‘Gianni Montezemolo has produced an outstanding book on the strategic implications of the emergence of greater Europe for global companies. Based on his many years of experience as a senior executive of major international companies, Montezemolo makes a convincing case as to why greater Europe is destined to be the next economic super power. His hands-on experience makes him uniquely qualified, not only about the need for developing a strategic vision for Europe, but also about the key managerial issues facing companies operating in greater Europe. This book is a "must read" for the CEOs of major corporations throughout the world.’ Professor Michael Yoshino, Harvard Business School

‘Europe Incorporated: The New Challenge offers fresh, clear insights into where Europe is heading and what to do about it. Anyone with an interest in the Europe of tomorrow will profit from reading these pages.’ George Fisher, Chairman and CEO, Kodak

‘Global businesses pay a lot of attention to shifts in economic power. The author’s view of the coming European millennium challenges traditional perceptions and offers compelling reading.’ Peter Brabeck-Letmathe, CEO, Nestlé

‘Europe Incorporated: The New Challenge addresses a key issue for most CEOs: how to take advantage of the profit opportunities that greater Europe provides. The development of the single market enhanced by the euro, and the opening of Eastern Europe requires major structural changes even in companies that have so far been quite successful.’ Antony Burgmans, Chairman, Unilever

This book gives a self-contained, intuitive overview of some of the most important topics of finance, such as investment risk, market pricing and market efficiency, arbitrage, hedging, and the pricing and application of financial derivatives. It provides a first-principles introduction to the relevant material and concepts, emphasising intuition. Financial terminology, and the understanding implicit therein, is carefully introduced. The books starts with finance in the most general terms, and gradually specialises to investment theory and then derivatives. This book is tailor-made for readers new to finance, such as graduate students entering or interested in finance, or financial practitioners moving to a more quantitative role.

This collection explores the relationships between the emotional and material, engaging with and developing the debates surrounding the emotional and material labour involved in producing and reproducing domestic and intimate spaces. The contributions examine the geographies and spaces of consumption in international and local-global spheres.

This open access book provides a readable narrative of the bubbles and the banking crisis Japan experienced during the two decades between the late 1980s and the early 2000s. Japan, which was a leading competitor in the world's manufacturing sector, tried to transform itself into an economy with domestic demand-led mature growth, but the ensuing bubbles and crisis instead made the country suffer from chronicle deflation and stagnation. The book analyses why the Japanese authorities could not avoid making choices that led to this outcome. The chapters are based on the lectures to regulators from emerging economies delivered at the Global Financial Partnership Center of the Financial Services Agency of Japan.

Although it is agreed that the dual development of monetary integration and territorial enlargement are likely to generate profound effects on European spatial structure, in both West and East, much uncertainty centres around the question of what changes will be brought about. This book furthers our economic understanding of the opportunities and challenges offered by these developments. The emphasis is primarily on the economic agenda associated with European integration. Part A reviews the debate on European monetary unification. Economic integration raises many issues, one which is dealt in depth is the issue of convergence versus divergence. Part B centres around the dynamics of cohesion in the EU and the associated regional policies, reflecting on experience from the past and challenges for the future. Part C sheds some light on the complexities of transition and integration of Central and Eastern European countries, the second major challenge being faced by the EU at the turn of the century.

This book tests the critical potential of happiness research to evaluate contemporary high-performance societies. These societies, defined as affluent capitalist societies, emphasize competition and success both institutionally and culturally. Growing affluence improves life in many ways, for a large number of people. We lead longer, safer, and more comfortable lives than previous generations. But we also live faster, and are competition-toughened, like top athletes. As a result, we suspect limits and detect downsides of our high-speed lives. The ubiquitous maximization principle opens up a systematic gateway to the pleasures and pains of contemporary life. Using happiness as a reference point, this book explores the philosophical and empirical limits of the maximization rule. It considers the answer to questions such as: Precisely, why did the idea of (economic) maximization gain so much ground in our Western way of thinking? When, and in which life domains, does maximization work, when does it fail? When do qualities and when do quantities matter? Does maximization yield a different (un)happiness dividend in different species, cultures, and societies? "

As a prospective economic giant in the next century, developments in the Chinese economy are of significance to the global economy. This book consists of contributions concerned with analysing contemporary developments and issues facing the country after two decades of economic reform, and key policies which will exert a profound influence upon the country's prospective growth and development momentum into the next millennium. This well-researched book, although comprehensive in its coverage, is succinct and very readable, and will be of interest to scholars and students of developing and transitional economies, business practitioners and policy-makers.

This book brings under a magnifying glass a little explored, but significant topic - the communications changes of the National Bank of Romania after 2008. Given the similarities and differences between central banks' mechanisms and practices adopted, its applicability and impact for other actors are incontestable. The research incorporates valuable details on how the National Bank of Romania's communication changed during the Great Recession of 2008, as well as insightful data about the way in which different categories of public and media perceived this change. The timeliness and significance of this research are noticeable as the central banks already entered a new era of communication challenges triggered by the Covid-19 pandemic and recently by the Russia - Ukraine war. Lessons from the past can contribute to what researchers name the second revolution in communication, focusing on opening the central banks to the public and regaining trust, especially in such a difficult period.

This Pivot book provides a framework for understanding the economic and potentially unequal effects of pandemics, focusing closely on the Spanish Flu. It provides an in-depth analysis of the different effects of the Spanish Flu on the economy from unequal mortality to wages, housing and output. There is a general review of the literature but an important feature of this book is that it explains results using data from Spain, an ideal country to perform this exercise, as its mortality data is not affected by the First World War. Spain was also developed enough to have reliable data, but it was very heterogeneous across regions which will allow a comparison of more and less developed regions. No other book exists that offers a comprehensive and data-driven view of the effects of the Spanish Flu, which is the closest pandemic example to Covid-19. With the outbreak of Covid-19 increasing the need to learn about the economic effects of pandemics, this book will be of interest to academics and students of economic history, macroeconomics (economic crises) and economic development, as well being accessible for the general reader.

This interdisciplinary book argues that the economy has an underlying non-linear structure and that business cycles are endogenous, which allows a greater explanatory power with respect to the traditional assumption that dynamics are stochastic and shocks are exogenous. The first part of this work is formal-methodological and provides the mathematical background needed for the remainder, while the second part presents the view that signal processing involves construction and deconstruction of information and that the efficacy of this process can be measured. The third part focuses on economics and provides the related background and literature on economic dynamics and the fourth part is devoted to new perspectives in understanding nonlinearities in economic dynamics: growth and cycles. By pursuing this approach, the book seeks to (1) determine whether, and if so where, common features exist, (2) discover some hidden features of economic dynamics, and (3) highlight specific indicators of structural changes in time series. Accordingly, it is a must read for everyone interested in a better understanding of economic dynamics, business cycles, econometrics and complex systems, as well as non-linear dynamics and chaos theory.

This book approaches economic problems from a systems thinking and feedback perspective. By introducing system dynamics methods (including qualitative and quantitative techniques) and computer simulation models, the respective contributions apply feedback analysis and dynamic simulation modeling to important local, national, and global economics issues and concerns. Topics covered include: an introduction to macro modeling using a system dynamics framework; a system dynamics translation of the Phillips machine; a re-examination of classical economic theories from a feedback perspective; analyses of important social, ecological, and resource issues; the development of a biophysical economics module for global modelling; contributions to monetary and financial economics; analyses of macroeconomic growth, income distribution and alternative theories of well-being; and a re-examination of scenario macro modeling. The contributions also examine the philosophical differences between the economics and system dynamics communities in an effort to bridge existing gaps and compare methods. Many models and other supporting information are provided as online supplementary files. Consequently, the book appeals to students and scholars in economics, as well as to practitioners and policy analysts interested in using systems thinking and system dynamics modeling to understand and improve economic systems around the world. "Clearly, there is much space for more collaboration between the advocates of post-Keynesian economics and system dynamics! More generally, I would like to recommend this book to all scholars and practitioners interested in exploring the interface and synergies between economics, system dynamics, and feedback thinking." Comments in the Foreword by Marc Lavoie, Emeritus Professor, University of Ottawa and University of Sorbonne Paris Nord

This open access book discusses financial crisis management and policy in Europe and Latin America, with a special focus on equity and democracy. Based on a three-year research project by the Jean Monnet Network, this volume takes an interdisciplinary, comparative approach, analyzing both the role and impact of the EU and regional organizations in Latin America on crisis management as well as the consequences of crisis on the process of European integration and on Latin America's regionalism.The book begins with a theoretical introduction, exploring the effects of the paradigm change on economic policies in Europe and in Latin America and analyzing key systemic aspects of the unsustainability of the present economic system explaining the global crises and their interconnections. The following chapters are divided into sections. The second section explores aspects of regional governance and how the economic and financial crises were managed on a macro level in Europe and Latin America. The third and fourth sections use case studies to drill down to the impact of the crises at the national and regional levels, including the emergence of political polarization and rise in populism in both areas. The last section presents proposals for reform, including the transition from finance capitalism to a sustainable real capitalism in both regions and at the inter-regional level of EU-LAC relations.The volume concludes with an epilogue on financial crises, regionalism, and domestic adjustment by Loukas Tsoukalis, President of the Hellenic Foundation for European and Foreign Policy (ELIAMEP). Written by an international network of academics, practitioners and policy advisors, this volume will be of interest to researchers and students interested in macroeconomics, comparative regionalism, democracy, and financial crisis management as well as politicians, policy advisors, and members of national and regional organizations in the EU and Latin America.

Developing countries undergoing economic crises have traditionally followed economic restructuring programs that are based on the premise that private investment recovery is assured once the market is allowed to prevail. There is little regard for the micro-level unit - the 'investing-firm' - in this process, the conditions that characterize the product and factor markets and the positioning of the firm at the outset of adjustment. This book focuses on the firm and its experience in the restructuring process within the context of a heterogeneous private sector.

This book is about three key dimensions in economics-globalization, migration and the welfare state-that are of enduring interest. These issues are particularly important to consider at the present moment given the strains posed by the pandemic: there is at least a temporary setback to trade-globalization and migration, and the cost of fighting the pandemic will strain the ability of governments to provide welfare state services in a style and scope to which many of their citizens have become accustomed. The book explains the changing function of the welfare state in the presence of intensified globalization, or de-globalization, forces. The welfare state's policy-maker attitudes toward openness and migration depend on open-economy fundamentals, and the income class it represents. The author demonstrates the interactions between migration, globalization and macroeconomic policy in practice, using real-world unique episodes, with Israel deemed as well-functioning trifecta, and the US and Europe as imperfectly functioning trifecta.

How did the American media and entertainment industries decline from their global ascendancy after World War II to their present condition of instability and uncertainty? How will trends in the delivery of information affect their future? These are some of the questions Steinbock asks in this comprehensive, thoroughly researched analysis. Starting with a description of shifts in the U.S. economy and ending with the coming revolution in U.S. media and entertainment--attributable to government policies, strategic alliances, and technological convergence-- Steinbock's book is no less than a Baedeker to all facets of these interlocked industries, and a provocative critique to their stengths and weaknesses in the world economy. Media and entertainment professionals will find Steinbock's views challenging and cautionary. For academics in schools of communication, the book will be a necessary source of history, data, and analysis.

In the mid-1980s, America lost its global economic leadership. The information revolution has added to uncertainty. Despite the coming electronic superhighways, the future remains clouded in the American media and entertainment industries. Steinbock's comprehensive, thoroughly researched analysis is no less than a Baedeker to all facets of these interlocked industries, and a provocative critique of their strengths and weaknesses in the world economy. The book opens with a discussion of the American economy and its macro-affects on media and entertainment, vis-a-vis the twin deficit, a stock market dominated by institutional investors, troubled banking industry, deregulation and antitrust policies, as well as the fourth national mergers and acquisition wave.

In Part I, Steinbock looks at broadcasting (tv, radio) and cable (basic and pay, pay-per-view, home shopping), exploring the former's winding fortunes and the latter's consolidation. Then, he moves to examine the Hollywood studios and talent agencies and their market multiplication: theatrical exhibition, home video and syndication, theme parks, toys, video games, licensed merchandise, record and music industry, newspapers, magazines, and books, as well as interactive multimedia, from CD-ROM to virtual reality. Each industry analysis inludes a full section devoted to all major corporate players, from networks (Capital Cities/ABC, General Electric/NBC, Loews Corp./CBS) and cable operators (TCI, Viacom, Turner) to the studios (Time Warner, Paramount, Disney, News Corp., Sony, and Matsushita). In Part II, Steinbock discusses the coming electronic superhighways and government-initiated policies that have already had a significant impact on strategic alliances (direct broadcast satellites, computers, Baby Bells, and long distance carriers). The book concludes with an assessment of how the technological, economic, and political convergence is dramatically remolding the media, entertainment, computer, and telco industries, not only in the U.S. but throughout the world.

In recent years, the accounting profession has been faced with a number of unresolved problems. One of the most crucial has been the failure to distinguish between two separate sectors of the economy, the core and the periphery. This work offers a comprehensive study of this dual economy in which large organizations are clustered at the center while smaller organizations are arrayed on the periphery. At least two sets of accounting standards are required to adequately serve this structure, Monti-Belkaoui and Belkaoui argue, and just what these standards are, and how they would affect such issues as financial reporting, is the subject of this book.

The work explores the nature of the dual economy and provides a perspective on the way in which the concept operates. The authors begin their study with a survey of the theories and implications of the dual economy, and the issues of accounting validation in such a structure. In a number of succeeding chapters, they then analyze some fundamental accounting problems and their relation to economic dualism, including income smoothing, auditor switching, and bond rating changes. The work concludes with an examination of public policy and standard-setting solutions to the dual economy situation. "Accounting in the Dual Economy" will be a useful resource for a wide variety of professionals, including practicing accountants, financial managers, and legislators. It will also be an important supplementary text for courses in accounting and public policy.

This book shares essential insights into the implementation of monetary policy in various East Asian countries. Highlighting case studies from China, Taiwan, Korea, Japan and Singapore, leading economists and practitioners from central banks illustrate how dependent effective monetary policy is on the institutional and financial market environment, as well as on successful implementation and communication. The respective contributions cover various aspects of monetary policy implementation, such as: How is inflation targeting handled? For what purposes and how do central banks operate on financial markets, and what are the (at times unintended) effects? How do currency market interventions help achieve the monetary policy targets set by individual countries or areas? In addition, Asian experiences are contrasted with those from the Eurozone.

This book offers new insights and perspectives on the financial and banking sector in Europe with a special focus on Central and Southeastern European countries. Through quantitative and qualitative analysis of primary sources and datasets, the book examines both the financial development and performance of the real sector of the economy and the impact and involvement of the banking sector. The contributions offer new insights into current financial innovations and discuss best practices in innovative financial solutions. They also highlight new perspectives in finance and analyze characteristic problems in the real and banking sectors in various European countries. The insights and financial solutions presented in this book will be of interest to scholars of finance and financial economics as well as practitioners in the financial industry and policy makers.

This book develops new, original methods of welfare comparison and comparative dynamics between distinct and discretely positioned (rather than continuously related) socioeconomic situations. These methods are not only realistic but also extremely relevant to serious economic problems. Using them, the book sheds illuminating new light on the theoretical analysis of Keynesian economics and other important issues of political economy. For instance, it shows that the principle of effective demand applies exactly as Keynes put it to the unemployment equilibrium in the short run. It also shows that the equilibrium may change along the expansion path as the government chooses to vary its expenditure to maximize national welfare. The same methods are effectively employed theoretically to investigate modern trade policy issues such as gains from trade, the theory of tariffs, free trade agreements, and the role of the WTO. Those methods are also used to study the welfare and efficiency of various socioeconomic situations.

David takes as his point of departure the orthodox rational paradigm of public policy-making--which, he argues, does not adequately reflect real-world process--to present an integrated model for economic policy formulation and execution. By juxtaposing the theoretical foundations of the rationalist model with insights drawn from alternative systems of political economy, he shows how economic decisionmaking is both more complex and less idealistic than the rational paradigm assumes. In constructing his argument, David systematically integrates ideas drawn from moral philosophy, politics, sociology, systems theory, institutional and neo-Marxian economic thought, and international dimensions of poitical economy. He suggests a reorientation of theory and analysis based on an approach emphasizing the role of values, conflicts, power, and divergent interests in the decisionmaking process. Focusing throughout on questions raised by the rationalist model, David builds his analysis around issues such as: the validity of the dominant theories of public economic decision-making; the logical vis-a-vis ideological foundations of economic policy postulates; the extent to which decisions can be made more responsive to values pertaining to human development.

The forces that shape economic growth: --The size of markets. Large markets make economies of scale possible and thus encourage saving, investing, and the development of new products.--The availability of information and the literacy of the population. The spread of information gives people access to scientific and technical ideas, products, and productive farming, manufacturing, and marketing techniques.--Natural resources. These seem like primary requirements but are not: they depend on markets for their commercial value.--Surplus capital--savings--that can be used as investment.--Basic economic rights such as guarantees of property and contracts.--Entrepreneurialism, creativity, and the human drive for self-improvement.--Technology and invention. While commonly seen as primary (or even the only) requirements for growth, these are strongly dependent on other factors.

A volume in Research on Hispanic and Latino Business Series Editors Michael William Mulnix and Esther Elena Lopez-Mulnix Approximately 25% of Latin Americans live on less than $2 a day, and Latin America is the most unequal region of the world. Poverty and inequality cause suffering and slow development. The solution must include generating an inclusive development process through satisfying the basic needs of the poor that enhance their productivity, that enable them to contribute to the development process, and that enables them to earn the income necessary to live a full life. Decentralization of taxing and spending from the central government to lower levels of government can help to satisfy basic needs of the poor and create an inclusive development process. However, decentralization is a stepby- step process that must implemented by taking into account real-world circumstances such as a lack of administrative ability in local government, and by formulating policy accordingly. The book derives economic principles for implementing the process of decentralization, and it presents cases that illustrate the principles at work. It is an economic guide for policymakers and practitioners.

This volume offers new, convincing empirical evidence on topical risk- and risk management-related issues in diverse settings, using an interdisciplinary approach. The authors advance compelling arguments, firmly anchored to well-accepted theoretical frameworks, while adopting either qualitative or quantitative research methodologies. The book presents interviews and surveys with risk managers to gather insights on risk management and risk disclosure in practice. Additionally, the book collects and analyzes information contained in public reports to capture risk disclosure and perceptions on risk management impacts on companies' internal organization. It sheds light on financial and market values to understand the effect of risk management on actual and perceived firm's performance, respectively. Further, it examines the impacts of risk and risk management on society and the economy. The book improves awareness and advances knowledge on the complex and changeable risk and risk management fields of study. It interweaves among topical, up-to-date issues, peculiar, under-investigated contexts, and differentiated, complementary viewpoints on the same themes. Therefore, the book is a must-read for scholars and researchers, as well as practitioners and policy makers, interested in a better understanding of risk and risk management studies in different fields.

This book records the first success stories of a new form of financial intermediation, the hometown investment fund, that has become a national strategy in Japan, partly to meet the need to finance small and medium-sized enterprises (SMEs) after the devastating earthquake and tsunami in March 2011. The hometown investment fund has three main advantages. First, it contributes to financial market stability by lowering information asymmetry. Individual households and firms have direct access to information about the borrowing firms, mainly SMEs, that they lend to. Second, it is a stable source of risk capital. The fund is project driven. Firms and households decide to invest by getting to know the borrowers and their projects. In this way the fund distributes risk but not so that it renders risk intractable, which was the problem with the originate and distribute model. Third, it contributes to economic recovery by connecting firms and households with SMEs that are worthy of their support. It also creates employment opportunities, at the SMEs as well as for the pool of retirees from financial institutions who can help assess the projects. Introduction of the hometown investment fund has huge global implications. The world is seeking a method of financial intermediation that minimizes information asymmetry, distributes risk without making it opaque, and contributes to economic recovery. Funds similar to Japan s hometown investment fund can succeed in all three ways. After all, the majority of the world s businesses are SMEs. The first chapter explains the theory behind this method, and the following chapters relate success stories from Japan and other parts of Asia. This book should encourage policymakers, economists, lenders, and borrowers, especially in developing countries, to adopt this new form of financial intermediation, thus contributing to global economic stability.

As businesses, consumers, and investors make key financial decisions amid Economic Policy Uncertainty (EPU), there is the danger that many might freeze investment projects and hiring, leading to contractions of the economy. These are evident in the Indian economy as a whole and specifically in Indian stock markets indices such as the BSE Sensex and Nifty 50, import and export figures, T-bills, FDI, FPI, and GDP. In this important and timely work, Ghosh and Bagchi examine variables and phenomenon from April 2003 to January 2022, encompassing: * The global financial recession period (December 2007 to June 2009) * The pre-recession period (April 2003 to November 2007) * The post-recession along with pre-COVID-19 period (July 2009 to February 2020) * The COVID-19 period (March 2020 to January 2022) * The Russia-Ukraine Conflict Period (September 2021 to July 2022) This is essential reading for scholars and practitioners dealing with Economic Policy Uncertainty (EPU) in the Indian context, and in macro-economics at large.