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.

This is the first study that puts together a comprehensive and in-depth analysis of the drivers of the labor income share across a number of countries in Asia. This book provides an insightful companion to the study of labor income shares that plays a vital role in understanding the relationship between national income and personal income, and the relationship between wage inequality and wealth inequality. The timing of the book is ideal, as the ongoing debate over a global decline in the labor income share is far from settled. To this extent, evidence from the Asian countries is mixed. The labor income share in some Asian countries has been rising since the 1990s. The purpose of this edited volume is to gain more insights on the potential drivers of the Asian experience. The first half of the book pays attention to the measurement problems related to the earnings of self-employed and workers in the informal sector. Then it puts together country case studies examining a wide range of factors driving the labor income share in Asia.

This book addresses one of the most topical and pressing areas of inequality experienced by women in the UK: inequality in the labour market. Despite the changed and changing position of women in society there remain substantial gender differences in the labour market. Bringing together the expertise of a range of authors, including renowned scholars and senior policy makers, it offers a coherent account of gender inequality in the labour market. It includes: - An extensive introduction with the wider context, the basic facts on various relevant labour market outcomes, international comparisons, and the legislative framework; - Chapters that focus on the key issues, offering analysis of the way inequality in the labour market is related to the wider macroeconomic dynamics, factors that explain the gender pay gap, the transition from education to the labour market, the dimensions of occupational segregation, and the division of labour within the household. The book is essential reading for academics and students with an interest in gender inequality and the labour market, as well as for those who would like an objective account of the main factors explaining this inequality.

How did Gross domestic product (GDP) become the world's most influential indicator? Why does it still remain the primary measure of societal progress despite being widely criticised for not considering well-being or sustainability? Why have the many beyond-GDP alternatives not managed to effectively challenge GDP's dominance? The success of GDP and the failure of beyond-GDP lies in their underlying communities. The macro-economic community emerged in the aftermath of the Great Depression and WWII. This community formalised their 'language' in the System of National Accounts (SNA) which provided the global terminology with which to communicate. On the other hand, beyond-GDP is a heterogeneous community which speaks in many dialects, accents and languages. Unless this changes, the 'beyond-GDP cottage industry' will never beat the 'GDP-multinational'. This book proposes a new roadmap to 2030, detailing how to create a multidisciplinary Wellbeing and Sustainability Science (WSS) with a common language, the System of Global and National Accounts (SGNA).

The emerging literature on experimental methods in connection with economic inequality has shed fresh light on how to think about inequality, how important issues of equality are in comparison with other economic objectives and how individuals incorporate criteria of equality and fairness into their own decisions.

This volume covers a wide range of topics in the field of income distribution and extends the approach to related issues such as mobility and attitudes to risk. The selection of papers includes both participatory experiments - where individuals respond to economic incentives - and questionnaire experiments designed to investigate the extent to which individuals' values and attitudes conform to the way that economists and others conventionally model inequality and welfare.

This edited collection is a critical evaluation of the impact of fiscal imbalances on the economy of industrialized and developing countries as prepared by a diverse group of scholars involved in advanced research on public finance. Technical issues, economic consequences and the political economy of budget deficits and government debt are covered in one succinct volume. The work provides a balanced presentation of neo-classical views on measures of government deficits; the budget process and major budgetary legislation in the United States; and the impact of deficits on economic activity, exchange rates, inflation, financial markets, trade balance, and economic growth. It also examines the political economy of government budgets in the OECD, select developing economies, and South Africa. From the 1950s to the 1980s, economic activity and growth were affected by fiscal imbalances and excessive government activity in many countries. Although many actors have made retrenchment attempts, economic research has not resolved the conflicting arguments about the impact of fiscal imbalances on the global economy. This book provides a balanced presentation of all major issues related to the impact of fiscal activity on the economy.

This book outlines the connection between the principles of proportionality of state intervention and strategies made by the European Union. It describes underlining reasons for the occurrence of the global economic recession and available intervention options for governments to the EU markets.This book works out several possibilities EU countries use with the help of state intervention to actively intervene in the market economy. The author critically assesses the proportionality of interventions in the markets of EU members. With regard to the European economic recession, the book highlights the background of the global financial and external debt crisis. In this context, possible measures for growth promotion processes of the EU are also described.The book will appeal to lecturers and students of economics disciplines worldwide, political advisors of EU member states and decision-makers of the European Central Bank; as well as, in principle, all interested readers who would like to learn more about fiscal policy in the European Union.

This book provides perspectives on the latest developments and pertinent issues in the Indian financial sector in current times. The reforms initiated in the nineties in the financial sector have transformed the way financial markets and institutions function today. However, certain sectors like banking, and markets like the capital market have undergone sea changes. The research contributions in this book focus on the issues pertaining to such sectors like banking, NBFCs and the stock market. The opening up of financial markets and emergence of institutional investors have been a significant phenomenon in the Indian context. At this backdrop of increasing financial integration, the impact of financial liberalisation on the overall development of the sector, and how the global policies and events influence the Indian financial sector, are analysed in the book. The emergence of new regulations in the capital markets to instill more discipline and transparency, have also changed the way corporates take financing decisions. For example, regulatory authorities are continuously reviewing norms pertaining to issues like promoters' shareholding owing to risks arising from excessive leverage and the linkages between financial intermediaries. Corporate governance, environmental aspects are some important additions in corporate financing norms in the recent past. The book incorporates a discussion on this, too. Apart from these, the book also has incorporated several aspects on an emerging concept called financial inclusion, its measurement and constraints to achieve the same. And finally, at the backdrop of the disruption created by the COVID-19 pandemic, the impact on the Indian capital market is also discussed. Contributions are based on rigorous empirical research and incorporate the perspectives of renowned academicians in the field of finance and financial economics across the country. Apart from the research community, this book will also be helpful for financial analysts working in the financial sector to have some idea about the current issues, the direction of research on those issues and different perspectives on them.

This book analyses the use of qualitative and quantitative content analysis methodologies for risk disclosure practices in the European banking industry. While doing so, it assesses the level of transparency of financial and non-financial reports by focusing on the information disclosed to the public with reference to risk exposure and management. By drawing upon both qualitative and quantitative techniques, the book proposes two different methodological approaches to assess the information European financial institutions provide to the public with reference to the risk disclosure and derivative disclosure in their annual financial reports. These methodologies are subsequently employed to carry out empirical analyses on samples of European banks. By exploiting the points of strength of both qualitative and quantitative content analysis methodologies, this book offers insights into the advantages and disadvantages of these methodologies. The book is a must-read for academics and researchers that analyze disclosure practices of financial and non-financial firms, as well as financial analysts and other practitioners that are interested in assessing the level of transparency and evaluating the disclosures of financial and non-financial firms, especially, but not exclusively, with reference to risk disclosure and derivative disclosure.

The special economic zones that have been established in China are playing an important role in the economic development of the country. This in-depth examination of the zones provides a broad understanding of the formation of the Southern Chinese Economic Block and its effects on the country as a whole. In addition, the work reviews the significance of the special economic zones in respect to Hong Kong, Macao, and Taiwan. The special economic zones are discussed from the perspective of a multi-economic structure for China.