Provides a detailed analysis of the achievements and disappointments of the modern Indian economy, and an exploration of the issues which are shaping India's economic future. Offers a comprehensive overview of the state of India's economy in the twenty-first century and is essential for postgraduates and scholars interested in this area.

The rapidly changing structure of financial markets is leading to a radical shift in the way in which privates sector financial institutions and firms, and public regulators, are coping with risk. With markets displaying a high degree of innovation and volatility, the responsibility for risk management is being placed increasingly on private sector operators. Following assessments of the extent of market volatility and risk financial markets, this volume presents examples of how private institutions are developing new risk management techniques and case studies from specific markets including securities markets and retail banking. In addition, senior central bankers discuss their changing attitude to risk and regulation and the implications for exchange rate and monetary policies. The papers are written by authors from many countries covering a wide range of country experiences: by players in leading banks and companies; by public officials; and by academics, providing three differing perspectives on the financial markets of the 1990s. The four main sections address central bank perspectives, volatility and risk, institutional issues and practices, and the policy implications. The volume includes the 1995 Prix Marjolin essay and concludes with the 1995 Marjolin Lecture, given at the 19th Colloquium of the Societe Universitaire Europeenne de Recherches Financieres (SUERF) in Thun, Switzerland, from which the papers are selected. The contributions will be of considerable interest to those in banks, securities houses, company treasuries, central banks and regulatory bodies as well as to academics.

Over the last decade or so, a new trend of global remittances has emerged within the international development community. Government and private sector actors have become interested in migration and remittances and their potential for poverty reduction and development, and have started to devise institutions and policies to harness this potential. This volume examines the emergence of the global remittances trend (GRT) against the backdrop of a number of ongoing global transformations. It explores the conceptual and institutional apparatus that constitute the GRT assesses the implications beyond the intended outcome of promoting development and reducing poverty. With an in-depth case study on Mexico and locating the migration-development nexus within its wider development context, the author demonstrates that the GRT is instrumental in spreading and deepening neo-liberal governmentality in a deeply gendered way. This innovative book will be of great interest to students and scholars of political science, international relations, sociology, development studies, economics, gender studies and Latin American Studies.

The second volume of the series contains a combination of theoretical and empirical studies of issues in financial economics, investments, and banking authored by leading researchers in the US and Europe. Specific topics examined include asset pricing, corporate governance, dividend policy, pricing of financial services, portfolio theory, interest rate risk, capital structure, diversification strategies, and credit risk modelling. In addition to theoretical and empirical papers included in the volume, two represent applied articles written from a regulatory perspective by practising regulators.

Scholars and many practitioners in the fields of finance and economics now agree that the ultimate objective of financing, whether debt or equity, is to maximize wealth. This paradigm should hold true whether it applies to financing of a micro-entity like a company, or a cacro-entity like a country. Drawing on such a premise, this book examines whether debt financing in the form of foreign loans has led to more wealth in the case of the less developed countries.

The Stability and Growth Pact (SGP) encompasses the legislative text and political resolutions regulating fiscal policy and public finances in EMU. The contributions in this volume analyze the institutional, legal, theoretical and empirical aspects of the SGP, examine its development and evaluate its main implications. The authors include academic economists, who provide insightful analysis, and policy makers who have contributed to the shaping of the pact and have a direct responsibility for its implementation. This book is the definitive source of reference on the SGP for academics, policy makes and economists.

The current global financial crisis has raised awareness of the impact the world of finance has on the economy and the future of democracy. Following the crisis, this book aims at a deep understanding of the human psycho-social dynamics beneath the surface of the financial industry, its markets and institutions. It seeks to understand why the seemingly rational world of economic behavior, with its calculated models and predictions, at times goes horribly wrong.

This book uses the discipline of socio-analysis to explore the meaning of money, markets and the broad financial world that so strongly affects our daily lives. Socio-analysis contributes to an awareness and understanding of underlying unconscious desires, fantasies and illusions that bring about the irrational inflation of faith and trust in the world of money, finance and capital(ism). The insight that the financial crisis OCywas essentially psychological in originOCO (Robert Shiller) and that the world of finance is broadly shaped if not determined by irrational often unconscious factors is not yet broadly shared. This book appears to be one of the first, if not the first contribution that explicitly focuses on what is beneath the surface of money, finance and capital. It invites the reader to explore the financial world in depth.

The aim of this book is to provide businesses, organizational consultants, students, researchers and interested persons more broadly with a detailed exploration of the psycho-social dynamics of the financial industry as it exists currently within the capitalist system. The contributors to this book come from Australia, Denmark, France, Germany, Hungary, Sweden, The Netherlands, UK, and USA."

This book seeks to examine the basis of economic globalization, yesterday, today, and tomorrow, and to link the outcome of globalization into the context of the new economic geography. It shows how the phenomenon is exhibited in the light of current events, providing a good way to keep understand today 's world economy.

This book, first published in 1983, and written by a respected leading authority, presents the essentials of international economics in a simple and straightforward way. The book contains the minimum of algebra and avoids detailed proofs. It incorporates the most recent contemporary theoretical advances and discusses contemporary issues in commercial policy. Moreover, it puts less emphasis than other textbooks on trade theory and more on balance of payments theory and on questions of international finance and international monetarism.

Offshore finance has transformed many small jurisdictions into high income economies and has facilitated the growth of global financial markets, deregulation and the convergence of economic policies worldwide. However, the volatility and fickle nature of global capital has also become apparent. This major new multi-disciplinary and international collection explores the development of offshore finance and is an extremely valuable resource for all those considering the issues involved in this important area.

The single European Market, the Second Banking Directive, relaxation of cross-border capital and funds movements and the possible introduction of a single European currency have led most corporations to adopt new cash management strategies, or to plan for major structural changes in the near future. This book focuses upon treasury and electronic banking practices in European Cash Management. It is based upon research done by 19 leading European Business Schools and practitioners involved in planning, gathering and analysing data and will include discussion of recent themes and issues.

Regional development banks (RDB) have become increasingly important in the world economy, but have also been relatively under-researched to date. This timely volume addresses this lack of attention by providing a comprehensive, comparative, and empirically informed analysis of their origins, evolution, and contemporary role in the world economy through to the second decade of the twenty-first century. In Regional Development Banks in the World Economy, the editors provide an analytical framework that includes a revised categorisation of RDB by geographic operation and function. Part one offers detailed analyses of the origins, evolution, and contemporary role of the major RDB, including the Inter-American Development Bank, the African Development Bank, the Asian Development Bank, the European Investment Bank, the Central American Bank, the Andean Development Corporation, the European Bank for Reconstruction and Development, and the Asian Infrastructure Investment Bank. Part two offers comparative analyses of key topics on RDB, examining their initial design and their changing business models, their shifting role in promoting policies supported by the United States as hegemon and the private sector. The volume ends with a critical reflection on the role played by RDB to date and a strong defence of the need for these banks in an increasingly complex world economy.

Most of the existing textbooks on international economics - a widely taught and ighly popular subject - are long and too detailed and advanced for many students. This book, first published in 1983, and written by a respected leading authority, presents the essentials of the topic in a simple and straightforward way. The book contains the minimum of algebra and avoids detailed proofs. It incorporates the most recent theoretical advances and discusses current issues in comercial policy. Moreover, it puts less emphasis than other textbooks on trade theory and more on balance of payments theory and on questions of international finance and international finance anf international monetarism which are the areas of current concern.

Sunanda Sen offers an analysis of the ongoing malaise in the world economy, which include the financial and real instability as well as economic recession and lack of development. Rejecting the explanations advanced by the orthodoxy, she deplores the retrograde steps in the interest of high finance. This calls for a change in policies, away from the contractionary monetarist devices and in the direction of demand expansion which will prove mutually beneficial for both advanced and developing countries.

"International trade is the core foundation of globalization. This current and up-to-date volume brings together the finest academics working in the field today, containing contributions in key areas of policy research, such as, modelling frameworks, trade policy, trade and migration, trade and the environment, trade and unemployment"--

Three major challenges confront European policymakers and financial systems; (1) to preserve and strengthen policy coordination between the countries participating and the European Monetary System; (2) to design the future structure of the Economic and Monetary Union; (3) to implement constructive economic and financial responses to the major economic and political reform in Eastern Europe. The purpose of this book is to present a comprehensive analysis of these challenges, focusing on the relationships between fiscal policies on the one hand and financial systems on the other. The basis for the work is formed by the discussions, which took place at the 16th Colloquium of the SocietA(c) Universitaire EuropA(c)enne de Recherches FinanciA]res (SUERF). Private savings and the taxation of income from capital, imbalances in public sector budgets and their impact on financial systems, international resource transfers and the respective roles of governments and private capital flows, and the policy mix in the transition to Economic and Monetary Union are central themes of the book. This collection of papers, authored by members of the university, private financial sector and national and international policymaking communities, is of central importance to policymakers, bankers, financial executives, and academics.

This is the fourth volume in a series designed to be of interest to all those involved in the business, economic or financial affairs of the Pacific Basin.

This book examines regional monetary cooperation as a strategy to enhance macroeconomic stability in developing countries and emerging markets. Interdisciplinary case studies on Southern Africa, Southeast Asia and South America provide a cross-regional perspective on the viability of such strategy.

Drawing on prominent contributions by economists to the debate on international monetary reform, this book provides an historical perspective on the plans, schemes and ideas on the international financial system.

This timely volume brings together professors of finance and accounting from Japanese universities to examine the Japanese stock market in terms of its pricing and accounting systems. The papers report the results of empirical research into the Japanese stock market within the framework of new theories of finance. Academics, professionals, and anyone seeking to understand or enter the Japanese market will applaud the publication of this practical, informative volume.

Having gathered data from the late 1970's through 1984, the authors analyze the market's behavior and the applicability of two major theoretical pricing models -- the Capital Asset Pricing Models and the Efficient Market Hypothesis -- to that market. Chapter 1 provides background statistical evidence on the behavior of monthly returns on Tokyo Stock Exchange common stocks. Chapter 2 discusses an empirical test of the capital asset pricing model. Chapter 3 examines evidence on the price performance of unseasoned new issues. The authors also examine the Japanese accounting disclosure system: Chapter 4 deals empirically with the information content of the annual accounting announcements and related market efficiency. The next chapter presents empirical evidence on the relationship between unsystematic returns and earnings forecast errors. Next, empirical research into the usefulness to investors of the disclosure system is examined. Finally, Chapter 7 presents several interesting questions and topics for future research on the Japanese stock market.

During the 1930s and 1940s, and again in the 1970s and 1980s, most European nations, indeed most industrial nations, undertook major changes in macroeconomic policy orientation and financial regulation. The contributors to this volume, historians, political scientists, and economists, identify the forces which drove these major policy shifts, and explore their implications for other areas of economic and social policy.

In Discipline in the Global Economy, Jakob Vestergaard investigates the currently prevailing regulation of international finance, launched in response to the financial crises of the 1990's. At the core of this approach is a set of standards of 'best practice', ranging from banking supervision to corporate governance. Vestergaard argues that although these standards are presented as 'international', they comprise a norm for the 'proper' organization and regulation of economies which is intimately related to the Anglo-American model of capitalism. With this approach to the regulation of international finance, previous deregulation policies were replaced by a comprehensive system for the global disciplining of economies. This is a remarkable, if not paradoxical, occurrence in what is allegedly the heyday of neoliberalism and 'free market economy'. Moreover, this mode of international financial regulation has proved ineffective, if not counter-productive, in terms of its objective to enhance the stability and resilience of the international financial system. Only by abandoning 'laissez-fairy tales' about liberalism may we begin to understand our present predicament- and open a space for critical thinking on modes of international economic governance that are at the same time more conducive to financial stability and more in line with the ethos of liberalism.

This book analyzes the evolution and impact of the concept of risk on processes of transnational banking and financial market regulation, as well as the externalities generated by speculative financial activity in developing and emerging market economies. The author provides an alternative theory for the study of international financial market regulation by applying elements of a post-structural methodology to the topic. Inspired by Michel Foucault's framework of critical discourse analysis in The History of Sexuality, the argument dissects the rules of formation that govern the evolving discourse on risk. The author argues that the mathematically formal technology of risk emerges from within specific institutions and economic formations; thereby limiting its utility in the regulation of global financial markets. Exploring how the applied technology of risk has been implicated for fueling a major financial crisis, his work also demonstrates how the regulation of global financial markets and abstruse financial instruments in advanced industrialized countries impacts the lives of the poorest people in developing countries and emerging markets.

German unification evoked ambivalent reactions outside its borders: it revived disquietingmemories of attempts by German big business during the two world wars to build an economic empire in Europe in conjunction with the military and the government bureaucracy. But thereare also high hopes that German finance and industry will serve as the engine of reconstruction in eastern Europe, just as it played this role in the postwar unification of western Europe.

Banking Reform in India and China seeks to explore the ways in which banking reform is conditioned by a variety of institutional mechanisms. To uncover these dynamics, Saez draws primarily from analytical tools developed in modern game theory and institutional economics. He provides a multidimensional analysis that covers microeconomic, macroeconomic, and institutional aspects of these two countries banking systems. It ties together three themes of corporate governance, financial deregulation, and central bank independence to banking reform. These unique approaches make this an important contribution to the literature o comparative banking reform in transitional economies.