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.

This book upturns many established ideas regarding the economic and social history of Quebec, the Canadian province that is home to the majority of its French population. It places the case of Quebec into the wider question of convergence in economic history and whether proactive governments delay or halt convergence. The period from 1945 to 1960, infamously labelled the Great Gloom (Grande Noirceur), was in fact a breaking point where the previous decades of relative decline were overturned - Geloso argues that this era should be considered the Great Convergence (Grand Rattrapage). In opposition, the Quiet Revolution that followed after 1960 did not accelerate these trends. In fact, there are signs of slowing down and relative decline that appear after the 1970s. The author posits that the Quiet Revolution sowed the seeds for a growth slowdown by crowding-out social capital and inciting rent-seeking behaviour on the part of interest groups.

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.

This book explores how, through spirituality and the development of character, Islamic financial institutions and Muslim communities can integrate their businesses with contemporary social responsibility initiatives to produce positive social and environmental impact. From the looming environmental crisis to the divide between mainstream and extremist interpretations of Islam, the book addresses significant questions facing Muslim communities - and humanity - and demonstrates why Islam should sit 'at the table' with other faiths and ethical traditions discussing humanity's great obstacles. Unlike existing literature, this work explores the intersections between classical Islamic ethics and spirituality, contemporary Islamic finance and economic markets, and select sustainability and impact initiatives (such as the Equator Principles and UN Principles of Responsible Investment) designed to make the worlds of business and finance responsible for the environments in which they operate and the communities that support them. Drawing on his years of experience in Islamic banking, Moghul addresses these applications in light of real-world practices and dilemmas, demonstrating how Islamic organizations and Muslim communities should embrace the broad range of stakeholders countenanced by the Shari'ah in conversations that affect them. By situating his exploration of Islamic finance in the light of the much larger critical issues of balance, justice, and moderation in Islamic praxis, Moghul creates an interdisciplinary book that will appeal to academics and researchers in economics, finance, business, government and policy, and law.

This volume examines the properties of statistics on household behavior in Japan. This work is an essential guide for all researchers who are interested in household decision making and the Japanese economy. Many household surveys are conducted in Japan reflecting the fact that household activities have various aspects such as income earning, timing and pattern choice of expenditure and consumption, asset portfolio choice, labor supply decision, time use, and health status. Moreover, the contents of each survey overlap in a complex manner to present a serious obstacle for potential survey users. In this book, the basic information from each survey such as sampling methods, survey techniques, and available variables is provided and then compared to check the consistency across the same variables reported in different surveys. Exploring strengths and weaknesses of each survey, this book is highly recommended to readers who seek comprehensive, up-to-date information about Japanese surveys and want to use appropriate data for their analysis.

Aging populations are a major consideration for socio-economic development in the early 21st century. This demographic change is mainly seen as a threat rather than as an opportunity to improve the quality of human life. Aging population is taking place in every continent of the world with Europe in the least favourable situation due to its aging population and reduction in economic competitiveness. Economic Foundations for Creative Aging Policy offers public policy ideas to construct positive answers for ageing populations. This exciting new volume searches for economic solutions that can enable effective social policy concerning the elderly. Klimczuk covers theoretical analysis and case study descriptions of good practices, to suggest strategies that could be internationally popularised.

This book shows through argument and numerous policy-related examples how understanding moral philosophy can improve economic analysis, how moral philosophy can benefit from economists' analytical tools, and how economic analysis and moral philosophy together can inform public policy. Part I explores the idea of rationality and its connections to ethics, arguing that when they defend their formal model of rationality, most economists implicitly espouse contestable moral principles. Part II addresses the nature and measurement of welfare, utilitarianism and cost-benefit analysis. Part III discusses freedom, rights, equality, and justice - moral notions that are relevant to evaluating policies, but which have played little if any role in conventional welfare economics. Finally, Part IV explores work in social choice theory and game theory that is relevant to moral decision making. Each chapter includes recommended reading and discussion questions.

This textbook equips instructors and students with an overview of the existing literature so that the latter can attain an overall understanding of macroeconomic and microeconomic public finance. The literature on public finance has grown dramatically with theoretical studies and empirical analysis, and much of the focus has been on macroeconomic effects of public services. The standard textbook offerings, however, are mainly restricted to microeconomic topics of public finance. This text intends to fill this gap by presenting a theoretical-based, comprehensive explanation of public finance. Particular emphasis is directed at developing tools that can be applied theoretically and empirically to clarify essential economic concerns in the current public sector in advanced countries, including Japan. Such concerns include the macroeconomic effect of fiscal policy, the dependence on bonds for covering government deficits, and social security reform. The main text explains the standard concepts of public finance, and the appendix offers various advanced topics. The material will facilitate an understanding of how to investigate changes in the public sector, interpret results, and basically do research on fiscal policy. The textbook will be of value to a broad range of course offerings, including those generally focused on fiscal policy, on social security reform and on tax reform.

Vor dem Hintergrund anhaltender Diskussionen um die strukturellen Gegebenheiten tritt die Suche nach ertragsgetriebenen Losungen bei Banken in den Vordergrund. Auf einem zunehmend internationaler werdenden Markt greifen Ideen nach der Herausbildung klarer Konturen um sich und das strategische Profil einer Bank gewinnt an Bedeutung. In diesem Buch stellen namhafte und qualifizierte Experten aus den Bereichen Kreditgewerbe, Bankenaufsicht und Politik Strategien zur erfolgreichen Losung aktueller Herausforderungen im Bankenmarkt vor.
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This book analyzes how the EU referendum in the United Kingdom came to pass and what the foreseeable consequences are for the UK, Europe, US and world economy. The Brexit decision represents a momentous event for Europe, which weakens the EU and shifts the global balance of power. Welfens argues the EU has lost its appeal and is not in keeping with the twenty-first century, which is being shaped by Asia and digital innovations. The subject of immigration from EU countries played a key role in the Brexit decision, with an anti-EU campaign that was profoundly biased. The estimated impact of the referendum was deeply distorted by the broadly inadequate information produced by the Cameron government, which omitted the expected 10 percent loss in income caused by leaving the EU. With this this information, there could have been a clear pro-EU majority. In the absence of a second referendum, one cannot know what the British electorate really wants. Both the Brexit decision and new President of the United States Donald Trump's approach to European disintegration dynamics also raise serious questions about the future of transatlantic relations.

"A wonderful display of the use of mathematical probability to derive a large set of results from a small set of assumptions. In summary, this is a well-written text that treats the key classical models of finance through an applied probability approach....It should serve as an excellent introduction for anyone studying the mathematics of the classical theory of finance." --SIAM

We have spent the last three decades engaged in a pointless and irrelevant debate about the relative merits of privatization or nationalization. We have been arguing about the wrong thing while sitting on a goldmine of assets. Don't worry about who owns those assets, worry about whether they are managed effectively. Why does this matter? Because despite the Thatcher/ Reagan economic revolution, the largest pool of wealth in the world - a global total that is much larger than the world's total pensions savings, and ten times the total of all the sovereign wealth funds on the planet - is still comprised of commercial assets that are held in public ownership. If professionally managed, they could generate an annual yield of 2.7 trillion dollars, more than current global spending on infrastructure: transport, power, water, and communications. Based on both economic research and hands-on experience from many countries, the authors argue that publicly owned commercial assets need to be taken out of the direct and distorting control of politicians and placed under professional management in a 'National Wealth Fund' or its local government equivalent. Such a move would trigger much-needed structural reforms in national economies, thus resurrect strained government finances, bolster ailing economic growth, and improve the fabric of democratic institutions. This radical, reforming book was named one of the "Books of the Year".by both the FT and The Economist.

Starting in the early 1990s many emerging and developing economies (EDEs) liberalized their capital accounts, allowing greater freedom for international lenders and investors to enter their markets as well as for their residents to borrow and invest in international financial markets. Despite recurrent crises, liberalization has continued and in fact accelerated in the new millennium. Integration has been greatly facilitated by progressively looser monetary policy in the United States, notably the policies that culminated in debt crises in the United States and Europe and the ultra-easy monetary policy adopted in response. Not only have their traditional cross-border linkages been deepened and external balance sheets expanded rapidly, but also foreign presence in their domestic financial markets and the presence of their nationals in foreign markets have reached unprecedented levels. As a result new channels have emerged for the transmission of financial shocks from global boom-bust cycles. Almost all EDEs are now vulnerable irrespective of their balance-of-payments, external debt, net foreign assets and international reserve positions although these play an important role in the way such shocks could impinge on them. This is a matter for concern since the multilateral system still lacks mechanisms for orderly resolution of financial crises with international dimensions. Playing with Fire provides an empirical account of deeper integration of EDEs into the global financial system and discusses its implications for stability and growth, focusing on the role of policies in the new millennium in both EDEs and the United States and Europe.

Country risk is a broad concept which brings together the varied disciplines of economics, finance, geopolitics, sociology and history. Based on a collective 50 years of experience as scholars, managers and advisors in the field of country risk, the authors set out to provide a solid understanding of the concepts and methodologies involved in formulating successful strategies for international risk assessment and management. With a balance between theory and practice, the book assesses the opportunities arising from the growing integration of international finance markets and presents and analyses the various sources of country risk.

It provides an in-depth coverage of information sources and country risk service providers, and explains techniques for assessing and forecasting country financial crises. It includes a comprehensive review of all existing methods including the techniques of the cutting-edge market-based approaches such as:

The book concludes with a management tool kit based on practical examples, all of which will be of interest to managers and analysts in investment banks and in corporate institutions involved in international investment, as well as to students of international finance and business.

Public debt has become a severe problem for a great many economies. While the effects of tax policies on the allocation of resources are readily derived, the mechanisms that make public deficits and debt influence the economy are not so easily understood. This book elaborates on the effects of public debt starting from the intertemporal budget constraint of the government. It is shown under which conditions a government can stick to the intertemporal budget constraint and then, demonstrated how public debt affects the growth process and welfare in market economies. The effects are derived for models with complete labor markets as well as taking into account labor market imperfections. The focus in this book is on fiscal policy issues, but it also deals with monetary policy aspects. The theoretical analysis is complemented with empirical time series analyses on debt sustainability and with panel studies dealing with the relationship between public debt and economic growth.

This handbook contains surveys of state-of-the-art concepts, systems, applications, best practices as well as contemporary research in the intersection between IT and finance. Included are recent trends and challenges, IT systems and architectures in finance, essential developments and case studies on management information systems, and service oriented architecture modeling. The book shows a broad range of applications, e.g. in banking, insurance, trading and in non-financial companies. Essentially, all aspects of IT in finance are covered.

The last survey of the rent-seeking literature took place more than a decade ago. Since that time a great deal of new research has been published in a wide variety of journals, covering a wide variety of topics. The scope of that research is such that very few researchers will be familiar with more than a small part of contemporary research, and very few libraries will be able to provide access to the full breadth of that research. This two-volume collection provides an extensive overview of 40 years of rent-seeking research. The volumes include the foundational papers, many of which have not been in print for two decades. They include recent game-theoretic analyses of rent-seeking contests and also appUcations of the rent-seeking concepts and methodology to economic regulation, international trade policy, economic history, poUtical com petition, and other social phenomena. The new collection is more than twice as large as any previous collection and both updates and extends the earUer surveys. Volume I contains previously pubhshed research on the theory of rent-seeking contests, which is an important strand of contemporary game theory. Volume II contains previously published research that uses the theory of rent-seeking to an alyze a broad range of public policy and social science topics. The editors spent more than a year assembling possible papers and, although the selections fill two large volumes, many more papers could have been included.

This book emphasizes the need for experimenting with more deliberate and rigorous policy processes to attain balanced regional development, which can promote both equity and efficiency in India's development discourse. The institutional mechanisms for dealing with regional imbalance in India have not been very successful so far. With rising discrepancies in development, demand for autonomy continues along with a new dimension of regionalism arising from submerged identity along with political and economic aspirations, which demanded new channels for solution. So far, attempts to create space for autonomy have possibly not optimally accommodated the conceptual mechanisms like equity and democratic process. Thus democratizing policy process using six pillars of voice: knowledge, objective, fundamental values, implementation framework and public awareness can ensure a better policy outcome for dealing with the persistent challenges of regional disparity in India. This book further focuses on the need for democratizing the policy process for regional development through discussion and inclusion. Such a transition needs innovation in policy regime, which can be attained through following six pillars (i) Democratic voice of stakeholders in policy development and implementation; (ii) Clear policy objectives that advance the common good, based on voice; (iii) Unbiased, sound and comprehensive knowledge and data bases. (iv) Consistency with constitutional values; (v) A sound implementation framework ensuring user-friendliness, transparency and rationality of decision-making processes, effective grievance redress, clear accountability and independent evaluation; (vi) Public awareness and support of policies with relevant and public participation in implementation.

The book examines the status of public service in developing countries, in the sectors of health, infrastructure, labour and marginalized populations, rural economy and public administration. The last decade has witnessed significant government focus on service delivery in developing nations like South Africa, Philippines, India and Malaysia. At the forefront of this movement has been the public sector reforms significantly driven by two broad factors: public sector inefficiencies and liberal economic ideology. This move towards efficient public service delivery in developing nations (versus developed nations) has required a significant shift in institutional thinking and institutional capacity for the governments. It is therefore no surprise that while economic liberalization has been relatively easy to implement, governance reforms towards public service delivery has been significantly more challenging. In this background, the chapters of the book, with sector themes, examine the three basic foundations of public policy-courses of action, regulatory measures and issues, and funding structures and priorities-in public service delivery. The book is a multi country, multi sector, perspective since it includes studies from Russian Federation, India, Ethiopia, Pakistan, Fiji, South Africa, Columbia, Philippines, Macedonia and India. This perspective lends itself to the investigation for a comprehensive overall development model.

This book focuses on the accounting change processes that drive integrated reporting in the public sector. The Integrated Report is a tool that allows public sector entities to quantify and convey those aspects of their organization, strategy, governance and performance that lead to the creation of public value over time. To be successfully introduced, integrated reporting must follow a specific path of accounting change. The context in which public sector entities operate, and the unique relationship between the public sector and the environment, redefine the accounting process of change to deliver an integrated report. The authors provide a fresh look at integrated reporting on the basis of the accounting change processes that drive it, helping academics and practitioners to gain a deeper understanding of the challenges and benefits in terms of public value creation.

The book examines the various aspects of non-financial central public sector enterprises (PSEs) in India, for a period from 1986-87 to 2010-11. The analysis is based on all the key financial ratios; namely, profitability, efficiency, liquidity, leverage and productivity. Liberalization and globalization have caused competition in India and have lowered the profit margins. At the same time, Indian government has reduced subsidies and budgetary support for PSEs to curtail their own fiscal deficit. Strategic and economic reforms were also introduced in PSEs to make their operations commercially profitable so that they are not dependent on the government to meet their financial requirements on the one hand, and have their own earnings to finance their expansion/modernization requirements as well as their social obligations, on the other. To what extent, the PSEs have succeeded in this objective constitutes one major aspect of the present research work. The other equally important aspect examined is financial performance of the PSEs which have opted for disinvestment and have signed memorandum of understanding (MoU)/ self obligations. The Indian Government has desired the central PSEs to be profitable in their operations in post-liberation era of 1990s. For this purpose, two major instruments, namely, disinvestment and MoUs, were introduced. This book examines, in detail, financial performance of PSEs which had opted for disinvestment and have signed MoU. Based on analysis/ findings and literature on the subject, the book contains some concrete suggestions that would prove extremely helpful to Indian Government to further improve their financial performance. ​

In international commentary and debate on the effects of the Great Recession and austerity, Ireland has been hailed as the poster child for economic recovery and regeneration out of deep economic and fiscal contraction. While the genesis of Ireland's financial, economic and fiscal crisis has been covered in the literature, no systematic analysis has yet been devoted to the period of austerity, to the impact of austerity on institutions and people, or to the roots of economic recovery. In this book a group of Ireland's leading social scientists present a multi-disciplinary analysis of recession and austerity and their effects on economic, business, political and social life. Individual chapters discuss the fiscal and economic policies implemented, the role of international, and, in particular, of EU institutions, and the effects on businesses, consumption, work, the labour market, migration, political and financial institutions, social inequality and cohesion, housing and cultural expression. The book shows that Ireland cannot be viewed uncritically as a poster child for austerity. While fiscal contraction provided a basis for stabilizing the perilous finances of the State, economic recovery was due in the main to the long-established structure of Irish economic and business activity, to the importance of foreign direct investment and the dynamic export sector, and to recovery in the international economy. The restructuring and recovery of the financial system was aided by favourable international developments, including historically low interest rates and quantitative easing. Migration flows, nominal wage stability, the protection of social transfer payments and the involvement of trade unions in severe public sector retrenchment - long-established features of Irish political economy - were of critical importance in the maintenance of social cohesion.

This book covers research on the financing of compulsory education in rural China and provides a highly informative read for readers who are interested in the issue of financing compulsory education in poor areas. Basing on data collected from field studies in 12 counties in 4 provinces around China, this book presents the current status of a new mechanism launched by the Chinese government in 2005 order to ensure funding for compulsory education in the relatively poor rural areas. This mechanism is conceived as a milestone in Chinese compulsory education history, marking the establishment of a government sponsoring model for compulsory education in rural China. Through comparative study, the research finds that the new mechanism not only lightens peasant families' economic burden for having their kids receiving compulsory education, but also breaks the bottleneck of restricting funding for rural compulsory education. The research then also identifies the difficulties and challenges for future improvement.

Economic globalization is a complex phenomenon where the links between social security expenditures and globalization are not well understood so far. This study summarizes new key findings and highlights new theoretical insights in the field of social security systems, labor standards, taxation and economic globalization. Moreover, new thoughts on the links between social security systems and migration as well as between free trade areas and social market economy development are presented. The book analyzes the role of a changing age dependency using a Branson model and it derives implications for the stock market price index, the exchange rate and the interest rate. Economic globalization needs to be politically managed and through the Transatlantic Banking Crisis and the Euro Crisis the need to more carefully draw the rules of the game for financial globalization has been highlighted. Unstable financial markets have a large potential to undermine social market economies and social security systems. The rising income inequalities within countries raise more policy challenges for Europe than for the US.

Political economy focuses on issues that are fundamental to individual and collective well-being and rests on the proposition that economic phenomena do not occur in isolation from social and political processes. One leading Australian political economist is Frank Stilwell. Highlights of his work include concerns with the creation and use of wealth, inequalities between rich and poor, the spatial implications of economic growth, and the tensions between economic growth and the environment. Stilwell has been especially prominent in developing alternative economic policies, with seminal contributions to understanding the radical shift in Australian economic and social policies since the early 1980s. He has also been a leader in the teaching of political economy to many cohorts of first-year university students. This collection, spanning these themes, honours Stilwell's contribution to Australian political economy after more than 40 years teaching at the University of Sydney. The book provides not only an opportunity to appreciate his contribution but also a greater understanding of these themes which remain of crucial contemporary relevance.