This book explains inflation dynamic, using time series data from 1960 for 42 countries. These countries are different in every aspect, historically, culturally, socially, politically, institutionally, and economically. They are chosen on the basis of the data availability only and cover the Middle East and North Africa (MENA) region, Africa, Asia, the Caribbean, Europe, Australasia, and the United States. Inflation reached double digits in the developed countries in the 1970s and 80s, and then central banks, successfully stabilized it by anchoring inflation expectations for decades, until now. Conditional on common and country-specific shocks such as oil price shocks, financial and banking and political crises, wars, pandemics, natural disasters etc., the book tests various theoretical models about the long and short run relationships between money and prices, money growth and inflation, money growth and real output, expected inflation; the output gap, fiscal policy, and inflation, using a number of parametric and non-parametric methods, and pays attention to specifications and estimations problems. In addition, it explains why policymakers in inflation - targeting countries, e.g. the U.S., failed to anticipate the recent sudden rise in inflation. And, it examines the fallibility of the Modern Monetary Theory's policy prescription to reduce inflation by raising taxes. This is a unique and innovative book, which will find an audience among students, academics, researchers, policy makers, analysts in corporations, private and central banks and international monetary institutions.

This book constructs an innovative theoretical analysis framework for corporate consolidation through M&A under the condition of government competition during the transition period. Under the condition of transitional economy, the government is an important agent in economic development. Government behaviors, especially government competitions, are institutional variables that affect enterprise behaviors and corporate consolidation. Based on the perspective of local government competition, starting from the essential problems of China's enterprise M&A during the transition period, and taking "the existence of M&A waves-the occurrence mechanism of M&A under government competition-the process of corporate consolidation under government competition-the macro and micro effects of M&A" as the main line, this book reveals the mechanism and effects of enterprise M&A on the evolution of industrial economic structure and regional economic structure under the paradigm of government competition. At the same time, taking "the motivations for government competition-conducts of government competition-effects of government competition" as the hidden line, the path of government competition and its impact mechanism are investigated. Relevant analysis of government competition is embodied in the logical framework of M&A and corporate consolidation.

The conclusion reached in this book is that the debt crisis which has plagued the world economy for the past ten years is due to the inherent fragility of financial markets. Governments, financial institutions and borrowers, including developing countries, have simply expected too much from these markets. In a world of volatile interest rates, exchange rates and uncertain government policy, it is virtually impossible for financial institutions to effectively distinguish fundamental shifts in economic activity from random shocks. Therefore mistakes, when identified, are corrected only with a long lag. In addition to a detailed analysis of this thesis, the book contains an evaluation of recent proposals to harmonize international bank regulations and an extensive discussion of how financial markets are absorbing the huge losses which have emanated from the inability of borrowers to meet their debt service payments.

During the recent financial crisis, the conflict between sovereign states and banks over who controls the creation of money was thrown into sharp relief. This collection investigates the relationship between states and banks, arguing that conflicts between the two over control of money produces critical junctures. Drawing on Max Weber's concept of 'mobile capital', the book examines the mobility of capital networks in contexts of funding warfare, global bubbles and dangerous instability disengaged from social-economic activity. It proposes that mobile capital is a primary feature of capitalism and nation states, and furthermore, argues that the perennial, hierarchical struggles between states and global banks is intrinsic to capitalism. Featuring authors writing from an impressively diverse range of academic backgrounds (including sociology, geography, economics and politics), Critical Junctures in Mobile Capital presents a variety of analyses using current or past examples from different countries, federations, and of differing forms of mobile capital.

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 offshore financial centres.

This volume presents current developments in the fields of banking and finance from an international perspective. Featuring contributions from the 4th International Conference on Banking and Finance Perspectives (ICBFP), this volume serves as a valuable forum for discussing current issues and trends in the banking and financial sectors, especially in light of the global economic challenges triggered by financial institutions. Using the latest theoretical models, new perspectives are brought to topics such as international banking and finance, Islamic banking, fintech, and corporate finance. Offering an opportunity to explore the challenges of a rapidly changing industry, this volume will be of interest to academics, policy makers, and scholars in the fields of banking, insurance, and finance.

Contributors discuss the Alaska Permanent Fund (APF) and Permanent Fund Dividend (PFD) as a model both for resource policy and for social policy. This book explores whether other states, nations, or regions would benefit from an Alaskan-style dividend. The book also looks at possible ways that the model might be altered and improved.

Despite the regional currency crisis of 1997-1998, Asia-Pacific economies continue to be among the most attractive markets in the world. Although Japanese and American firms have invested heavily in those economies, European firms are poised to take advantage of the post-Asian recovery, phenomenal Chinese growth rates, and deepening economic liberalization. Here, original essays focus on the market and non-market strategies employed by European firms to boost their share of the Asian market and to rally European governments and the European Union in support of their initiatives. In addition to a novel theoretical framework to analyze strategy, three chapters focus on investment trends in Asia, lobbying in Asia, and the EU. The book also includes original case studies of the air transport, automobile, software, and finance sectors.

This book scrutinizes the role of Hong Kong in the expansive, and contested, vision of China's Belt and Road Initiative (BRI). In two main sections, it first discusses the defining features of the BRI and the evolving expectations of the role of Hong Kong in the BRI from the perspectives of policy makers and the professional sectors of accountancy-finance and the law. The second section contemplates the potential opportunities for Hong Kong from the perspectives of recipient countries of Sri Lanka, Vietnam, Cambodia and Myanmar. Utilizing an action research approach and engaging the views of a broad spectrum of actors, the authors observe the critical role of agency and innovations in a context of institutional contradictions, the impact of BRI governance structure for the deficits in international participation, gaps between grand state visions and commercial interests, and the salience of effective communication in navigating complex policy initiatives. Taking these together unpacks the complex processes shaping Hong Kong's participation and role in the BRI. This book will appeal to students and researchers interested in the BRI and Hong Kong, in the contexts of institutional contradictions, agency innovations and political dynamics as well as sustainable development.

Sustainable finance has been one of the emerging areas of finance in the last decade. With its emphasis on environmental, social, and governance as focal points in decision-making processes, it can help to improve social well-being while also supporting sustainable recovery. Furthermore, when practiced appropriately, it has the potential to avoid financial crises. Focusing on sustainable finance, responsible banking, responsible insurance, and responsible public finance can thus drive economic resiliency and must be examined from a pre-, post-, and during-crisis period in order to effectively avoid such circumstances in the future. Global Aspects of Sustainable Finance in Times of Crises discusses theory and concepts, focuses on practices and strategies, addresses the recent challenges and trends, and presents future prospects regarding sustainable finance. It provides a comprehensive look at sustainable finance in a variety of contexts and fields and discusses contemporary issues in light of crises such as the climate crisis and the COVID-19 pandemic. Covering a wide range of topics such as climate finance, green finance, and microfinance, it is ideal for corporate managers, portfolio managers, investors, finance professionals, accountants, government officials, financial analysts, researchers, practitioners, academicians, students, and policymakers.

This book analyzes the social forces and political coalitions driving regional integration projects in Asia with a focus on ASEAN and Indonesian conglomerates. It asks which social forces, within the domestic political economy of Asian states, are driving governments to seek regional arrangements for economic governance. In particular the book asks how the emergence, reorganization, and expansion of capitalist class have conditioned political support for regional economic integration. By addressing these issues, the book emphasizes that the wellspring of regional economic institution projects stem from the process of capitalist development and the social forces it has unleashed. The book's aims place the social and class relations that underpin regional projects - rather than the institutions which result from them-at the centre of the analysis of regional integration. The research for this account draws primarily on primary documents from archival and field research conducted by the author-including company documents and in-depth interviews, government reports and policies, and trade publications and data sources, which is supplemented with secondary sources where relevant.

History teaches us important lessons, provided we can discern its patterns. Multi-Polar Capitalism applies this insight to the crucial, yet often underappreciated issue of international monetary relations. When international monetary systems get first put into place successfully, such as the "classic" gold standard in 1879, Bretton Woods in 1945, or the dollar standard in 1982, they structure relations between the system's centre and the rest of the world so that others can catch up to the leader. But this growth-promoting constellation, a vector for accelerating globalization, runs its course eventually amidst mounting overproduction conditions in key sectors and spreading financial instability. Such periods of global crisis, from the Great Depression of the 1930s to stagflation in the 1970s and creeping deflation during much of the 2010s, force restructuring and policy reforms until conditions are ripe for a renewed phase of sustained expansion. We are facing such a turning point now. As we are moving from a US-dominated world economy towards a multi-polar configuration, we will also see the longstanding dollar standard give way to a multi-currency system. Three currency blocs rooted in the dollar, euro, and yuan will be dominated respectively by the United States, the European Union, and China, each a power centre representing a distinct variant of capitalism. Their complex mix of competition and cooperation necessitates new "rules of the game" promoting the shared pursuit of global public goods, in particular the impending zero-carbon transition, lest we allow fragmentation and conflict shape this next chapter of our history. Multi-Polar Capitalism adds to a century of research and debate on long waves, those roughly half-century cycles first identified by the great Soviet economist Nikolai Kondratiev in the early 1920s, by highlighting the role of the international monetary system in this distinct boom-and-bust pattern.

The development of international financial centers (IFCs) has paralleled the rapid expansion of international banking and Eurocurrency activities. During the past decade and a half, the international banking and financial markets have experienced phenomenal growth along with the parallel expansion of IFCs. The size of the Eurocurrency market grew from $110 billion in 1970 to over $4,000 billion by 1987, while the total international assets of all banking institutions rose from $130 billion to $4,800 billion during the same period. Some of the preeminent IFCs are playing a major role in the international financial markets, as demonstrated by the size of their international assets: Bahamas ($144 billion), Cayman Islands ($174 billion), Singapore ($150 billion), Hong Kong ($130 billion), Bahrain ($46 billion), and Panama ($32 billion). The patterns of Euroborrowing and Eurolending activities in these IFCs have been undergoing major changes. These changes came about as a result of the introduction of the floating exchange rate system in 1973, recent financial deregulation, internationalization of the financial markets, securitization of financial assets and liabilities, and global financial innovations. Since the pioneering work of Kindleberger in 1974 on the formation of financial centers, there has not been a comprehensive study to reflect the recent developments, trends and the mystique that have surrounded the IFCs' functions and operations in the international money and capital markets.

Islamic finance often faces numerous challenges in a dynamic marketplace. This book aims to discuss contemporary issues and challenges in Islamic finance to inform discussions surrounding the governance system, the Islamic legal system, prudential regulations, Islamic home financing, and Islamic microfinance. Furthermore, corporate social responsibility (CSR), Islamic accounting, risk management, Basel Accord, and Shari'ah governance systems are discussed in the book. Despite the relevance of these issues in Islamic finance, only a few reference sources exist. This book will provide a guide for academics, students, and banking professionals to acquaint them with the theory and practice of Islamic finance, filling a needed gap.

This book integrates Working Capital Management, Trade Credit, and Supply-Chain Finance in a comprehensive framework, illustrated by dozens of case studies, including a leading case which explains how improved working capital practices have led to over U$1 billion in savings for a large company. The General Model of Working Capital Management consolidates the aspects of these subjects spread across different disciplines, such as finance, accounting, operations, marketing, and more. It includes enough material to make the book accessible to a broad audience, from introductory undergraduate courses to business executives. Offering managerial lessons to optimize companies' cash flow, case studies run the whole gamut, from the small business owner who cried in an executive class when realizing how bad working capital management almost destroyed his business to the significance of Amazon's and Tesco's negative cash conversion cycle for their expansion. Formal models include the relationship between market power and value extraction through changes in payment terms for consumers and suppliers, in-kind finance, and trade credit with asymmetric competing retailers. The book also explores how just-in-time strategies developed under capital constraints to limit working capital investments; they are more than the search for production efficiency. Finally, the chapter about the greening of supply chains describes how companies that can extract resources from their supply chain or act as trade credit lenders have a crucial role in mitigating climate change.

The Financial Crisis was a cross-sector crisis that fundamentally affected modern society. Regulation, as a concept, was both blamed for allowing the crisis to happen, but also tasked with developing and implementing solutions in the wake of the crash. In this book, a number of specialists from a range of fields have contributed their insights into the effect of the Financial Crisis upon the regulatory frameworks affecting their fields, how regulators have responded to the Crisis, and then what this may mean for the future of regulation within those industries. These analyses are joined by a picture of past financial crises - which reveals interesting patterns - and then analyses of architectural regulatory models that were fundamentally affected by the Crisis. The book aims to allow sector specialists the freedom to share their insights so that, potentially, a broader picture can be identified. Providing an interesting and thought-provoking account of this societally impactful era, this book will help the reader develop a more informed understanding of the potential future of financial regulation. The book will be of value to researchers, students, advanced level students, regulators, and policymakers.

The book, organized in three parts, offers a guide to constructing financial instruments based on cash waqf in alignment with the Sustainable Development Goals. The first part discusses the alignment between the Shari'ah economic objectives and the SDGs, the Islamic social finance concept, its instruments and institutions and the intersection between Islamic finance and Islamic social finance. The second part presents a product structure that is based on cash waqf and is targeting the SDGs specifically. Some of these product structures involve zakat collection. The third part of the book presents the methodology to gather all these product structures in a national cash waqf ecosystem that is targeting SDGs. The aim of this ecosystem is to increase the impact of the various initiatives and instruments. In addition to this, the third part of the book presents the concept of Waqf offshore centers and the methodology to conceive and implement them. The aim of these Waqf offshore centers is to connect national cash waqf ecosystems and individuals with investment opportunities bringing more impact. This book will be of interest to academics, researchers, and practitioners of not only Islamic finance but sustainable finance.

"This publication could not be more timely. Little more than a decade after the global financial crisis of 2008, governments are once again loosening the reins over financial markets. The authors of this volume explain why that is a mistake and could invite yet another major crisis." -Benjamin Cohen, University of California, Santa Barbara, USA "Leading political scientists from several generations here offer historical depth, as well as sensible suggestions about what reforms are needed now." -John Kirton, University of Toronto, Canada, and Co-founder of the G7 Research Group "A valuable antidote to complacency for policy-makers, scholars and students." -Timothy J. Sinclair, University of Warwick, UK This book examines the long-term, previously underappreciated breakdowns in financial regulation that fed into the 2008 global financial crash. While most related literature focuses on short-term factors such as the housing bubble, low interest rates, the breakdown of credit rating services and the emergence of new financial instruments, the authors of this volume contend that the larger trends in finance which continue today are most relevant to understanding the crash. Their analysis focuses on regulatory capture, moral hazard and the reflexive challenges of regulatory intervention in order to demonstrate that financial regulation suffers from long-standing, unaddressed and fundamental weaknesses.

This insightful collection examines the intersection between macroeconomics and finance. The key challenge in this area is to find the right measure of 'bad times' (the marginal value of wealth) to explain some assets' high average returns or low prices as compensation for those assets' tendency to pay off poorly in bad times.The volume includes a carefully chosen selection of articles that survey the various approaches to this question - including the equity premium, consumption based models, general equilibrium models and labour income/idiosyncratic risk approaches. The editor also provides a comprehensive introduction which sets these papers in context and surveys the broader literature.

Due to financial market imperfections it is imperative to analyse the relationship between financial structure and the monetary policy transmission process in Europe to effectively design and implement European monetary policy. Focusing on the years 1980-1995 and providing empirical evidence for six European countries, namely Germany, France, Italy, the UK, Belgium and the Netherlands, the author discusses whether cross-country variations in financial structure have a systematic relationship with inter-country differences in the monetary transmission process. The analysis of this is invaluable as differences in financial structures across EMU countries may hamper the implementation of a common European monetary policy in the future. The conclusion is that some elements of the financial structure are clearly relevant and applicable for European monetary policy and the monetary transmission process in particular. This highly topical book will be of great interest to academics and professional economists in the field of financial, macro and monetary economics and the economics of European integration.

Two items were firmly on the European economic agenda in the 1990s: financial market integration and the creation of a common or single currency. The former was supposed to have been achieved in 1992 (via the Single Market Act, with some derogations), and the latter came into being on January 1, 1999. This study is concerned with a particular connection between the two themes, namely the process of financial intermediation and especially the role of banking. 1.1 Financial & Monetary Integration in Europe Up until the mid-1980s, European financial intermediation was, as else where 'on shore' in the post-war period, broadly characterised by a relatively high degree of diverse regulatory control and with cross-border restrictions (e.g., in the form of exchange controls). This resulted in the administration of interest rates and pegging of prime market yields, as well as restrictions on intermediary specialisation. Hence, it was easy to understand why price c, etition was hardly ever seen. Within this kind of environment, banks and other financial intermediaries (OFIs) competed mainly on non-price terms - for example, through the expansion of branch networks. The Single Market Programme (SMP), l launched in 1986, was in a com plex way intended to level out and open up the domestic markets of the European Union (EU) to competition from entities in other Member States."

This book focuses on the impact of financial liberalisation and globalisation on economic growth and inequality worldwide over the past quarter century. It places a particular emphasis on the first fourteen years of this century. It begins by exploring certain assumptions developed as a result of early works in the field, providing a critical review of some of the most important academic works published over the past twenty years. It then goes on to present a comparative measurement of the economic performance of key countries for which data is available in the World Bank database, including G-10 countries, EU countries, and fastest growing countries like China, India, and small-open oil-producing economies.

In 2020, the G20 proposed a solution for the debt-related issues affecting the world's poorest countries due to the COVID-19 pandemic. However, their initiatives have failed to meet their objectives. The author argues that the reason for this failure is the inability to bring sovereign countries to the table to re-negotiate their debt agreements with private creditors as they fear credit rating agencies and the prospect of a downgrade. The author refers to this as the 'credit rating impasse'. This book proposes a novel solution. The author asserts that there is a need in the literature to unpick the dynamic that exists and creates that impasse, namely the pressures that exist between sovereign states, private creditors, credit rating agencies, and the geo-political backdrop that is massively influential in the dynamic, that is, the adversarial relationship between China and the US. This book addresses the recent history of debt treatment for poorer countries and related successes and failures: COVID-19-related issues and the development of the Debt Service Suspension Initiative and the Common Framework for Debt Treatment. This book examines the reasons for their failure by analysing the positions of the sovereign states, the division between private and official creditors and between multilateral institutions such as the IMF and the World Bank, credit rating agencies, and the competing political entities of China and the US. It presents a wider picture of the systemic underpinnings to such debt-related issues and, when examined through a geo-political perspective, the subsequent chances of future debt treatment-related successes. Licence line: The Open Access version of this book, available at www.taylorfrancis.com, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license.

The 2008 financial crisis was among the worst in history, yet nevertheless offers invaluable lessons. Recorded as the third largest bankruptcy in history, it caused Iceland to experience an instant collapse. Iceland defied the rules of finance; no bailout was attempted, capital movements were restricted, bankers jailed, and creditors fought. Amazingly, although Iceland was hit hardest, it recovered fastest. In The Combat Zone of Finance is an insider's account told through anecdotes, dialogues and personal stories. The author, Svein Harald Oygard, was offered the job of Central Bank Governor of Iceland just as the crisis struck. He saw how institutions and leaders behaved from inside the system in its deepest crisis. Some made billions; others got burned. Their behaviour, strengths and weaknesses were revealed as in no other country. Oygard analyses these events in the context of financial risks facing the world in 2020; knowledge of which is becoming increasingly relevant.

The role of global capital in relation to human social systems has assumed enormous proportions in liberalised, deregulated markets. States attempt to nationalise it, financial centres spring up in its wake, and INGOs attempt to deal with its de-territorialising, supranational characteristics. A global adjudication system (arbitration) has been introduced to safeguard and buttress its flow. The power of Islamic capital has generated numerous sites of legal contestation and negotiation, ranging from gateway financial centres, international law firms and transnational financial institutions, all of which interact in the production of Islamic financial law (IFL). The process of producing IFL illustrates complex fields of action driven by power dynamics, neoliberal paradigms and the institutional momentum of the global economy. The municipal legal systems under study in this book (the United Kingdom, Bahrain, United Arab Emirates and the Dubai International Financial Centre) illustrate globalisation's acceleration of legal, economic and social production.