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.

The collapse of Lehman Brothers, the oldest and fourth-largest US investment bank, in September 2008 precipitated the global financial crisis. This deepened the contraction in economic activity that had already started in December 2007 and has become known as the Great Recession. Following a sluggish and uneven period of recovery, levels of private debt have recently been on the rise again making another financial crisis almost inevitable. This book answers the key question: can anything be done to prevent a new financial crisis or minimize its impact? The book opens with an analysis of the main elements responsible for the 2007/2009 financial crisis and assesses the extent to which they are still present in todays financial system. The responses to the financial crises - particularly the Dodd-Frank Act, the establishment of the Financial Stability Board, and attempts to regulate shadow banking - are evaluated for their effectiveness. It is found that there is a high risk of a new bubble developing, there remains a lack of transparency in the financial industry, and risk-taking continues to be incentivised among bankers and investors. Proposals are put forward to ameliorate the risks, arguing for the need for an international lender of last resort, recalling Keynes' idea for an International Clearing Union. This book will be of significant interest to scholars and students of financial crises, financial stability, and alternative approaches to finance and economics.

This work analyzes recent economic performance in the Commonwealth Caribbean by examining the IMF/World Bank Structural Adjustment Package and its relation to the deteriorating economic and social conditions in this part of the world. Ramesh F. Ramsaran not only takes a critical look at structural adjustment as it has been applied in the Caribbean but also examines recent structural adjustment theory in general and some of its contradictions in practice.

Ramsaran argues that if structural adjustment programs are to be effective with minimum social cost, their design must take into account the specific conditions of individual countries. This argument against the general application of policies and principles remains firm, despite the fact that international aid agencies in the 1980s did find general guidelines useful in particular situations. His analysis will be of interest to scholars and policy-makers in international and development economics and international finance and trade.

Economic Disturbances and Equilibrium in an Integrated Global Economy: Investment Insights and Policy Analysis helps readers develop a framework for analyzing economic events and make better, more consistent decisions. Victor Canto presents the theoretical building blocks that make up the overall framework, then expands the framework to tackle more complex problems, applying additional considerations to actual policy or investment issues. Drawing upon the most recent trends in monetary policy and international economics, the book offers sustained direct engagement with the main research question and makes innovative use of the simple concepts of supply and demand to illuminate modern finance literature. The book succeeds by highlighting the often-forgotten interconnectedness of different economic processes. How do we respond to a change in policy or an economic shock? Are all the expected changes to the general equilibrium consistent with each other?

Why is it that government debt in the developed world has risen to world war proportions in a time of peace? This can largely be attributed to governments maintaining welfare expenditures beyond what tax revenues allow. But will these governments refrain from doing what is necessary for economic growth for fear of losing their electorate?

Changes in the international environment, from the stagflation of the 1970s to the globalization of capital markets in the 1990s, have challenged the ability of all advanced welfare states to maintain postwar achievements of full employment, social security and social equality. Nevertheless, national responses and actual performance differed greatly. This two-volume study examines the adjustment to external economic challenges over three decades in Australia, Austria, Belgium, Denmark, France, Germany, Italy, the Netherlands, New Zealand, Sweden, Switzerland and the United Kingdom Volume I presents comparative analyses of differences in the vulnerabilities and capabilities of these countries, in the effectiveness of their policy responses, and in the role of values and discourses in the politics of adjustment Volume II presents in-depth analyses of the experiences of the countries, including special studies on the participation of women in the labour market, early retirement, the liberalization of public services and international tax competition.

This book investigates the South African business cycle and its links to structural change in the economy. Against the backdrop of the democratic transition in 1994 and the global financial crisis, the authors study how business cycles in South Africa have changed and how cycles are related to key developments in the financial markets, international trade and business sentiment in the country. By focusing on peaks and troughs in economic activity - so-called 'turning-point cycles' - the book links up with the common approach of international policymakers to studying fluctuations in economic activity. The authors also introduce new approaches to measuring phases of the business cycle (to understand slow recoveries after the global crisis), provide comprehensive descriptions to complement quantitative analyses, and utilize new data sources that allow the measurement of economic activity over longer periods. As such, the book provides the first integrated overview of business cycles in an emerging market, providing academics and policymakers with a better understanding of the measurement challenges and drivers of the cycle.

The Socialist Industrial State (1976) examines the state-socialist system, taking as the central example the Soviet Union - where the goals and values of Marxism-Leninism and the particular institutions, the form of economy and polity, were first adopted and developed. It then considers the historical developments, differences in culture, the level of economic development and the political processes of different state-socialist countries around the globe.

This book explores the reasons behind Europe's poor performance in terms of overall growth and its progressively diminishing role in the global context. Recognizing that the big challenge is to restore confidence and hope in Europe, potential solutions are discussed. The volume comprises a selection of contributions to the XXVI Villa Mondragone International Economic Seminar (Rome, 2014), the most recent of a series of seminars that have provided outstanding scholars with an opportunity to discuss key topics in economic research. In recent years the persistence of high unemployment and low growth has increased the Euroscepticism that has targeted the euro and the Brussels bureaucracy. Readers will find this book a fascinating source of information on current thinking regarding topics such as European industrial policy, European governance, unemployment, the euro and competitiveness, trade and financial integration, the Transatlantic Trade and Investment Partnership, anticorruption policies, and energy and climate policies. In particular, it examines the structural reforms and commitment to development that will be required for Europe to become a region characterized by social justice, dynamism, and opportunities for all.

This book honours Professor John McCombie's retirement by exploring a variety of themes, theories and debates in non-orthodox macroeconomics. With contributions from leading scholars, the book covers diverse ground in economic thought, policy, empirical work and modelling. It demonstrates ongoing presumptions and asks probing questions of topical questions from the increase of income equality to the international variation of productivity investment. This collection will appeal to academics and students with an interest in the history of macroeconomic thinking.

Holger Markmann studies covered bonds and their market behaviour upon the announcement and implementation of outright covered bond purchases by the eurosystem. After introducing the covered bond market, its reaction to the global financial crisis, and the functionality of unconventional monetary policy to a broad audience, the author analyzes the impact of these purchases. The first Covered Bond Purchase Programme (CBPP1) has lowered covered bond spreads by 3-4 basis points in the short-term, 10 basis points in the medium-term, and increased emission volumes by EURO 103 billion. CBPP2 and CBPP3 have not led to similar effects. However, the programs' effectiveness relies on the market's expectations and its prevalent health. About the Author Holger Markmann is PostDoc at the Real Estate Management Institute (REMI) of EBS Universitat fur Wirtschaft und Recht and Managing Director of a real estate investment firm. His research focuses on real estate capital market financing, bank funding, and unconventional monetary policy. Prior to his current roles, he worked for a bulge bracket investment bank, advising financial institutions on their M&A- and capital market activities.

This book analyzes evolution of monetary policy in Rwanda since it was first implemented by the National Bank of Rwanda in 1964 when the bank was established. It contributes to the understanding of monetary policy which is formulation and implementation in different stages of development of a financial system that comprises the financial market (money market and capital market), financial intermediaries such as commercial banks, and the financial sector infrastructures such as payment systems and the credit reference bureau. The book breaks down applied empirical research on the assessment of key assumptions of a monetary targeting framework, namely the stability of money multiplier and money demand using econometrics of time series, through a number of case studies. Presenting a detailed empirical analysis of the monetary transmission mechanism, one of the most analyzed topics in central banks in advanced economies, this book is a valuable read for central bankers and other researchers of monetary policy, particularly in developing economies.

This book examines economic policies utilized within Southeast Europe in response to the COVID-19 pandemic. Covering countries both within and outside the European Union, the human and economic cost of the pandemic is calculated using macroeconomic models from a short and longer term perspective. The economic policies used during the pandemic are analyzed, alongside crisis management approaches, to highlight the effectiveness of monetary policy, fiscal policies and potential future economic solutions for the post COVID-19 period. This book aims to provide policy recommendations based on findings from Southeast Europe. It is relevant to researchers and policymakers involved in economic policy and the political economy, as well as anyone interested in the responses to the COVID-19 pandemic.

Foreign direct investments (FDI) play an integral role in the growth story of Emerging Asian economies. As an essential source of foreign capital, FDI bolsters the path to economic recovery from recessions, including the recent one caused by the COVID-19 pandemic. This book is a collection of essays investigating the reconfiguration of FDI flows to the Emerging Asian economies of ASEAN, China and India following the pandemic and recent FDI policy reforms. This book broadly covers the trends in greenfield FDI flows to Emerging Asia in the context of three pertinent themes. Part one explores the rebalancing effects in global FDI flows after the COVID-19 pandemic, focusing on the experience of Emerging Asian economies. We also evaluate the nature of the pandemic's impact on existing FDI linkages between China and ASEAN. Part two delves into the implications of a cross-border policy framework such as the Belt and Road Initiative (BRI). In particular, we examine ASEAN trade activity after China's investments through BRI. We further discuss the future of BRI in ASEAN economies amidst the emergence of global competitors. Part three of the book zooms in on the effectiveness of domestic FDI policy reforms. We discuss the cases of Indonesia Special Economic Zones and the Make in India initiative. This book is written for scholars, policymakers, and industrial practitioners who wish to track more on the recent FDI dynamics of Emerging Asia.

The financialization of the economy has brought a number of interrelated problems which have contributed to growing income and wealth inequality. Askari and Mirakhor assert that it is time to make a bold change by putting our financial house in order and on a better path, advocating for a fundamental reform of the financial system.

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.

With full-service nationwide banking on the verge of becoming a reality in the U.S., here is a thoughtful analysis of how it emerged and what its effects will be. Dr. Rose is frankly skeptical. He sees advantages but he also predicts significant disadvantages, mainly in the form of possibly higher fees and reduced personal attention for consumers of banking services. His book provides the best summary available of the research findings to date and one of the best summaries of new federal interstate banking rules enacted by Congress and signed into law in 1994. This is an important book not only for executives engaged in government-relations work throughout the financial services industry, and for those engaged in marketing and strategic planning, but also for public policy people in the private and public sectors.

Dr. Rose opens his book with an overview of the trend in U.S. banking towards a consolidated banking system similar to those in other industrialized nations, particularly Canada, Great Britain, and Germany. He identifies causes of this movement toward consolidation, attributable to governmental interventions and the exigencies of the private sector marketplace. He reviews the long history of federal and state restrictions against interstate banking and then explains how laws passed in the 1990s are permitting giant nationwide banking companies to emerge. What does this mean for the public, bankers, and investors? Less than what people think and have hoped for. Dr. Rose warns that many of the benefits expected from interstate banking will probably be nonexistent or at best meager. His book will certainly prove to be a vital resource for anyone involved in the banking industry and for those who influence it.

Economics – macro, micro and mysterious – is integral to everyday life. But despite its importance for personal and collective decision making, it is a discipline often viewed as technical, arcane and inaccessible and thus overlooked in public discourse. This book is a call to arms to bring the discipline of economics more into the public domain. It calls on economists to think about how to make their knowledge of the economics public. And it calls on those who specialise in communicating expert knowledge to help us learn to communicate about economics. The book brings together scholars and practitioners working at the early stages of an emerging field: the public communication of, and public engagement with, economics. Through a series of short essays from academics and practitioners, the book has two key goals: first and foremost, it will make a case for why we need to make economics public and for the importance of having a clear vision of what it means to make economics public. Secondly, it suggests some ways that this can be done featuring contributions from practitioners, including economists, who are engaging audiences in newspapers, museums and beyond. This book is essential reading for those in economics with an interest in making economics public and those already in the many fields dedicated to communicating expert knowledge in public spaces who have an interest in where economics can fit.

Economics – macro, micro and mysterious – is integral to everyday life. But despite its importance for personal and collective decision making, it is a discipline often viewed as technical, arcane and inaccessible and thus overlooked in public discourse. This book is a call to arms to bring the discipline of economics more into the public domain. It calls on economists to think about how to make their knowledge of the economics public. And it calls on those who specialise in communicating expert knowledge to help us learn to communicate about economics. The book brings together scholars and practitioners working at the early stages of an emerging field: the public communication of, and public engagement with, economics. Through a series of short essays from academics and practitioners, the book has two key goals: first and foremost, it will make a case for why we need to make economics public and for the importance of having a clear vision of what it means to make economics public. Secondly, it suggests some ways that this can be done featuring contributions from practitioners, including economists, who are engaging audiences in newspapers, museums and beyond. This book is essential reading for those in economics with an interest in making economics public and those already in the many fields dedicated to communicating expert knowledge in public spaces who have an interest in where economics can fit.

This book examines the global and domestic factors that have influenced the decline of South African manufacturing. Quantitative and econometric techniques are used to analyse the macroeconomic conditions that derive improved performance within the manufacturing sector. Empirical evidence is used to set out policy recommendations that would allow the South African National Development Plan to meet its objectives. This books aims to bring together analysis of industrial policy, competition policy, and merger remedies to produce a framework on how to preserve a competitive environment and support output, investment, and employment growth. It is relevant to those interested in African, development, and labour economics.

This book explains inflation dynamic, using time series data from 1960 for 42 countries. These countries are different in every aspect, historically, culturally, socially, politically, institutionally, and economically. They are chosen on the basis of the data availability only and cover the Middle East and North Africa (MENA) region, Africa, Asia, the Caribbean, Europe, Australasia, and the United States. Inflation reached double digits in the developed countries in the 1970s and 80s, and then central banks, successfully stabilized it by anchoring inflation expectations for decades, until now. Conditional on common and country-specific shocks such as oil price shocks, financial and banking and political crises, wars, pandemics, natural disasters etc., the book tests various theoretical models about the long and short run relationships between money and prices, money growth and inflation, money growth and real output, expected inflation; the output gap, fiscal policy, and inflation, using a number of parametric and non-parametric methods, and pays attention to specifications and estimations problems. In addition, it explains why policymakers in inflation - targeting countries, e.g. the U.S., failed to anticipate the recent sudden rise in inflation. And, it examines the fallibility of the Modern Monetary Theory's policy prescription to reduce inflation by raising taxes. This is a unique and innovative book, which will find an audience among students, academics, researchers, policy makers, analysts in corporations, private and central banks and international monetary institutions.

Joseph Stiglitz examines the theory behind the economic downturns that have plagued our world in recent times. This fascinating three-part lecture acknowledges the failure of economic models to successfully predict the 2008 crisis and explores alternative models which, if adopted, could potentially restore a stable and prosperous economy.

Composite indices are used by national and international organisations, as well as governments and corporations, to track various performance aspects of a country's economy and its people, evaluate progress, and engage constructively in policy dialogue; and they have long proven useful as communication tools and inputs into decision-making and policymaking. Modern Indices for International Economic Diplomacy compiles a spectrum of relevant indices for development and well-being used in benchmarking across nations, namely the OECD Better Life Index, the Gini Index, the Gender Equality/Inequality Index, the International Energy Security Risk Index, the Big Mac Index, the Country Risk Index, the Corruption Perceptions Index, and the Global Terrorism Index. The book will be relevant to practitioners, policymakers, researchers, and students interested in the topic of international economic relationships.

For years, China’s rapid economic transformation was hailed as a successful project that lifted hundreds of millions of people out of poverty. However, in recent times, the Chinese narrative has taken a more negative turn in the eyes of the West. Much of this has to do with the US perception about the role of the Chinese state in its economy and its military build-up, especially in the South China Sea. There’s no question, China’s complex economy can be difficult to understand. Information is often unclear and incomplete, and its data are not always reliable. However, this book presents the reader with a clear picture of China’s economy and how it compares to other advanced economies, mainly the United States. The book unwraps the key features and structures of China’s economy. Moreover, it examines and shows the similarities and differences in comparison with other like economies. In that effort, it underscores the differences by evaluating their benefits as well as their disadvantages, against the backdrop of China’s incomplete transition to a market economy. This along with its governance structure becomes the crucial components shaping the way key stakeholders will act and react to opportunities and incentives as that economy evolves. The book supplements the definition of globalization for the academic, the student, the professional and anyone else interested in its positive and negative effects. It is also a good fit for anyone who wants to understand China’s three elements of political economy: global trade, political power and its image on the global stage.

Issues related to central banks feature regularly in economic news coverage, and in times of economic or financial crisis, especially when a commercial bank is bailed out, they become the focus of the policy debate. But what role do central banks play in a modern economy? How do central banks wield influence over the financial system and the broad economy? Through which channels does monetary policy impact macroeconomic fundamentals such as inflation or unemployment? For example, how does a central bank alter the money supply? What are the benefits of central bank independence, and what are the up- and downsides of having a common currency? This book provides easily accessible answers to these and other questions associated with central banking.