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The United States is moving toward a possible catastrophic fiscal collapse. The country may not get there, but the risk is unmistakable and growing. The 'fiscal language' of taxes, spending, and deficits has played a huge and under appreciated role in the decisions that have pushed the nation in this dangerous direction. Part of the problem is that by focusing only on the current year, deficits permit politicians to ignore what is looming down the road. The bigger problem lies in the belief, shared by people on the left and the right alike, that 'tax cuts' and 'spending cuts' lead to smaller government, when in fact the characterization of any new policy as a change in 'taxes' or in 'spending' is purely a matter of labeling. This book proposes a better fiscal language for US budgetary policy, rooted in economic fundamentals such as wealth distribution and resource allocation in lieu of 'taxes' and 'spending'.
An intelligent analysis of the dangers, opportunities, and consequences of global sovereign debt
Sovereign debt is growing internationally at a terrifying rate, as nations seek to prop up their collapsing economies. One only needs to look at the sovereign risk pressures faced by Greece, Spain, and Ireland to get an idea of how big this problem has become. Understanding this dilemma is now more important than ever, that's why Robert Kolb has compiled "Sovereign Debt." With this book as your guide, you'll gain a better perspective on the essential issues surrounding sovereign debt and default through discussions of national defaults, systemic risk, associated costs, and much more. Historical studies are also included to provide a realistic framework of reference.Contains up-to-date research and analysis on sovereign debt from today's leading practitioners and academicsDetails the dangers of defaults and their associated systemic risksExplores the past, present, and future of sovereign debt
The repercussions of a national default are all-encompassing as global markets are intricately interwoven in the modern world. "Sovereign Debt" examines what it will take to overcome the challenges of this market and how you can deal with the uncertainty surrounding it.
This book explores the diverse challenges facing the EU and in particular examines the impediments to financial stability and sustainable growth and how these can be overcome. Among the topics explored are the extent to which monetary union has favored real convergence, competitive imbalances in the eurozone, and the impacts of austerity measures. Potential solutions are closely scrutinized, highlighting the need for linked fiscal, monetary, credit, and investment choices. Opportunities for public and private investment in infrastructure, human capital, the environment, and innovation are emphasized, as is the role of fiscal stimulus targeting aggregate demand and output. Detailed attention is paid to the importance of coordination of macroeconomic policies and the scope for reforms in EMU design and EU governance. In this context, the proposals in the recent Five Presidents' Report are assessed, along with other ideas regarding progressive steps aimed at closer economic, financial, and political union in the medium to long term. Readers will also find separate scrutiny of the Greek crisis and the effectiveness of the third economic adjustment programme. The book comprises a selection of contributions presented at the XXVIII Villa Mondragone International Economic Seminar.
This contributed volume combines approaches of the current inequality debate with aspects of finance based on profound macroeconomic model analyses. Research on inequality has had a long tradition in economics. With the financial crisis from 2007, not only output decreased tremendously, but also inequality has risen since then. The book presents selected contributions of a workshop held at Bielefeld University in 2016 and features additional papers written by experts in the field. A mixture of established researchers and young scholars presents both theoretical and empirical frameworks to analyze the subject.
Since the onset of the global economic crisis, activists, policy makers, and social scientists have been searching for alternative paradigms through which to re-imagine contemporary modes of thinking and writing about economic orders. These attempts have led to their re-engagement with fundamental anthropological categories of economic analysis, such as barter, debt, and the gift. Focusing on favours, and the paradoxes of action, meaning, and significance they engender, this volume advocates for their addition to this list of economic universals. It presents a critical re-interrogation of the conceptual relationships between gratuitous and instrumental behaviour, and raises novel questions about the intersection of economic actions with the ethical and expressive aspects of human life. Scholars of post-socialist politics and society have often used 'favour' as a by-word for corruption and clientelism. The contributors to this volume treat favours, and the doing of favours, as a distinct mode of acting, rather than as a form of 'masked' economic exchange or simply an expression of goodwill. Casting their comparative net from post-socialist Central, Eastern, and South Eastern Europe; to the former Soviet Union, Mongolia, and post-Maoist China, the contributors to this volume show how gratuitous behaviour shapes a plethora of different actions, practices, and judgements across religious and political life, imaginative practices, and local moral economies. They show that favours do not operate 'outside' or 'beyond' the economic sphere. Rather, they constitute a distinct mode of action which has economic consequences, without being fully explicable in terms of transactional cost-benefit analyses.
This book assesses the 2008-2009 financial crisis and its ramifications for the global economy from a multidisciplinary perspective. Current market conditions and systemic issues pose a risk to financial stability and sustained market access for emerging market borrowers. The volatile environment in the financial system became the source of major threats and some opportunities such as takeovers, mergers and acquisitions for international business operations. This volume is divided into six sections. The first evaluates the 2008-2009 Global Financial Crisis and its impacts on Global Economic Activity, examining the financial crisis in historical context, the economic slowdown, transmission of the crisis from advanced economies to emerging markets, and spillovers. The second section evaluates global imbalances, especially financial instability and the economic outlook for selected regional economies, while the third focuses on international financial institutions and fiscal policy applications. The fourth section analyzes the capital market mechanism, price fluctuations and global trade activity, while the fifth builds on new trends and business cycles to derive effective strategies and solutions for international entrepreneurship and business. In closing, the final section explores the road to economic recovery and stability by assessing the current outlook and fiscal strategies.
In coming to terms with the still smoldering financial crisis, little attention has been paid to the flaws within our monetary system and how these flaws lie at the root of the crisis. This book provides an introduction and critical assessment of the current monetary system. It begins with an up to date account of the workings of today's system of state-backed `bankmoney', illustrating the various forms and issuers of money, and discussing money theory and fallacy past and present. It also looks at related economic challenges such as inflation and deflation, asset inflation and bubble building that lead to market instability and examines the ineffectual monetary policies and primary credit markets that are failing to reach some sort of self-limiting equilibrium. In order to fix our financial system, we first need to understand its limitations and the flaws in current monetary and regulatory policy and then correct them. The concluding part of this book is dedicated to the latter, advocating a move towards the sovereign monetary prerogatives of issuing the entire stock of official money and benefitting from the gain thereof (seigniorage). The author argues that these functions should be made the sole responsibility of independent and impartial central banks with full control over the stock of money (not the uses of money) on the basis of a legal mandate that would be more detailed than is the case today. This includes a thorough separation of monetary and fiscal powers, and of both from banking and wider financing functions. This book provides a welcome addition to the banking literature, guiding readers through the inner workings of our monetary and regulatory environments and proposing a new way forward that will better protect our economy from financial instability and crisis.
This first part of a two-volume series examines in detail the financing of America's major wars from the American Revolution to the Civil War. It interweaves analyses of political policy, military strategy and operations, and war finance and economic mobilization with examinations of the events of America's major armed conflicts, offering useful case studies for students of military history and spending policy, policymakers, military comptrollers, and officers in training.
This book probes the hollow rhetoric of debt, deficits and austerity. It explores the decisions of parties of the left which have attempted to deflect criticisms of economic mismanagement and gain trust by depoliticising the budget process and financial management with various rules, albeit with elements of discretion. The book argues that this is a perverse form of trust as it is premised on the belief that political leaders and the public sector cannot be trusted to make appropriate decisions given the economic circumstances of the time and need rules, but at the same time that they can be trusted to follow the rules. The book also explores parties of the right, which often advocate stricter rules and which tend to be the least effective. The book describes how few conservative governments have admirable records on sustained surpluses, given a propensity for unsustainable tax cuts, and the future opportunities this provides to advance a political program of deeper spending cuts.
This book explores the formation and evolution of Scandinavian central banks. It begins by defining the nature of "central banking" in general, before moving on to investigate how and when it became meaningful to regard today's Scandinavian central banks as such. It also explores how Scandinavian central banks have conformed to the defined ideals of "central banks" over the last 100 years, clarifying the distinctions between commercial banks and central banks, and between central banks and departments of governments. The author shows how the outbreak of the Great War was the catalyst which fundamentally transformed the originally purely commercial banks into "central banks". The book also analyses how different the three Scandinavian central banks are, how these differences can be explained by the different political and economic circumstances surrounding their original formation, and the differences in the political environments in which they later developed.
The first part of this book consists of seven chapters which draw lessons for the transforming economies from the experiences of EC member countries (including, Eastern Germany), the U.S., and South-East Asian 'Pacific Rim' countries. The second part of the book contains a further six chapters which focus on the experiences of Poland in the early phase of its transition with regard to privatisation, the microeconomic impact of monetary policy and banking sector reform, and draws lessons for other transforming economies.
"There is a vast literature on the illicit drugs, a large literature on nicotine, and nothing up-to-date and authoritative on the second most deadly, and arguably the most damaging, alcohol. Phil Cook, with a modesty and understatement that inspire trust, explores the options for reducing the harms, allowing the benefits, and respecting personal liberty. This is a masterly combination of analysis and evidence. It is also beautifully written."--Thomas C. Schelling, Nobel Prize-winning economist
"The war on tobacco was won: the harms were recognized and measures taken to reduce them. In this compelling book, Philip Cook shows that the war on alcohol, too, can be won if policymakers act on the overwhelming and converging evidence that simple measures can reduce the short-term and long-term harms caused by drinking. He brings order to a highly complicated set of causal issues by telling us what may be true, what is probably true, and what is indisputably true; and he shows how large gains can be made simply by taking account of the last set of facts."--Jon Elster, Columbia University
"This book contains the most thorough and penetrating analysis of alcohol-control policy to date. It is certain to become a landmark in the fields of health, economic, and public policy. It is a tour de force of virtually every aspect required to formulate sound policy in this crucial area. Bravo!"--Michael Grossman, City University of New York Graduate Center
"No previous book has brought alcohol policy issues together as comprehensively and set them in context as effectively as this one does. Perhaps most impressive is its author's ability to incorporate research from many fields and to translatethis evidence and the evidence from his original analyses into a book that is both highly readable and accessible to a wide audience--an audience ranging from policy researchers and policymakers to public health professionals, historians, economists, and general readers."--Frank J. Chaloupka, University of Illinois, Chicago, and director of ImpacTeen
""Paying the Tab" is unequivocally a major contribution to the field. Fully covering issues on both the supply and demand side of the market, with a wealth of new data, it provides the most comprehensive discussion of alcohol control that I am aware of. Economists will benefit tremendously from its presentation of the context for our current approach to the issue, and noneconomists will welcome the clear yet complete exposition of the methods used by economists to evaluate public policy."--Sara Markowitz, Rutgers University
This book critically analyses the role of the United Arab Emirates Financial Intelligence Unit (FIU) in the Suspicious Activities Reports regime. The author pays particular attention to its functions and powers in dealing with Suspicious Activities Reports and relevant requirements imposed upon the reporting entities. In the analysis, the author also compares the United Arab Emirates FIU model to the United Kingdom FIU model. In addition, the book investigates whether the current United Arab Emirates FIU model complies with the relevant international recommendations developed by the Financial Action Task Force in relation to the establishment of the unit, as well as its powers and functions. This book suggests that more can be done to improve the current functions and powers of the United Arab Emirates FIU in an international context. Furthermore, the author suggests that the functions and powers of the United FIU model both comply with the international requirements and beneficially extend beyond their directives.
In this volume, some of the world's finest economists address a
theme which is once again at the economic policy, namely the
appropriate role for policy in a market economy. Can Adam Smith's
'invisible hand' mechanism be expected to allocate resources
efficiently to meet the needs of society and is the role of
government therefore limited at best? The authors draw on recent
theoretical advances in the study of imperfect information and
stratgic behavior to argue that the models of classical welfare
economics are insufficient as a framework for understaning modern
The first two chapters by joseph Stiglitz and Frank Hahn
represent assaults on the fundamental theorems of welfare
economics: the notion of pareto-efficiency and the ability of the
price mechanism to achieve it. Taking this as their lead,
subsequent chapters focus on specific examples of market failure -
the environment, the persistence of high levels of unemployment and
the strategic behavior of governments in the making of
international economic policy.
The book represents a remarkable and accessible insight into the dilemmas of modern economics. It also demonstrates the fundamental role economic analysis has to play in the understanding of real problems and the formulation of appropriate policy.
Studies of the recent financial crisis have been largely dominated by economists, but the similarities and differences between European countries' response reflect both economic and political perspectives which have resulted in considerable differences in their decisions. Drawing on uniquely comprehensive research data, this book presents an in-depth comparative analysis of how 14 European governments tackled the challenge of fiscal consolidation, and analyses the political decision-making behind these measures. By exploring national responses not just in fiscal terms, but also from a political perspective, it reveals that decision making has been driven by political factors with profound effects on public administration and management. This ground-breaking book fills an important gap in the research literature for scholars of public management, public administration and policy, and will be a benchmark for future work on the global economic crisis.
This book aims to explore stability in an international financial system using disequilibrium theory. It examines historical cases of both instability and stability and reviews price-disequilibrium theory to construct a theoretical model for a stable international financial system. In the modern knowledge economy in a global world, financial socio-technical systems still continue to be central to global commerce. Moreover, technological advances in computer and communications have changed both the knowledge economy and the financial system. While globalization and technology have made international finance more powerful and important to knowledge economies, they have also increased the volatility, instability, and fraudulent use of international finance. The international world has not experienced a long-term, stable financial system after 1913. International financial systems have been periodically unstable, triggering financial crises and resultant economic depressions in different nations. Yet the global economy cannot develop properly without a stable international system, which distributes wealth to economically productive activities. How then can a stable and modern international-financial-system be constructed? In this provocative volume, the authors applies the cross-disciplinary analysis of societal dynamics to important economic writers to derive a new approach to the problem of stabilizing international financial systems.
Whatever happened to the money supply? This book explains how the analysis of monetary and credit aggregates is undertaken at the Bank of England, the European Central Bank and (as an example of a developing country) the Bank of Tanzania. The book also explores how this analysis relates to these central banks' monetary policy strategies and how it feeds into policymaking. An editorial introduction provides the intellectual and historical background - from the contributions of key economists such as Milton Friedman and Jacques Polak, to monetary targeting and inflation targeting - and argues that central banks and policy analysts would be foolish to neglect the insights monetary analysis can offer. The papers compiled in Monetary Analysis at Central Banks demonstrate just how useful and varied those insights are.
Underfunded pension liabilities threaten the fiscal stability of many cities. While Detroit's bankruptcy has dominated the headlines, the problem is widespread. With ongoing battles in many localities, policymakers are increasingly turning their attention to the legacy issues surrounding the funding of pensions. Public Pensions and City Solvency addresses this complex fiscal challenge and presents strategies to achieve financial sustainability. Writing in a direct, readable style for a professional as well as an academic audience, expert contributors provide incisive analyses and practical approaches to navigating the fiscal morass in which many cities find themselves. Richard Ravitch, former lieutenant governor of New York, writes the Foreword and Robert P. Inman and Susan M. Wachter provide the Conclusion. The book's three chapters examine the issue from different key perspectives: Joshua D. Rauh, a leading scholar in the study of unfunded pension liabilities, provides an economist's perspective; Amy B. Monahan, a renowned authority in public employee benefits law, illuminates the legal framework; and D. Roderick Kiewiet and Mathew D. McCubbins, visionary political scientists, put the crisis and its economic and legal implications into context and lay out the necessary framework for reform. The problems that arise from underfunded public pensions are only going to escalate. Public Pensions and City Solvency is a unique resource for decision-makers, policy-makers, and researchers and a timely addition to the evolving debate over what constitutes sustainable solutions. Contributors: Robert P. Inman, D. Roderick Kiewiet, Mathew D. McCubbins, Amy B. Monahan, Joshua D. Rauh, Richard Ravitch, Susan M. Wachter.
How should governments and central banks use monetary policy to create a healthy economy? Traditionally, policymakers have used such strategies as controlling the growth of the money supply or pegging the exchange rate to a stable currency. In recent years a promising new approach has emerged: publicly announcing and pursuing specific targets for the rate of inflation. This book is the first in-depth study of inflation targeting. Combining penetrating theoretical analysis with detailed empirical studies of countries where inflation targeting has been adopted, the authors show that the strategy has clear advantages over traditional policies. They argue that the U.S. Federal Reserve and the European Central Bank should adopt this strategy, and they make specific proposals for doing so.
The book begins by explaining the unique features and advantages of inflation targeting. The authors argue that the simplicity and openness of inflation targeting make it far easier for the public to understand the intent and effects of monetary policy. This strategy also increases policymakers' accountability for inflation performance and can accommodate flexible, even "discretionary," monetary policy actions without sacrificing central banks' credibility. The authors examine how well variants of this approach have worked in nine countries: Germany and Switzerland (which employ a money-focused form of inflation targeting), New Zealand, Canada, the United Kingdom, Sweden, Israel, Spain, and Australia. They show that these countries have typically seen lower inflation, lower inflation expectations, and lower nominal interest rates, and have found that one-time shocks to the price level have less of a "pass-through" effect on inflation. These effects, in turn, are improving the climate for economic growth. The authors warn, however, that the success of inflation targeting depends on operational details, such as how the targets are defined and when they are announced. They also show that inflation targeting is not a panacea that can make inflation perfectly predictable or reduce it without economic costs.
Clear, balanced, and authoritative, "Inflation Targeting" is a groundbreaking study that will have a major impact on the debate over the right monetary strategy for the coming decades. As a unique comparative study of what central banks actually do in different countries around the world, this book will also be invaluable to anyone interested in how economic policy is made.
This book analyzes how the bank-dominated financial system-a key element of the oft-heralded "Japanese economic model"-broke down in the 1990s and spawned sweeping reforms. Japan's financial institutions and policy underwent remarkable change in the past decade. The country began the 1990s with a heavily regulated financial system managed by an unchallenged Ministry of Finance and ended the decade with a Big Bang financial market reform, a complete restructuring of its regulatory financial institutions, and an independent central bank. These reforms have taken place amid recession and rising unemployment, collapsing asset prices, a looming banking crisis, and the lowest interest rates in the industrial world. This book analyzes how the bank-dominated financial system-a key element of the oft-heralded "Japanese economic model"-broke down in the 1990s and spawned sweeping reforms. It documents the sources of the Japanese economic stagnation of the 1990s, the causes of the financial crisis, the slow and initially limited policy response to banking problems, and the reform program that followed. It also evaluates the new financial structure and reforms at the Bank of Japan in light of the challenges facing the Japanese economy. These challenges range from conducting monetary policy in a zero-interest rate environment characterized by a "liquidity trap" to managing consolidation in the Japanese banking sector against the backdrop of increasing international competition.
Floating-Rate Securities is the only complete resource on "floaters" that fills the information void surrounding these complex securities. It explains the basics of floating rate securities, how to value them, techniques to compute spread measures for relative value analysis, and much more.
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