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

Scholars have recently begun to pay renewed attention to the economics of empire, focusing in particular on the requirements of metropolitan Britain's economy and on the activities of imperial businesses. Within this broad field, financial questions, not least the subject of investment overseas or the 'export of capital', have long had a prominent place, and have been equally affected by the development of new appraoches. The consensus as to the volume and direction of Britain's overseas investments is being vigorously challenged. Technological advances have encouraged on a greatly enlarged scale the compilation and analysis of information about British investments and shareholdings abroad. The gradual easing of restrictions on business records has increased facilities for the study, especially, of imperial and colonial banking. Work on the financial policies of central governments is revealing much of interest to students of twentieth-century colonial rule and decolonization. This collection of essays brings together a selection of the latest research on these and other themes, and, for comparative purposes, includes examples of recent continental work.

Product information not available.

Drug trafficking is the most visible part of the profits of organized crime, which have grown considerably since the end of the cold war. The mirror of history shows us the impact of the drug trade in the colonization of Asia. The post cold war geopolitical context reproduces elements of the past, with new opportunities for drug trafficking in the globalization process, as can be seen in the example of China, and the lasting impunity in terms of money laundering. With the growing role of offshore locations in the global financial system, criminal prosperity has even affected the economic stability of some countries. This book presents a new and heterodox interpretation of the post cold war financial crisis, by focusing on the unexplored dimension of illicit actors. The Mexican crisis of 1994 and its 'tequila effect' is analyzed as a model of a 'cocaine effect' from the local laundering of profits from the sale of drugs in the US. The Japanese crisis of the 1990s is put in relation to the economic influence of the Yakuza on the real estate bubble, which had the effect of postponing necessary market adjustments. And the Thai crisis of 1997 is analyzed in the light of massive money laundering of institutional and criminal networks, whose undeclared profits represent about 10% of GDP.

Long term asset owners and managers, while seeking high risk-adjusted returns and efficiently allocating scarce financial capital to the highest value economic activities, have the essential and formidable role of ensuring the sustainability of return. But generally accepted financial accounting methods are ill-equipped to provide clear signals of the risks and opportunities created by scarce natural and human capital. Hence many investment managers in global financial markets, while performing due diligence on portfolio companies, examine metrics of non-financial performance, especially environmental, social and governance (ESG) indicators. Broken into three sections, this book outlines the rationale for and methods used in six areas where financial acumen has been harnessed to the goal of combining monetary return with long run sustainability. The first section offers an introduction to the role of finance in achieving sustainability, and includes an overview of the six areas-sustainable investing, impact investing, decentralized finance, conservation finance, and cleantech finance. The methods section of the book illustrates analytical tools and specialized data sources essential to those interested in increasing the level of social responsibility embedded in economic activity. The applications section describes and differentiates each of the six areas and their roles in advancing specific measures of sustainability.

This book, first published in 1987, examines American international finance and banking, and the affect that the United States had in the world economy. This book will be of interest to students of finance and economics.

Following the outbreak of the international financial crisis, Southern Europe became an epicentre of economic instability and international concern. The prospect of a sovereign debt default in the eurozone s flaky fringe sent shock waves through the European and global economies. Examining the crucial initial phase, when the financial crisis was just beginning to spill over into the real economy, the volume surveys the impact of the September 2008 Lehman Brothers collapse across the EU s southern periphery. The six South European eurozone members Italy, Greece, Spain, Portugal, Cyprus and Malta are viewed in comparative perspective with EU candidate state and non-eurozone member, Turkey. In an era before the spectacular EU/IMF bailouts, the picture that emerges is one of national differentiation, illuminating these countries different starting points and varying policy responses in the face of the gathering financial storm.

This book was published in 2009 as a special issue of South European Society and Politics."

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.

When financial crises occur, it has long been accepted that national economies need a lender of last resort to stabilize markets. In today's global financial system, crises are rarely confined to one country. Indeed, they often go global. Yet, there is no formal international lender of last resort (ILLR) to perform this function for the world economy. Conventional wisdom says that the International Monetary Fund (IMF) has emerged as the de facto ILLR. Yet, that premise is incomplete. Brother, Can You Spare a Billion? explores how the United States has for decades regularly complemented the Fund's ILLR role by selectively providing billions of dollars in emergency loans to foreign economies in crisis. Why would U.S. policymakers ever put national financial resources at risk to "bailout" foreign governments and citizens to whom they are not beholden when the IMF was created for this purpose? Daniel McDowell argues the United States has been compelled to provide such rescues unilaterally when it believes a multilateral response via the IMF is either too slow or too small to protect vital U.S. economic and financial interests. Through a combination of historical case studies and statistical analysis, McDowell uncovers the defensive motives behind U.S. decisions to provide global liquidity beginning in the 1960s, moving through international debt crises of the 1980s and emerging market currency crises of the 1990s, and extending up to the 2008 global financial crisis. Together, these analyses paint a more complete picture of how international financial crises have been managed and highlight the unique role that the U.S. has played in stabilizing the world economy in troubled times.

Developing economies such as those in sub-Saharan Africa are searching for realistic economic policy prescriptions. Despite economic growth in countries like Nigeria, poverty and unemployment blight the lives of many, in the midst of plenty. Simultaneously, much neo-classical economic thought is being questioned against the backdrop of global economic meltdown, giving rise to inquiry about more integral approaches to sustainable development. In An Integral Approach to Development Economics, Basheer Oshodi examines modernization theories, dependency theories, world system theories and emerging 21st century economic theories and links a neo-modern mix of economic thought with the practicalities of finance in parts of the World where poverty is rife. In a specifically African setting, over half of the population are Muslims, Oshodi considers Islamic finance in the context of the triple heritage of indigenous culture, Westernized Christianity, and Islam. He argues that the principles of Islamic banking and finance can be integrated with other elements of that heritage, focusing on meeting the challenges of poverty and unemployment. Islamic finance is not just a religiously-oriented, Sharia-compliant, alternative financial model. It can contribute to overall socio-economic transformation and a wider, people-centred approach to economic development. International organizations, financial institutions, reserve banks, policy makers, donor agencies and students will find resonance in this valuable addition to Gower's Transformation and Innovation Series.

Ever since the financial crisis of 2008, doubts have been raised about the future of capitalism. In this broad-ranging survey of financial capitalism from antiquity to the present, Larry Neal reveals the ways in which the financial innovations throughout history have increased trade and prosperity as well as improving standards of living. These innovations have, however, all too often led to financial crises as a result of the failure of effective coordination among banks, capital markets and governments. The book examines this key interrelationship between financial innovation, government regulation and financial crises across three thousand years, showing through past successes and failures the key factors that underpin any successful recovery and sustain economic growth. The result is both an essential introduction to financial capitalism and also a series of workable solutions that will help both to preserve the gains we have already achieved and to mitigate the dangers of future crises.

Financial regulation has entered into a new era, as many foundational economic theories and policies supporting the existing infrastructure have been and are being questioned following the financial crisis. Goodhart et al's seminal monograph "Financial Regulation: Why, How and Where Now?" (Routledge:1998) took stock of the extent of financial innovation and the maturity of the financial services industry at that time, and mapped out a new regulatory roadmap. This book offers a timely exploration of the "Why, How and Where Now" of financial regulation in the aftermath of the crisis in order to map out the future trajectory of financial regulation in an age where financial stability is being emphasised as a key regulatory objective. The book is split into four sections: the objectives and regulatory landscape of financial regulation; the regulatory regime for investor protection; the regulatory regime for financial institutional safety and soundness; and macro-prudential regulation. The discussion ranges from theoretical and policy perspectives to comprehensive and critical consideration of financial regulation in the specifics. The focus of the book is on the substantive regulation of the UK and the EU, as critical examination is made of the unravelling and the future of financial regulation with comparative insights offered where relevant especially from the US. Running throughout the book is consideration of the relationship between financial regulation, financial stability and the responsibility of various actors in governance. This book offers an important contribution to continuing reflections on the role of financial regulation, market discipline and corporate responsibility in the financial sector, and upon the roles of regulatory authorities, markets and firms in ensuring the financial health and security of all in the future.

In the wake of the outbreak of the global crisis in 2008, many observers expected the state to assume command over a faltering neoliberal finance-led model of capitalism. We now know that this expectation was by and large mistaken. There is indeed an ongoing re-calibration of the state-capital relations, but in many instances the state has become more actively and more deeply involved in extending the reach of markets rather than in constraining markets in the interests of an equitable response to the crisis. This volume offers both theoretical perspectives and empirical studies by a selection of leading Critical International Political Economy scholars on the question how and to what extent we are witnessing a return of the state and a transition towards a new phase of global capitalism. The chapters cover a wide array of topics: from the rise of China and other emerging economies of the Global South, the role of state-owned enterprises such as Sovereign Wealth Funds and National Oil Companies and global environmental politics, to the role of labour in Europe and US grand strategy / foreign policy making in the post-Cold War period. This book was published as a special issue of Globalizations.

This book is dedicated to examining Exchange-Traded Funds (ETFs) market in the Asia-Pacific region between 2004 and 2017. It offers a broad examination of the attributes and development of the ETF markets. The book presents a new approach to ETF markets modeling that uses innovation diffusion model. In addition, it explores the empirical links between ETFs and Information and Communication Technologies (ICTs). The book also compares ETFs and competing investment options. This book should appeal to both academics and practitioners as it includes detailed descriptions of the ETF markets and prepared projections regarding their future development. As the Asia-Pacific region plays a significant role in the global economy, this book should be useful for international readers beyond this area. The Emergence of ETFs in Asia-Pacific begins with an overview of the Asia-Pacific economies, focusing on their importance for the global economy and their features. Next, the book introduces an analytical framework. It explains major features of ETFs (such as their creation, distribution, and trading) and key categories, which facilitates profound understanding of the book merit even for readers with little knowledge about ETFs. The following chapter explores the role of ICTs in economy and society identifying channels of their impact on financial markets. It discusses how ICTs foster dynamic spread of financial innovations (including ETFs) across financial markets. Next, the book examines the ETF market's development in different countries in the Asia-Pacific region, by analyzing their level of development in terms of turnover. In this part it also provides brief characteristics of all markets, including their structures and categories of ETFs in various countries. Consecutive part of the book is dedicated to reports on the process of ICTs growing penetration across Asia-Pacific countries, showing the changes observed during recent years. It then continues the empirical analysis of the ETF markets in the Asia-Pacific region by attempting to trace the links between the development of ETF markets and ICT penetration during the period 2004-2017. As complementary material, a methodological annex is included showing major analytical techniques used throughout the research.

This book focuses on income inequality, output-inflation trade-off and economic policy uncertainty in South Africa. Tight monetary and macroprudential policies raise income inequality. Income inequality transmits monetary policy and macroprudential policy shocks to real economic activity. Economic policy uncertainty influences the dynamics in the lending rate margins, inflation expectations, credit, pass-through of the repo rate to bank lending rates and companies' cash holdings. The trade-off between output and inflation and output growth persistence vary with inflation regimes. Stimulatory demand policy shocks are less effective in high inflation regime. High income inequality raises consumption inequality, which raises demand for credit, but price stability matters in this link. Increased bank concentration raises income inequality, lowers economic growth and employment rate. Elevated economic policy uncertainty lowers output growth, lowers capital formation, reduces credit and raises companies' cash holdings. Increased companies' cash holdings reduce capital formation and impact the transmission of expansionary monetary policy shocks to real economic activity. This book shows there is an inflation level within the target band below it which lowers income inequality, while raising GDP growth and employment. Thus price stability, economic policy uncertainty and income inequality matter for the efficient transmission of policy shocks.

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 'was essentially psychological in origin' (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.

In the world's developing countries, foreign investment in natural resources brings into contact competing interests that are often characterised by unequal balances of negotiating power - from multinational corporations and host governments, through to the local people affected by the influx of foreign investment. The growing integration of the world economy has been accompanied by rapid and extensive developments in the national and international norms that regulate investment and its impact - including investment law, natural resource law and human rights law. These legal developments affect the 'shadow' that the law casts over the multiple negotiations that characterise international investment projects in the developing world. Drawing on international law, the national law of selected jurisdictions and the contracts concluded in a large investment project, Human Rights, Natural Resource and Investment Law in a Globalised World explores the ways in which the law protects the varied property rights that are at play in foreign investment projects in developing countries, with a focus on Africa. Through an integrated analysis of seemingly disparate fields of law, this book sheds new light on how the law mediates the competing interests that come into contact as a result of economic globalisation, whilst also providing new insights on the changing nature of state sovereignty and on the relationship between law and power in a globalised world. This book will be of interest to scholars, students and informed practitioners working in the fields of international investment and human rights law, comparative law, socio-legal studies, and development studies.

The book is a collection of essays written by scholars of global repute in honour of Professor Sunanda Sen. Each paper is well-researched and offers some new dimension to the understanding of the current global crisis, finance and labour including the epistemological viewpoints regarding the current global order. The uniqueness of the book is that in one place one can find different heterodox positions dealing with the present global order of finance and labour - post-Keynesian, Marxist etc. The contents of the book can be classified into three major sections - (1) global finance dealing with current global crisis; (2) methodological/epistemological concerns in terms of the global crisis, and (3) labour in the context of neoliberal global capitalism characterised by the process of financialisation. The entire book is an attempt to decipher the meaning and significance the process of financialisation produces for the real economy. One of the major conclusions drawn from the different studies in the book relates to the fact that global finance as it has been shaped today cannot delinked from the question of labour. The current global finance regime warrants neoliberal labour flexibility regime, the latter guaranteeing the necessary surplus generation for the pervasive finance. This book offers an analysis of current global crisis relating it to the present-day global finance and labour in terms of the process of neoliberal financialisation a flexible labour regime. It is based on non-mainstream heterodox approach in Economics and as such is a critique of the mainstream neoclassical position on current global crisis. The contents of the book will be of immense use to the researchers and students dealing with current global crisis, global finance and labour.

This proceedings volume examines accounting and financial issues and trends from both global and local economic perspectives. Featuring selected contributions presented at the 19th Annual Conference on Finance and Accounting (ACFA) held in Prague, Czech Republic, this book offers a mixture of research methods and micro- and macroeconomic approaches to depict a detailed picture of the impact of global and local determinants on the globalized economy. The global perspectives versus local specifics make the volume useful for not only academics and scholars, but also for regulators and policy makers when deliberating the potential outcome of competing regulatory mechanisms. The Annual Conference on Finance and Accounting (ACFA) has become one of the biggest conferences in the Central and Eastern European (CEE) region solely oriented to contemporary research in finance and accounting. Bringing together researchers and scholars from all over the world, the conference provides a platform in which thoughts, visions, and contemporary developments in the field of finance and accounting are discussed.

Portfolio theory and much of asset pricing, as well as many empirical applications, depend on the use of multivariate probability distributions to describe asset returns. Traditionally, this has meant the multivariate normal (or Gaussian) distribution. More recently, theoretical and empirical work in financial economics has employed the multivariate Student (and other) distributions which are members of the elliptically symmetric class. There is also a growing body of work which is based on skew-elliptical distributions. These probability models all exhibit the property that the marginal distributions differ only by location and scale parameters or are restrictive in other respects. Very often, such models are not supported by the empirical evidence that the marginal distributions of asset returns can differ markedly. Copula theory is a branch of statistics which provides powerful methods to overcome these shortcomings. This book provides a synthesis of the latest research in the area of copulae as applied to finance and related subjects such as insurance. Multivariate non-Gaussian dependence is a fact of life for many problems in financial econometrics. This book describes the state of the art in tools required to deal with these observed features of financial data. This book was originally published as a special issue of the European Journal of Finance.

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.

Critical Praise . . .
"The Alchemy joins Reminiscences of a Stock Operator as a timeless instructional guide of the marketplace." - Paul Tudor Jones from the Foreword
"An extraordinary . . . inside look into the decision-making process of the most successful money manager of our time. Fantastic."- The Wall Street Journal
"A breathtakingly brilliant book. Soros is one of the core of masters . . . who can actually begin to digest the astonishing complexity . . . of the game of finance in recent years."- Esquire
"A seminal investment book . . . it should be read, underlined, and thought about page-by-page, concept-by-idea. . . . He's the best pure investor ever . . . probably the finest analyst of the world in our time." - Barton M. Biggs, Morgan Stanley
George Soros is unquestionably the most powerful and profitable investor in the world today. Dubbed by BusinessWeek as "The Man Who Moves Markets," Soros has made a billion dollars going up against the British pound. Soros is not merely a man of finance, but a thinker to reckon with as well. Now, in The Alchemy of Finance, this extraordinary man reveals the investment strategies that have made him "a superstar among money managers" (The New York Times).

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.

This book systematically discusses the contribution of the Belt and Road Initiative (BRI) to China's transition from an emerging to an advanced economic and financial system after more than five years. From a historical perspective, it explains to what extent the BRI plan is effective enough to help China bounce back from its economic slowdown and the financial implications in a policy trilemma context. Further, it investigates both the rationale of the BRI and its pitfalls, focusing on the various options for financing the project based on the Mundell & Fleming model. The book also analyses the impact of the BRI as well as possible policy options to deal with China's policy trilemma in a structurally more balanced "new normal" economic growth model. Lastly, it reviews the financial stability issues concerning liberalization policies in China.

In this revealing book Junie Tong reflects on the role of banking and finance in China. The author adopts a critical perspective that views the societal as well as economic functioning of banking and finance. Finance and Society in 21st Century China considers how far the modern economy is disconnected from Chinese culture and history and the problems this separation may cause. She questions the common assumption that China has outgrown its reliance on its Western counterparts. The author believes that the country is still very much dependent on exports and foreign investments and any radical or rapid reduction in either would have serious adverse consequences for China's sustainable economic growth. To provide a model for 'finance and society' that integrates culture and economy, Tong draws on the seminal work of Belgian economist, banker and social commentator, Bernard Lietaer, who has focused on cultural forces and the future of money in the world, generally. Using representative case studies for illustration, Tong applies Lietaer's work in a specifically Chinese context, highlighting the need to root finance and enterprise in the rhythms and forces within Chinese culture to avoid future chaos and achieve socio-economic stability in a country now so critical to global well-being.