This book provides a comprehensive overview of Russia's difficult economic transition from a command economy since the early 1990s. It covers the financial crisis of August 1998 and the global financial crisis a decade later. Key subjects covered include economic transition, privatization and liberalization; changes in land ownership and agriculture; energy; foreign direct investment; economic stabilization; and economic performance. Russia is well endowed with raw materials, especially oil and natural gas; this book argues that in some ways this has not helped Russia's attempts to become a more diversified and high-tech economy. Overall, the book demonstrates how much the Russian economy has changed in the period. It continues - and adds to - the overview of developments in the author's The New Russia (2002), and is the companion volume to Political Developments in Contemporary Russia (2011) - both published by Routledge.

First published in 2002. Routledge is an imprint of Taylor & Francis, an informa company.

This textbook focuses on key international monetary and financial phenomena, exploring the determinants of exchange rates, international competitiveness, interest rates, saving, investment, international capital flows, commodity prices, the terms of trade, financial crises, foreign investment and economic growth. The text enhances understanding of international money and finance by providing background on globalisation and characteristics of the world economy, as well as detailed explanation of important international monetary variables. It then systematically develops a suite of compatible theoretical frameworks to analyse perennially important international monetary questions. A major feature of the text is its emphasis on real world policy relevance, covering topics such as inflation targeting, the operation and effectiveness of fiscal and monetary policy, public debt sustainability, exchange rate regime choice, commodity price gyrations, the causes and consequences of financial crises, and the gains from foreign investment.

The 21st century witnessed major changes in the financial environment surrounding bank regulators and banks. Banking and Monetary Policies in a Changing Financial Environment delves into three of these developments and challenges. The first change in the financial environment relates to the rise in the number and sophistication of financial and economic crimes which shaped the international regulatory architecture. New rules and regulations led to the creation of new strategies to combat these crimes, especially those concerning the spread of more advanced money laundering methods and techniques, terrorist financing after the 9/11 attacks, and the proliferation of weapons of mass destruction. The second development concerns the global financial crisis of 2008 which drastically affected the regulatory environment of various international and domestic financial authorities causing major changes in bank lending and corporate governance policies, and in the development of the Basel III accord on capital adequacy for bank supervision. The third development manifests itself in the creation of a major European monetary union without a fiscal union and a giant European central bank impacting the conduct of monetary policy. This book combines theory, policy, regulation and institutional approaches with empirical testing, analyzing applications and case studies of various international regulatory authorities and administrations, countries and jurisdictions, central banks and commercial banks. This volume is suitable for those who study international finance, Banking and white collar crime.

This book evaluates key commercial law aspects of the relevant law and legislation governing residential mortgage-backed securities (RMBSs) in Australia from a legal perspective. Within the context of a "public benefit test" framework, the book seeks to critically evaluate the impact and effectiveness of current law and regulation governing RMBSs. There is a dearth of both academic and practical literature on the legal and regulatory issues surrounding RMBSs in Australia. The book aims to make a contribution to the formulation of law and public policy by suggesting a number of reforms to the current law and practice surrounding RMBSs in Australia. In part, these suggested reforms will be based on the lessons learned from the experiences of overseas jurisdictions such as Canada, the U.K, and the United States.

Islamic Financial Economy and Islamic Banking, is a thorough, deeply conceptual, analytical and applied work in the area of epistemological foundation of Islamic world-system. The book presents a new frontier of original contribution to the theme of generalized-system model of shari'ah. The model, derived from the Qur'an and Sunnah (Prophetic guidance) incorporates a wide analytical coverage of the purpose and objective of the Islamic worldview (maqasid as-shari'ah) in Islamic economics and finance in particular. The author covers issues that contrast with the existing understanding of Islamic economics and finance, including some specific goals defining the field and how they compare in today's unstable world of financial volatility. A new heterodox thinking in economic theory is outlined. The potential as to how such issues can be addressed by the Tawhidi epistemology in formulating the generalized-system model of the purpose and objective of shari'ah lead the way in this book. Its presentation and analysis, methods and approach, overarch the fields of philosophy of science, rigorous analysis, mathematical and other presentations of the understanding given, and all taken up in the light of the exegesis of the Qur'an and coverage of the Sunnah. The result is a substantive one in the field of scholarship and application; and in analytically proving the universality and uniqueness of the epistemic worldview for the academic and practitioner world at large. The totality of the multiverse diversity of issues and problems reviewed comprise the study of the world-system by the Tawhidi methodological approach. Yet this methodology and its empirical configuration are universally applicable to all users without any need for unnecessary religious overtone.

This textbook focuses on key international monetary and financial phenomena, exploring the determinants of exchange rates, international competitiveness, interest rates, saving, investment, international capital flows, commodity prices, the terms of trade, financial crises, foreign investment and economic growth. The text enhances understanding of international money and finance by providing background on globalisation and characteristics of the world economy, as well as detailed explanation of important international monetary variables. It then systematically develops a suite of compatible theoretical frameworks to analyse perennially important international monetary questions. A major feature of the text is its emphasis on real world policy relevance, covering topics such as inflation targeting, the operation and effectiveness of fiscal and monetary policy, public debt sustainability, exchange rate regime choice, commodity price gyrations, the causes and consequences of financial crises, and the gains from foreign investment.

The principal message of this book is that international financial enterprises must be reoriented towards funding productive activities rather than potentially destabilizing speculation. The effects of financial sector operations are addressed with serious warnings that the dangers of speculative destabilization are increasing as regulatory and market discipline gradually weakens.The Structural Foundations of International Finance examines the ways in which national economies, especially those of industrialized countries, are affected by the operations of international financial markets. Although these markets provide productive funding, there is also much speculative trading in stocks and currencies which can cause booms, slumps and hinder recovery. The authors advocate entrepreneurial coordination by productive enterprises for balanced and stable growth, with reduced risks of financial crises and recessions. This topical and highly engaging book will be invaluable for academics and students of business, economics, political economy, international relations and law.

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.

This book provides an up-to-date series of advanced chapters on applied financial econometric techniques pertaining the various fields of commodities finance, mathematics & stochastics, international macroeconomics and financial econometrics. International Financial Markets: Volume I provides a key repository on the current state of knowledge, the latest debates and recent literature on international financial markets. Against the background of the "financialization of commodities" since the 2008 sub-primes crisis, section one contains recent contributions on commodity and financial markets, pushing the frontiers of applied econometrics techniques. The second section is devoted to exchange rate and current account dynamics in an environment characterized by large global imbalances. Part three examines the latest research in the field of meta-analysis in economics and finance. This book will be useful to students and researchers in applied econometrics; academics and students seeking convenient access to an unfamiliar area. It will also be of great interest established researchers seeking a single repository on the current state of knowledge, current debates and relevant literature.

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.

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.

Recent crises in emerging markets have raised doubts about the desirability of relaxing controls on capital mobility. George Fane, however, uses evidence from the crises in Asia and Latin America to reassert the traditional case that such controls are an excessively blunt instrument for achieving financial stability. This book argues that recent official proposals for reforming the 'international financial architecture' are also unlikely to reduce the frequency of currency and financial crises to an acceptable level. The author proposes an alternative plan to achieve greater financial stability: * banks should have to double the currently accepted percentage of capital to risk-weighted assets from 8 to 16 percent and the risk-weights for loans to emerging markets should also be raised substantially * the financial sectors in emerging markets should be fully opened to foreign competition * bankruptcy procedures in emerging markets should be greatly strengthened * central banks should adopt flexible exchange rates, backed by credible targets for inflation or monetary growth. If flexible exchange rates are not adopted, central banks should at least avoid the widespread practice of trying to sterilise the monetary effects of capital flows The author argues that the implementation of this plan will be a far more effective way of enhancing financial stability than controlling international capital flows, or trying to force private lenders to make new loans to countries that suffer crises. This book will be required reading for scholars and policymakers in the areas of international financial economics, financial regulation, development economics and Asian studies.

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.

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.

HIGHLY COMMENDED: Business Book Awards 2022 - Specialist Business Book Crypto is big news. You may be an existing user yourself or have friends that laud its promise of getting rich fast. Arm yourself with the knowledge to come out on top in the crypto wars. If thousands of people can lose billions of dollars in OneCoin, masterminded by the now infamous Missing Cryptoqueen made famous by the BBC's podcast series and called 'one of the biggest scams in history' by The Times, what makes you think your money is safe? OneCoin isn't alone. Crypto Wars reveals how some of the most shocking scams affected millions of innocent people all around the world with everything from religious leaders to celebrities involved. In this book, you get exclusive access to the back story of the most extreme Ponzi schemes, the most bizarre hoaxes and brutal exit strategies from some of the biggest charlatans of crypto. Crypto expert and educator, Erica Stanford, will show you how market-wide manipulation schemes, unregulated processes and a new collection of technologies that are often misunderstood, have been exploited to create the wild west of crypto, run by some less than reputable characters. From OneCoin to PonziCoin to Trumpcoin and everything in between, Crypto Wars uncovers the scandals, unpicks the system behind them and allows you to better understand a new technology that has the potential to revolutionize banking and our world for the better.

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."

This book, first published in 1992, examines the subject of foreign exchange market efficiency and, in particular, the effectiveness of central bank intervention in the market. This book is ideal for students of economics.

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.

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.

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.

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.

Analyses the main institutional and policy determinants of the foreign trade behaviour of a centrally planned economy and studies factors that affect the level and pattern of foreign trade.

Over the last decade, a new phenomenon has emerged within the international community: the Global Remittances Trend (GRT). Thereby, government institutions, international (financial) organisations, NGOs and private sector actors have become interested in migration and remittances and their potential for poverty reduction and development, and have started to devise institutions and policies to harness this potential. This book employs a gender-sensitive governmentality analysis to trace the emergence of the GRT, to map its conceptual and institutional elements, and to examine its broader implications. Through an analysis of the GRT at the international level, combined with an in-depth case study on Mexico, this book demonstrates that the GRT is instrumental in spreading and deepening specific forms of gendered neoliberal governmentality. This innovative book will be of interest to students and scholars of political science, international relations, sociology, development studies, economics, gender studies and Latin American studies.

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.