This book, originally published in 1975, deals with the sources of economic growth, inflation and the prospects of bringing it under control, floating exchange rates and restrictions on international capital movements. Although aimed at the non-specialist, professional economists willa slo find the book stimulating.

Every international negotiation bears a risk of collapse, as even among like-minded countries, different players often have different priorities and interests. This can result in conflict as states clash over certain agreement details, and their disputes can escalate and founder the entire negotiation, missing an opportunity to realize potential initiatives. However, other circumstances have witnessed the cases of successful deals. This begets a puzzle: What did these states do to salvage their talks and seal their deals? This book examines East Asian financial negotiation processes and seeks to explain why some negotiations are successful despite the risk of bargaining failure. Using the Chiang Mai Initiative Multilateralization (CMIM) talks as the case study, the book analyses how states with little prior experience at dealing with certain aspects of an agreement manage to avert negotiation failure and successfully conclude their final deal. Using extensive archival research, in-depth interviews with involved negotiators and experts, and process-tracing method, it reconstructs the making of the CMIM agreement. The multi-country analysis reveals the roles played by key actors, namely China, Japan, South Korea, Indonesia, Malaysia, and Thailand, in shaping the agreement terms. The book goes on to argue that preventing a stalemate or succeeding in concluding arrangements like the CMIM is a product of various strategies and tactics employed by negotiators. These include employing bargaining strategies and tactics that help avoid a negotiation deadlock, and assessing the conditions under which such strategies and tactics are likely - or unlikely - to achieve the objective of avoiding bargaining failure. As a study of East Asian economic negotiation processes, this book will be of huge interest to students and scholars of East Asian cooperation and regionalism as well as finance, international business, international relations and international political economy.

This book sheds new light on the role played by European banks in the economic colonization of much of the globe. Based on previously unused archival material, it examines the origins and development of imperial banking systems. Contributors utilize new developments and methodology in business history to explore a broad range of countries including Cuba, Brazil, Portugal, South Africa and Algeria. The central topic of interest in this book is the institutional history of central, issuing and rediscounting banks. While much attention has been paid to the British, Dutch and French banks and financial instituions, this book is unique in its focus on colonial and overseas banking. Using a range of case studies, this book highlights both the immense variety and cohesion that defined colonial banking practices. This book will be of interest to researchers concerned with international finance and banking and economic history.

The recent dramatic wave of terrorist attacks has further focussed worldwide attention on the money laundering phenomena. The objective of this book is to offer the first systematic analysis of the economics of money laundering and its connection with terrorism finance. The authors first present the general principles of money laundering. They go on to illustrate an institutional and empirical framework that is useful in evaluating the causes and effects of money laundering phenomena in the banking and financial markets. They also analyse the design of the national and international policies aimed at combating them. The book focuses on several crucial issues and offers an analysis of each, including: * modelling the behaviour and process of making dirty money appear clean, hiding the originally criminal or illegal source of the economic activity * demonstrating how the financing of terrorism resembles money laundering in some respects and differs from it in others * explaining how the banking and financial industry can play a pivotal role for the development of the criminal sector as a preferential vehicle for money laundering * showing how schemes of international economics and of tax competition can be applied to black finance issues, claiming that competition for criminal money can lead to a race to the bottom * building up indicators of money laundering attractiveness among developed and emerging countries, with a particular attention on the role of the Offshore centres * dealing with anti-money laundering and counter terrorism finance (AML-CTF) enforcement problems, with a focus on Europe and the USA. Black Finance will be a valuable and accessible tool for scholars and academics, principally in economics, though also in politics and law, as well as for regulators and supervisory institutions. All royalties from this book to go to The Collegiate Foundation for Life

The year 2015 witnessed significant events in the area of finance, trade and investment, which brought Asia to the centre of the world stage. The Trans-Pacific Partnership reached its basic agreement among the 12 member countries in October; the Chinese Yuan was included into the Special Drawing Rights basket of currencies at the International Monetary Fund in November; the ASEAN Economic Community came into force; and the Asian Infrastructure Investment Bank was established with the 57 founding members in December. Within and outside the region, there is an urgent need to understand the underlying economic structures that brought about these events, which have global implications. The Centre on Asia and Globalisation at the National University of Singapore launched a series of conferences on 'Evolving Finance, Trade and Investment in Asia' with the aim of strengthening research capacity in Asia to influence regional policymaking. Looking forward, the conference will provide an annual platform for scholars to discuss the latest findings and to disseminate them to business leaders and policymakers. This book contains scholarship presented at the inaugural international conference in September 2015, and was originally published as a special issue of the International Economic Journal.

Shadow banking - a system of credit creation outside traditional banks - lies at the very heart of the global economy. It accounts for over half of global banking assets, and represents a third of the global financial system. Although the term 'shadow banking' only entered public discourse in 2007, the importance and scope of this system is now widely recognised by the international policy-makers. There is, however, much less consensus on the origins of the shadow banking system, what role it plays in global political economy and the optimal approach to regulating this complex segment of finance. This volume addresses these questions. Shadow Banking is the first study to bring together the insights from financial regulators, practitioners and academics from across the social sciences. The first part traces the evolution and ongoing confusion about the meaning of 'shadow banking'. The second section draws major lessons about shadow banking as posed by the financial crisis of 2007-09, providing comparative analyses in the US and Europe, and attempts to establish why shadow banking has emerged and matured to the level of a de facto parallel financial system. Finally, the third part goes beyond current regulatory concerns about shadow banking and explains why it is 'here to stay'. This volume is of great importance to political economy, banking and international political economy.

This fascinating book presents a lively discussion of key issues resulting from the recent financial crisis. The expert contributors explore why the global financial crisis occurred, how it destroyed wealth, triggered mass unemployment, and created an unprecedented loss of control on employment, monetary policy, government budgets. Important topics encompassing the origin and impact of the crisis, governance failure, regulatory forgiveness, credit splurges, asset bubbles and the greed of institutions are analysed from wide-ranging perspectives of not only academics in both economics and law, but also from industry practitioners and regulators. This multidimensional evaluation of what went wrong concludes with an outline of what is currently being done to prevent another major crisis, and prescribes recommendations for the implementation of further preventative measures. This book will prove a compelling read for economics, finance and law scholars, as well as for practitioners including accountants, lawyers and financial market players. Contributors include: R.P Buckley, M. Bond, W. Byres, J. Carmichael, F. Clarke, K. Davis, G. Dean, J. Diplock, J. Farrar, A. Fels, N. Gaston, A. Khalid, R. MacKinnon, T. Makin

The 1997-8 Asian financial crisis exposed weaknesses in the region's national financial systems, but since then East Asia has become the world's most dynamic economic region. Domestic financial systems have developed, cross-border financial flows within the region are growing apace as demand from governments and large firms increases and as the capabilities of financial institutions develop, and governments have initiated regional cooperation aimed at preventing future crises and managing them if they occur. This book examines the economies of Asia and the Pacific with reference to financial reform and liberalization, monetary policy frameworks, banking and capital markets, regulation and supervision and macroeconomic policies. Further, it asks what lessons have been learned from both the Asian financial crisis and the recent financial crisis, how to engender financial stability in the region, and how to ensure that the benefits of economic growth and financial development reach all members of society. Across four key sections, the chapters examine the future implications of historical studies of the relationships between financial development and growth; financial development including banks, non-bank financial institutions and capital markets; how financial stability is being sought in the region; and China's plans for capital account opening and renminbi internationalization and subsequent the policy implications for China's neighbours. This book draws on papers originally presented to the 36th Pacific Trade and Development Conference held in Hong Kong in 2013, and features contributions from leading academics and economists from around the world. As such, it will be of great interest to students and scholars of Asian economics, Asia Pacific studies, international economics and international finance.

A thought provoking and scholarly compendium of essays on various important aspects of Islamic finance. The book is wider ranging than its title suggests; the key chapters do focus on the EU, but there are broader and particularly interesting topics including women and Islam and financial stability and development in the context of Islam. Overall a solid assessment of the progress Islamic finance has made in Europe.' - John Presley, Loughborough University, UKHighlighting the impact of current globalization on financial markets, this topical book challenges the universality of Western property rights and interprets Islamic finance in Europe as part of a plural financial system, where different conceptions of economic justice(s) co-exist and influence each other. The contributing authors analyse key economic development and social integration issues from an Islamic perspective and outline the European approach to accommodating Islamic finance, with particular regard to the peculiarities of individual nation-states. Set in this context, the book presents financial pluralism as a device to enhance a level playing field in the global marketplace, as well as to foster a plural open society. Providing a comprehensive and methodological guide to Islamic finance in Europe, this book will prove an illuminating and informative read for academics, students and policymakers with an interest in the impact on financial regulation of an increasingly globalized world. Contributors: S.S. Ali, M. Asutay, V. Cattelan, I.-Z. Cekici, E. de Rosmorduc, J. Ercanbrack, A. Farhoush, G. Gimigliano, M. Mahlknecht, W. Menski, E.M. Napolitano, C. Porzio, D. Scolart, F. Stainier, M.G. Starita, L.M. Visconti, L. Weill

Since the start of the financial crisis in 2008, the notion that capitalism has become too abstract for all but the most rarefied specialists to understand has been widely presupposed. Yet even in academic circles, the question of abstraction itself - of what exactly abstraction is, and does, under financialisation - seems to have gone largely unexplored - or has it? By putting the question of abstraction centre stage, How Abstract Is It? Thinking Capital Now offers an indispensable counterpoint to the 'economic turn' in the humanities, bringing together leading literary and cultural critics in order to propose that we may know far more about capital's myriad abstractions than we typically think we do. Through in-depth engagement with classic and cutting-edge theorists, agile analyses of recent Hollywood films, groundbreaking readings of David Foster Wallace's sprawling, unfinished novel, The Pale King, and even original poems, the contributors here suggest that the machinations and costs of finance - as well as alternatives to it - may already be hiding in plain sight. This book was originally published as a special issue of Textual Practice.

Does globalization mean a race to the bottom in social standards and the inevitable decay of the welfare state? Ramesh Mishra - a leading authority on social policy - examines the implications of globalization in respect of social policy and social standards in advanced industrial countries.Globalization is a form of international neo-liberalism supported by the United States, world markets and organizations such as the IMF and OECD, whose policies are becoming increasingly influential and are putting nation states under pressure to reduce social standards. In this book Ramesh Mishra considers the impact of globalization on full employment and the labour market, income distribution, taxation and social protection in developed capitalist countries. He argues that social standards have declined far more in English speaking countries than in continental Europe and Japan, and that globalization is as much a political and ideological phenomenon as it is economic. In conclusion, Professor Mishra argues the case for a transnational approach to social policy to ensure that social standards rise in line with economic growth. Globalization and the Welfare State is highly accessible and will be welcomed by students and scholars of social policy, social work, political science and sociology as well as by policymakers in international organizations and government.

First published in 1999. Routledge is an imprint of Taylor & Francis, an informa company.

The role of the stock market in the recent global financial crisis has led many to question the way in which the modern international financial system operates. This highly topical book offers important insights into the stock market, contrasting the speculative explanation of stock market fluctuations with the conventional efficient markets hypothesis. After summarising economists' views on stock market behavior from the classical period to the present day, the authors focus on two particular explanations of stock price fluctuations. They examine in detail the mainstream neo-classical theory with its emphasis on the efficient markets hypothesis. They then compare this with the theories of Veblen, Galbraith and Keynes who consider markets as being inherently prone to speculation and crisis, in contrast to the neo-classical approach which largely ignores the instability of stock markets and particularly the crashes that have recently occurred. The authors go on to develop a speculative model to account for stock market fluctuations which provides a useful and realistic explanation of how stock price expectations are formed. This book will be welcomed by bankers, financial and monetary economists, historians of economic thought and all those interested in the causes of the recent market crashes.

This ground-breaking book addresses the problem of price disparities across countries and, for the first time, uses market structures as the central focus. The author also addresses the effects of trade barriers, input-output relations and economies of scale, factors often ignored by other studies, to determine what causes prices to vary across countries.A post-Keynesian markup pricing model incorporating market power, intermediate inputs and productivity differences is developed and tested using regression analysis. New data on sectoral price levels in Japan and the Republic of Korea and data on GDP and investment price levels for a large number of countries are used. The empirical evidence shows that wages, labor productivity, market power and economies of scale are the most important variables for the explanation of differing price levels across countries. The author finds little evidence for the importance of policy-induced trade barriers and competition policy in explaining this. This book will be useful for scholars of post-Keynesian economics and international economics.

As from 2012, the International Monetary Institution (IMI) of the Renmin University of China publishes annual reports on the internationalization of RMB. This series of annual reports create and publish the RMB Internationalization Index (RII). Besides, they focus on one topic in each year's report. This book focuses on the offshore RMB markets. It studies several major international currencies' historical developments to summarize theoretical implications between currency internationalization process and its offshore market development. It reviews the recent development of RMB offshore markets, identifies key opportunities and challenges, and proposes some suggestions to policy makers and market practitioners. The RII will continue to rise as the RMB plays a more and more important role in international trades and financial transactions. The establishment and development of RMB offshore markets will facilitate the internationalization process of the RMB.

At the time in which this book was first published in 1992, there was a major concern with the macro-economic implications of fiscal imbalance. As the European economies moved closer to monetary union, and Germany grappled with the fiscal pressures of unification, deficits in the United States exceeded $300 billion. In this volume the authors address this issue, using both historical case-studies and cross-national comparisons. This book will be of interest to students of economics.

This book analyzes the competitive forces which dominate this major sector, and traces how the nature of competition has evolved during the last two hundred years. Through an analysis of key factors, including demand, related and supporting industries, firm strategy, structure and national rivalry, chance and government policy, the author explains how and why the locus of competitive advantage in textiles and apparel has moved from country to country, particularly in the period since 1945.

First Published in 1980, The Foundations of Nigeria's Financial Infrastructure presents a comprehensive overview of different aspects of Nigeria's financial developments. Divided in five parts this book brings twenty-one chapters dealing with themes like Nigeria's traditional financial system; fundamental problems of banking in Nigeria; the banking system and the financial market; aspects of public and private sectors' finance; revenue allocation in Nigeria; Nigerian currency system; Nigeria's balance of payments and external liquidities; development in Nigeria's external assets, and Nigeria and the International Monetary Fund, to showcase the catalytic role of the financial system in economic development. This volume will be useful for scholars and researchers of public finance, finance, economics, political economy, development economics and development studies.

Contemporary Issues in Development Finance provides comprehensive and up-to-date coverage of theoretical and policy issues in development finance from both the domestic and the external finance perspectives and emphasizes addressing the gaps in financial markets. The chapters cover topical issues such as microfinance, private sector financing, aid, FDI, remittances, sovereign wealth, trade finance, and the sectoral financing of agricultural and infrastructural projects. Readers will acquire both breadth and depth of knowledge in critical and contemporary issues in development finance from a philosophical and yet pragmatic development impact approach. The text ensures this by carefully integrating the relevant theoretical underpinnings, empirical assessments, and practical policy issues into its analysis. The work is designed to be fully accessible to practitioners with only a limited theoretical economic background, allowing them to deeply engage with the book as useful reference material. Readers may find more advanced information and technical details provided in clear, concise boxes throughout the text. Finally, each chapter is fully supported by a set of review questions and by cases and examples from developing countries, particularly those in Africa. This book is a valuable resource for both development finance researchers and students taking courses in development finance, development economics, international finance, financial development policy, and economic policy management. Practitioners will find the development impact, policy, and conceptual analysis dimensions insightful analysing and designing intervention strategies.

Every international negotiation bears a risk of collapse, as even among like-minded countries, different players often have different priorities and interests. This can result in conflict as states clash over certain agreement details, and their disputes can escalate and founder the entire negotiation, missing an opportunity to realize potential initiatives. However, other circumstances have witnessed the cases of successful deals. This begets a puzzle: What did these states do to salvage their talks and seal their deals? This book examines East Asian financial negotiation processes and seeks to explain why some negotiations are successful despite the risk of bargaining failure. Using the Chiang Mai Initiative Multilateralization (CMIM) talks as the case study, the book analyses how states with little prior experience at dealing with certain aspects of an agreement manage to avert negotiation failure and successfully conclude their final deal. Using extensive archival research, in-depth interviews with involved negotiators and experts, and process-tracing method, it reconstructs the making of the CMIM agreement. The multi-country analysis reveals the roles played by key actors, namely China, Japan, South Korea, Indonesia, Malaysia, and Thailand, in shaping the agreement terms. The book goes on to argue that preventing a stalemate or succeeding in concluding arrangements like the CMIM is a product of various strategies and tactics employed by negotiators. These include employing bargaining strategies and tactics that help avoid a negotiation deadlock, and assessing the conditions under which such strategies and tactics are likely - or unlikely - to achieve the objective of avoiding bargaining failure. As a study of East Asian economic negotiation processes, this book will be of huge interest to students and scholars of East Asian cooperation and regionalism as well as finance, international business, international relations and international political economy.

This book examines the credit needs and the borrowing behaviour of rural households in China in recent years. It is based on in-depth analysis of the status of households' indebtedness and borrowing behaviour; the performance of Rural Credit Cooperatives (RCCs), as well as resources of informal finance. Before 2006, RCCs are virtually the only source of formal credit for rural households in China and were subject to a series of reforms from 1996 to 2003. The reforms aimed to transform RCCs into market-oriented institutions and, more importantly, help them meet the increasing demands of farmers for varied financial services, and thereby contribute effectively to economic transformation in rural China. Based on a micro-study of three villages, at different stages of development with dissimilar economic characteristics in Jiangxi province, this book investigates the sources of finance, formal and informal, in rural areas and the different types of credit that farmers require. It examines the patterns of credit required by rural households at different stages of agricultural processes, and the institutions from which they obtain loans. It demonstrates the importance of innovative institutional arrangements in rural China and new instruments that give farmers access to formal rural financial markets and enable them to utilize credit effectively, concluding that further reforms to RCCs are necessary for RCCs to be truly effective.

The spillover effect of multinational companies has, historically, been subject to much debate. The assumption that the host country can be expected to enjoy spillovers - improvements in the balance of payments, in the influx of foreign currency and in other sectors of the economy not directly affected by the multinational - has not necessarily been corroborated in practice. First published in 1989, this book addresses this debate, and the very different conclusions that can be drawn about spillovers. Reporting on significant research on Latin America and drawing comparisons with findings elsewhere, Foreign Investment and Spillovers provides students and researches with a truly international perspective.

With original archival documents and interviews from the US and Europe, Michelle Frasher brings the reader into the negotiating room with American, German, and French officials as they confronted the collapse of the Bretton Woods monetary system and made decisions that affected the course of European integration and the contemporary neoliberal order. She identifies crisis as the catalyst for change in international monetary policies, but argues that the causes of crisis originated from a multitude of factors such as market speculation, American hegemony, institutional flaws, and ideational conflicts among the leaders themselves. Far from a planned and consensual process, this book shows that the transformation to neoliberalism was riddled with discord and fret with trial and error. She argues that the resulting currency regime allowed governments to entrench themselves in national interests and facilitated the "marketization" of the state, where states have became both clients and participants in the financialized global economy-to the detriment of international stability. Frasher's is the first work to connect the 1960s and 1970s to the difficulties of inter-state and inter-market cooperation that have plagued the system in the last decades, and it puts the 2008 debacle into historical perspective.

Increasingly, transnational corporations, developed countries and private actors are broadening the boundaries of their investments into new territories, in search of a higher return on capital. This growth in direct foreign investment involves serious concerns for both the investor and host state. Various exponents of international civil society and non-governmental organisations persuasively claim that such growth in foreign investments constitutes potential and serious hazards both to the environment and the fundamental rights and freedoms of local populations. This book explores from an international law perspective the complex relationship between foreign investments and common concerns, i.e. values that do not coincide, or do not necessarily coincide, with the interests of the investor and of the host state. It pays particular attention to the role of the main international development banks in reconciling the needs of foreign investors with the protection of common concerns, such as the environment, human rights and labour rights. Among its collection of essays, the volume asks how much "regulatory space" investment law leaves; whether international investment law is an effective means of balancing contrasting interests, and whether investment arbitration currently constitutes a mechanism of global governance. In collecting the outlooks of various experts in human rights, environmental and international economic law, this book breaks new ground in exploring how attention to its legal aspects may help in navigating the relationship between foreign investment and common concerns. In doing so, the book provides valuable insights into the substantive issues and institutional aspects of international investment law.

The late twentieth century has witnessed a dramatic upsurge in foreign direct investment in the Third World. Based upon thorough statistical analysis, the book presents exhaustive case-studies of foreign investment policy in 'metropolitan' countries and of the experiences of 'host' countries throughout Africa, Asia and Latin America. With a wide geographical and historical focus, it also makes an important contribution to current debates on dependency theory.