International debt rescheduling, both in earlier epochs and our present one, has been marked by a flurry of bargaining. In this process, significant variation has emerged over time and across cases in the extent to which debtors have undertaken economic adjustment, banks or bondholders have written down debts, and creditor governments and international organizations have intervened in negotiations. Debt Games develops and applies a situational theory of bargaining to analyze the adjustment undertaken by debtors and the concessions provided by lenders in international debt rescheduling. This approach has two components: a focus on each actor's individual situation, defined by its political and economic bargaining resources, and a complementary focus on changes in their position. The model proves successful in accounting for bargaining outcomes in eighty-four percent of the sixty-one cases, which include all instances of Peruvian and Mexican debt rescheduling over the last one hundred and seventy years as well as Argentine and Brazilian rescheduling between 1982 and 1994.

The 4 volumes in this set, originally published between 1973 and 1998, draw together research by leading academics in the area of international finance and provides an examination of related key issues. The volumes examine international trade, principles of international finance, and one of the texts provides a comprehensive research and information guide to international financial statistics. This set will be of particular interest to students of economics and finance.

Serving as an introduction to one of the "hottest" topics in financial crime, the Value Added Tax (VAT) fraud, this new and original book aims to analyze and decrypt the fraud and explore multi-disciplinary avenues, thereby exposing nuances and shades that remain concealed by traditional taxation oriented researches. Quantifying the impact of the fraud on the real economy underlines the structural damages propagated by this crime in the European Union. The 'fruadsters' benefit when policy changes are inflicted in an economic space without a fully fledged legal framework. Geopolitical events like the creation of the Eurasian Union and 'Brexit' are analyzed from the perspective of the VAT fraud, thereby underlining the foreseeable risks of such historical turnarounds. In addition, this book also provides a unique collection of case studies that depict the main characteristics of VAT fraud. Introduction to VAT Fraud will be of interest to students at an advanced level, academics and reflective practitioners. It addresses the topics with regards to banking and finance law, international law, criminal law, taxation, accounting, and financial crime. It will be of value to researchers, academics, professionals, and students in the fields of law, financial crime, technology, accounting and taxation.

The importance of international considerations in the US Federal Reserve System's deliberations has become more and more important over time as global financial crises and events create ever stronger repercussions in the US economy. This book critically evaluates the role of the Federal Reserve System as a player in the international monetary system over the past one hundred years, starting with its initial responsibility under the gold standard and looking ahead to the challenges it will face in the twenty-first century under the fiat standard. The book is based on a conference of the same name held at the Federal Reserve Bank of Dallas in September 2014, as part of the Federal Reserve System's centennial, and contributors include many of the most highly regarded financial historians and policymakers.

WINNER: Independent Press Award 2020 - Technology Category Blockchain is the technology behind bitcoin and other crypto-currencies. According to Santander, it could save financial institutions $15-20bn a year from 2022 onward. Most experts see an unprecedented potential, but many banks, payment processors and credit card companies fret that bitcoin entrepreneurs could cast a pall over their core business. Whatever the position of blockchain, many voices are shouting from different angles, creating a cacophony of confusion including tech-evangelists, anarcho-libertarians and industry experts. But while everybody in IT and banking seems to have an opinion on the blockchain, there is little systematic research, no strategic analysis. Blockchain Babel is the ultimate guide to the most disruptive technology to have entered the finance industry in recent years. Blockchain Babel looks at blockchain alongside innovation diffusion, competitive dynamics and management strategy. Shortlisted as one of the three best business book proposals by McKinsey and the Financial Times for the Bracken Bower Prize in 2016, this is a must-read for business leaders and aspiring leaders wanting to grasp blockchain and put it into context and understand the practical implications it may have.

Contents:
Lecture I: Fundamentals? Exchange rates in the light of Schumpeter but not of Dioletian
Lecture II: Preliminaries Friedman's case for flexible exchange rates versus random walks in theory and practice
Lecture III: Equilibria? Interest parity and purchasing power parity - which kind of equilibria?
Lecture IV: Divergence Process analysis of temporal exchange rate equilibria
Lecture V: Stabilization Further results on process equilibria and countervailing forces making for mean reversion
Lecture VI: Mere demand and supply Stabilization through bounded interest rates and exchange rate theory "Without the contrivance of macroeconomics"
Lecture VII: Non-neutrality I On the nature of money - or: The story of Anacharsis the Scythian, Part I
Lecture VIII: Non-neutrality II The story of Anacharsis the Scythian Part II

This book examines the case of nominal income targeting as a monetary policy rule. In recent years the most well-known nominal income targeting rule has been NGDP (level) Targeting, associated with a group of economists referred to as market monetarists (Scott Sumner, David Beckworth, and Lars Christensen among others). Nominal income targeting, though not new in monetary theory, was relegated in economic theory following the Keynesian revolution, up until the financial crisis of 2008, when it began to receive renewed attention. This book fills a gap in the literature available to researchers, academics, and policy makers on the benefits of nominal income targeting against alternative monetary rules. It starts with the theoretical foundations of monetary equilibrium. With this foundation laid, it then deals with nominal income targeting as a monetary policy rule. What are the differences between NGDP Targeting and Hayek's rule? How do these rules stand up against other monetary rules like inflation targeting, the Taylor rule, or Friedman's k-percent? Nominal income targeting is a rule which is better equipped to avoid monetary disequilibrium when there is no inflation. Therefore, a book that explores the theoretical foundation of nominal income targeting, comparing it with other monetary rules, using the 2008 crisis to assess it and laying out monetary policy reforms towards a nominal income targeting rule will be timely and of interest to both academics and policy makers.

A trillion dollar financial industry is revolutionising the global economy. Governments and corporations across the Islamic world are increasingly turning to finance that complies with Sharia law in order to fund economic growth. Even in the West, Islamic finance is rapidly becoming an important alternative source of funding at a time when the conventional finance industry is reeling from the effects of the financial crisis. From its origins in the seventh century, Islamic finance has sought to develop core ethical principles that are based in the foundations of Islam and Shari'a. By engaging critically with the complexities of international finance, it has evolved and adapted into a world emerging from the economic and moral aftermath of a global financial crisis. But with an increasing Western interest, is it able to remain true to the principles of its faith? Can it maintain its ideals of social justice? Or is Islamic finance guilty of the very dangers it seeks to avoid? In Heaven's Bankers, Harris Irfan, one of the world's leading Islamic finance bankers, gives unparalleled insight into the heart of this secretive industry. From his personal experience of working with leading bankers, scholars and lawyers, he debunks the myths of Islamic banking, analyses its greatest deals and looks to the future of a system that has reprioritised the very nature of money itself.

The growth of financial markets has clearly outpaced the development of financial market regulations. With growing complexity in the world of finance, and the resultant higher frequency of financial crises, all eyes have shifted toward the current inadequacy of financial regulation. This book expertly examines what this episode means for Asia's financial sector and its stability, and what the implications will be for the region's financial regulation. By focusing on legal and institutional frameworks, the book also elaborates on various issues and challenges in terms of how financial liberalization can maximize the benefits and minimize the risks of crisis. The book will appeal to academics, students, and policymakers across a diverse range of fields including: international finance and trade, economics, Asian studies, development, and development economics.

This is a history of international monetary thought from the end of the nineteenth to the middle of the twentieth century. It provides a comprehensive survey of the literature produced on international macroeconomics for that period. It will be of interest to teachers of and graduate students in international monetary economics, monetary theory, and the history of economic thought. Professor Flanders argues that progress in the field of international monetary economics (or in the discipline as a whole) has not been linear. Instead of writing a sequential, chronological story, she has classified the literature according to groupings of ideas and classes of models. After a brief survey of the Classical doctrines, the book covers the developments of major approaches, which are labelled Neoclassical, Late Classical, and Keynesian. The models are conceptualized in two streams: stream F encompasses formal, long-run equilibrium models, all of which emerge from a common proto-model involving the endogeneity of the money supply under fixed exchange rates. Stream P deals with policy-oriented short-run equilibrium and disequilibrium approaches. There is emphasis throughout on the varying roles assigned by the several approaches to international trade in financial assets, that is, to international capital flows.

Acclaimed for its clarity, Exchange Rates and International Finance provides an approachable guide to the causes and consequences of exchange rate fluctuations, enabling you to grasp the essentials of the theory and its relevance to these major events in currency markets. The orientation of the book remains towards exchange rate determination, with particular emphasis given to the contributions of modern finance theory. This sixth edition of this established text addresses the impact of the global financial crisis.

Dealing with a topic that has attracted significant media attention, this highly accessible book provides a detailed analysis of the trade dispute between China and the US. While the Americans accuse China of damaging their economy, the Chinese claim their policies are legitimate and that the US has no right to dictate how the Chinese economy should be run. Imad Moosa addresses contentious issues including: whether the Chinese currency is undervalued, whether the undervaluation of the yuan, should it exist, is the cause of the US trade deficit with China (hence revaluation being a justifiable cure) and whether Chinese economic policies are immoral and illegal according to IMF and WTO rules. This challenging and thought provoking book will prove a stimulating read for academics, researchers, students and policymakers with an interest in international economics, international finance, political economy and Asian studies.

This book offers a critical perspective from which to observe evolution of the Euro Area and the European Union in these times of growing economic and political conflict. Key implications of design failures in the Euro Area (i.e. incorrect diagnostics of the public finance crisis, single monetary policy failure, heterogeneous macroeconomic environment, asymmetry in macroeconomic policies, obstacles for policy coordination) and their contribution to the excessive external and internal economic imbalances will be critically discussed from the economic, policy and institutional perspectives. This critical insight is used to examine both institutional asset and economic performance of Europe after the crisis, moving from the authors' shared perspective that the crisis revealed the weak aspects of the whole architecture of the European Union. The economic crisis revealed the existence of different forms of imbalances inside the Eurozone and highlighted the flaws of the institutional architecture of economic policy in Europe. The greater fragility of some countries in respect to others has triggered a backward process in which national interests have started to prevail over those of both the currency area and the entire European Union. In turn, this has fuelled a progressive decline in confidence in the European institutions and is creating growing questions of interpretation both in terms of economic theory and institutional asset. This book focuses on these issues and on the degree of legitimacy of the European institutions resulting therefrom. It aims to investigate the nature and validity of the European integration process emphasizing limits and challenges arising from it.

Recurrent instability has characterized the global financial system since the 1980s, eventually leading to the current global financial crisis. This instability and the resultant disruptions - sovereign debt defaults, exchange rate misalignments, financial market illiquidity and asset price bubbles - are linked, in this book, to the shortcomings of the global financial system which tends to generate cycles of boom and bust in credit flows. These cycles are set in motion by the monetary impulses of major industrial countries and are amplified and propagated through the operation of global financial markets. Fabrizio Saccomanni argues that to counter such systemic instability requires that national authorities give adequate weight to financial stability objectives when formulating their monetary and regulatory policies. He maintains that appropriate multilateral strategies to deal with unsustainable trends in credit aggregates and asset prices should be devised in the International Monetary Fund in the context of a strengthened framework to deal with global payments imbalances and exchange rate misalignments. Providing a comprehensive historical and analytical survey of the causes, consequences and possible cures of international financial instability, this book will be of great interest to students and academics of international economics and finance. It will also appeal to financial market participants and analysts, government officials and central bankers as a comprehensive survey of the relevant academic literature and of the state of the policy debate.

This is a book about the international oil market. It takes a historical perspective on how the market emerged, developed, and became what it is today-the biggest commodity market in the world. It is mature and complex, but far from perfect. Throughout most of its 150-year history, the oil market has been monopolised by companies and governments. For only a fraction of that, oil traded in a relatively free market. As a result, we had to live with 'big oil', economic shocks, high oil prices, instability and wars. Using a simple concept of market power, this book will explain the meaning of 'oil price' and how it is established while offering a valuable lesson for other commodities. Market power is the key to understanding the 'price of oil'. This book uses a simple concept of price-makers and price-takers to examine the evolution of oil markets, their structure, and prices. The early decades of the oil industry were competitive with low barriers to entry. Barely 25 years later, the Standard Oil company created a refining monopoly, buying oil at its own 'posted' price. In the following century, the cartel of major oil companies, helped by their governments, did the same at the international level. OPEC helped producing governments regain control of their own resources, but the organisation was never able to retain a similar level of control. After 1986 price collapse, OPEC abdicated the price-making function in favour of the market. While it never gave up attempts to influence prices, OPEC had to link their official prices to one of the global oil benchmarks. Modern international oil markets function because of oil benchmarks such as Brent, WTI and Dubai. This book showcases: * How oil traders played a prominent role in development of the industry * How policies of consuming nations helped oil cartels * Why and how the US price of oil was negative * How AI has changed the way markets operate and the way in which the markets are likely to change in future This book explores how oil markets grew, functioned, and have occasionally failed to do their job. The ecosystem of derivatives or 'paper barrels' trading in far greater volume than physical oil plays a very important role in mitigating risk. With this core tenant, setting the 'price of oil' is explained in detail.

This book examines the dynamic relationship and volatility spillovers between crude oil prices, exchange rates and stock markets of emerging economies. Although considerable literature on relationship between exchange rates and stock markets as well as affiliation between oil prices and stock markets is available, unfortunately very little research has been conducted to analyze the volatility spillovers and dynamic relationship between crude oil prices, exchange rates and stock markets of India covering pre-recession, recession and post-recession period. More particularly, a clear research gap has been found in analyzing the volatility spillovers between above three variables in respect of India irrespective of the importance of oil prices and exchange rates as essential parameters for economic recovery and growth of the capital markets. Furthermore, the stock returns volatility is partly explained by volatility in crude oil prices and exchange rates. The volatility in stock markets is partly due to foreign interference that persuades a correlation with international markets through crude oil prices and exchange rates. Hence, a new publication on this topic is needed at this time.

War in Ukraine, a global hunger crisis, the West's cost of living crisis - the eruptions of 2022 were all too predictable. In Price Wars, Rupert Russell lays out just how these crises are connected and how many such events plunged the 2010s into a decade of turmoil. Entering the eye of the storm - from the trenches of Russian separatist-controlled Donbas to bomb disposal squads in Mosul to cattle raiders in Kenya - Russell discovers a butterfly effect of chaos in the real world being driven by chaos in the commodities markets. The price of food and oil has the power to bankroll foreign invasions, plunge continents into poverty and spark revolutions, civil wars and refugee crises. And these prices, whistle-blowing hedge fund managers and Nobel Prize winners told him, have become irrational. In this thrilling expose of the dark financial forces that rule our world, Russell takes us on adventure into the inner workings of global disorder unlike any other.

Many economists and experts interpret the U.S. twin-deficits, the twin-wars in Iraq and Afghanistan, the 2008 Great Recession that escalated the US debt to vertiginous altitudes" as the signs of time that the dollar is now set to repeat the history of the British Pound. But is really the role of the dollar" as a global currency and an international reserve asset" actually rewarded the United States with an exorbitant privilege? This book focuses on the opposite end of exorbitant privilege spectrum: the exorbitant burden the cost the very dollar reserve status impacts on the U.S. economy through the twin deficits. This economic and political science work is a rigorous quantitative analysis that demonstrates that although it is a privilege and a benefit for the US to have its currency, the dollar, as the leading world reserve currency, the privilege also proves to be a very significant economic and security burden imposed on the nation.

As Morgan Stanley's chief Asia specialist, getting Asia right is Stephen Roach's personal obsession, and this in-depth compilation represents more than 70 of Roach's key research efforts not just on Asia, but also on how the region fits into the broad context of increasingly globalized financial markets. The book argues that the "Asia factor" is not a static concept, but rather one that is constantly changing and evolving. Broken down into five parts-Asia's critical role in globalization; the coming rebalancing of the Chinese economy; a new pan-regional framework for integration and competition; and a frank discussion of the biggest risk to this remarkable transformation-this book will help readers understand and profit from the world's most dynamic region.

Recurrent instability has characterized the global financial system since the 1980s, eventually leading to the current global financial crisis. This instability and the resultant disruptions - sovereign debt defaults, exchange rate misalignments, financial market illiquidity and asset price bubbles - are linked, in this book, to the shortcomings of the global financial system which tends to generate cycles of boom and bust in credit flows. These cycles are set in motion by the monetary impulses of major industrial countries and are amplified and propagated through the operation of global financial markets. Fabrizio Saccomanni argues that to counter such systemic instability requires that national authorities give adequate weight to financial stability objectives when formulating their monetary and regulatory policies. He maintains that appropriate multilateral strategies to deal with unsustainable trends in credit aggregates and asset prices should be devised in the International Monetary Fund in the context of a strengthened framework to deal with global payments imbalances and exchange rate misalignments. Providing a comprehensive historical and analytical survey of the causes, consequences and possible cures of international financial instability, this book will be of great interest to students and academics of international economics and finance. It will also appeal to financial market participants and analysts, government officials and central bankers as a comprehensive survey of the relevant academic literature and of the state of the policy debate.

This book examines China's response to the Asian financial crisis of 1997, both in its immediate aftermath and in the years since. The crisis caused turmoil throughout Asia's economies, and precipitated wholesale reform of economic and financial policies and institutions across the region. As one of Asia's largest economies, China responded to the crisis more successfully than many others, avoiding devaluation of its currency, whilst undertaking financial reform, restructuring state-owned enterprises, rural development, and social security systems. This book considers all of these issues, showing how the lessons drawn from the crisis have helped shape China's policies of liberalisation and market-orientated reform, including its attitude towards globalisation and the outside world in general. Based on research conducted by the China Development Research Foundation, one of China's leading think-tanks, this book includes contributions from senior policy makers in the Chinese government and some experts participating directly in the government's policy-making process to assess the effects generated by the country's related policies, making it an indispensable account of China's own thinking on its response to the financial crisis.

This volume contains new important research on banking institutions and performance in transition economies, economic growth and inequality and exchange rate economics and international finance. Topics include exchange rate exposure of firms, the relationship between monetary policy and house price shocks, economic interdependence of south-eastern European countries, China's exchange rate policy and economic growth, inequality and financial sector. Among the questions answered are: Is exchange rate volatility a significant determinant of average firm level exposure? Can we identify shocks that can be interpreted as loose monetary shocks, low inflation shocks, banks credit shocks and house price shocks? What are the main factors driving the relationship between banks and companies in transition economies? Does it matter for forecasting GDP growth whether the economy is in tranquil times or during a period of turbulence? Has economic growth played any role in reducing inequality in South Africa? Are global bilateral investment holdings characterized by strong persistence? And finally, Is China's international competitiveness fluctuates in consistency with PPP equilibrium?

In recent years, the globalization of financial asset markets has become increasingly important and has led to closer linkages among these markets. New global investment instruments such as sovereign credit default swaps, exchange traded funds, and bond markets have been created, enabling investors to fine tune their investment portfolios to their likings. Financial investments have been further expanded to include real asset investments such as real estate investments. It is important for global investors to make proper decisions in assessing these investments in their asset allocations and for policymakers who can provide sound policy guidance to cope with the globalization of the financial markets. This volume contributes to a fresh perspective on the economic and finance research on international financial markets and also the commodity markets. It enables scholars, policymakers, and practitioners to better understand the changes and dynamics of commodity and financial asset trading following the recent global financial crisis. This volume contains a comprehensive analysis of international financial markets through a series of essays from leading researchers in the field.

Praise for "International Economic Indicators and Central Banks"

"Anne Picker's "International Economic Indicators and Central Banks" is a tour de force. It brings together a wealth of information, explanation, and guidance, which has hitherto only been available from disparate and frequently obscure sources, and does so with great clarity and authority. It will be an invaluable resource not only for investors but for all others involved in the fields of finance and economics."
--Donald R. Anderson, OBE FRSE (UK), International Economics Advisor, formerly chief economist, Courtaulds Group

"Picker's book provides a comprehensive and up-to-date guide to the workings of key central banks, and to the economic data that informs their thinking and policy formation. The book should be required reading for those with more than a passing interest in financial markets and monetary policy formation."
--George Worthington, Chief Economist, Asia Pacific, Thomson-IFR (Australia)

""International Economic Indicators and Central Banks" is an invaluable guide for anyone doing business overseas or investing in international markets. It is thorough and precise enough for professional economists yet readily accessible to business people and investors. Anne Picker is not only an excellent communicator who demystifies central bank operations and technical economic indicators; she is also a top-notch economist with extensive experience in analyzing them. Don't read any international economic analysis without this volume close at hand."
--David A. Levy, Chairman, The Jerome Levy Forecasting Center

The most recent conversations about financial instability in International Political Economy have addressed the ongoing financial spasms of the past five years; a global financial spasm unleashed by the 2008 subprime debacle, ongoing Eurozone instability, and general price volatility in securities markets globally. Alongside and as part of these broader spasms, however, has been another key trend-the intensifying reach of global financial markets into and among those populations which live at its very edges. There are increasing, and increasingly profitable, experiments which are explicitly targeted to those without regular access to full or formalized financial practices. This book places the practices of fringe finance in critical context by situating them within a larger set of discussions in the field. Most importantly, this book is part of a much broader attempt in IPE to rethread the study of finance to questions of cultural and social theory in a meaningful manner. Finance is increasingly subjected to innovative forms of social inquiry influenced by a range of diverse methods including governmentality, actor-network theory and cultural economy. By drawing on several strands of social theory, this book contributes to this broader movement in IPE and helps open more space for the continuation of these interdisciplinary conversations. This work will be of great interest to students and scholars of IPE, development studies and economic sociology.