This book assesses the 2008-2009 financial crisis and its ramifications for the global economy from a multidisciplinary perspective. Current market conditions and systemic issues pose a risk to financial stability and sustained market access for emerging market borrowers. The volatile environment in the financial system became the source of major threats and some opportunities such as takeovers, mergers and acquisitions for international business operations. This volume is divided into six sections. The first evaluates the 2008-2009 Global Financial Crisis and its impacts on Global Economic Activity, examining the financial crisis in historical context, the economic slowdown, transmission of the crisis from advanced economies to emerging markets, and spillovers. The second section evaluates global imbalances, especially financial instability and the economic outlook for selected regional economies, while the third focuses on international financial institutions and fiscal policy applications. The fourth section analyzes the capital market mechanism, price fluctuations and global trade activity, while the fifth builds on new trends and business cycles to derive effective strategies and solutions for international entrepreneurship and business. In closing, the final section explores the road to economic recovery and stability by assessing the current outlook and fiscal strategies.

Many social scientists have explored the economic success of Korea, Taiwan, and Japan, each of which has experienced dramatic economic growth over a relatively short period of time. M. Shahid Alam presents a controversial thesis by emphasizing the interventionist character of the export-oriented approach to the success of these three countries. Concern with the rapid development of comparative advantage in the industries they have promoted has, he believes, distinguished these three economies. This concern has led to both market and non-market interventions with the trade regime, capital markets, market structures, etc. The book explores how Taiwan and Korea changed from import substitution to the export-oriented approach with significant success. The point is made that export-oriented economies make more demands on the government, so that success in different countries cannot be assured.

The book begins with an examination of export-oriented economies and the reasons for their success. Three separate chapters follow detailing the structure, choice and implementation of economic policies in South Korea, Taiwan, and Japan. Finally, the book assesses export-oriented strategies and their application to other countries. Students and scholars of economics, business, and political science, will find this thought provoking book a source of stimulating ideas. In addition, the book has the potential for being used as a text for graduate and advanced undergraduate courses on East Asian economics and comparative economic development.

This book challenges the notion that commodities are always good hedges against inflation, which is the conventional belief today in financial markets. Specifically, it focuses on gold as a traditional hedge and the ways in which crypto assets are argued to be positioned as an alternative hedge against inflationary risk. The book engages with emerging debates around the performance of gold since the 2008 financial crisis, analyzing its characteristics, relationship with inflation, and the role of mining companies, and discusses ways that cryptocurrencies have replaced precious metals as an attractive asset class during an inflationary scenario. In considering the case of crypto as being or not a good inflation hedge, the book devotes particular attention to the theoretical financial and macroeconomic implications of a monetary system based on Bitcoin, dealing with the concept of money and the determination of Bitcoin's supply and purchasing power. Additionally, it outlines the consequences that such a system would entail for the banking industry, and financial conditions involving interest rates, exchange rates, and the inflation-deflation dynamic. The book also analyses the relative impact of past and future events on the different commodity families. This work will be of interest to students and researchers in financial economics, macroeconomics, and monetary economics, as well as analysts and traders in financial and commodity markets.

This book discusses Japan’s long-term economic recession and provides remedies for that recession that are useful for other Asian economies. The book addresses why Japan’s economy has stagnated since the bursting of its economic bubble in the 1990s. Its empirical analysis challenges the beliefs of some economists, such as Paul Krugman, that the Japanese economy is caught in a liquidity trap. This book argues that Japan’s economic stagnation stems from a vertical “investment–saving� (IS) curve rather than a liquidity trap. The impact of fiscal policy has declined drastically, and the Japanese economy faces structural problems rather than a temporary downturn. These structural problems have many causes: an aging demographic (a problem that is frequently overlooked), an over-reliance by local governments on transfers from the central government, and Basel capital requirements that have made Japanese banks reluctant to lend money to start-up businesses and small and medium-sized enterprises. This latter issue has discouraged Japanese innovation and technological progress. All these issues are addressed empirically and theoretically, and several remedies for Japan’s long-lasting recession are provided. This volume will be of interest to researchers and policy makers not only in Japan but also the People’s Republic of China, many countries in the eurozone, and the United States, which may face similar challenges in the future.

Global competitiveness has always been a hotly debated issue, promoting differing opinions among economists, management strategists, business leaders, and policy analysts and consultants. Global Economic Competition provides a broad framework to compare the United States economy with 23 other global economies. This is done by presenting empirical evidence in a series of comparative analyses of economic competition using data pertaining to specific countries, industries and companies. In this volume, the electronics industries are used to illustrate an ongoing economic warfare among competing regions, nations, and cluster companies across the electronic technology chain. Employing the latest empirical data to evaluate the competitiveness of the US economy and its electronic industries and companies in the 1980s and early 1990s, Global Economic Competition will be of interest not only to those who study economics, management science and international trade, but also to policy makers and business leaders.

This text offers a framework for analyzing the way in which national economic sovereignty is affected by globalization. This framework is then applied to a detailed case study of Norway economic policy in the postwar period. The "open state" framework offers a new way to interpret how external changes affect domestic policy makers and their preferences.

The current financial crisis has revealed serious flaws in models, measures and, potentially, theories, that failed to provide forward-looking expectations for upcoming losses originated from market risks. The Proceedings of the Perm Winter School 2011 propose insights on many key issues and advances in financial markets modeling and risk measurement aiming to bridge the gap. The key addressed topics include: hierarchical and ultrametric models of financial crashes, dynamic hedging, arbitrage free modeling the term structure of interest rates, agent based modeling of order flow, asset pricing in a fractional market, hedge funds performance and many more.

Fixed income volatility and equity volatility evolve heterogeneously over time, co-moving disproportionately during periods of global imbalances and each reacting to events of different nature. While the methodology for options-based "model-free" pricing of equity volatility has been known for some time, little is known about analogous methodologies for pricing various fixed income volatilities. This book fills this gap and provides a unified evaluation framework of fixed income volatility while dealing with disparate markets such as interest-rate swaps, government bonds, time-deposits and credit. It develops model-free, forward looking indexes of fixed-income volatility that match different quoting conventions across various markets, and uncovers subtle yet important pitfalls arising from naive superimpositions of the standard equity volatility methodology when pricing various fixed income volatilities.

This volume is a compilation of essays by prominent economists in the area of household and family economics. The volume attempts to cover some areas in the field and focuses on topics such as income determination and the intergenerational transmission of income generation, the changing role of women in the labor force, fertility, and income tax treatment of the family. Each essay is followed by a discussion of part, or all, of its contents.

Inheritance and Wealth in America is a superb collection of original essays, written in nontechnical language by experts in sociology, economics, anthropology, history, law, and other disciplines. Notable chapters provide - an outstanding interpretative history of inheritance in American legal thought - a critical review of the literature on the economics of inheritance at the household and societal levels - a superb history of Federal taxation of wealth transfers, and - a sociological examination of inheritance and its role in class reproduction and stratification. This groundbreaking work is of value to any researcher dealing with the transmission of wealth and privilege across generations.

This is a book about the discovery of macroeconomic ideas and concepts long before the term macroeconomics had been coined. The cast of authors varies from doctors and physicians (Sir William Petty and Francois Quesnay), to philosophers (David Hume and Adam Smith), to bankers (Richard Cantillon and Henry Thornton) to Prime Ministers of France (John Law and Anne Robert Jacques Turgot). These authors had very rich and varied careers and the book invites readers to imagine specific moments in their careers that influenced both their lives and their writings. Building on these events the contributions of each author are outlined and discussed. Examination of their writings show that by the start of the nineteenth century they had left a rich legacy of macroeconomics ranging from the analysis and measurement of national income, the depiction of the circular flow of income, the debate on the role of money in the economy, the way to model the economy, the importance of labour, land and capital, the role of entrepreneurship, the Central Bank as a lender of last resort, and much more.

In the first part of this book, we treat interacting and small open economies. We do this from an historical perspective, starting from the Classical model of the gold standard and the specie-flow mechanism and aim to show there that the Dornbusch IS-LM-PC approach, with or without rational expectations, can still be considered as a (if not the) core contribution to contemporaneous open economy macrodynamics, also on the level of structural macroeconometric model building. In the second part we then extend this analysis to the incorporation of more disequilibrium on the real markets, prominent further feedback channels of the macrodynamic literature and integrated macromodel building. We start from the closed economy, consider large open economies in a fixed exchange rate system, small open economies subject to high capital mobility, and finally two large interacting economies like the USA and Euroland. Our macrofounded approach extends and integrates non-market clearing traditions to macrodynamics and can be usefully compared with the New Keynesian approaches which are generally rigorously microfounded, but often much more limited in scope in capturing full market and agent interactions.

This accessible account of the post-communist transformation of Hungarian companies raises several important questions. How did the transition from planned economy to free market work in practice? What are the main issues now facing Hungarian business? The authors look at the ways in which a cross-section of Hungarian companies and their managers have faced the challenges of the free market system. Containing several contemporary case studies and based upon a major research project this book provides a fascinating insight into the challenges facing modern Hungary.

In a bold attempt to formulate a tentative, unified conceptual framework for the study of global development, the author tries to integrate numerous contributions from a variety of fields, including economics, sociology, anthropology, political science, moral philosophy, sociobiology, neurobiology, and others. He regrets the present compartmentalization of study of this topic, which leads to a lack of perspective in dealing with crucial planetary problems. . . . Truly an ambitious and courageous effort and a worthy project. Recommended for academic and public library collections dealing with development. "Choice"

This book breaks important new ground in the international debate over development by presenting the first systematic attempt to map a unified theory of global development. Drawing from the fields of economics, sociology, political science, philosophy, and ethics, the author presents a unique cross-disciplinary perspective on international development that features a number of new concepts and approaches to development studies. Building upon a synthesis of three independent developments of the 1970s, Weigel contends that it is possible to construct a universal development norm and a universal moral principle which retain their credibility in both cross-cultural and transhistorical contexts. He argues further that when these principles are linked to a well-differentiated theory of basic human needs they provide a powerful normative framework for the integration of economic and political rights which can guide policymakers well into the 21st century.

Certain to spark new debate among academicians and policymakers, Weigel's work makes a number of significant contributions, including: a comprehensive synthesis between moral philosophy and development studies; the most elaborate philosophical defense of the I.L.O's 'Basic Needs Approach' to date; an analysis of the nuclear arms race which utilizes the concept of stable strategies and presents a new theory of nuclear deterrence; a macroeconomic framework for basic needs program; an analysis of global parameters for development assistance; country studies which demonstrate the feasibility of Basic Needs programs for low-income countries; the application of the theory to a wide variety of topic areas such as paternalism, population control policies, the problem of political legitimation, and economic policies. Throughout, the author focuses on the concept of basic needs, arguing that the satisfaction of basic human needs must be the touchstone of all future development policies.

The Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies.

This important book analyses evolutionary approaches to economic policy. Its main purpose is to explore the policy implications of evolutionary economics, in particular of approaches inspired on the one hand by Schumpeter and revived by Nelson and Winter which deal with industrial evolution under constant institutions and, on the other hand, of approaches inspired by Hayek and North, which analyse the ways in which institutions themselves evolve. Hitherto evolutionary economists have paid little attention to policy issues, and the relatively few policy implications that they have produced are divergent. Whereas the Neo-Schumpeterian approach has often been used to support political interventions, the Hayekian viewpoint holds that economic policy detracts from economic performance. More systematic evolutionary analysis of economic policy is required if these one-sided findings are to be transcended. Furthermore, such analysis can be expected to develop a coherent theory of economic policy which will plug the gaps and rectify the errors (such as approval of socialist planning and Japanese industrial policies) of both neoclassical and alternative approaches to policy. Evolutionary economists and policy analysts will find this book of great interest, as will economists and students of economics who are interested in enlarging their views with excursions outside the standard curriculum.

Jean-Paul Fitoussi needs no introduction as one of the world's foremost Macroeconomists of his generation. This celebration of his work includes contributions from Nobel Prize - winning economists Robert W. Clower and Robert Solow as well as Olivier Blanchard and leading economic theorist, Edmond Malinvaud.

This book argues that in many jurisdictions free market advocates have resorted to public sector downsizing and privatization as a means of alleviating problems of unemployment and slow economic growth and that, as a consequence, the strategy of reducing public deficits, balancing budgets and achieving surpluses has become widely accepted as the only road to prosperity. The Economics of Public Spending shows in clear and simple terms that the strategy of public sector downsizing is based on a misleading conception of public finance. The book dispels several myths about public deficits and debts, offering alternative approaches to fiscal and monetary policies. The contributors argue convincingly and authoritatively that the public sector is crucial for economic growth, that budget deficits are required for improving the performance of the private sector and that there is a real need for an economic agenda based on public deficits and low stable real interest rates in order to achieve full employment with high wages, more generous social programmes and sustainable inflation. This fascinating and challenging book will be of great interest to policymakers in government, academic researchers as well as public finance experts and economists.

This title is a Pearson Global Edition. The Editorial team at Pearson has worked closely with educators around the world to include content which is especially relevant to students outside the United States. This package includes MyLab. For intermediate courses in economics. A unified view of the latest macroeconomic events In Macroeconomics, Blanchard presents an integrated, global view of macroeconomics, enabling students to see the connections between goods markets, financial markets, and labor markets worldwide. Organized into two parts, the text contains a core section that focuses on short-, medium-, and long-run markets and two major extensions that offer more in-depth coverage of the issues at hand. From the major economic crisis that engulfed the world in the late 2000s, to monetary policy in the US, to the problems of the Euro area, and growth in China, the text helps students make sense not only of current macroeconomic events but also of those that may unfold in the future. Integrated, detailed boxes in the 8th Edition have been updated to convey the life of macroeconomics today, reinforce lessons from the models, and help students employ and develop their analytical and evaluative skills. Reach every student by pairing this text with Pearson MyLab Economics MyLab (TM) is the teaching and learning platform that empowers you to reach every student. By combining trusted author content with digital tools and a flexible platform, MyLab personalizes the learning experience and improves results for each student. Pearson MyLab Economics should only be purchased when required by an instructor. Please be sure you have the correct ISBN and Course ID. Instructors, contact your Pearson representative for more information.

This book reviews the Islamic opposition to interest and assesses the feasibility of a non-interest financial system in the light of current economic theory. The Islamic critique of interest is set against a discussion of the methodology of Islamic economics and the opposition to interest within the Judeo-Christian tradition. The range of Islamic non-interest financial contracts is then detailed along with a review of the performance of Islamic banks to date; a model of the allocation of finance within a non-interest system is then presented. Assessment of the issues raised is made within the context of economic literature concerning debt versus equity finance; this includes an examination of banking instability and the business cycle, the determinants of levels of saving and the implications for public finance. The conclusions outline the advantages and disadvantages of a theoretical case for the prohibition of interest, and draws practical lessons for contemporary Western economies.

Hardbound. This book examines the relationship between elites, minorities, and economic growth. The novelty of the book lies in its focus on the interaction between social and economic changes during economic growth. This is an undeveloped subject because it crosses disciplinary lines. The first part of the book contains essays on the role of economic and political elites in America, Europe and the Middle East. The second part of the book contains essays on the role of minorities in past and present industrialization in Europe and Asia. And the final part contains more theoretical approaches that build on the historical essays earlier in the volume.Elites, Minorities and Economic Growth is particularly useful for macroeconomists interested in economic growth, economic historians, sociologists interested in elites, minorities and social mobility and historians of industrialization and economic growth.

To understand China s climate change policy is not easy, as the country itself is a paradox actor in global climate political economy: it used to take very suspicious stand on the scientific certainty of climate change, but recently it has become a signatory and firm supporter of the Kyoto Protocol; it stubbornly refuses to accept any emission cutting obligations, but has gradually taken the lead in developing renewable energies and carbon trading business; it accuses western countries of their hypocrisy and irresponsibility, but ironically maintains close cooperation with them on low-carbon projects; it fears climate mitigation commitments may hamper the economic growth, but meanwhile spends most lavishly on the research and development of clean energy and other green technologies.

This book, unlike other researches which explain China s climate policy from pure economics or politics/foreign policy perspectives, provides a panoramic view over China s climate-related regulations, laws and policies as well as various government and non-government actors involved in the climate politics. Through analyzing the political and socioeconomic factors that influence the world s largest carbon emitter s participation into the global collective actions against climate change, the book argues that as a vast continental state with a mix of authoritarian politics and a quasi-liberalised market economy, China s climate policy process is fragmented and self-defensive, seemingly having little room for significant compromises or changes; yet in response to the mounting international pressures and energy security concerns and attracted by lucrative carbon businesses and clean energy market, the regime shows some sort of better-than-expected flexibility and shrewdness in coping with the newly-emerged challenges. Its future climate actions, whether effective or not, are vital not only for the success of the global mitigation effort, but for China s own economic restructure and sustainable development.

The book is a unique research monograph on the evolving domestic and foreign policies taken by the Chinese government to tackle climate change challenges. It concludes that instead of being motivated by concern about its vulnerability to climate change, Chinese climate-related policies have been mainly driven by its intensive attention to energy security, business opportunities lying in emerging green industries and image consideration in the global climate politics.

First published in 1967, The Soviet Middle East provides an analysis of the economic and political status of the national republics of Central Asia and Transcaucasia, which were, at the time of the book's initial publication, a part of the Soviet Union. The authors analyse their economic achievements, as well as their rapid progress in health and education, comparing their situation with that of their non-Soviet neighbours and indeed with the rest of the USSR. They seek to define the relevance of the Soviet planning system and Soviet ideology to the development of these countries, and also to contextualise their study in terms of the problems of other developing countries and the political stability of the Soviet Union as a multi-nation state. Written by two leading authorities on the Soviet Union, this reissue will be welcomed by students of Soviet and Middle-Eastern history, and by all those interested in the political, social and economic development of Communist republics.