This book is about changes in the competitiveness and the restructuring of manufacturing industries in the three leading transition economies of Central Europe (Poland, Hungary and the Czech Republic), their integration into the European Union, and their catching up with the old member states in the pre-accession period.

This project grew out of a recognition that I could fmd no aggregate measure of the amount of regulation beyond crude proxies such as the number of pages in the Federal Register. As I began to address this specific issue. I became much more aware of two things -- the enormity of regulation in the u.s. economy and the relative absence of economic research into the macroeconomic consequences of those regulations. While I would have readily granted the idea that many economist'> knew more about regulation than I did, I would have thought my knowledge of regulation to be at least up to the average economist's. My graduate training in the early to mid 1980s included special attention to the field of "public choice" and related topics, all of which occasionally explored regulatory topics. Moreover. I had at least a passing knowledge of the debates concerning deregulation in the late 1970s and early 1980s. Because of this, my own ignorance of regulation's actual expanse and its aggregate consequences startled me and heightened my interest in expanding empirical research into regulation as a macroeconomic influence. The more I thought about graduate macroeconomics classes and texts, the more that I realized the exclusion of regulation as a macroeconomic topic in spite of its massive scale and far-reaching tentacles.

Market reforms in Latin America have resulted in a variety of outcomes, which have often been disappointing. This books studies market reforms in eight key Latin American countries, aiming to shed light on the question of why similar policies have resulted in a variety of outcomes, ranging from outright failures to clear successes. The book focuses on policy implementation and the factors that impinge on the sustainability of market reforms. The findings provide a valuable contribution to the ongoing debate on the reasons for market reform 'fatigue'.

From a state of relative unanimity macroeconomic theory has, during the last decade, been dispersed in various directions. A dominant trend has been the monetarist and new classical economics with their undaunting equilibrium postulates and fatalistic views on economic policy. Keynesian responses to this development have been varied and thus give rise to further diffusion.;This book provides a broad overview of the development of macroeconomic theory and methods. Against this background fundamental questions are addressed by the authors, reconciliation of micro and macroeconomic theory, the concept of income, and new suggestions for the basic framework of macroeconomic theorizing. The authors all address different topics from different perspectives, but there is a shared critical attitude towards the rejuvenation of an infalliable "invisible hand". From there on proper methods of macroeconomic modelling are explored and basic theoretical issues are examined.

The momentous changes in the Soviet Union brought about by glasnost' and perestroyka have far-reaching implications that continue to grip the attention of the international community. This volume and its companion volume, The Economy, feature research and analysis of the significant events in the development of the revolutionary reforms in the Soviet Union-from the beginning stage, through the period of great euphoria, to the recent troubled times. Ed A. Hewitt, founding editor of Soviet Economy and formerly a senior fellow at Brookings, is now Special Assistant to the President on National Security Affairs and Senior Director of Soviet Affairs at the National Security Council. Victor H. Winston is an adjunct professor of international affairs at George Mason University and coeditor of Soviet Economy.

This book examines the theory and practice of performance budgeting, which aims to make the government more effective by linking the funding of government agencies to the results they deliver. In a combination of thematic studies and case studies, it clearly presents the diverse range of contemporary performance budgeting models and examines their effectiveness. Its coverage is truly international, spanning developed, developing and middle-income countries. Implementation strategy and the supporting accounting, performance measurement and other systems are systematically treated.

In recent years nonlinearities have gained increasing importance in economic and econometric research, particularly after the financial crisis and the economic downturn after 2007. This book contains theoretical, computational and empirical papers that incorporate nonlinearities in econometric models and apply them to real economic problems. It intends to serve as an inspiration for researchers to take potential nonlinearities in account. Researchers should be aware of applying linear model-types spuriously to problems which include non-linear features. It is indispensable to use the correct model type in order to avoid biased recommendations for economic policy.

While income redistribution is one of the most important functions of modern governments, the world has changed greatly since this first edition of Economics of Income Redistribution was published in 1983. Pension systems and medical programs are in a state of crisis in many parts of the world and the general political mood is shifting away from income redistribution. Economics of Income Redistribution (2nd edition) brings this work up to date by discussing the economic and political aspects of income redistribution. It examines the classical moral objective of redistribution to assist the poor, as well as income transfer for pensions, education and intra-family gift giving.

This book examines the uneven economy in Asia, showing how the pace of economic transformation affects prosperity and the emerging middle class. Using the Lewis turning point and the long run cycle of the rise and fall of nations as a framework, it demonstrates how demographic trends, digitization rates and consumer preferences creates business opportunities in a disruptive and uncertain world. This includes moves toward promoting Eurasian integration, restructuring of state-owned enterprises, green economy, and the digital economies - ecommerce, fintech and sharing economy. Vanity capital, longevity and leisure economies are also discussed. The author explains what drives creative disruption, technical innovation and their effect on manufacturing, consumers, businesses, and sustainability. It is essential reading for students, academics, executives, and business persons wanting in-depth coverage of the economic landscape in Asia.

Based on a conference organised by the Aspen Institute and Idasa, this book explores South Africa's international economic policy options in the 1990s. For those wishing to understand international economic trends and their implications for South and southern Africa.

As a result of the regional debt crisis, most governments of Latin America in the 1980s entered into a process of profound policy change, from an import substitution oriented strategy to a focus upon export-promotion, with an emphasis upon market liberalization. According to mainstream economic theory, the effect of this shift would be to favour agriculture. This book, with contributors from Latin America and Europe, surveys the results on agriculture of a decade of policy change.

Macroeconomic Policy in the Canadian Economy investigates developments in Canada over the last forty years, using recent advances in the field of applied econometrics. In particular, the book analyzes the theoretical foundations of public sector activities and evaluates the several theories of government growth. Issues of convergence are also investigated as they manifest themselves in per capita income across Canadian provinces, and as to how successful government income equalization policies have been in furthering such convergence. Moreover, the openness of the Canadian economy is investigated in terms of the importance of exports on GDP growth and of its participation in the world of an internationally integrated capital market.

The book also analyzes monetary policy issues and investigates the role of monetary aggregates and the effectiveness of monetary policy. Finally, it addresses the issue of the existence or not of electoral and partisan cycles in Canada, by incorporating both fiscal and monetary principles and applying them to the lively world of Canadian politics.

This edited volume focuses on economic integration, currency union, and sustainable and inclusive growth in East Africa. It consists of twelve interrelated studies that provide a comprehensive picture of the state and determinants of economic development and cooperation among countries in East Africa, such as Burundi, Ethiopia, Kenya, Rwanda and Tanzania. The contributions are grouped into five parts: economic integration and its effects on trade; common currency and exchange rate; research, innovation, and knowledge, and shadow economics and corruption; inclusive and sustainable growth; and the conflict-growth nexus and reconstruction. This book will appeal to scholars and decision makers looking for the necessary tools and determinants of economic development and cooperation in East Africa.

This book presents the latest findings on network theory and agent-based modeling of economic and financial phenomena. In this context, the economy is depicted as a complex system consisting of heterogeneous agents that interact through evolving networks; the aggregate behavior of the economy arises out of billions of small-scale interactions that take place via countless economic agents. The book focuses on analytical modeling, and on the econometric and statistical analysis of the properties emerging from microscopic interactions. In particular, it highlights the latest empirical and theoretical advances, helping readers understand economic and financial networks, as well as new work on modeling behavior using rich, agent-based frameworks. Innovatively, the book combines observational and theoretical insights in the form of networks and agent-based models, both of which have proved to be extremely valuable in understanding non-linear and evolving complex systems. Given its scope, the book will capture the interest of graduate students and researchers from various disciplines (e.g. economics, computer science, physics, and applied mathematics) whose work involves the domain of complexity theory.

This book is the first comprehensive account of the numerous attempts made since the Second World War to provide food security for all. It provides a reference source for all those involved and interested in food security issues.

In this important book, industrial and enterprise reform over the last decade in Eastern Europe is critically reviewed in light of increasing Eastern integration into the global economy. The authors argue for the further globalization of Eastern European enterprise networks as a condition for recovery and growth in the region. Empirical evidence is provided from five industrial sectors (car industry, telecommunication, shipbuilding, computers, software), including case studies and international comparisons.

This book examines cost-of-capital models and their application in the context of managerial finance. This includes the use of hurdle rates in capital allocation decisions, as well as target returns in performance management. Besides a review of classical finance models such as the Capital Asset Pricing Model (CAPM), other contemporary models and techniques to determine the cost-of-capital of business units and private companies are discussed. Based on a mixed methods approach, current cost-of-capital practices and their determinants are empirically analyzed among German companies.

The privatization revolution, profit or revenue sharing, and employee participation in enterprise decision making are some of the major characteristics of modern capitalism. Such features can be observed in almost all countries, including Western developed, Third World, and primarily ex-socialist countries. The diffusion of stock ownership, the promotion of economic and industrial democracy, and the globalization of production and finance present new challenges and opportunities and reflect important structural economic and political changes. This book examines all these issues and provides valuable information and suggestions for labor-management relations and international business cooperation.

Amartya Sen "Equality," I spoke the word As if a wedding vow Ah, but I was so much older then, I am younger than that now. Thus sang Bob Dylan in 1964. Approbation of equality varies not only with our age (though it is not absolutely clear in which direction the values may shift over one's life time), but also with the spirit of the times. The 1960s were good years for singing in praise of equality. The spirit of the present times would probably be better reflected by melodies in admiration of the Federal Reserve System. And yet the technical literature on the evaluation and measurement of economic inequality has grown remarkably over the last three decades. Even as actual economic policies (especially in North America and Europe) have tended to move towards focusing on virtues other than the avoidance of economic inequality, the professional literature on assessing and gauging economic inequality has taken quite a jump forward. A great many different problems have been addressed and effectively sorted out, and new problems continue to be posed and analyzed. The Contents: A Review Jacques Silber has done a great service to the subject by producing this collection of admirablyhelpful and illuminating papers on different aspects of the measurement of income inequality. The reach of this collection is quite remarkable. Along with a thorough overview from the editor himself, the major areas in this complex field have been carefully examined and accessibly discussed.

The internationalization of the German political economy in the postwar era, particularly in the "restructuring" period since the mid-1970s, has produced a special socio-economic and political formation which this anthology views as a "hegemonic project". Based upon a virtually total West German integration into the "West", this project has evolved within a new international division of labour and a global political system in which the German state, with its extreme level of export dependency and need for stability, has become a guardian and champion of the global status quo. The contributors to this book have taken account of the developments which have arisen from the events of 1989 in the former GDR.

Economic and Monetary Union (EMU) will have far-reaching consequences for participating nations. This book contains a unique and editorially neutral collection of key arguments favouring and opposing membership. The economic and policy implications are evaluated by distinguished economists, whilst the impact upon national sovereignty and the world of work is debated by prominent MPs and representatives of business and trade union organisations. The text provides an unbiased, comprehensive and 'readable' resource for specialist students and a general readership.

Political and economic independence has been a novel experience for the 51 million people of Ukraine since the collapse of the former Soviet Union. This most tightly controlled and regulated republic of the former USSR has had difficulty in making the transition to another form of government. The hurdles and uncommon difficulties which must be neutralized or mitigated before market forces can materialize and become viable are described and analyzed in each of the core chapters. The work concludes with practical lessons and recommendations for Ukraine, and, by extrapolation, for the other economies of Eastern Europe.

The Changing Industrial Map of Europe is a major study of the recent evolution of six key industries - information technology, pharmaceuticals, automobiles, retailing, transportation and insurance - and their response to the 'new Europe'. Taken together, the analyses of these industries shed much light on how technological, economic and political factors are working together to create a more integrated and more competitive industrial base in Europe.

This book explores new topics in modern research on empirical corporate finance and applied accounting, especially the econometric analysis of microdata. Dubbed "financial microeconometrics" by the author, this concept unites both methodological and applied approaches. The book examines how quantitative methods can be applied in corporate finance and accounting research in order to predict companies getting into financial distress. Presented in a clear and straightforward manner, it also suggests methods for linking corporate governance to financial performance, and discusses what the determinants of accounting disclosures are. Exploring these questions by way of numerous practical examples, this book is intended for researchers, practitioners and students who are not yet familiar with the variety of approaches available for data analysis and microeconometrics. "This book on financial microeconometrics is an excellent starting point for research in corporate finance and accounting. In my view, the text is positioned between a narrative and a scientific treatise. It is based on a vast amount of literature but is not overloaded with formulae. My appreciation of financial microeconometrics has very much increased. The book is well organized and properly written. I enjoyed reading it." Wolfgang Marty, Senior Investment Strategist, AgaNola AG

New Institutional Economics open a new methodological perspective in political economy by posing the question of why economic institutions are created. This state-of-the-art collection examines this question of Arrow's looking at how these man-made constraints condition political, economic and social integration both informally and formally. New developments in game theory are applied to many case topical studies including corruption, central bank independence, globalization and other issues in contemporary economic governance.