Originally published in 1947, this book presents the content of the Rede Lecture for that year, which was delivered by Sir Hubert Henderson at Cambridge University. This book will be of value to anyone with an interest in economic history and politics.

This book offers a novel treatment of one of the most important and long-standing research agendas in critical political economy: the theorizing of stages of capitalist development. Albritton advances the work of Japanese economist, Kozo Uno, to explore capital accumulation and its ideological, legal and political supports, not only in the stages of mercantilism, liberalism and imperialism, but also in the post-World War II capitalist stage of consumerism. The power of Albritton's adoption of this Japanese approach resides in the crisp clarity it achieves over the way stage theorizing of capitalism draws on both economic theory and historical analysis. In the new, fully revised edition, written with Richard Westra, two new chapters are added. One meticulously examines the tendencies of capitalism euphemized as globalization and financialization which followed the crisis of the stage of consumerism. The other deals with current threats to civilization posed by burgeoning militarism, environmental destruction and climate apocalypse. The concluding chapter argues for the necessity of major social change to ensure a liveable future for humanity. The book will be of interest to researchers and students of political economy and the history of economic thought, as well as a wider audience interested in the transformation and crises of capitalism.

By the middle of 1987, it had become apparent that the drift towards far-reaching economic and political reforms in Eastern Europe, the Soviet Union, China and a number of Asian centrally planned economies would have far-reaching implications for the world economy. As new institutional arrangements evolve in those economies, the changes inevitably affect their entire external trade and payment relations. In the initial phase the reform process as well as its external policy aspects evoked considerable scepticism among participants in the global economy. It was against this backdrop that the Department of International Economic and Social Affairs convened an international symposium on the external impact of the economic reforms in the aforementioned countries. Its principal purpose was twofold to evaluate the external aspects of the ongoing reforms and their implications for the participation of these economies in the global economic framework. On the other hand, the symposium was to identify areas in which the more imtimate integration of these countries into the global economic framework could be facilitated and to separate those fields from others that would need more research, d

The recent world economic crisis showed very clearly that financial crises and sovereign defaults are severe threats to economic and social prosperity. In addition, it became apparent that currency crises and banking crises often occur together and are closely related to sovereign debt crises and defaults.

The present book contains new research on various important issues related to financial crises and sovereign default risk by leading experts in the field. The book discusses new modelling approaches to financial crises, defaults and their interdependencies. It also sheds light on the consequences of different sorts of crises for the trust in the institutions which are concerned with managing them. Moreover, it provides discussions of several institutional features of the EMU and the world financial system and in particular the risks inherent in these institutions. The book also includes interesting suggestions for solving crises and improving financial stability.

Handbook in Environmental Economics, Volume 4, the latest in this ongoing series, highlights new advances in the field, with this new volume presenting timely chapters on Modeling Ecosystems and Economic Systems, Framing Sustainability Policy Questions: Who Leads - Ecology or Economics?, Valuing Natural Capital Within an Integrated Economic Ecological, Developing Economies, Urbanization, Climate Change and Health, Viewing Environmental Policy Instruments for Domestic and International Perspective, Quasi experimental Estimation of Environmental Policies, Environment Macro, The Rules for Formal and Informal Institutions in Managing Environmental Resources, and How Should Uncertainty Be Integrated into the Methods for Policy Evaluation?

Both parts of Volume 44 of Advances in Econometrics pay tribute to Fabio Canova for his major contributions to economics over the last four decades. Throughout his long and distinguished career, Canova's research has achieved both a prolific publication record and provided stellar research to the profession. His colleagues, co-authors and PhD students wish to express their deep gratitude to Fabio for his intellectual leadership and guidance, whilst showcasing the extensive advances in knowledge and theory made available by Canova for professionals in the field. Advances in Econometrics publishes original scholarly econometrics papers with the intention of expanding the use of developed and emerging econometric techniques by disseminating ideas on the theory and practice of econometrics throughout the empirical economic, business and social science literature. Annual volume themes, selected by the Series Editors, are their interpretation of important new methods and techniques emerging in economics, statistics and the social sciences.

This book reviews the key policy debates during the post-crash era, describing the issues that policymakers grappled with, the decisions that they took and the details of the policy instruments that were created. Focusing specifically on issues in monetary and fiscal policy, chapters demonstrate that very little that was done during this period conformed to the simple textbook treatment of macroeconomic policy: central banks cutting policy rates or finance ministers cutting the rate of income tax. The author guides the reader through the revolution in the conduct of macroeconomic policy in an engaging and approachable manner, and illuminates the key innovations in the toolkit and themes in the debate over past years with great detail, from negative rates to quantitative easing, and from austerity versus financial repression, restructuring and default to productivity puzzles and deflation.

This book includes papers presented at the 11th International Conference "Economies of the Balkan and Eastern European Countries" (EBEEC), held in Bucharest, Romania, in May 2019. It sheds new light on the micro- and macroeconomic developments in the Eastern European and Balkan countries, while at the same time taking into account the broader regional and global factors influencing these developments. By examining how the decisions and the performance of economic, social and political actors in the region are intertwined with wider regional and global events, the contributions highlight the dynamic development in Eastern Europe and the Balkans region. Further, the book demonstrates how the region has overcome numerous challenges in the past and is evolving within the framework of European economic integration and the global effervescent economy.

This book provides a detailed examination of foreign direct investment (FDI) inflows in Central and Eastern Europe (CEE) after closer integration in the European Union. An important facet of European economic integration was the development of a free-trade area in Central and Eastern Europe, which improved market accessibility. However, to date these relations have been little explored theoretically.The book examines foreign investments in different transition countries from both a theoretical and an empirical perspective. It analyzes changes in the choice of location by foreign investors in nineteen CEE countries between 1992 and 2015, and shows that it is linked to the removal of intra-regional trade barriers. The findings suggest that regional integration increases the incentives for multinationals to invest in the participating countries, especially in those with larger markets and lower production costs.

How does one distinguish between European Union investments that improve welfare and those that create economic malaise? Funding the Greek Crisis: The European Union, Cohesion Policies, and the Great Recession explores the sources of the Greek Crisis that lie primarily in EU policies that appeared to have worked better for other countries but not for Greece. Without overly simplifying the Greek condition, it provides insights into policies the countries of the euro area may need to implement in order to ensure collective cohesion and individual success. Arguing that EU preferences for autonomous investments discouraged organic development with lasting implications, Funding the Greek Crisis sheds new light on the nature of regional competitiveness and public economics.

This book provides an impressive overview of emerging technologies, especially nanotechnologies and biotechnologies, and their prospective applications. It identifies and describes existing and potential markets for emerging technology-based applications, and projects scenarios for macroeconomic development based on these technologies. Integrated roadmaps for the development of a nano- and bioindustry are shown and policy measures and corporate strategies developed to advance these technologies. These measures are illustrated using roadmaps and policy case studies.The book combines a practical, comprehensive overview of the technical side of emerging technologies and their applications in various fields with an analysis of market developments and characteristics.

This book questions whether it is possible for globalization to be reversed and constructs a model for anticipating this potential development in future years. The first part focuses on the preliminary problems of globalization, constructing a model (or index) of its various phases of evolution. It then goes on to consider four problems which represent the principle worries of middles classes when considering globalization: terrorism, inequality, immigration and political representation. It depicts a scenario for the coming years in which globalization may slow down, or fall back altogether, taking care to describe the mechanism whereby either situation would happen.

This volume presents contributions that analyse the extraordinary impact of digital technology on business, services, and the production of value in many sectors of the economy. At the heart of this book is the fact that the entire digital economy is now worth almost 6% of global GDP, and it continues to grow at an unprecedented rate. The volume covers the general debate on taxation and the digital economy with the chapters by Russo, Makiyama and Boccia, before completing the analysis with discussion of three national case studies covering the U.S. (Pagano), U.K. (Leonardi) and Italy (Boccia and Leonardi). Contributors are leading experts in the fields of taxation and the digital economy and contextualise the key issues surrounding the digitalisation of the economy from an international perspective.

A non-mathematical introduction to the macroeconomic analysis of both the open economy and the world economy. The text assumes a basic understanding of macroeconomics and is of interest to policy-makers and second year undergraduates.

This book explores the US economy from 1960 to 2010 using a more Keynsian, Cowles model approach, which the author argues has substantial advantages over the vector autoregression (VAR) and dynamic stochastic general equilibrium (DSGE) models used almost exclusively today. Heim presents a robust argument in favor of the Cowles model as an answer to the pressing, unresolved methodological question of how to accurately model the macroeconomy so that policymakers can reliably use these models to assist their decision making. Thirty-eight behavioral equations, describing determinants of variables such as consumption, taxes, and government spending, are connected by eighteen identities to construct a comprehensive model of the real US economy that Heim then tests across four different time periods to ensure that results are consistent. This comprehensive demonstration of the value of a long-ignored model provides overwhelming evidence that the more Keynesian (Cowles) structural models outperform VAR and DSGE, and therefore should be the models of choice in future macroeconomic studies.

For the large number of developing countries undergoing significant structural transformations, one of the most important and controversial adjustment areas is that of the financial markets. Focusing on the role of the institutional and enabling environment within which financial reform occurs and on the integration of principles of finance with more macroeconomic approaches to the subject, the book contains case studies of reform experiences in Argentina, India, Nigeria, Turkey and Uruguay. Themes studied include the 'go slow' versus 'big bang' approach and the particular problem of bank-firm inter-linkages in Eastern Europe.

This volume analyzes the economic achievements of China since the opening in 1979, and the measures taken by the government to spur international trade, investment and technology transfer. China's extraordinarily high economic growth rate is examined, and broken down into several parts. Prospects for continued high growth are evaluated. This evaluation looks to the future to weigh the possibility for maintaining high growth into the next century. A concluding chapter examines China's changing role in the world economy and politics.

This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.

The book provides a comprehensive overview of the latest econometric methods for studying the dynamics of macroeconomic and financial time series. It examines alternative methodological approaches and concepts, including quantile spectra and co-spectra, and explores topics such as non-linear and non-stationary behavior, stochastic volatility models, and the econometrics of commodity markets and globalization. Furthermore, it demonstrates the application of recent techniques in various fields: in the frequency domain, in the analysis of persistent dynamics, in the estimation of state space models and new classes of volatility models. The book is divided into two parts: The first part applies econometrics to the field of macroeconomics, discussing trend/cycle decomposition, growth analysis, monetary policy and international trade. The second part applies econometrics to a wide range of topics in financial economics, including price dynamics in equity, commodity and foreign exchange markets and portfolio analysis. The book is essential reading for scholars, students, and practitioners in government and financial institutions interested in applying recent econometric time series methods to financial and economic data.

This book gathers selected papers from the 29th Eurasia Business and Economics Society (EBES) Conference, held in Lisbon, Portugal. While the theoretical and empirical papers presented cover diverse areas of economics and finance in various geographic regions, the main focus is on the latest research concerning accounting/audits, banking, the economics of innovation, and empirical studies on emerging economies and international trade. Studies on labor economics and public economics, as well as regional studies, round out the coverage.

This book is a contribution to the debate about the transition process, and focuses on structural institutions in Russia and the East.

In transitional countries with unfavourable initial conditions and weak institutions, economic and social performance can only in part be explained by the approaches followed in the field of macroeconomic adjustment, privatization, and liberalization. By reviewing the impact of initial conditions on industrial and institutional conditions in the gradual and late reforming countries, this book aims to rekindle the debate surrounding these largely neglected issues.

Although a number of selected African countries have made efforts to implement various financial sector reforms, many countries have not fully implemented the requisite reforms required for sustainable development. Instead, they have focused mainly on bank-based financial reforms, thereby neglecting market-based financial reforms. This study provides a one-stop shop for understanding the history and evolution of the financial sector in Africa with a special focus on the sub-Saharan region where the financial system in many countries is still at a relatively nascent stage. The analysis is extensive and robust, and starts from financial repression to financial liberalisation (both internal and external), and its role in sustainable development and poverty alleviation. The book covers a range of important research issues pertaining to financial development in selectede African countries, including interest rate and exchange rate reforms, the dynamics of bank-based and market-based financial development; the role of the informal financial sector in sustainable development; the finance-growth nexus; bank-based versus market-based financial sectors in Africa; financial development and information and communication technology; and financial development and gender equality, among other topics. The book also considers the relationship between the COVID-19 global pandemic and financial development, and concludes by presenting a forecast of the future trends of financial and sustainable development on the African continent in general and sub-Saharfan Africa in particular. The chapters are authored by prominent scholars and researchers in the field of finance and banking, applied econometrics and development economics, with a deep understanding and knowledge of financial development and the local situations in African countries. This book provides crucial reference material for academics, researchers, policymakers and students of all levels and is a must-read for anyone wishing to understand the nature of finance and sustainable development in Africa in relation to the rest of the world. It covers African countries, but with more emphasis on the sub-Saharan African region where the financial systems in many of the countries are still relatively underdeveloped.

Introduction to Quantitative Macroeconomics Using Julia: From Basic to State-of-the-Art Computational Techniques facilitates access to fundamental techniques in computational and quantitative macroeconomics. It focuses on the recent and very promising software, Julia, which offers a MATLAB-like language at speeds comparable to C/Fortran, also discussing modeling challenges that make quantitative macroeconomics dynamic, a key feature that few books on the topic include for macroeconomists who need the basic tools to build, solve and simulate macroeconomic models. This book neatly fills the gap between intermediate macroeconomic books and modern DSGE models used in research.

EBES conferences have been intellectual hub for academic discussion in economics, finance, and business fields and provide network opportunities for participants to make long lasting academic cooperation. This is the 24th volume of the Eurasian Studies in Business and Economics (EBES's official proceeding series) which includes selected papers from the 37th EBES Conference - Berlin. The conference was jointly organized with the GLO (Global Labour Organization, a global, independent, non-partisan and non-governmental organization based in Germany) with the support of the Istanbul Economic Research Association and in collaboration with the FOM University of Applied Sciences (Germany). Due to COVID-19, the conference presentation mode was virtual. In the conference, 177 papers by 379 colleagues from 54 countries were presented. Both theoretical and empirical papers in this volume cover diverse areas of business, economics, and finance from many different regions. Therefore, it provides a great opportunity to colleagues, professionals, and students to catch up with the most recent studies in different fields and empirical findings on many countries and regions.

Spatial fixity is one of the characteristics that distinguishes housing from most other goods and services in the economy. In general, housing cannot be moved from one part of the country to another in response to shortages or excesses in particular areas. The modelling of housing markets and the interlinkages between markets at different spatial levels - international, national, regional and urban - are the main themes of this book. A second major theme is disaggregation, not only in terms of space, but also between households. The book argues that aggregate time-series models of housing markets of the type widely used in Britain and also in other countries in the past have become less relevant in a world of increasing income dispersion. Typically, aggregate relationships will break down, except under special conditions. We can no longer assume that traditional location or tenure patterns, for example, will continue in the future. The book has four main components. First, it discusses trends in housing markets both internationally and within nations. Second, the book develops theoretical housing models at each spatial scale, starting with national models, moving down to the regional level and, then, to urban models. Third, the book provides empirical estimates of the models and, finally, the models are used for policy analysis. Analysis ranges over a wide variety of topics, including explanations for differing international house price trends, the causes of housing cycles, the role of credit markets, regional housing market interactions and the role of housing in urban/suburban population drift.