China was steeped in the concepts and ideology of a planned economy for 30 years until reforms began in 1978. Although the country is now well on its way to becoming a market economy, its trading system remains shackled by its centrally planned past. Measuring the Costs of Protection in China analyzes some of the costs of trade protection and the corresponding benefits of liberalization for 25 highly protected sectors in China. The book begins with a description of the development of China's trade administration system, sketching the obstacles to and prospects for further liberalization. The authors analyze the structure of Chinese trade protection and present their estimates of its static costs. They then offer an in-depth analysis of the country's trade regime and of the administrative barriers to rationalization and liberalization.The final chapter presents the authors' recommendations for improving China's trade system. They conclude that the short-term costs of trade liberalization for goods examined in the study will be substantial in terms of lost domestic output and lost jobs. The long-term benefits, however, would provide some $35 billion worth of consumer benefits. Five appendices provide greater technical detail on the modeling and methodology applied in this study, as well as a brief description of some peculiarities of the Chinese trade regime-including copious levels of smuggling and monopolistic market structures. The study was conducted by a team of Chinese economists at the independent Unirule Institute in Beijing, whose president is the prominent reformer, Mao Yushi. It is part of the Institute's series on the costs of protection in several major countries, which has previously produced publications on the United States, Japan, and Korea.

This book addresses many of the issues which arise in the funding and settlement of cross-border financial transactions, covering a broad spectrum of the international finance issues encountered in global business operations.

Global and regional capital markets are becoming increasingly important. Accounting differences in reporting financial information, and innovations in these financial markets, are examined. Theoretical issues in international finance are addressed by applying a neural network model to the effects of foreign exchange rates, using cluster analysis and Chernoff's faces to explain historical mutual fund performance, and examining the impact of asymmetric information in trade balance announcements on prices of financial assets.

Portfolio investment and foreign direct investment are addressed by examining the diversification benefits of reducing risk and enhancing return in selected Latin American capital markets, and the role of various firm-, industry- and country-specific variables which influence the entry mode in foreign markets through foreign direct investment.

Foreign exchange, futures, equity and debt markets are explored, including a strategy of borrowing in low interest rate countries and lending in high interest rate countries, foreign exchange issues affecting intra-firm cross-border trade, the risk and return of emerging-market debts relative to emerging-market equities, and the socio-ethical and economic effects of international debt in developing economies.

Studies devoted to national issues include an analysis of foreign direct investment in the United States and a study of the financial ratio distribution of Japanese firms.

This is the third volume in a series designed to be of interest to all those involved in the business, economic or financial affairs of the Pacific Basin. This volume includes discussion of the changing trade structure in Pacific Basin countries and competition in trade between China and Asean.

This first volume in a series assessing international banking and finance focuses on the 'revolution' in international financial markets. Individual chapters deal with the impact of the Persian Gulf Crisis on national equity markets and foreign transmissions effects in Sweden.

This study addresses two interrelated issues in international taxation. The first objective is to assess the nature and extent of the international mobility of foreign direct investment. This empirical work is based on the operations of US multinational corporations abroad (production, employment and capital stock), not simply on financial flows of foreign affilitates. It considers whether distinctions between horizontal versus vertical integration can be applied to opertions in developed versus developing countries, and whether either form of integration is very sensitive to tax and cost conditions, not only in the host country but in the US. Growing sensitivity of foreign direct investment to taxes is one reason for governments to be concerned about tax competition among jurisdictions to attract economic activity. Tax competition, however, also arises from an attempt to shift the real activity. The second objective is to assess how tax competition is affecting the structure of national tax systems and whether efforts at international coordination of tax policy are likely to affect the progression of such changes in the future.

This second volume in the series discusses such topics as the implications of mainland China and Taiwan's joining GATT on cross straits economic relations and capital structure, market fundamentals and stock returns.

German unification evoked ambivalent reactions outside its borders: it revived disquietingmemories of attempts by German big business during the two world wars to build an economic empire in Europe in conjunction with the military and the government bureaucracy. But thereare also high hopes that German finance and industry will serve as the engine of reconstruction in eastern Europe, just as it played this role in the postwar unification of western Europe.

This 12th volume in the series discusses a variety of topics in the field of research in international business and finance.

Hardbound. New economic conditions brought about by political seachange, international trade agreements, and technological advances have posed new problems and challenges for many countries and trade communities. This book addresses a wide range of topical issues in commercial policy that will continue to be pertinent for some years.Under examination are bilateral trade agreements, foreign direct investment strategies, regional and global integration; trade reforms; privatization; capital flows; portfolio diversification, and international and technological competitiveness.Particular topics under scrutiny include the causes and remedies of the US trade deficit; the difficulties in penetrating Japanese markets; inflation indicators in the UK; NAFTA, the Uruguay Round and Common Agricultural Policy; industrial and technology policies in the US, and globalization in the airline industry.

Amidst the constant stream of overly technical and excitable books heralding a blockchain revolution that's destined to be more disruptive than the Internet, this book stands apart for its more nuanced take, focusing on the potential for these new technologies to change developing countries for the better. Chain Reaction divides the world into two: for some, blockchain seems a poor substitute for an efficient banking and regulatory system in which transactions are settled instantly and contracts are underpinned by solid institutions. For others, it will be truly life-changing - namely those living in countries where rule of law is weak, concepts of ownership are vague and, consequently, trust in institutions is in scarce supply.With blockchain, we are about to witness a leapfrogging - one that will bring the next billion emerging consumers into the formal economy by creating reliable institutions of contract, ownership and trust among people previously denied such luxuries. The authors humanize the technology by taking the reader on a global journey through a multitude of applications - from registering property to voting and delivering aid. In place of the usual abstract lessons in complex technology, this book is instead filled with lively anecdotes of places where trust is so weak that a crisp dollar bill sells at a premium to a better-used version. The book's goal is to create the first truly approachable, entirely comprehensible and enjoyable read on the wonders to come from blockchain.

The traditional assumption holds that the territory of money coincides precisely with the political frontiers of each nation state: France has the franc, the United Kingdom has the pound, the United States has the dollar. But the disparity between that simple mental landscape and the actual organization of currency spaces has grown in recent years, as territorial boundaries of individual states limit currency circulation less and less. Many currencies are used outside their "home" country for transactions either between nations or within foreign states. In this book, Benjamin J. Cohen asks what this new geography of money reveals about financial and political power. Cohen shows how recent changes in the geography of money challenge state sovereignty. He examines the role of money and the scope of cross-border currency competition in today's world. Drawing on new work in geography and network theory to explain the new spatial organization of monetary relations, Cohen suggests that international relations, political as well as economic, are being dramatically reshaped by the increasing interpenetration of national monetary spaces. This process, he explains, generates tensions and insecurities as well as opportunities for cooperation.

The problems of exchange rate misalignments and the resulting payments imbalances have plagued the world economy for decades. At the Louvre Accord of 1987, the Group of Five industrial countries adopted a system of reference ranges for exchange rate management, influenced by proposals of C. Fred Bergstan and John Williamson for a target zone system. The reference range approach has, however, been operated only intermittently and half-heartedly, and questions continue to be raised in policy and scholarly circles about the design and operation of a full-fledged target zone regime. This volume, with chapters by leading international economists, explores one crucial issue in the design of a target zone system: the problem of calculating Williamson's concept of the fundamental equilibrium exchange rate (FEER). Williamson contributes an overview of the policy and analytic issues and a second chapter on his own calculations.

International Financial Market Investment A Swiss Banker's Guide Erwin W. Heri and Vanessa Rossi During recent years, the number of individual investors in financial markets who are interested in the whole range of securities available (shares, bonds, warrants and other instruments) has increased dramatically. Most significantly, investors are showing increasing sophistication in investment risk analysis and are demanding more advanced trading techniques for their portfolios. Books designed to familiarise this growing audience with the techniques of investment analysis are rare. This book aims to bridge the gap between specialist literature written for the experienced practitioner and the theoretical, non-practical, academic textbooks. It will, therefore, appeal to private investors, fund managers, corporate finance directors and MBA-level students looking for an introduction to the analysis of financial markets and the use of techniques in portfolio management.

Should national governments regulate foreign investment? The question is hotly contested in today's international trade debates. Barbara Jenkins here addresses this complex issue in a timely account of market relationships among North American nations. Jenkins provides up-to-date, detailed analyses of foreign investment regulations and policies in Canada, Mexico, and the United States. She identifies inherent contradictions in the general tactic that all three countries have pursued-simply relying on the pressures of the market rather than planning active strategy-and she assesses the likely effects on foreign investment of the recently concluded Canada-U.S. Free Trade Agreement and the potential North American free trade agreement. Free trade and the absence of adjustment policy, she argues, expose key political actors such as business and labor too broadly to market forces. The result is a projectionist reaction on the part of these domestic actors, which ultimately defeats efforts to liberalize trade and investment relations. In current approaches to foreign investment regulation, Jenkins detects divergent trends among the three countries: while Ottawa and Mexico City continue to liberalize their investment strategies, Washington is growing more interventionist. She shows, however, that the interventionism of the United States reflects a nationalistic trend rather than a commitment to a coherent strategy. Cautioning that the conclusion of a North American free trade agreement will only exacerbate the inadequacies of current policies, Jenkins concludes by offering recommendations for future action. The Paradox of Continental Production will be stimulating reading for policymakers, political economists, and other observers of Canadian, Mexican, and U.S. politics.

Wall Street has a history far richer than the Hunts' attempt to corner the silver market and the development of the "junk bond." Walter Werner and Steven Smith explore the relationship between the securities markets and the historic development of the American economy in "Wall Street," emphasizing the importance of the period 1790 through 1840. The book focuses on the corporate response to the capital needs of the developing economy, and the role of the securities markets in mobilizing and allocating that capital.

Werner and Smith argue that a long view of our corporate history demonstrates that the line of development from the corporate system of 1790 is direct and continuous. The authors contend there was no corporate revolution; rather, each successive era set the stage for the next, and all have built on the foundations laid during the period from 1790-1840, which they call the Bank Age. The authors view the history of the corporate system as a process of continuous maturation where securities markets and public corporations have always been of vital importance to each other.

"Wall Street" is written in non-technical language for the general reader and provides insight into the early years of the bull, the bear, and the buck.

Since 1843, the Economist has been the single most devoted and influential champion of liberalism anywhere in the world. But what exactly is liberalism, and how has the liberal message evolved? Liberalism at Large presents a history of liberalism on the move, confronting the challenges that classical doctrine left unresolved: the rise of democracy, the expansion of empire, the ascendancy of finance. Today, neither economic crisis at home, nor permanent warfare abroad, has dimmed the Economist's belief in unfettered markets, limited government and a free hand for the West. Confidante to the powerful, emissary for the financial sector, portal onto international affairs, the bestselling news weekly shapes the world its readers-and the rest of us-inhabit. This is the first critical biography of one of the architects of a liberal world order now under increasing strain.

Blockchain technology has the potential to disrupt digital interaction across our economy and society. As the internet has changed our lives, the potential for blockchain and distributed ledger technologies to do the same is considerable. Fred Steinmetz, Lennart Ante and Ingo Fiedler assess this rapidly developing technology and its imminent economic and societal impact. The ideas behind blockchain technology stem from an open-source movement and build on existing technology to facilitate the exchange of value in general and assets in particular via a protocol on top of the internet. Current platform-based business structures face the risk of being replaced by evolving decentralized ecosystems and individuals are set to become empowered by sovereignty over their digital data and footprints. The book begins by explaining the key concepts of blockchain technology and presents an overview of the involved technical and economic elements. These form the basis for a discussion of the socio-economic implications of this new technology. This is followed by an in-depth analysis of significant case studies in the sectors of energy, digital identity, capital markets, logistics and gambling that outline the risks and benefits of the technology. The book strives to be non-technical and accessible, and to demystify the functionalities of blockchains and their potential for a range of readers in the wider social sciences.

This book questions the notion that South Africa can exert effective political leverage over its economically dependent neighbors while itself remaining free of regional influences.

Originally published in 1987.

The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These paperback editions preserve the original texts of these important books while presenting them in durable paperback editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

This book questions the notion that South Africa can exert effective political leverage over its economically dependent neighbors while itself remaining free of regional influences. Originally published in 1987. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

There exists a twofold relationship between the factors affecting adoption of a single currency in Europe, employment, and growth. On one hand, the operation of the euro will be hindered if rigidities in labour and product markets persist - hence low employment and slow growth may be a cause of poor performance of the single currency. On the other hand, the functioning of the euro will affect future patterns of European employment. Pier Carlo Padoan and his distinguished group of contributing authors go beyond the common European-based debates to consider the impact of the euro as a global currency on the evolution of European labour, product, and regional markets. This insightful work will be of great interest to professional economists and post-graduate students in economics, international relations, and European studies.

This book undertakes a specialised analysis of a topic that is highly significant both theoretically and practically. At the theoretical level, it discusses questions that have remained insufficiently answered in the fields of international human rights and institutional law. Notably, it clarifies how international human rights law conditions member states' governance role within international financial institutions and how this role is to be accommodated in the regime of international responsibility. Furthermore, the book's thorough discussion of member states' human rights due diligence duties offers a practical contribution to the understanding of what tools may be used by states to secure their human rights obligations when participating in international financial institutions. Its practical significance also relates to the examination of the various elements that must be demonstrated by an individual wishing to invoke member State responsibility for alleged human rights violations in the context of international financial institution operations.

A must-read financial history for investors navigating today's volatile global markets Following an unprecedented economic boom fed by foreign investment, the Russian Revolution triggered the largest sovereign default in history. In Bankers and Bolsheviks, Hassan Malik tells the story of this boom and bust, chronicling the experiences of leading financiers of the day as they navigated one of the most lucrative yet challenging markets of the first modern age of globalization. He reveals how a complex web of factors-from government interventions to competitive dynamics and cultural influences-drove a large inflow of capital during this tumultuous period. This gripping book demonstrates how the realms of finance and politics-of bankers and Bolsheviks-grew increasingly intertwined, and how investing in Russia became a political act with unforeseen repercussions.

Does globalization mean a race to the bottom in social standards and the inevitable decay of the welfare state? Ramesh Mishra - a leading authority on social policy - examines the implications of globalization in respect of social policy and social standards in advanced industrial countries.Globalization is a form of international neo-liberalism supported by the United States, world markets and organizations such as the IMF and OECD, whose policies are becoming increasingly influential and are putting nation states under pressure to reduce social standards. In this book Ramesh Mishra considers the impact of globalization on full employment and the labour market, income distribution, taxation and social protection in developed capitalist countries. He argues that social standards have declined far more in English speaking countries than in continental Europe and Japan, and that globalization is as much a political and ideological phenomenon as it is economic. In conclusion, Professor Mishra argues the case for a transnational approach to social policy to ensure that social standards rise in line with economic growth. Globalization and the Welfare State is highly accessible and will be welcomed by students and scholars of social policy, social work, political science and sociology as well as by policymakers in international organizations and government.

A generation ago not a single country had laws to counter money laundering; now, more countries have standardized anti money laundering (AML) policies than have armed forces. In The Money Laundry, J. C. Sharman investigates whether AML policy works, and why it has spread so rapidly to so many states with so little in common. Sharman asserts that there are few benefits to such policies but high costs, which fall especially heavily on poor countries. Sharman tests the effectiveness of AML laws by soliciting offers for just the kind of untraceable shell companies that are expressly forbidden by global standards. In practice these are readily available, and the author had no difficulty in buying the services of such companies. After dealing with providers in countries ranging from the Seychelles and Somalia to the United States and Britain, Sharman demonstrates that it is easier to form untraceable companies in large rich states than in small poor ones; the United States is the worst offender.

Despite its ineffectiveness, AML policy has spread via three paths. The Financial Action Task Force, the key standard-setter and enforcer in this area, has successfully implemented a strategy of blacklisting to promote compliance. Publicly identified as noncompliant, targeted states suffered damage to their reputation. Subsequently, officials from poor countries became socialized within transnational policy networks. Finally, international banks began using the presence of AML policy as a proxy for general country risk. Developing states have responded by adopting this policy as a functionally useless but symbolically valuable way of reassuring powerful outsiders. Since the financial crisis of 2008, the G20 has used the successful methods of coercive policy diffusion pioneered in the AML realm as a model for other global governance initiatives."