A Textbook on Macroeconomic Knowledge and Analysis

Dynamics and Income Distribution brings together Irma Adelman's pioneering applications of econometrics, as well as papers on the poverty and income distribution implications of growth and development. The volume combines some early papers on business cycles and long swings with other pieces focusing on just economic development. With a firm emphasis on the dynamics of income inequality, this volume includes empirical study of how inequality changes with economic development and the conceptual development of dynamic indices of income inequality. Professor Adelman's papers draw on quantitative simulation models and the experience of specific countries to discuss policies to alleviate poverty and reduce inequality. The author argues that trickle-down processes are not likely to reduce poverty sufficiently rapidly. Land reform and the equal access to education need to be focused in order to generate the initial conditions for equalizing economic development. Economic development and poverty reduction, she suggests, require an emphasis on education, on institutions determining access to jobs and resources, and on labour-intensive types of economic growth. With its companion volume, Institutions and Development Strategies, this collection of selected essays makes a significant contribution by improving access to Irma Adelman's pioneering work on the economics and policy of development.

The aim of this volume is to foster more sustainable business models through financial markets. To that end, it is necessary to know the main global challenges facing financial markets and their impact on creating sustainable value in business models of enterprises in the context of sustainable adaptation. The book focuses on assessing the decision criteria adopted by financial markets in the process of transaction risk valuation, in terms of the presence of Environmental, Social, and Governance (ESG) criteria, and by assessing the impact of including these criteria in the risk assessment process by financial markets in business decisions, leading as a consequence to building new value in the form of a sustainable business model. The book presents global ESG risks facing the financial markets, and discusses how ESG risks are managed and monitored, and how financial markets can measure and operationalize extra-financial risks in its assessment process. The book also analyses ESG risk implications and influences on company behavior, and the actions that companies should take considering the ESG assessment requirements of financial markets. Finally, it provides a comprehensive, structured, and systematic view of how financial markets and companies should adapt and improve their business models. The book provides unique challenges for investors, companies, financial markets, and for our society as a whole, advancing traditional risk management approaches to address global risks.

No single system of development can accommodate all variations of the economic, social and political environments in developing economies. The authors of this book analyse the changing role of the public sector in promoting socioeconomic development. They concentrate their study on the three major issues of macroeconomic management in development planning: market mechanisms, financial management and enterprise management, and the transfer and development of technology. Planning practitioners and scholars and students of economic development should find this book provides important theoretical insights, as well as the experiences of various countries in managing their economic progress.

Rich and informative case studies throughout bring this book to life for professionals and students alike. Written by one of the leading competitive experts in the world. Tackles a complex issues in a lively and engaging way.

This broad survey of unemployment will be a major source of reference for both scholars and students. It aims to provide a basis for better policy: showing how the lessons learned from experience and theory can be applied to greatly reduce the waste and misery of high unemployment. The book surveys in a clear, concise manner the main aspects of the unemployment problem. It integrates macroeconomics with a detailed micro-analysis of the labour market. It uses the authors' model to explain the puzzling post-war history of OECD unemployment and shows how unemployment and inflation are affected by systems of wage bargaining and unemployment insurance. For each issue the authors' develop a relevant theory, followed by extensive empirical analysis. The authors are established experts in the field, and this book gives their definitive treatment. Now revised to include an analysis of unemployment changes since 1991, it is clear the authors' original model has stood the test of time making this book a must read for any student studying economics at an advanced level.

Over the past two decades, the issue of equilibrium indeterminacy has been one of the major research concerns in macroeconomic dynamics. Growth and Business Cycles with Equilibrium Indeterminacy discusses the main topics in this literature. Based on comprehensive surveys and the author's original research, this book explores sunspot-driven fluctuations in real business cycle models, multiple equilibria in endogenous growth models, and the stabilization effects of fiscal and monetary policy rules. The book also considers equilibrium indeterminacy in open economy models.

This book provides an investor-friendly presentation of the premises and applications of the quantitative finance models governing investment in one asset class of publicly traded stocks, specifically real estate investment trusts (REITs). The models provide highly advanced analytics for REIT investment, including: portfolio optimization using both historic and predictive return estimation; model backtesting; a complete spectrum of risk assessment and management tools with an emphasis on early warning systems, risk budgeting, estimating tail risk, and factor analysis; derivative valuation; and incorporating ESG ratings into REIT investment. These quantitative finance models are presented in a unified framework consistent with dynamic asset pricing (rational finance). Given its scope and practical orientation, this book will appeal to investors interested in portfolio optimization and innovative tools for investment risk assessment.

Germany is clearly the dominant economic force in Europe. It occupies the pivotal position of being at the centre of both the EC and of attempts to rebuild the economies of East Central Europe. "The German Economy" traces German economic policy and growth from 1945 to the present. These include: the German economy in perspective; the regional dimension; fiscal policy; monetary policy; social policy; the labour market; banking and finance; and industry, trade and economic policy. In "The German Economy", Eric Owen Smith has produced a comprehensive account of contemporary German economy. Smith has also published "Trade Unions in the Developed Economies" (Croom Helm, 1981), and "The West German Economy" (Croom Helm, 1983), and edited, with Frick and Griffiths, "Third Party Involvement in Industrial Disputes: A Comparative Study of West Germany and Britain" (Avebury Press, 1988).

This book introduces readers to a new approach to identifying stock market bubbles by using the illiquidity premium, a parameter derived by employing conic finance theory. Further, it shows how to develop the closed form formulas of the bid and ask prices of European options by using Black-Scholes and Kou models. By using the derived formulas and sliding windows technique, the book explains how to numerically calculate illiquidity premiums. The methods introduced here will enable readers interested in risk management, portfolio optimization and hedging in real-time to identify when asset prices are in a bubble state and when that bubble bursts. Moreover, the techniques discussed will allow them to accurately recognize periods of exuberance and panic, and to measure how different strategies work during these phases with respect to calmer periods of market behavior. A brief history of financial bubbles and an outlook on future developments serve to round out the coverage.

• Introduces the dynamics, principles and mathematics behind ten macroeconomic models allowing students to visualise the models and understand the economic intuition behind them. • Provides a step-by-step guide, and the necessary MATLAB codes, to allow readers to simulate and experiment with the models themselves.

"The South African Economy, 1910-90" surveys the growth of the South African economy since 1910, when the four provinces came together to form the Union of South Africa. The theme of this book is the economic organization that made possible the growth of the South African economy which has contended with natural disasters, a backward but politically influential agricultural sector, a fixed gold price, the impact of two world wars and finally the constraints on growth imposed by the apartheid policies present since 1948. The book describes how the gold industry fuelled the growth of the economy and enabled the government to subsidise agriculture. The gold idustry, however, was a mixed blessing and since 1973 the dramatic rise in its price has not been accompanied by a boom in the growth rate. In fact it led to a marked deceleration in the rate of growth and triggered a burst of inflation that is still ravaging the South African economy. The affects on the economy of leaving the Commonwealth in 1961 are then examined, as this caused an industrial revolution that made South Africa the power house of Africa; but accompanying the industrial transformation was a population explosion that

This timely volume presents a critical analysis of the industrialization process in Malaysia, which has one of the fastest growing economies in Asia. Since 1987, Malaysia has experienced a sustained economic boom based on export-oriented manufacturing. The essays in "Industrializing Malaysia" consider Malaysia's experiences with foreign investment, technology transfers, free trade zones, industrial linkages, and labor flexibility in the manufacturing sector. The volume includes case studies of the Malaysian automobile, electronics, and textile industries.
Despite growing concerns over environmental damage and the sustainability of economic growth, many developing countries continue to associate industrialization with progress. By focusing on Malaysian industrialization, the essays in this volume assess the strengths and weaknesses of such an approach. The contributors, most of whom have served as consultants to the Malaysian government, suggest policy changes that would ensure more balanced, coherent, equitable, and sustainable industrialization under national auspices.
Contributors: Jomo K. S., Chris Edwards, Guy Standing, Anuwar Ali, Wong Poh Kam, Rajah Rasiah, Leslie O'Brien, Ashwani Saith, Anuwar Ali, David C. O'Connor, and S. Jayasankaran.

The Economic Survey is the budget document of the Government of India. It presents the state of affairs of the Indian economy. Economic Survey 2017-18 consists of two volumes. Volume 1 provides an analytical overview of the performance of the Indian economy during the financial year 2017-18. It highlights the long-term challenges facing the economy. Volume 2 is a descriptive review of the major sectors of the economy. It emphasizes economic reforms of contemporary relevance like GST, the investment saving slowdown, fiscal federalism and accountability, gender inequality, climate change and agriculture, science and technolog, among others.

Financialisation has become a widely discussed and debated term leading to a plurality of perspectives, but no fixed definition or single reading. This book presents a critical exploration and review of the current literature on financialisation, focusing on the financialisation of NFCs and its possible implications for the macroeconomic and financial stability of advanced countries. Starting from this critical analysis, it proposes some new readings of the process of financialisation, linking it directly, on the one hand, to the evolution of interest-bearing capital and the credit system, and, on the other hand, to the historical tendencies of monopoly capital towards financial arrangements to manage corporate control. Finally, a conceptual scheme for interpretation and a mathematical model of corporate portfolio choice is developed to explain how the tendency in developed countries to place growing shares of social surplus in speculative financial channels can contribute to their long-term real stagnation. The book also underlines the excessive attention usually being paid to some micro-epiphenomena that show a fallacy of composition at the macroeconomic level and can lead to some misunderstandings of the general trends in capitalist evolution. Moreover, some doubts are raised about the extent to which financialisation actually represents a change to the present regime of accumulation. The book targets all the scholars who are interested in better understanding whether financialisation constitutes a profound change in the functioning of capitalist economic systems and what effects it can produce in social welfare in the advanced countries.

This book brings together important essays by Richard F. Kahn, Keynes's pupil and literary executor and one of the most influential economists in the Cambridge tradition. The essays address issues, including imperfect competition, pricing mechanisms, inflation, unemployment, and the regulation of international trade and finance, that are highly relevant and topical They are addressed from a Keynesian perspective, with the interface between economic theory and policy explored. With the inclusion of a new introduction, the essays are placed in their own context and offer the key to understand their relevance for the present. Richard F. Kahn: Collected Economic Essays is a fitting companion to the 1972 collection of essays, edited by Kahn himself. It will be of interest to scholars and students as a key to an outstanding economist and a great figure in the Keynesian tradition.

This volume contains papers prepared for the Bank of Japan's Seventh International Conference which explore the operational and institutional framework for effective monetary policy implementation against the background of recent developments in economics and central banking practice. Features important contributions from leading figures from academia, central banks, and international institutions. Essential reading for anyone interested in central banking or the conduct of monetary policy.

Major changes which have occurred since this book was first published have been included in this edition. In particular, the chapter on Germany has been substantially revised and now includes a separate section on easter Germany. The other five countries covered in the book have also witnessed changes in their business culture and these have been taken into consideration. This book examines the background to business practice in Europe of six major countries: Germany, France, Italy, the UK, Spain and the Netherlands. Each chapter tracks the commercial development of that country in the late 1970s, 1980s and early 1990s, focusing on the business environment, special features affecting business, and the response to the EC's single market. The business culture section in each is divided further into business and government, business and the economy, business and the law, business and finance, business and the labour market, business and trade unions and business training, education and development. The test is organized in such a manner to enable cross-referencing between countries, and maps have been included in the new edition.

Examining the interactive relationship between the two main sources of growth, accumulation and technical change, this book describes and evaluates various explanations, from the vantage point of how economic agents' behaviour is specified. What is involved in the rational calculation behind the decision to invest and innovate? The book also makes a comparison of the different answers given to this question, from the early classics to recent new classical and new institutionalist models.

In this carefully chosen selection of essays, Linsu Kim - one of Korea's foremost social scientists, who is advising the Korean government on reform strategy in light of the recent crisis - identifies the evolutionary processes and patterns of learning, capability building, and innovation in catch-up countries. He suggests that catch-up economies display different patterns of learning and innovation to more advanced countries. Using the example of Korea, he examines industries such as consumer electronics, machinery, pharmaceuticals, automobiles and semiconductors, all of which have been important contributors to Korea's economic growth and development. Linsu Kim analyses both the formal and informal mechanisms Korea has used in acquiring technologies from, mainly, advanced countries. He considers how these technologies are assimilated rapidly into the local economy, and in some cases improved to increase Korea's international competitiveness. This examination and extension of the theory of learning and innovation has many useful implications for both catch-up economies and also advanced countries. It offers analytical frameworks which policymakers and managers can use in formulating and evaluating public policies and corporate strategies. Learning and Innovation in Economic Development will be of interest to a wide audience including those working in the fields of technology management, innovation studies and development economics.

Baumol's Cost Disease is the inevitable escalation of the real costs that occur in labour-intensive industries like the arts, health care and education. The labour costs in these industries tend to increase at the same rate as other industries, but their scope for utilizing labour-saving technical progress is either small or non-existent.The book opens with an introduction by Ruth Towse in which there is an overview of William Baumol's work. In this discussion Ruth Towse examines Baumol's work in the context of the development of the economics of the arts. The volume is then divided into parts and begins by introducing William Baumol's work through several autobiographical essays. This is followed by some of his early contributions to cultural economics and the cost disease. William Baumol's leading macroeconomic work on the 'unbalanced growth model' is also included and the debate about it at its inception. In parts three and four some of the more empirical papers on the arts are presented as well as essays on policy implications for the arts. Following this are chapters on the theatre and publishing as well as historical studies of the arts and the implications of the cost disease for libraries, health care and education. This book contains William Baumol's contribution to cultural economics and spans over 30 years of writing on the subject, much of which is not widely available. It provides a real insight into the development of Baumol's analysis and his perception of the problems of the arts and other labour-intensive sectors.

'A failing orthodoxy calls out for powerful alternatives. Neoclassical economics is that failed orthodoxy; Whalen and his contributors are the critical alternative. In this finely orchestrated edited volume, the contributors take turns wielding a sledgehammer to demolish the weakened edifice of neoclassical theory. Then, each adds a brick to a new theoretical foundation as they work together to expand upon the Post-Keynesian Institutionalist approach, especially the ideas laid down by Hyman Minsky. Their critique is clear and the alternative theory and policies they present are critical for anyone trying to understand the nature and operation of market-based economies.' - Dorene Isenberg, University of Redlands 'A convergence of Post Keynesian and Institutional economics, which have much in common, offers a sound and practical way forward after the Great Recession. By drawing inspiration from Hyman Minsky and tracing similarities in the economics of Veblen, Commons and Keynes, this book pursues such a convergence in an original and thought-provoking manner. The result is a new way of thinking about economics, one based on serious economic theory and rooted firmly in economic reality.' - Philip Arestis, University of Cambridge, UK This timely book rethinks economic theory and policy by addressing the problem of economic instability and the need to secure broadly shared prosperity. It stresses that advancing economics in the wake of the Great Recession requires an evolutionary standpoint, greater attention to uncertainty and expectations, and the integration of finance into macroeconomics. The result is a broader array of policy options - and challenges - than conventional economics presents. Building on the pioneering work of Thorstein Veblen, John R. Commons and John Maynard Keynes, the authors synthesize key insights from Institutional and Post Keynesian economics into Post-Keynesian Institutionalism. Then they use that framework to explore an array of economic problems confronting the United States and the world. Inspired by the work of Hyman Minsky, the authors place financial relations at the center of their analysis of how economies operate and change over time. Students and scholars of macroeconomics and public policy will find this book of interest, as will a wider audience of financial analysts, policy makers and citizens interested in understanding economic booms and downturns.