians, Ethiopia's history, demographics, and climate have also been important contributing factors. A number of articles deal with aspects of the political crisis while others analyze the economic crisis, looking at present problems and their historical roots. Taken together, these essays make a major contribution to our understanding of the persistent problems faced by Ethiopia today. Following the editor's introduction, the volume is divided into three sections. In Part I, four papers explore the Ethiopian state and the problem of power. Individual chapters examine such issues as change and continuity in Ethiopian politics, decisions and elections, and the question of rural transformation. Part II looks at different facets of the national question, now or in the past--the character of the leadership, the concept of government, and the decision-making process. The third section analyzes the current economic crisis in two papers which discuss Ethiopia's agricultural crisis and development strategy. The concluding chapter presents an overall perspective on revolution, nationality, and the Ethiopian state. Students ofpolitical economy, African studies, and economic development will find The Political Economy of Ethiopia illuminating reading.

This book examines history of Russian finances in the period of Russia's transition from communism to capitalism in the 1990s and in the current decade. It focuses on obstacles to market reforms and macroeconomic policy choices that resulted in the state debt expansion and the financial crisis of 1998.

The transformation provisions have brought about a replacement of the planning system by a capitalist market system. This change engendered many positive results, but at high social costs. Some results, such as a dramatic decline in output and a decline in the standard of living have been transitory, but unemployment, widening of income inequalities, weakening of social programs and expansion of poverty are permanent features of the new system. This book examines the active employment policy and its effect, especially focusing on the social costs of transformation. It analyzes the reasons for the expansion of poverty and the chances of reducing it. Great attention is devoted to the reforms of pension and health care system. This book also discusses the performance of the economies of subject countries and gives a critical evaluation of privatization, primarily of the Czech voucher privatization.

This book scientifically tests the assertion that accommodative monetary policy can eliminate the "crowd out" problem, allowing fiscal stimulus programs (such as tax cuts or increased government spending) to stimulate the economy as intended. It also tests to see if natural growth in th economy can cure the crowd out problem as well or better. The book is intended to be the largest scale scientific test ever performed on this topic. It includes about 800 separate statistical tests on the U.S. economy testing different parts or all of the period 1960 - 2010. These tests focus on whether accommodative monetary policy, which increases the pool of loanable resources, can offset the crowd out problem as well as natural growth in the economy. The book, employing the best scientific methods available to economists for this type of problem, concludes accommodate monetary policy could have, but until the quantitative easing program, Federal Reserve efforts to accommodate fiscal stimulus programs were not large enough to offset more than 23% to 44% of any one year's crowd out problem. That provides the science part of the answer as to why accommodative monetary policy didn't accommodate: too little of it was tried. The book also tests whether other increases in loanable funds, occurring because of natural growth in the economy or changes in the savings rate can also offset crowd out. It concludes they can, and that these changes tend to be several times as effective as accommodative monetary policy. This book's companion volume Why Fiscal Stimulus Programs Fail explores the policy implications of these results.

With the aim of providing a comprehensive analysis of institutions, and of the global economy more generally, this text explores systems of institutions and the effect of corruption, developments in behavioural economics, the impact of immigration, and the links between democratic progress and economic growth. Papers from the Fourteenth World Congress of the International Economic Association held in Marrakech from August 29 to September 2, 2005.

This insightful and comprehensive book uses theory and empirical studies to debunk contemporary illusions about the functionality of economies and examines the phenomena of economic magic and economic black magic. Norman C. Miller considers 11 economic myths, three of which are the theory that excessive imports reduce employment as firms are forced to downsize or shut down, that a more equal distribution of income kills incentives and reduces economic growth rates and the myth that a higher minimum wage always generates a net decrease in employment. Chapters examine the effects of advances in technology, poverty and income inequality, international trade, and trade deficits on employment and economic growth. The book concludes with discussions on three case studies demonstrating economic black magic, namely the Great Depression, the Great Recession, and the COVID-19 pandemic. This creative and accessible book will be vital reading for students and scholars in economics and finance, the history of economic thought, methodology of economics, and political economy. It will also be beneficial for business owners, economists, finance practitioners, and social scientists, as well as citizens interested in the functioning of economies.

In 1989 the post-Communist countries of Eastern Europe opened their economies by establishing more open exchange rate policies and exchange controls and eliminating prohibitive tariffs and quotas. Now trying to join the integrated world economy, they are facing the challenge of finding strategic alliances and attracting foreign capital. This book analyzes economic policy in Eastern Europe with a focus on the financial arrangement of currency boards. It examines the main challenges facing East European countries, their economic policy strategies, the main challenges to the economies that adopted currency boards, and whether currency boards were a solution.

The book is organized into two parts. Part I addresses the challenges to economic policy in Eastern Europe, and Part II turns to the discussion of currency board arrangements.

This book explores the complex history of Catalonia in relation to Spain from an economic and political perspective. It begins in the Middle Ages and ends in the present day, analysing the intricate political problems of modern day Catalonia within a context of European integration and nationalism.

This timely and important book takes a serious view of our current economic situation. The author's conclusions differ from the conventional wisdom, which suggests that the manufacturing sector is regaining much of its dominance as a result of the declining dollar, that exports will take over as a major source of economic growth, that a recession is unlikely, and that a depression is no longer possible. Indeed, she outlines many similarities between the excesses of the 1980s and those of the 1920s which led to the Great Depression. The author provides convincing evidence that the recent economic recovery may only have provided a smokescreen for the continued deterioration of the U.S. economy.

The arguments over the economic policies of the Reagan Administration will continue until sufficient time has elapsed for a consensus to be possible. In the meantime, it is necessary for contemporary scholars to record their opinions as a base for the consensus. Campagna has recorded his conclusions based on considerable research on Reagan Administration policies. He begins by describing what was planned by the government. From there, he discusses what actually happened, and devotes the remainder of the work to his opinion of what has been left with which the future must deal. Campagna concludes that the Reagan economic policies failed. He establishes a position for others to attack or defend in their own publications in the continuing argument.

This ground-breaking book examines marketing's impact on economic development. Focused on the less developed and newly industrialized countries, Campbell and Reddy outline how marketing can and should be used as a primary tool by government, business, and private planners. Analysis of Japan's post-war economic development is used as a starting point for the book's development of a macro-behavioral model. The model, centered on marketing, includes the constructs of attitude, adaptation, and achievement orientation as the macro-behavioral keys of development. The model explains how those keys function best in an environment where government, business, and labor interact to facilitate development in a market economy.

After reviewing some definitional aspects of marketing and economic development, the book examines marketing's role in less developed countries. It examines the conditions in the former USSR and its satellites and shows how marketing could facilitate their vitally needed economic development. The model, based on Japan's development, is proposed. It is then shown how the model can explain the successful economic development of Setubal, Portugal. India is examined as an example of the countries which should apply the model to hasten economic development.