To provide an understanding of financial globalization from a historical point of view, this book sheds light on international banking in Asia before World War II. International banking facilitated the relationship between Asian economic development and international financial centres. Focusing on the origins of a wide variety of banks not just from Europe but beyond Europe, such as the United States and Asia, particularly Japan and China, this book comprehensively explores competition and collaboration among international banks in Asia. It clarifies international banking's role of integrating the global market and the impact on both ends of the global economy-the international financial centres in the developed world and the developing economies in Asia. Economic development in Asia from the late nineteenth century to the 1930s as a part of the globalizing economy mirrors Asia's current role as the global economic-growth powerhouse. This book focuses on the two key similarities between Asia's past and present: intra-Asian relationships and the relationship between Asia and developed economies, namely, Europe, the United States, and Japan. Getting into the heart of the relationships, i.e., finance, this book presents a sophisticated and realistic image of the tangled network of international economic relations, distinguished from the conventional image of a one-sided advantage or disadvantage among involved nations.

This book contributes fresh theoretical and empirical evidence on patterns of regional production structures, specialization, regional disparities, convergence and divergence processes and evaluation of cohesion policies in both current and future European Union (EU) member states in the context of increased integration. These subjects are addressed in both individual and cross-country analyses using innovative methodologies. The book is an essential reading for a large audience including researchers and policy makers working in the fields of economic integration, transition economics and regional development. The thirteen contributions brought together in this book are the result of recent research undertaken in the framework of a larger project initiated and coordinated by the Center for European Integration Studies (ZEI) of the University of Bonn on determinants of regional specialization, growth and convergence in the context of European integration. A number of these papers were presented to a conference on "European integration, regional convergence, location of industrial activity and labour market adjustment" initiated by the Center for European Integration Studies of the University of Bonn and organized jointly with the Center for European Studies of the University "Alexandru Ioan Cuza" of Iasi, Romania. We gratefully acknowledge the financial support from the European Commission Framework Programme and the Center for European Integration Studies of the University of Bonn.

Economic sanctions have been an increasingly conspicuous feature of world politics since the end of World War 1, owing largely to the decreasing legitimacy of the use of force and the world's growing economic interdependence. Nevertheless, there still exists scepticism regarding their efficacy.;The study is a pioneering effort and investigates the role of economic sanctions in the international community today and their effectiveness and limitations, analyzing more than 30 of the most significant cases since 1918, but focusing primarily on the 1980-81 Iranian Hostages sanctions.

One of the main explanations for the general resurgence of growth and for increasing differentials among industrial countries attributes a crucial role to IT investment, innovation produced in IT sectors and to technology diffusion from the innovative sectors to the rest of the economy. This volume studies the various aspects of the ICT revolution, with an analysis of firm-level determinants of productive efficiency and growth and the effects of internationalization and the completion of the European market.

This book, first published in 1967, presents a concise picture of the demand and supply trends of timber around the world. Zivnuska provides a keen analysis of plans, prospects, and opportunities in the areas covered, and an interesting look at the North American forest economy. This book will be of interest to students of environmental studies and forestry.

Today's international development financing system is not much of a system. It is rather a collection of disjointed entities that lack coherence, often work at cross purposes and are not up to the task of mobilising enough finance to assist developing countries in their efforts to reduce poverty and improve living standards. This book brings together the vast array of new initiatives in financing mechanisms as well as recent attempts to transform the development finance architecture. Based on four different senarios for the next ten-year period, proposals are made for how to reach an effective system. It is argued that the early years of the 21st century have brought about an unprecedented window of opportunity for reforms. But in order to use this opportunity leadership and strategic action is needed.

What major long-term factors will shape the European Community post-1992? Who are the central actors, how will they exert influence on Europe's future, and what are their expectations and intentions?In seeking to answer these questions, The European Challenges Post-1992 offers a multidisciplinary, qualitative approach, throwing new light on the aspirations and preoccupations aroused by the promise of the Community. Centring on socio-political and cultural concerns and their interplay with economic phenomena, this important book combines expert opinion from 12 large European research institutes - each of which provides an analysis of the major factors shaping the future of their own country - with the views of leading industrialists and business leaders. The editors bring together these different views and interpretations to offer a comprehensive assessment of the Community's future. The European Challenge Post-1992 includes contributions by the former Commissaire du Plan (Brussels), the Institute of International Economics and Management (Copenhagen), Commissariat General du Plan (Paris), Kiel Institute of World Economics (Kiel), Foundation of Economic and Industrial Research (Athens), Economic and Social Research Institute (Dublin), Centro Studi Investimenti Sociali (Rome), Institut Universitaire International (Luxembourg), Scientific Council for Government Policy (The Hague), Instituto de Prospectiva (Lisbon), Fundacion Empresa Publica (Madrid), McKinsey & Co. and the Policy Studies Institute (London). The product of a major research project, this distinguished book is an invaluable reference point for all those concerned with the future of the European Community.

Focusing upon the rich interplay between ongoing institutional and technological changes, the dynamics of national industrial systems and the modifications in policy instruments of the new economic framework of the common market and the single currency, European Economies in Transition addresses key issues for growth and convergence. A set of methodologies highlighting the structural aspects and discontinuities in such dynamics reveals new features of transition processes experienced by some of the most advanced Western economies.

This book, with an overview introduction by Kenneth J.Arrow, is the first volume of the proceedings of the World Economic Congress held in Athens, Greece, in August/September 1989 under the auspices of the International Economic Association. It contains in Part 1 lectures from the plenary session by distinguished world economists. Part 2 contains surveys and reflections on various aspects of markets in equilibrium. Part 3 is concerned with normative criteria for economic policy within the framework of welfare and social choice theory.

Have you ever wondered why we can afford to buy far more clothes than our grandparents ever could . . . but may be less likely to own a home in which to keep them all? Why your petrol bill can double in a matter of months, but it never falls as fast? Behind all of this lies economics.; It's not always easy to grasp the complex forces that are shaping our lives. But by following a dollar on its journey around the globe, we can start to piece it all together.; The dollar is the lifeblood of globalisation. Greenbacks, singles, bucks or dead presidents: call them what you will, they are keeping the global economy going. Half of the notes in circulation are actually outside of the USA - and many of the world's dollars are owned by China.; But what is really happening as our cash moves around the world every day, and how does it affect our lives? By following $1 from a shopping trip in suburban Texas, via China's central bank, Nigerian railroads, the oilfields of Iraq and beyond, The Almighty Dollar reveals the economic truths behind what we see on the news every day. Why is China the world's biggest manufacturer - and the USA its biggest customer? Is free trade really a good thing? Why would a nation build a bridge on the other side of the planet?; In this illuminating read, economist Dharshini David lays bare these complex relationships to get to the heart of how our new globalised world works, showing who really holds the power, and what that means for us all

The financial crisis that hit a number of economies of Asia in 1997 shocked the world. Financial Liberalization and the Asian Crisis rejects conventional explanations of the crisis as the outcome primarily of inefficient and corrupt economic systems in the countries concerned. It argues that the crisis was the result of premature and overly rapid financial liberalization in a world of increasing liquidity and volatility, and calls for a more cautious approach to financial liberalization, and reform of the international financial architecture.

This book explores the drivers of technological upgrading and catch-up in the emerging economies, paying specific attention to technology and innovation policies, national innovation systems, the role of foreign direct investment and small and medium enterprises. It provides practical implications for other developing countries

In the last decade, regionalism appears to have emerged as a major new force in the world. This book puts it in its historical context. Regions have emerged before; few are old because they either evolve into federal systems or break up. The current regions are less dominant than their critics fear, but imply more integration than a simple view that they are about liberalizing trade. All go beyond trade to other linkages, and all enduring ones have political as well as economic agendas.

Development assistance, long seen as a giveaway to developing countries, is, according to Berrios' assessment, actually a giveaway to large for-profit U.S. contractors. Berrios shows that a small but influential number of contractors continue to be awarded most of the contracts, both in value and number, despite their average or substandard performance.

Berrios documents the commercial considerations that drive U.S. development assistance. The increasing delivery of development aid in the form of contracts has led contractors to increase their weight and influence on USAID's programs. As Berrios contends, the reasons for giving aid often have little to do with helping other countries, because, instead, it ends up mainly helping U.S. firms.

Little is known about contracting for development. The contracting process is often neither open nor competitive. Despite the talk of restructuring, USAID continues to award contracts that are unfavorable to the agency. Berrios documents the practices of private sector contracting, how they compete for USAID contracts, how they fit into the stated aims and needs of the agency, and what their performance evaluations say upon completion of contracts. Berrios also provides a sweeping review of U.S. development assistance policies, the trend toward privatization, the rhetoric about reinventing government, and the issue of past performance. A controversial assessment, this will be of interest to scholars, researchers, and policy makers involved with U.S. developmental strategies.

"Territorial cohesion" strives for a more balanced spatial development and seeks to improve integration throughout the EU. The scientific articles in this volume examine the interpretations of this term, the challenges of European spatial development policy, and the problems and concepts involved in achieving territorial cohesion. Two short reports illustrate the implementation of territorial cohesion on the basis of two research projects.

Independently commissioned by IAI, the three studies comprising this book examine inter-Arab industrial and economic cooperation. The first chapter analyses the industrial strategies, economic policies and attempts at harmonisation and cooperation of the Arab countries, providing a detailed picture of the convergences and divergences, the potential and the difficulties faced by the region. The second chapter examines the importance of coordinating economic polices if economic integration is to be sustained, and considers the implications to the world economy. Lastly, the third chapter examines Arab labour flows, a key factor in the development of the Arab countries. First published in 1979.

At no period since the creation of the International Monetary Fund (IMF), World Bank and World Trade Organisation (WTO) has it been a more opportune time to examine the work, reform and future of the international monetary and trading systems. In this comprehensive examination, the authors provide original, independent assessments of these institutions from both an American and European perspective and offer proposals for reform and improvement. The seemingly endless problems encountered by the IMF, WTO and World Bank provide major reasons for seeking reform. However, an additional impetus is the changing balance of economic power in the world. The volume begins with an overview of the Bretton Woods and international trading systems. Following this are discrete, in-depth discussions of the three institutions from American and European points of view. The authors emphasise the need for making the IMF and World Bank more regional in structure and, like the European Bank, more frugal in the lifestyles of their officials. Similarly, they call for a narrower focus in the mission of the World Bank and the IMF. In the case of the WTO, they call for a democratic reform of the organisation comprising participation by experts and, above all, better representation and support for Third World countries. Scholars and students of political economy, as well as those interested in the history and reform of international institutions, will find this an enlightening and necessary addition to their library.

Countries in Latin America have only recently begun to liberalize their economies and move towards free trade. However, non-traditional barriers to trade threaten this new direction of development. This collection of papers uses the point of view of a developing country to analyze the effects of new forms of protection. Four cases examine the global effects on Latin American trade, specifically: environmental standards, labor standards, consumer protection, and the problems facing Latin American cross-border investment.

The processes of globalisation and increased economic regionalism have had profound, often destabilising, effects on modern economic and financial systems. In recognition of this fact, the editors of this fine book have collected together a diverse range of heterodox ideas surrounding the complex relationships and interactions between globalisation, regionalism and economic activity.The book promotes real-world economic issues and explores them without adopting any particular methodological, ideological or theoretical agenda. A number of influential economists explore the inter-relationships between globalisation, regionalism, finance, economic growth and development from a global perspective. Amongst other topics, the book includes comprehensive discussions on fixed versus flexible exchange rates; international liquidity; the WTO dispute settlement system; the eastward expansion of the European Union; crowding-out in export led growth; demand and supply in the New Economy; the national origin of financial liberalisation in the US; and the relationship between savings and investment. The range and depth of analysis makes this book a timely and useful contribution to current policy debates. Academics, students and scholars with an interest in globalisation, international economics and macroeconomics will do well to read this eclectic and stimulating volume.

This volume brings together a group of authors who share a common concern with the effects of globalization on the South. Included among these effects is the accelerating erosion of the social, economic and political significance of the territorial distinction on which the terms South and North are founded. The authors' aim is explicit: to offer a unique perspective on globalization which places the transformation of the South and the renewed global organization of inequality at the heart of our understanding of the global order.

Haiti is a country which, until the earthquake of 2010, remained largely outside the focus of world interest and outside the important international historical currents during its existence as a free nation. The nineteenth century was the decisive period in Haitian history, serving to shape the class structure, the political tradition and the economic system. During most of this period, Haiti had little contact with both its immediate neighbours and the industrialised nations of the world, which led to the development of Haiti as a peasant nation. This title, first published in 1979, examines the factors responsible for the poverty of the Haitian peasant, by using both traditional economic models as well as a multidisciplinary approach incorporating economics and other branches of social science. The analysis deals primarily with the Haitian peasant economy from the early 1950s to the early 1970s, examining in depth the explanations for the secular tendency of rural per capita incomes to decline during this period.

European integration has come a long way since the fIrst steps in the aftermath of the Second World War. At that time, the neutral European countries chose to stay outside the European Economic Community. Those countries that wanted less ambitious cooperation formed the European Free Trade Association. Increasing trade dependence between the two groupings was institutionalised when they signed free-trade agreements with each other, creating thus a wider European free-trade area in manufactures. The strong push towards deepening integration among EC countries, manifested in the Single European Act in 1985, and the dismantling of non-tariff barriers to trade and factor flows in the EC by 1993, made it necessary for EFTA countries to secure access on equal conditions to their most important export market and thus prevent trade diversion. The ensuing agreement on the European Economic Area responded to these demands, but did not resolve the apparent asymmetry in EEA decision-making. This emanated from the supremacy ofEC legislation over EEA rules, thus making EFTA countries passively adjust to EC norms. Consequently, Finland applied for membership in the EC in March 1992, with effect from 1995. The latest phase in the integration process, the Treaty on European Union, has an aim to further deepening, e. g. the formation of the economic and monetary union by 1999.

At the beginning of the twenty-first century, the world financial markets, and institutions have new features, and are working in different environments and conditions. These are increasing the role of the financial sector in the world economy, integration of the financial markets and institutions, liberalization of related laws and regulations, increasing linkages between sub-segments of financial markets, computerizing of financial markets and institutions, and introducing new instruments and innovative derivatives. The majority of the above changes are considered positive developments in the world economy. However, some of the negative aspects are associated along with the above new conditions. One of the most critical changes is the increased linkage, which may lead to the transmission of high price volatility of stocks, currencies, and inflation, from one economy to another, and in turn may lead to financial crises at certain events and conditions similar to those which occured in 1987, 1989 and 1997. The financial crises are not confined to a financial market or a financial institution, or a country or a region. There are at present, no generally accepted arguments or explanations for the financial crises that occurred in the last century. The financial crises moved from one market to another, across geographical locations, as well as across segments of financial systems, including both developed and emerging markets.

The above features and conditions are creating new challenges; there is an urgent need, therefore, to examine various aspects of financial markets related to stability, risk, and activity, in order to find the most relevant environment and market mechanism that maymeet the conditions of stability, liquidity, and efficiency. This volume is devoted to exploring various aspects of this issue.