Grounding its analysis in the historical evolution of financial regulation, this book addresses a range of public policy issues that concern the design of financial regulation and its enforcement, and contributes several new ideas to the debate in this field. Financial systems have become more competitive across sectors of financial institutions and nations, and direct regulations have been removed in pursuit of efficiency. However, as the risk of institutional failures has increased, de-regulation has had to be followed by re-regulation. In which form should this happen? This book answers this question. First revisiting the issue of "why to regulate", Padoa-Schioppa argues that the need to continue to regulate banks in a special way follows from their key role as liquidity providers. At the same time, his argument recognizes the need for close interplay in the regulation of different financial sectors. The book goes on to discuss "how" regulation should be carried out in the modern environment. It should be market-friendly, but the balance between official intervention and market discipline is difficult to get right. Moreover, in an increasingly international context, financial regulation has to be evenly applied across countries to avoid regulatory arbitrage. The final part of the book turns to issues specifically connected with developments in the European Union. One major issue is the maintenance of financial stability in the Euro area where the financial system is becoming especially integrated. Another major issue is the appropriate role of central banks. As the literature and practice are still very much under development, Padoa-Schioppa analyses the general aspects of the financial stability function of central banks - particularly in relation to the monetary policy and supervision functions - as well as the tools available for the Eurosystem.

The resurgence of regionalism is borne out of the current political logjams that have characterized the governance and operations of multilateral trading system over the past one decade and a half. Oloruntoba critically examines Euro-Nigeria relations within the context of the Economic Partnership Agreements in terms of the political and economic implications of the agreements on Nigeria's non-oil exports sub-sectors. Set within one of the main objectives of the Economic Partnership Agreements, he also interrogates the prospects and challenges of regional integration in Africa under the regime of transnational accumulation, which the Economic Partnership Agreements represents.

India is one of the fastest growing countries in the world. However, high economic growth is accompanied by social stratification and widening economic disparity between states. This book illustrates some important aspects of underdevelopment and the process by which the underclass is left behind by focusing on the country's most neglected regions.

The first 50 years of ASEAN integration has brought peace and prosperity to the Southeast Asian region, while the next 50 will undoubtedly be fraught with unprecedented challenges. Today ASEAN not only has to contend with its own internal challenges arising from the highly diverse political, economic and socio-cultural systems of its member countries, it also has to deal with external factors which include shifts in geostrategic balance, fraying global consensus on free trade, populism and xenophobia, climate change, digital revolutions and cybercrimes. Set against the above background, this edited collection considers some of the contemporary issues and challenges faced by ASEAN in its journey towards more cohesive and dynamic regional integration. Among the topics explored are ASEAN's evolving partnerships with its key strategic partners including China and the United States on economic policies and strategies, educational systems and frameworks, migration and environmental threats.

While most of the popular and academic debates explore ideas of globalization, "The Transnational Capitalist Class" goes one step further and provides theoretically informed empirical research to explain and deconstruct the process of globalization as seen by the corporations themselves.

Using personal interviews with executives and managers from over eighty Fortune Global 500 corporations, as well as already published sources, Sklair demonstrates how globalization works from the perspective of those who control and oppose the major globalizing corporations and their allies in government and the media.

The book explores two major crises of globalization - class polarization and ecological sustainability - and shows how the transnational capitalist class attempts to resolve these crises and evaluates its own success and failure. Sklair's unique approach brings a fresh perspective to what has become a key debate of our time.

"Advances in International Accounting" is a referred, academic research annual, that is devoted to publishing articles about advancements in the development of accounting and its related disciplines from an international perspective. This serial examines how these developments affect the financial reporting and disclosure practices, taxation, management accounting practices, and auditing of multinational corporations, as well as their effect on the education of professional accountants worldwide. "Advances in International Accounting" welcomes traditional and alternative approaches, including theoretical research, empirical research, applied research, and cross-cultural studies.

How can America and Europe regain strength and prosperity and prevent another Great War? After two centuries of ascent, the United States finds itself in economic decline. Some advise America to cure its woes alone. But the road to isolation leads inevitably to the end of U.S. leadership in the international system, warns Richard Rosecrance in this bold and novel book. Instead, Rosecrance calls for the United States to join forces with the European Union and create a transatlantic economic union. Such a U.S.-Europe community would unblock arteries of trade and investment, rejuvenate the West, and enable Western countries to deal with East Asian challenges from a position of unity and economic strength. Exploring the possibilities for such a merger, the author writes, "The European Union offers a means of creating larger units without recourse to force. A connection between Europe and North America could eventually grow into an agglomeration of states, drawing China and the East into a new network of countries. In this way East will eventually join the West." Through this great merger the author offers a positive vision of the future in which members of a tightly knit Western alliance regain economic health and attract Eastern nations to join a new and worldwide international order.

Whether post-modern or pre-industrial, the economic development of societies around the world is often influenced by the whims of a capricious international political environment. Globalization and Governance in the International Political Economy investigates the impact of diverse cultures on the development and actualization of global economic entities, exploring advanced methods and best practices for the effective utilization and management of financial organizations within a globalized political context. This essential reference provides readers in both political and economic fields with insights into the challenges and opportunities posed by the political economy.

Economic globalisation and technological change are the two issues that concerned people in the past, concern them today and will concern them in the future - all over the world, poor or rich. Traditionally, questions about allocative effects are asked: What are the labour market implications? Who loses? Who wins? What is the net aggregate welfare effect after an adjustment period? However, two points are rarely taken into consideration: How do globalisation and technological change interact and what are the potential long-run implications for economic growth? This book addresses the interplay of these megatrends. It asks how economic globalisation may affect innovation and technology of individual firms and eventually the growth prospects of countries. Thereby it shows that protectionism not only harms static efficiency but might as well lead to dynamic losses. The book provides a systematic overview of the theoretical underpinnings of the openness-growth nexus and summarises the conceptual problems and important findings of the empirical analyses so far. The theoretical insights are supported by two empirical studies, the first dealing with the innovative behaviour and the "within-multinational" technology transfer of Spanish firms that were acquired by foreign companies and the second analysing productivity growth rate implications from exporting for German manufacturing firms.

Although mathematicians have known about complex numbers as solutions to equations since the seventeenth century, the numbers had few applications until the twentieth century. Today, their applications include mobile phones, satellite navigation, imaging techniques (MRI, PET), and circuit design in computers. Until recently, however, there were few applications of complex numbers to finance. This situation has changed.Multiple Interest Rate Analysis is the study of all interest rates solving the time value of money equation - not only the orthodox rates of conventional economics, but also the unorthodox rates that are complex-valued. The unorthodox rates are employed to convert conventional financial equations containing a single interest rate into 'dual' expressions containing every rate. These dual expressions solve long-standing puzzles and lead to revised conclusions about best practice and sound policy advice in various areas of financial economics, including loan finance, investment appraisal, bond risk management, and capital theory.

This volume examines one of the major systemic changes in world economic history: the economic transformation in the Central European nations and the former Soviet states. Part I considers the dramatic adjustments in commodity structure and the geographic distribution of trade in these countries, while Part II surveys the sweeping transition of the Central and Eastern European countries' payments systems and the evolution of financial markets, exchange rates, and banking systems. Forms of integration with the global economy and proposed requirements for accession to the European Union are considered in Part III, and Part IV presents a model evaluating the record of structural adjustments in these transforming economies. The economic transformation in Central and Eastern Europe has been one of the major systemic changes in world economic history. This volume examines the dramatic changes in trade and payment systems in Central European nations and the former Soviet states during the first half of the 1990s. Part I considers the dramatic adjustments in commodity structure and the geographic distribution of trade in these countries, while Part II surveys the sweeping transition of the Central and Eastern European countries' payments systems and the evolution of financial markets, exchange rates, and banking systems. Forms of integration with the global economy and proposed requirements for accession to the European Union are considered in Part III, and Part IV presents a model evaluating the record of structural adjustments in these transforming economies. The main objective of this volume is to thoroughly cover the latest research advances in international trade and payments among these transforming economies. Written by noted authorities from prominent research centers, the chapters have a predominantly survey character and are supported by sound empirical evidence. Combining empirical research with policy evaluation and recommendations, this volume will serve as a resource for further studies on the economic transformation of the former Soviet bloc countries.

Most of the established theories of economics, particularly of international trade, became obsolete in the new world trade and production architecture. How, in these new circumstances, will host nations organize their economic resources? This book analyzes some prominent countries in the world to examine the issue.

The first systematic analysis of why Britain and France parted company on the issue of European monetary integration. Ikemoto reveals that Britain was much keener to participate in the early stages of monetary integration than previously thought; Britain and France pursued broadly similar policies on the issue until the end of the 1970s.

The twin impact of globalization and digitization is deeply affecting how technology and innovation are managed in firms. This contributed volume analyzes the changing dynamics in the interplay of technology, business and society and the resultant implications for innovation management at firm and policy levels. Leading experts connect global megatrends with open & user innovation, globalization of R&D, frugal innovation, sustainability and innovation ecosystems. The contributed volume is a Festschrift for Prof. Dr. Cornelius Herstatt to mark his 60th birthday.

This book provides a study on the impact of Brexit on international competitiveness and in doing so, presents a theoretical account of regional disintegration. In recent decades, the theory of regional economic integration has expanded following growing integration processes taking place not only in Europe, but in other continents too. The result of the EU Referendum in the United Kingdom on 23 June 2016 revealed that regional integration does not have to be a one-way process as was perceived for many years. Despite well-developed models of economic integration within economic theory, there still lacks an analytical explanation of the mechanics of disintegration. For many years, integration was commonly perceived as a beneficial process, and while disintegration is not desirable, this led to normative bias in the research on regional integration. This book, therefore, makes an important contribution to theoretical and empirical developments of regional economic disintegration.

This historically-based textbook on international finance and open-economy macroeconomics provides a complete course on the theory and policies that shaped our international financial system. Utilizing the 1944 Bretton Woods Conference as a unifying theme, the book covers all the standard topics of international finance, such as foreign exchange markets, balance of payments accounting, macroeconomic policy in an open economy, exchange rate crises, multinational enterprises, international banking, and the evolution of our international financial system. The detailed international financial theory is presented in a lively manner that reflects the close relationship between actual world events and the development of economic thought.The book also analyzes the causes of the 2008 international financial crisis and recession, encourages critical thinking about whether the current international financial system promotes human well-being, and concludes with a discussion on whether it is time to summon the world's financial leaders to another Bretton Woods Conference. In additional to providing students with a solid understanding of international finance and open-economy macroeconomics, the book is written in a reader-friendly style that makes it a good reference for anyone interested in the many fascinating issues related to our still-evolving global financial system and, more generally, our global economy.

This compelling research review discusses the major literary contributions to the economic analysis of the consequences of trade liberalization on growth, productivity, labor market outcomes and economic inequality. Examining the classical theories that stress gains from trade stemming from comparative advantage, the review also analyses more recent theories of imperfect competition, where any potential gains from trade can stem from competitive effects or the international transmission of knowledge. Empirical contributions provide evidence regarding the explanatory power of these various theories, including work on the effects of trade openness on economic growth, wages, and income inequality, as well as evidence on the effects of trade on firm productivity, entry and exit. This review will be an invaluable research resource for academics, practitioners and those drawn to this fascinating topic.

This book is a collection of working papers, policy briefs and training modules, published by the International Poverty Centre in Brazil, which provides a comprehensives set of recommendations for alternative economic policies that can generate growth, employment and poverty reduction in developing countries.

U.S. and German export control policies are compared, showing how these policies have responded to the changes in the international environment, including the end of the Cold War. The policy differences are explained through an analysis of differences in state interests and external constraints, state strategies, domestic support for export controls, and institutional constraints on policy change. The conclusion put forward is that despite a partial convergence of U.S. and German export control policies in the 1990s, diplomatic conflicts between the U.S. and European governments over export control issues will continue to erupt.

This volume explores why Americans are among the least likely in the world to speak another language and how this U.S. foreign language deficit negatively impacts national and economic security, business and career prospects. Stein-Smith exposes how individuals are disadvantaged through their inability to effectively navigate the global workplace and multicultural communities, how their career options are limited by the foreign language deficit, and even how their ability to enjoy travel abroad and cultural pursuits is diminished. Through exploring the impact of the U.S. foreign language deficit, the author speaks to the stakeholders and partners in the campaign for foreign languages, offering guidance on what can and should be done to address it. She examines the next steps needed to develop specific career pathways that will meet the current and future needs of government, business, and industry, and empower foreign language learners through curriculum and career preparation.

Since the 2007 financial crisis, discussion on issues related to the size, spread and frequency of financial crises has captivated a wide variety of audiences. Why has the world economy experienced such a marked increase in financial transactions and private and public indebtedness since the 1980s? How have middle-income developing countries suddenly become a part of this dynamic? And, most importantly, how has the topic of financial crises been featured in households' daily discussions in both developed and developing parts of the world? Domna Michailidou addresses the questions above through exploring the inexorable evolution of financialisation into financial crisis through the examination of three middle-income countries: Mexico, Brazil and South Korea. Concentrating on emerging economies, and especially choosing three very different economies that all experienced financial crises in the 1990s, this book explores what lessons can be learnt regarding financial fragility, volatility and failure in the wake of capital market liberalisation.

This edited collection presents an alternative set of reflections on India's contemporary global role by exploring a range of influential non-Western state perspectives. Through multiple case studies, the contributors gauge the success of India's efforts to be seen as an alternative global power in the twenty-first century.

This book explores the reliability of official statistical data in the ASEAN (the Association of Southeast Asian Nations), and the benefits of a better vocabulary to discuss the quality of publicly available data to address the needs of all users. It introduces a rigorous method to disaggregate and rate data quality into principal factors containing a total of ten dimensions, which serves as the basis for a discussion on the opportunities and challenges for data quality, capacity building programs and data policy in Southeast Asia. Tools to standardize and monitor statistical capacity and data quality are presented, as well as methods and data sources to analyse data quality. The book analyses data quality in Indonesia, Malaysia, Singapore, the Philippines, Thailand, Vietnam, Brunei, Laos, Cambodia, and Myanmar, before concluding with thoughts on Open Data and the ASEAN Economic Community (AEC).