This book offers a comparative study of the Central and Eastern European and Turkish economies that analyzes the implications of EU enlargement. The contributors discuss issues related to the creation of a legal infrastructure that encourages entrepreneurial initiative, fair competition, market forces, and investor confidence. They assess the benefits of following prudent monetary and fiscal policies together with appropriate competition, trade, and foreign direct investment policies in Turkey and Central and Eastern Europe.

China's emerging financial markets reflect the usual contrast between the country's measured approach toward policy, regulatory, and market reform, and the dynamic pace of rapid economic growth and development. But they also offer unusual challenges and opportunities. In the past five years, the pace of opening and reform has accelerated sharply. Recapitalization and partial privatization of the largest banks, and the allowance of some joint venture and branch operations for foreign financial institutions, are making rapid headway in developing and expanding financial services and improving access to domestic business and households. This book provides the most extensive look available at the evolving Chinese financial system. It begins with alternative perspectives on the evolution of the financial system and the broad outlines of its prospects and potential contribution to economic growth. Three articles review broad aspects of the financial system. Franklin Allen, Jun ''QJ'' Qian, Meijun Qian, and Mengxin Zhao lead off with overviews of the banking system and performance of the equity market and other institutions.

This book examines fiscal policy coordination in EMU and the required adjustments to national fiscal policies by EMU member states. It presents a coherent view of German fiscal policy following the creation of the Stability and Growth Pact in 1995-97 and the implementation of the Stability Pact in 1997. The book shows that, in the process of Europeanization, national interests have had a major impact on the formation of fiscal policy coordination. It also shows how European fiscal policy coordination has affected national fiscal policies and policy implementation in EMU, and how changes in national interests have finally launched the reform process of the original Stability Pact and a new phase or Europeanization.

Inspired by the experience of some advanced economies, a number of emerging market economies have recently adopted rules limiting the budget deficit, expenditure level, or indebtedness of the public sector, while others consider them for eventual adoption. This volume brings together policy analysts to discuss the rationale, suitability, and usefulness of fiscal policy rules in emerging market economies. Grouped under three main parts (political economy and macroeconomic setting; design issues at the national level; design issues at the subnational level), the chapters have a practical orientation, based on conceptual grounding. FABRIZIO BALASSONE Bank of Italy, Italy OLAV BJERKHOLT University of Oslo, Norway MIGUEL BRAUN University of San Andres, Colombia MARCO BUTI European Commission, International ANDRES CONESA Secretariat of Finance, Mexico FABRIZIO CORICELLI University of Siena, Italy ALLAN DRAZEN Tel Aviv University, Israel VALERIO ERCOLANI University of Siena, Italy DANIELE FRANCO Bank of Italy, Italy GABRIELE GIUDICE European Commission, Italy ILAN GOLDFAJN Central Bank of Brazil, Brazil CHRISTIAN Y. GONZALEZ Georgetown University, USA EDUARDO R. GUARDIA State of Sao Paulo

A challenging and informed examination of the links between the general business environment and the operations, decisions, and organizations of firms. O'Sullivan explores the links between the two 'hot' issuesDScorporate governance and innovationDS.

This book investigates dynamic regions in the context of greater global interaction in a world economy increasingly driven by knowledge and innovation. It offers novel empirical evidence on the underlying factors of the growth performance of these spaces. In particular, the following questions are addressed: What role is there for research, education and innovation in the development strategies of the dynamic growth regions? What are the risks and consequences of dynamic growth on patterns of world growth and development, competitiveness, inequalities, and convergence? What development strategies should be promoted at national and international levels to promote a growing and more sustainable world economy? What are the implications of the emerging new competitors for Europe's competitiveness? Using an innovative, integrated framework of analysis, the contributions in this book combine a wide array of complex theoretical and methodological approaches.

This volume of essays contains 16 papers the author has written over the last 40 years on various aspects of the life and work of John Maynard Keynes and Nicholas Kaldor. It covers both theoretical and applied topics and highlight the continued relevance of Keynesian and Kaldorian ideas for understanding the functioning of capitalist economies.

Topicality of Asian economy has refused to fade for almost four decades; if anything it has been levitating. The Asian economy has changed markedly since the economic and financial crisis of 1997-1998 and is continuing to evolve. As a scholarly subject matter, Asian economy has not stopped attracting academicians, policy mandarins, decision makers in the arena of business and students of Asian economy. The Asian crisis was a cataclysmic event for the region and brought to the surface several systemic limitations, like those in the financial sector, corporate governance, regulatory oversight, legal framework, and exchange rate management. Managers of Asian economy need to get to the bottom of these acutely problematical systemic issues. Additionally, Asian economies need to change with the demands of time and devise their post crisis development strategy. Asia's growth model, that served it so well for four decades, is overdue for renewal so that it can re-strengthen its bonds with the ever-evolving regional and global economic reality. The old growth model is likely to be less relevant and effective in the post-crisis future of the Asian economies. feature of Asian Economy and Finance: A Post-Crisis Perspective is that unlike most Asia-related books, it is written in a comprehensive and authoritative manner and covers large areas of Asian macro-economy and finance. The noteworthy areas of focus include global and intra-regional trade and investment, as well as financial and monetary aspects. In-depth discussions have been provided on regional integration through expanding trade, financial flows, regional production networks, and financial and monetary co-operation. In taking a contemporary or post-crisis view of the Asian economy, this book offers the newest knowledge related to relevant themes on the Asian economies as well as the latest concepts. In a succinct manner, this book deals with the principal normative and positive strands with which one need to be properly familiar in this subject area. This tightly written volume covers a great deal of ground and imparts knowledge on the Asian economy related themes to students, researchers and policy makers alike. The book is neither overly technical nor model-oriented. analysis style, which stops short of mathematical formulations and econometric modeling. Many students and other readers who have good analytical minds and sound knowledge of economic principles feel lost in mathematical formulations. This writing style makes it accessible to a much larger number of readers.

This book applies regional analysis to the challenges facing global investment agencies seeking to enhance trade in lagging regions. It shows how spatial interaction and agent-based modelling can be used as the basis for developing new plans and policies. An in-depth analysis of trade routes is presented, which can be used to develop policies for increasing efficiency and reducing costs. Landlocked Uganda and the sea-locked South Pacific Islands serve to illustrate the problems of covering sizable distances, accelerating export flows and improving supply chain efficiency. These examples also provide an excellent illustration of the power of regional science, from assembling data bases in difficult situations to developing and applying models of the trade system.

Building on the impressive first edition, this revised and updated book examines a wide range of highly topical issues. Dr Panic questions whether economic prosperity, social wellbeing and peace are sustainable given existing national attitudes, institutions and policies, and explores the changes needed to prevent another global economic collapse.

This book provides an analysis of the global economic crisis from an Asian perspective. It examines the impacts of the policy measures adopted, the remaining challenges in rebalancing the global economy, the next steps in regional economic integration in Asia, and issues related to reform of the international financial architecture.

When Why Has Japan 'Succeeded'? (1982) was published, Japan was still a country of "capitalism from above". For the past ten years the country's economy has faltered and declined. It is turning towards 'capitalism from below' despite Japan's weak democracy. This directional change is investigated through a variety of standpoints, using an in-depth knowledge of the Japanese ethos, national history, educational background, as well as the sociology of the Japanese economy and business world. The author offers a long-term forecast for the future of Japan.

This volume of collected essays by eminent scholars in the fields of International Trade and Investment have been written and edited in honour of H. Peter Gray. Over a career in economics spanning almost 40 years, Peter Gray has been a prolific writer. He has made significant contributions and syntheses in a variety of subfields in international economics; the interaction of national economics and the foreign sector, causes and results of international financial flows, the economics of foreign direct investment, the assignment of policy tools for domestic and international objectives, and the macroeconomic impact of trade policy, among others. He has directly influenced scores of graduate students who continue to carry his passion for inclusiveness of variables in the economic analysis of the causes, effects, and relative importance of shifts in domestic and international economic (and social) variables. Contributors to this volume include John Dunning, John Hagedoorn, Thomas Pugel, Ingo Walter and Gabriel Benito.

Michio Morishima builds a model of economic development where both politicians and entrepeneurs are active in making an Asian Community made up of China, Japan, two Koreas, and Taiwan. He examines how the Community would work and argues that it is the only hope for Asia's revival.

Entrepreneurship drives growth in any economy. It is about combining people with good ideas, vision, and courage, who risk their own capital--and their investors'--to develop new products and services. It is about innovation, technology development, and wealth creation. As a field of research and education, it is relatively new, and in the case of Latin America, it is full of promise. Studies undertaken by Babson College, one of the world's premier centers of entrepreneurship, show that Latin America is a hotbed of new business creation, but largely without the educational or institutional infrastructure to support it. This volume, the first of its kind, documents the initial state of the art in Latin American entrepreneurship--in practice, research, and education.

This volume, the first of its kind, documents the initial state of the art in Latin American entrepreneurship--in practice, research, and education. Featuring contributions from local experts, the book explores a wide range of issues, including startups, venture capital and angel financing, technology incubators, family businesses, and management and gender issues, against the backdrop of innovations in education and government policies designed to develop entrepreneurial skills and promote economic growth through new business creation.

The internationalization of emerging economies has brought new perspectives to international business development. Focusing on the extensive impact these emerging economies and firms have had, this volume covers the strong players, such as Brazil, Russia, India and China, as well as dynamically developing economies such as Mexico and the Philippines. The contributors review topics such as the role of institutions and resource dependency on outward foreign direct investment from emerging economies, and the role of the global mindset and psychic distance on the performance of subsidiaries of firms originating from emerging economies. It explores new horizons in international business development and addresses challenging perspectives.

Towards a Better World describes the life, times and perspectives of Gerry Helleiner, a Canadian activist and university-based economist, who worked for roughly 40 years with developing countries and international organizations. In his memoir, Towards a Better World, Helleiner, recounts the profound early experiences in Africa that propelled him into a rewarding career devoted to research, advice and teaching in international economics, economic development and global poverty reduction.

Describing himself as privileged, Towards a Better World recounts his early life as a young academic, having first landed in Africa in the 1960s for the purpose of research for Yale University. Detailing both successes and setbacks, frustrations and hopes, Helleiner, conveys his often difficult, yet transformative, experiences in Nigeria and Tanzania, missions in Uganda and South Africa, and witnesses the wavering efforts being made towards poverty alleviation in international organisations . Providing lively behind-the-scene accounts of multilateral economic meetings in the 1970s through the 1990s, Helleiner addresses his engagement with economic policymakers, his views often challenging common practice.

In Towards a Better World, Helleiner speaks to his early motivation as a young man in Africa, and his lifework as a practicing economist determined to make a positive effort in addressing global poverty.

This volume describes the construction method for a global accounting framework, referred to as the world accounting matrix (WAM). The WAM allows for the consistent presentation of international trade and finance figures in relation to domestic saving and investment. The book aims to show how a WAM can be used for the analysis of trade and finance in a global context. It also seeks to show how WAM can contribute to the solution of the large statistical problems in national and global macroeconomic data.

In this book, Thompson and Hickson strongly challenge the standard interpretation of the basis of growth and viability of dominant wealthy nations. Briefly, efforts of the economically wealthy and the government leaders to increase their wealth and protect it from aggressors, internal and external, are cast in a new evolutionary light. The challenge is to the idea that societies leading intellectual formulators of political and social policy have been helpful. Their alternative, and persuasive, interpretation is that the rise and survival of wealthier nations has been achieved because of an effective democracy'. The authors explain why an effective democratic state must avoid narrow, short-sighted', rational appearing concessions to a sequence of aggressors. In short, the Thompson-Hickson interpretation of the rise of wealthy dominant nations does not rely on advice of superior intellectual advisors, but instead rests on the pragmatic, almost ad hoc, actions of democratic legislators.

The book provides an overview of some of the recent techniques that have been applied to an understanding of the structure of regional and interregional exchange within national economies. The issues range from an evaluation of NAFTA, comparisons of regional economies, structral change over time and issues related to measurement and interpretation. Many of the contributions address the problems using network structures.

This study assesses democratization and marketization in the Visegrad states. The contributors analyze the effectiveness of these emerging government structures at a regional and local level in terms of competencies and resources, make comparisons with West European experiences at this level, and examine the role of external factors, especially the EU and international financial organizations, in the development of sub-national authorities in these countries.

Recent decades have seen a sharp increase in financial competition, intensified by globalization. Excessive risk taking leading to inevitable business failures at times reached worrying proportions. A contributing factor arose from the complexities of the derivative and other new markets. This volume attempts to analyze and explain financial market developments at the turn of the millennium with the emphasis on the need for greater responsibility and a more ethical approach to financial decision making.

Will China's growing economy outstrip the economic power of Japan and the advanced industrialized democracies of the West? No. For China to continue its phenomenal growth and develop sustainable comparative advantage, it needs to sustain a huge world market for its products and the technological and organizational capacity for innovation. According to Arayama and Mourdoukoutas, because China cannot secure these economic conditions, its role in the world economy will be limited to that of a mass producer of certain types of products. China's strength is its low-cost, mass-production capacity--but the lack of an ingrained capacity to innovate constrains China to transforming foreign innovations into lower-priced imitations. Arayama and Mourdoukoutas detail their argument carefully and precisely, in a well-written analysis that will be necessary reading for business decision makers and their academic colleagues, and for others who are seriously interested in the future of world business.

Forecasting exchange rates is a variable that preoccupies economists, businesses and governments, being more critical to more people than any other variable. In Exchange Rate Forecasting the author sets out to provide a concise survey of the techniques of forecasting - bringing together the various forecasting methods and applying them to the exchange rate in a highly accessible and readable manner. Highly practical in approach, the book provides an understanding of the techniques of forecasting with an emphasis on its applications and use in business decision-making, such as hedging, speculation, investment, financing and capital budgeting. In addition, the author also considers recent developments in the field, notably neural networks and chaos, again, with easy-to-understand explanations of these "rocket science" areas. The practical approach to forecasting is also reflected in the number of examples that pepper the text, whilst descriptions of some of the software packages that are used in practice to generate forecasts are also provided.