This work offers a review of liberalization of capital movements in Europe, from the time that the Treaty of Rome was written in the 1950s to the complete abolition of restrictions in the latter half of the 1980s and early 1990s in the run up to Economic and Monetary Union. The process is described mainly from an institutional angle, with special reference to the far-reaching discussions in the Monetary Committee and the role of the European Commission. Related topics are also dealt with, such as monetary co-operation, the working of the European Monetary System, taxation and supervision issues. The book highlights the motives which drove countries in their desire to maintain or abolish restrictions. The eventual abolition of restrictions had important consequences for the financial structure in member states and for the transition to the use of indirect instruments of monetary policy by the national central banks. The work should be of interest to anyone who is professionally involved in European integration issues, and in monetary and financial policy.

This volume takes an enlightened step back from the ongoing discussion of globalization. The authors reject the notion that globalization is an analytically useful term. Rather, this volume shows globalization as merely the framework of the current political debate on the future of world power. Some of the many other novel ideas advanced by the authors include: the explicit prediction that East Asia is not going to become the center of the world; the contention that the USSR collapsed for the same reasons that nearly brought down the United States in 1973; and the notion that the regional economic networks that are emerging from under the modern states are in fact rather old formations. The articles in the volume are organized around three main themes. Part One explores both the changing patterns of global power from the viewpoint of geopolitics and the Gramscian approach to the study of international relations. Part Two further develops the debate among a number of eminent historians and sociologists challenging both the apologists for and the opponents of globalization in new and unexpected ways. Part Three traces the emergence of regional economic networks and explores the ambiguous problems of security and identity posed by the old-new transborder formations.

This book focuses on the Asia-Pacific region, delineating the evolving dynamics of foreign investment in the region. It examines the relationship between efforts to increase foreign direct investment (FDI) and efforts to improve governance and inclusive growth and development. Against a background of rapidly developing international investment law, it emphasises the need to strike a balance between these domestic and international legal frameworks, seeking to promote both foreign investment and the laws and policies necessary to regulate investments and investor conduct. Foreign investments play a pivotal role in most countries' political economies, and in order to encourage cross-border capital flows, countries have taken various steps, such as revising their domestic legal frameworks, liberalising rules on inward and outward investment, and creating special regimes that provide incentives and protections for foreign investment. Alongside the developments in domestic laws, countries have also taken bilateral and multilateral action, including entering into trade and/or investment agreements. Further, the book explores regional investment trends, highlights specific features of Asia-Pacific investment laws and treaties, and analyses policy implications. It addresses four overarching themes: the trends (how Asia-Pacific's agreements compare with recent global trends in the evolving rules on foreign investment); what China is doing; current investment arbitration practice in Asia; and the importance of regionalising investment law in the Asia-Pacific region. In addition, it identifies and discusses the research and policy gaps that should be filled in order to promote more sustainable and responsible investment. The book offers a valuable resource not only for academics and students, but also for trade and investment officials, policy-makers, diplomats, economists, lawyers, think tanks, and business leaders interested in the governance and regulation of foreign investment, economic policy reforms, and the development of new types of investment agreements.

In this book, the authors analyze big data on global interdependence caused by the flows of commodities, money, and people, using a network science approach to obtain differing views of globalization and to clarify the facts on isolation of communities. Globalization reduces international economic inequality, i.e., it allows emerging countries to catch up while it increases relative poverty in some advanced countries. How should this trade-off between international and domestic inequalities be resolved? At the same time, the reduction of biocultural diversity caused by globalization needs to be avoided. What kind of change is required in local communities to conserve biocultural diversity? On the issue of commodity flow, research results of the supply-chain network, isolation in industry, and resource flows and stocks are presented in this book. For monetary flow, ownership networks, value-added networks, and profit shifting were studied; and regarding the flow of people, linkage of ethnic groups, immigrant assimilation, and refugees were examined. Based on the resulting view of globalization and isolation, the development of the isolation index using machine learning is discussed. Finally, recommendations for evidence-based policymaking in the United Nations are considered.

The financial crises that began unexpectedly in Southeast Asia in 1997 spread rapidly around the globe, causing banks to fail, stock markets to plummet, and other newsmaking disruptions. Gup and his contributors examine these failures and crises in the main arenas where they occurred--Thailand, Indonesia, South Korea, Russia, Argentina--and provide some important answers to the critical questions these frightening events raised. The result is a readable, easily grasped study of issues relating to bank failure and the effectiveness of bank regulation, and important reading for academics and practitioners alike.

In July 1997 Thailand devalued its currency. This one event sparked financial crises that spread with astonishing speed from Southeast Asia around the world to Russia. Even in the United States and South America the impact was felt. Southeast Asia had been considered a model--in fact a miracle--of economic growth. No one foresaw the crises that soon occurred there, and the severity and contagion of these crises raised questions globally: What happened? Why? And what can we do about it? Gup and his contributors offer some answers to these critical questions.

Gup and his panel finally conclude that government actions were at the root of these crises. Banks were pawns in the hands of governments, and banks helped fuel the booms that ultimately burst, booms supported by investments from other countries around the world, not incidentally. Gup goes on to lay out other provocative questions, among them: How effective are bank regulations? And how do we resolve failed and insolvent banks? The result is an important contribution to the literature in banking, finance, investment, and the role government plays in these activities--a book not only for academics but for practitioners and informed laymen as well.

Exhaustively researched and updated, South Asia 2023 is an in-depth library of information on the countries and territories of this vast world region. General Survey Essays by specialists examine issues of regional importance. Country Surveys Individual chapters on each country, containing: - essays on the geography, recent history and economy of each nation - up-to-date statistical surveys of economic and social indicators - a comprehensive directory providing contact details and other useful information for the most significant political and commercial institutions. In addition, there are separate sections covering each of the states and territories of India. Regional Information - detailed coverage of international organizations and their recent activities in South Asia - information on research institutes engaged in the study of the region - a survey of the major commodities of South Asia - bibliographies of relevant books and periodicals. Additional features - biographical profiles of almost 300 prominent individuals in the region.

Multinational corporations face different tax systems in different countries that require careful tax planning. A systematic approach is needed to minimize and avoid unnecessary business taxes. Some core issues of international taxation are part of a successful corporate tax plan in an international context. The first issue is a good understanding and appreciation of the principles of international taxation that include the different philosophies of taxation, the different kinds of taxes, the different tax systems, the different tax treaties and potential tax havens. The second issue is a thorough understanding of U.S. taxation of foreign income to avoid double taxation and the computation of foreign tax credits. The third issue is the choice of a transfer pricing method and the compliance with tax regulations on both the transfer of tangible and intangible assets. The fourth issue is the intelligent use of tax vehicles for exporting which can generate substantial savings and reduce the effective tax rate and involve the choice between the interest-charge domestic international sales corporation and the foreign sales corporation. A final issue is the efficient use of value-added taxation for activities taking place outside the U.S., and a new appreciation of the potential of this form of taxation for the United States. Practicing accountants, academics, business executives, students, legislators, and others who want a better understanding of the complex issues of international taxation will be interested in this book.

Closing a critical gap in the literature examining the strained relationship between the U.S. and Japan, this book synthesizes the economic, political, historical, and cultural factors that have led these two nations, both practitioners of capitalism, along quite different paths in search of different goals. Taking an objective, multidisciplinary approach, the author argues that there is no single explanation for Japan's domestic economic or foreign trade successes. Rather, his analysis points to a systemic mismatch that has been misdiagnosed and treated with inadequate corrective measures. This systemic mismatch in the corporate strategy, economic policies, and attitudes of the U.S. and Japan created and is perpetuating three decades of bilateral economic frictions and disequilibria.

As long as both the U.S. and Japan deal more with symptoms than causes, bilateral problems will persist. This book's unique analysis will encourage a better understanding on both sides of the Pacific of what has happened, is happening, and will continue to happen if corporate executives and policymakers in the two countries do not better realize the extent of their differences and adopt better corrective measures.

This book reviews banking internationalization by considering the new paradigms of globalization. The author primarily analyses why and how banks internationalize through equity deals, and the effect of regulation and market integration on the formation of deals, which allows authorities to manage the banking structure. This is a unique work that describes the relevance of the ownership model and cultural features of the partners and the key factors that help in choosing the market in which the banks bring activities abroad. The book addresses market characteristics, and new scenarios that should impact banks' internationalization strategies and ability to achieve success in deals that capture the attention of both researchers and practitioners.

In 1958, 1976, and 1985, Argentina experienced severe imbalances of its external accounts, which led to attempts at economic stabilization through an agreement with the International Monetary Fund. This book examines these IMF-supported programs and their success in alleviating Argentina's economic problems. Luigi Manzetti explores three aspects of the issue: the programs' impact on the Argentine economy from a policy management perspective; the methods by which different political regimes coped with similar problems and the level of their success; and the relationship between economic stabilization and political institutions, with particular emphasis on why IMF-supported programs encounter problems and how these problems can be overcome.

Exploring the previously overlooked relationship between economic and public policies, Manzetti begins his study by examining the balance of payments problems that afflict developing countries along with the role played by the IMF in solving them. He assesses IMF involvement both in terms of economic theory and policy recommendations, portraying the academic debate that for years has surrounded the IMF. The peculiarities of the Argentine case are outlined, as are contending interpretations of the country's chronic economic crises. A set of three chapters fully details the stabilization plans of the Frondizi, Videla, and Alfonsin administrations. Finally, a concluding chapter argues that wrong assumptions by the IMF and the mistakes of Argentina's policy makers were responsible for the limited success of the programs. This work will be an important reference tool for courses in economic development and Latin American studies, as well as a useful resource for academic and professional libraries.

The Yearbook on Space Policy, edited by the European Space Policy Institute (ESPI), is the reference publication analysing space policy developments. Each year it presents issues and trends in space policy and the space sector as a whole. Its scope is global and its perspective is European. The Yearbook also links space policy with other policy areas. It highlights specific events and issues, and provides useful insights, data and information on space activities. The first part of the Yearbook sets out a comprehensive overview of the economic, political, technological and institutional trends that have affected space activities. The second part of the Yearbook offers a more analytical perspective on the yearly ESPI theme and consists of external contributions written by professionals with diverse backgrounds and areas of expertise. The third part of the Yearbook carries forward the character of the Yearbook as an archive of space activities. The Yearbook is designed for government decision-makers and agencies, industry professionals, as well as the service sectors, researchers and scientists and the interested public.

While oil price fluctuations in the past can be explained by pure supply factors, this book argues that it is monetary policy that plays a significant role in setting global oil prices. It is a key factor often neglected in much of the earlier literature on the determinants of asset prices, including oil prices. However, this book presents a framework for modeling oil prices while incorporating monetary policy. It also provides a complete theoretical basis of the determinants of crude oil prices and the transmission channels of oil shocks to the economy. Moreover, using several up-to-date surveys and examples from the real world, this book gives insight into the empirical side of energy economics. The empirical studies offer explanations for the impact of monetary policy on crude oil prices in different periods including during the subprime mortgage crisis of 2008-2009, the impact of oil price variations on developed and emerging economies, the effectiveness of monetary policy in the Japanese economy incorporating energy prices, and the macroeconomic impacts of oil price movements in trade-linked cases. This must-know information on energy economics is presented in a reader-friendly format without being overloaded with excessive and complicated calculations. enUsed="false" QFormat="true" Name="Subtle Emphasis"/>

*The Sunday Times Bestseller* Economics is broken, and the planet is paying the price. Unforeseen financial crises. Extreme wealth inequality. Relentless pressure on the environment. Can we go on like this? Is there an alternative? In Doughnut Economics, Oxford academic Kate Raworth lays out the seven deadly mistakes of economics and offers a radical re-envisioning of the system that has brought us to the point of ruin. Moving beyond the myths of `rational economic man' and unlimited growth, Doughnut Economics zeroes in on the sweet spot: a system that meets all our needs without exhausting the planet. The demands of the 21st century require a new shape of economics. This might just be it. *A Financial Times and Forbes Book of the Year* *Winner of the Transmission Prize 2018* *Longlisted for the FT/McKinsey Business Book of the Year Award 2017* `The John Maynard Keynes of the 21st century.' George Monbiot, Guardian `This is sharp, significant scholarship . . . Thrilling.' Times Higher Education `Raworth's magnum opus . . . A fascinating reminder to business leaders and economists alike to stand back at a distance to examine our modern economics.' Books of the Year, Forbes `There are some really important economic and political thinkers around at the moment - such as Kate Raworth's Doughnut Economics.' Andrew Marr, Guardian `An admirable attempt to broaden the horizons of economic thinking.' Martin Wolf, Books of the Year, Financial Times `A compelling and timely intervention.' Caroline Lucas MP, Books of the Year, The Ecologist

This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.

This book provides a history of the WTO US-EU banana dispute through the lens of a major actor: the US-owned multinational firm, Chiquita Brands International. It documents and explains how Chiquita succeeded in having the Clinton administration pursue a trade policy of forcing the European Union to dismantle its preferential banana import regime for exports from the small English-speaking Caribbean (ESC) countries. The export of bananas was critically important to the social stability and economic viability of these countries and that was in the national security interest of the United States. The experience indicates that succeeding in this goal was detrimental to U.S. national security interest in the Caribbean.

This revised, extended and updated edition of Robert Solomon's The Transformation of the World Economy, 1980-93 assesses the remarkable changes in the world economy in the late 20th century. The impact of marketization, of globalization in both industry and finance and of increased policy co-ordination as a response at regional and global level are analyzed. The policy impact of changing philosophies of economic policy in the US, Britain, Western Europe, the USSR, Russia and Eastern Europe, China, Asia, the Middle East, Africa and Latin America are analyzed.

A pioneering work in comparative monetary and financial studies, this is the first international comparative, empirical study of the money supply process (MSP) that involves all of the basic types of economies and institutional economic systems at all levels of economic development. As the authors note at the outset, the highly relative nature of the MSP contributes to wide differences in the MSP in different types of economies. Yet the MSP is one of the most important topics of both monetary theory and monetary practice. The comparative approach adopted here enables the authors to explain the differences that do occur in the MSP across economies and what causes them. By properly defining the general theory and overall monetary theory of MSP, the authors offer the reader both a better understanding of the national MSP and a broad framework of possibilities for improving the efficiency of monetary policy.

The authors begin by describing their approach to an analysis of the MSP in national economies and the concepts and models used in this analysis. They then explain the classification of economies used in the study and their methodological approach, which is based on a two-dimensional flow of funds accounts matrix. Four chapters present the empirical evidence derived from this approach. Included are both a holistic analysis and a structural comparative analysis of the MSP. A separate chapter presents a comparative analysis involving 100 countries of the MSP during the 1978-83 time period. Finally, the authors look at the influence of the balance-of-payments and of domestic institutional sectors on the MSP. Their concluding chapters summarize their findings and point the way to further research in this area. Scholars and policymakers in economics, macroeconomics, and monetary policy will find this an illuminating addition to the literature of the money supply process.

The vast expansion of international trade has greatly increased the incidence of cross-border ownership of assets, both tangible and intangible. It is not uncommon, for instance, for a business to own both physical plant and intellectual property in two or more jurisdictions. Under these circumstances, it is vital for business persons and their counsel to have some knowledge of a variety of relevant domestic legal regimes, particularly in regard to available remedies. This text provides the essential details of such knowledge for 14 important commercial jurisdictions: Argentina, Belgium, Bermuda, Canada, Germany, India, Japan, Portugal, Spain, Sweden, Switzerland, Turkey, England and Wales (United Kingdom), and the US. Each country survey is presented by an experienced business law practitioner in his or her particular jurisdiction. Each chapter's coverage includes discussion of remedies under such security interests as: real estate; fixtures; movables; patents; trademarks; and industrial models and designs. Each author also explains important procedural aspects of many typical phases of ownership, including registration, transfer, sale of an ongoing concern or stock in trade, taxation, trusteeship, and injunction orders. Remedies under private international law are also considered.

A pioneering exploration of the relevance of economic theory to the practical realities of the foreign exchange market, this volume presents a well-reasoned, comprehensive examination of the degree to which economic theories and forecasts are helpful in predicting exchange rates. Douch, an economist who has worked closely with the foreign exchange market, argues that theoretical economic models have exhibited some serious inadequacies in forecasting the future. In an attempt to determine the real predictive value of economic theory in this context, Douch examines each of the different economic approaches in-depth and then analyzes the actual workings of the foreign exchange market from the perspective of the market participants. Particular emphasis is placed upon the reasons for the observed failure of economic theory to reliably predict exchange rate movements over time.

Divided into three major sections, the book begins with five chapters that describe and evaluate the different economic approaches to explaining exchange rate movements. The next two chapters link the theories of the first section with the practical realities of the third by discussing the advantages of fixed and floating exchange rates and presenting a brief history of exchange rate regimes since World War II. In the final section, Douch first looks at how the spot and forward exchange rate markets actually work by examining the motives of market participants. Subsequent chapters explore such issues as whether Game Theory might be used to explain market actions, the effect of new foreign exchange hedging instruments on the market, and the contribution of Chart Analysis to exchange rate forecasts. A detailed appendix defines various economic indicators and seeks to explain how the market might react to them and why. Advanced students of economics as well as foreign exchange market participants with little economic training will find here important new insights into when economic theories can be helpful in predicting exchange rates--and, even more importantly, when they can not.

This book is a rich addition to the existing knowledge on models of development partnership among developing countries. Unlike the Belt and Road Initiative (BRI), which exclusively focuses on physical infrastructure development with a strong financing component by China, the Asia-Africa Growth Corridor (AAGC) envisages a holistic approach toward development partnership based on the spirit of triangular cooperation, demystifying the donor-recipient model of development cooperation. By integrating four distinct pillars of cooperation - connectivity and physical infrastructure, capacity building and skill development, development cooperation projects, and people-to-people and business-to-business partnerships - the book provides a succinct account of how a demand-driven people-centric model of engagement among Asian and African countries could help achieve inclusive and sustainable development without creating any fatal dependence on specific countries or institutions for external funding. In sixteen chapters, the book covers various theoretical, analytical, and policy discussions with respect to the concept and modalities of the growth corridor approach under the free, open, and inclusive Indo-Pacific; potential opportunities and challenges in economic sectors and fields like agriculture, manufacturing, trade and investment, urbanization, industrialization, human resource development, and the blue economy; social sector priorities including health, education, skill development, disaster management, and women's participation; and policy issues relating to trade facilitation, the identification of joint projects, modalities and instruments of project execution, and related aspects. The book offers a valuable resource for students and research scholars working in the fields of development economics, development cooperation, international political economy, and international economic relations. It also serves as a handbook for governments and policymakers on issues concerning the suitability of development projects, sources of and innovations in financing, implementation and execution challenges, private sector involvement, and so on.

India is still perceived by some as a developing country that has yet to create world-class products of its own. However, this book shows that in recent years India has emerged as a lead market for frugality-driven innovations that are affordable, robust and successful even outside its geographic boundaries. Many global companies have recognized these changes and are ramping up their local R&D capabilities. At the same time, several Indian firms are venturing out to international shores and gaining access to new markets. Using a top-down approach, the book takes a closer look at systems of innovation at work and presents examples of successful, corporate innovations in multiple industries and their contextual conditions.

The functioning of the global economy depends very much on the quality and quantity of information provided by multinational corporations, not only to investors and taxing agencies but also to governmental policymakers. Underlying this is the concept of disclosure adequacy. It refers to ways in which the quality of information that MNC's divulge about their economic transactions can be measured, and such information and its adequacy can vary widely from country to country. How this happens and why it should be so-what the nature of disclosure adequacy and its determinants are-is the subject of Riahi-Belkaoui's latest Quorum book. Academics in finance and accounting will recognize quickly the beginnings of a contingency theory of disclosure adequacy internationally, one that identifies various relativisms and presents empirical evidence for their validity. Financial analysts and other investment professionals will gain useful ways to work with (and make sense of) foreign firms' annual reports, while public policy people will find insights to aid in the harmonization of accounting principles.

Riahi-Belkaoui's contingency approach to disclosure adequacy identifies determinants based on cultural, linguistic, political, civil, economic and demographic relativisms, on legal and tax relativisms and even on religious relativism. He presents evidence that accounting for information adequacy does in fact have a positive impact on economic growth. It is also an ideal mechanism by which firms can control conflicts created by favorable or unfavorable information regarding the general investment climate of a particular country. He examines international differences in disclosure adequacy, then proves there is a positive relationship between the functionings of global stock exchanges and economic and human development. From there he discusses the relationship between disclosure adequacy and political, economic, and civil factors. Finally, he examines four cultural dimensions-individualism, power distance, uncertainty avoidance, masculinity-and their impact not only on disclosure adequacy but on the way the entire accounting enterprise is practiced internationally.

A comprehensive survey of the countries and territories of this region, incorporating the latest economic and political developments. General Survey Essays by acknowledged experts in the region cover a variety of topical issues. In addition, appendices discuss the religions of the region and the Russian Baltic territory of Kaliningrad. Country Surveys Individual chapters for each country, containing: - information on physical and social geography - a detailed chronology of political events, both recent and historical - essays on each country's political history and economy - a statistical survey - an extensive directory of contact details for political, state and commercial institutions and organizations in the region (covering national and local government, political organizations, diplomatic representation, the judicial system, religion, the media, finance, telecommunications and broadcasting, major companies, transport, tourism, culture, social welfare, the environment, defence, education and more) - and a select bibliography. Who's Who in Central and South-Eastern Europe Biographical details for more than 200 of the region's leading political figures. Regional Information Contact information and extensive details of the activities of regional and international organizations active in the region; a list of research institutes that focus on the region, together with contact details; and select bibliographies of both books and periodicals.