"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"--

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.

This volume presents current developments in the field of finance from an emerging markets perspective. Featuring most of the contributions presented at the second International Conference on Economics and Finance (ICEF-2020), Goa, India, this volume serves as a valuable forum for discussing financial performance and well-being, economic policy uncertainty, efficiency of commodity markets and various recent trends in the banking and financial sector. It provides an analysis of the current state of the financial sector and proposes solutions to challenging topics including bankruptcy, audit quality and liquidity crises. Popular topics such as cryptocurrency, stock market volatility and board governance are also covered.

The recent financial crisis has troubled the US, Europe, and beyond, and is indicative of the integrated world in which we live. Today, transactions take place with the use of foreign currencies, and their values affect the nations' economies and their citizens' welfare. Exchange Rates and International Financial Economics provides readers with the historic, theoretical, and practical knowledge of these relative prices among currencies. While much of the previous work on the topic has been simply descriptive or theoretical, Kallianiotis gives a unique and intimate understanding of international exchange rates and their place in an increasingly globalized world.

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.

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.

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.

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.

This is a study of the law governing the bank-customer relationship pertaining to the disposition of funds by cheques and credit transfers, covering both paper-based and electronic payments. The work addresses, with various degrees of detail, common law, civilian, and `mixed' jurisdictions, particularly, Australia, Canada, England, France, Germany, Israel, Italy, Japan, South Africa, Switzerland and the United States. In addition to the description of the law in these jurisdictions, the book contains an in-depth analysis of the common issues and the responses to them, in light of desired policies. Accordingly, an evaluation of the various rules and proposals for reform are integral parts of the study.

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.

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.

In recent years, a great deal of scholarly and popular ink has been spilled on the subject of globalization. Relatively few scholars have addressed the political sociology of globalization, and specifically, the emergence of global class formations and a nascent global governance framework. This book is a contribution towards redressing this imbalance. The book traces the emergence of the World Bank as a key driver of globalization, and as a central source of an evolving form of elite-driven transnational governance which the author describes as 'global managerialism'. The book argues that the Bank has expanded its sphere of activity far beyond provision of low-cost capital for development projects, and plays a central role in pursuing global economic and social policy homogenization. The World Bank and Global Managerialism features a new theoretical approach to globalization, developed through an analytical exposition of the key stages in the institution's growth since its creation at the Bretton Woods conference of 1944. The author details the contemporary Bank's central policy framework, which includes the intertwining of public and private initiatives and the extension of global governance into ever-wider policy and geographic spheres. He also argues that contemporary globalization marks the emergence of a transnational elite, straddling the corporate, government, and civil society sectors. The book provides two detailed case studies that demonstrate the practical analytical utility of the theory of global managerialism. The theoretical approach provides a robust but flexible framework for understanding contemporary global development. It is essential reading for courses in areas such as International Organizations, Global Political Economy, and Globalization and its Discontents, and is also relevant to students of development policy and international economic architecture, among others.

Professor Taylor and Professor Manzur offer in this volume a selection of published articles by leading scholars which are representative of recent key developments in this area of study. With an initial look at earlier papers which lay the groundwork for more recent research, the collection investigates three broad areas, namely, monetary policy and exchange rates, monetary unification, and exchange rates and commodity prices. With an authoritative introduction by these two leading specialists in the field, the collection is an essential reference source for students, researchers and lecturers in international finance and for policymakers.

During the 1980s, deregulation became adopted as a slogan and set of practices which by setting market forces free could increase the efficiency of market systems. This was particularly the case in the financial services where national systems which had been closed through government and industry collaboration were now opened up to more internal and international competition.;This book examines the consequences of deregulation in retail financial services. It shows that organisation and actors sought to adapt to this process, often with unexpected results.

A collection in four volumes of writings on international financial centres, suitable for financial practitioners and students. It encompasses the moves to European financial integration, the dynamic rise of new centres, particularly in Asia and the Pacific, and challenges to existing centres. Included are essays on the conceptual classification of financial centres, comparative and historical perspectives, and technological and international financial market developments affecting their operations and prospects. This volume deals with the global financial centres - London, New York and Tokyo.

Since the collapse of the former Soviet Union, tremendous changes have taken place in the Russian Federation's trade relationship with other countries--especially with former allies. Expansion or Exodus examines how and why Russian corporations invest outside the country and why most of that money remains abroad as the growth and performance of these companies increases at an accelerated rate. As the Federation moves closer to joining the World Trade Organization, this timely book provides a global view of Russia's outward expansion, exploring the operations of Russian firms in old, new, and forthcoming European Union member states.

This is the first major treatment of the effects of increased transparency on financial markets: an important and highly controversial issue for both traders and regulators. Focussing on three main themes - market transparency, the consolidation-fragmentation of trading systems, and the scope of regulation (i.e. which markets, and which traders within those markets, should be subject to regulation), the book highlights the importance of these issues to all markets throughout the world. The authors draws on research from eight UK-based investment exchanges, Deutsche Borse in Frankfurt, and documentary evidence from the US markets and their regulators.

The competition between European financial centres is a subject of spirited public debate. Has the introduction of the Euro undermined London's position? Does tax competition disadvantage some European centres? Should the regulation of institutional investment be changed? Is it a good policy for governments to promote their national financial centres? And would the UK joining the European monetary union threaten the position of other European centres? These are some of the questions confronting policymakers and industry players. This book provides a firm empirical basis for examining these issues and provides a means to compare the efficiency, performance and future potential of the main European financial centres.

In a lively critique of how international and comparative political economy misjudge the relationship between global markets and states, this book demonstrates the central place of the American state in today's world of globalized finance. The contributors set aside traditional emphases on military intervention, looking instead to economics.

The formulation of a common European monetary policy offers an important challenge to policymakers both in Europe and around the globe. The analysis of monetary transmission mechanisms in Europe, and the US, provides insights of great importance as the institutional environment of monetary policy changes. Historically, it has been proved difficult to empirically establish the effects of monetary policy measures on the economy. This study of the monetary transmission mechanism pays close attention to the role of financial markets in the transmission process. The author analyses aspects of monetary transmission, such as interest rates and exchange rates, with evidence from several European countries including the Netherlands, UK and Germany as well as from the US. This research on monetary transmission greatly increases our understanding of the effect, or ineffectiveness, of monetary policy on economies in general. The author presents a comprehensive discussion of the outcomes of empirical research along with an extensive survey of the literature and a discussion of the methods used, since interest in the subject was renewed in the 1980s. This work will be invaluable to policymakers in central banks and government ministries as well as academic researchers and economists alike.

This book is about the new capital adequacy framework -- known as Basel II -- approved by the Basel Committee in 2004. It aims to discuss Basel II implementation in different categories of developing countries, including emerging market economies, such as Brazil and low-income countries such as Ethiopia and Zambia.

Participation in risk and reward, as an alternate to conventional risk-transfer finance, is important for achieving the higher ethical objectives of Islamic finance, called maqasid al shariah, and responsible finance in general. That is why participatory finance is advocated as the ideal form of financing and the essence of Islamic banking and finance. The Participatory Islamic Finance: The Ideals, Contemporary Practices, and Innovations presents a holistic view of both theory and practice of participatory models, constraints to its applications, success case studies of the participatory finance from multiple countries, and more importantly the recent innovations in participatory finance products. These new insights makes, the Participatory Islamic Finance: The Ideals, Contemporary Practices, and Innovations is an essential read and guide, for both Islamic finance academics and practitioners.

The current state of research in the international public finance field is elucidated in the fifteen papers collected in this volume, selected from among the more than 200 that were presented at the 53rd Congress of the International Institute of Public Finance held in Kyoto, Japan, in August 1997. The collection assembled here is not intended to comprise a proceedings of the Congress but, rather, presents the ideas of eminent scholars in seven areas of current research in the international public finance field: The Welfare State, Public Investment and Economic Growth, Inter-Governmental Relations, Tax Competition and Foreign Direct Investment, Foreign Investment in Transitional Economies-Russia and China, and Equalization Transfer Systems in Japan and Australia. The highlight of the Congress was the brilliant debate between two of the greatest authorities in the area of public finance, James M. Buchanan and Richard A. Musgrave, whose papers form the opening section of the volume.