The Basel Committee on Banking Supervision (BCBS) sets the guidelines for world-wide regulation of banks. It is the forum for agreeing international regulation on the conduct of banking. Based on special access to the archives of the BCBS and interviews with many of its key players, this book tells the story of the early years of the Committee from its foundation in 1974/5 right through until 1997 - the year that marks the watershed between the Basel I Accord on Capital Adequacy and the start of work on Basel II. In addition, the book covers the Concordat, the Market Risk Amendment, the Core Principles of Banking and all other facets of the work of the BCBS. While the book is primarily a record of the history of the BCBS, it also provides an assessment of its actions and efficacy. It is a major contribution to the historical record on banking supervision.

This is a demonstration that poverty remains a universal phenomenon, even as most parts of the world see increase in affluence of varying degrees. Cutting across the globe, the study focuses on 24 countries including the industrialised economies, planned economies, developing market economies, mixed economies and the least developed economies. Professor Khusro examines the causes of poverty and of development, the impact of colonialism and the industrial revolution and policies for reducing global poverty today. Theoretical questions of measuring poverty are allied to historical and contemporary analysis.

For more than 20 years, William Lazonick has been one of the world's leading analysts of the dynamics of industrial development and change in international economic leadership. This impressive volume presents a coherent selection of Professor Lazonick's most important work on industrial development in Britain and the United States.The first part of the book contains articles on the decline of the British economy, including a recent summary of the debates on the British cotton textile industry and international competition. The second part focuses on labour, management and technology in the rise and recent decline of the US economy, and includes an up-to-date summary essay on organizational capabilities in American industry. Professor Lazonick's essays make historical analysis relevant to the present and put economic analysis back in touch with evolving reality. This approach, together with his unique combination of historical, statistical and theoretical methodologies, will ensure that this volume proves invaluable to economists and historians alike.

On 1 May 1967 Dr. J elle Zijlstra was appointed President of De Nederlandsche Bank, after an already eventful career. Following a brief spell as Professor of Economics at the Free University of Amsterdam, he began a lengthy period of ministerial service in 1952. During his cabinet years, he devised a concept which became known in the Netherlands as the' Zijl- stra norm', and which was aImed at keeping the Government's financial deficit in check. He concluded his active political career .as prime minister in 1966-1967. Dr. Zijlstra's career as a politician and central banker covered a period of nearly 30 years during which the economic scene in the N ether- lands and in the world underwent wide cyclical ups and downs and impor- tant changes of a more long-lasting nature. Successful economic recovery after the Second World War was followed by a period of rapid and rela- tively stable economic growth. However, as early as the 1960s the condi- tions for the maintenance of equilibrated expansion became less secure. These conditions were further impaired in the 1970s partly as a result of important shocks, such as the oil crises.

Sebastian Dullien gives a novel explanation for unemployment and inflation in the Euro-Zone. He argues that unemployment stems from a lack of cooperation between unions and monetary authorities: In an economy with endogenous money as EMU, wage setters are responsible for price stability while the central bank is responsible for the level of output. Cooperation between both actors is necessary for high employment and low inflation. The current institutional set-up is found to be unable to assure cooperation.

Gunnar Myrdal was a Nobel Memorial Prize Laureate in Economics in 1974. This study examines the manner in which his intellectual style left an impact on the shaping of Sweden's welfare state, on race relations in the United States, and on post-World War Two economic cooperation in Europe.

The ROK economy has experienced rapid growth in the last 30 years. Analyzing the important issues which have been raised by this growth is of interest to other developing areas of the world. The contributors to this work are well placed specialists in Korean studies in Korea and the United States. The ROK economy is located in the midst of the Pacific Basin, the most promising part of the developing world. Recently, the economy has moved into more highly sophisticated markets, as well as into the global financial markets. However, an increasing number of concerns have been raised, charging that the progress has been too rapid, too materialistic, and too inequitable. These criticisms have been compounded by the problems of political dissent and instability in the region.

Examines the policy of conditionality and cross-conditionality, which international institutions like the International Monetary Fund and World Bank apply to grant loans to developing countries. The explosion of conditionality has become a key issue in international relations since the mid-1980s. This book presents six detailed country studies on the issue, written by distinguished academics and/or senior policy makers, from these countries. The countries featured include Argentina, Chile, Costa Rica, Jamaica, Mexico and Tanzania and conclusions and policy lessons are drawn from these.

Economic reforms in China began in 1979 and initiated some of the most fundamental changes ever to occur in any country. While allowing some of the most astonishing economic growth the world has seen, they have also induced some of the most profound social and environmental shifts. This volume looks at two aspects of the impacts of the reforms, firstly on the demography of the country (especially migration and urbanization), and secondly on the environment. A third section examines various problems of environmental degradation in relation to natural processes and human efforts to mitigate their effects.

This book shows the necessity of measuring the incidence-basis indirect economic effects of public investments. The essential argument can be traced back to H. Mohring versus J. Tinbergen, the conclusions of one contradicting those of the other. Their arguments are called, respectively, "transfer" and "existing theory" of the indirect economic effect of public investments such as highways. The author has first defined the categories of "generation-basis" and "incidence-basis" economic effects in addition to the categories of direct and indirect economic effects, and has shown that it is essential to measure the incidence-basis indirect economic effects for decision making about public investments. The second major point is that, in this sense, the measurement must rely on the general and dynamic spatial modeling simulation approach. The third essential point is that Tinbergen is correct as far as we have to cope with a real setting in which the Marshallian type of external economies exists. Another characteristic is that the monetary (pecuniary) external economies are dealt with systematically, for the superiority of public investment criteria depends greatly on whether they are taken hold of or not. This book lays emphasis on the process toward the equilibrium, not the equilibrium itself.

This book explores the scope and limits of macroeconomic policy in a monetary union. The focus is on pure policies, policy mixes, and policy coordination. The leading protagonists are the union central bank, national governments, and national trade unions. Special emphasis is put on wage shocks and wage restraint. This book develops a series of basic, intennediate, and advanced models. A striking feature is the numerical estimation of policy multipliers. A lot of diagrams serve to illustrate the subject in hand. The monetary union is an open economy with high capital mobility. The exchange rate between the monetary union and the rest of the world is floating. The world interest rate can be exogenous or endogenous. The union countries may differ in money demand, consumption, imports, openness, or size. Previous versions of some parts were presented at the Annual Conference of the Gennan Economic Association and . at the Workshop on International Economics. I have benefited from comments by Christopher Bliss, Volker Clausen, Johannes Hackmann, Bernd Hayo, Jay H. Levin, Reinar Ludeke, Dirk Meyer, Jochen Michaelis, Franco Reither, Gerhard Rubel, WolfScMfer, Michael Schmid, Reinhard Selten, Hans-Werner Sinn, Sylvia Staudinger, Thomas Straubhaar, Bas van Aarle, and Artur Woll. In addition, Michael Brauninger and Michael Cyrus carefully discussed with me all parts of the manuscript. Last but not least, Doris Ehrich did the secretarial work as excellently as ever. I wish to thank all of them. Executive Summary 1) The monetary union as a whole. First consider fiscal policy.

Providing overviews and case studies of states and sectors, classes and companies in the new international division of labour, this series treats polity-economy dialectics at global, regional and national levels. This volume in the series looks at the complexities of structural adjustment in Africa. Structural adjustment programs in Africa are as widespread as they are controversial. This book examines the complex economic and political nature of these programs and seeks to make them intelligible to the non-expert. It analyzes, in a concise accessible manner, the impact of specific policy measures designed to achieve structural adjustment, such as devaluation, price liberalization, fiscal restraint and privatization. It critically evaluates the past experience of countries implementing these policies and assesses the likelihood of such policies providing sustainable long-term economic solutions to the African crisis. Particular attention is paid to whether orthodox approaches to adjustment, as imposed by the IMF and World Bank as conditionality for their loans, can generate the broad political consensus required for long-term growth and stability in Africa.

Essays on Money, Banking and Regulation honors the interests and achievements of the Dutch economist Conrad Oort. The book is divided into four parts. Part 1 - Fiscal and monetary policy - reviews a variety of topics ranging from the measurement of money to the control and management of government expenditures. Part 2 - International institutions and international economic policy - looks at the international dimension of monetary and fiscal policy, with extensive discussion of the International Monetary Fund and the European Monetary Union. Part 3 - The future of international banking and the financial sector in the Netherlands - is an insider's view of the strategic choices facing financial institutions in the near future. Finally, Part 4 - Taxation and reforms in the Dutch tax system - is closest to Oort's research and practice since he has become known as an architect of the 1990 Dutch tax reform; this part is dedicated in particular to the tax reforms suggested by Oort.

Preface - Introduction - PART 1 THE ANALYTICAL FRAMEWORK - The Basic Accounting Framework - Different Types of Concept - The Production Boundary - The United Kingdom Experience (1) - PART 2 PRICE AND VOLUME DEVELOPMENTS - Index Numbers of Price and Quantity - Deflation of Complete Systems - Terms-of-Trade Effects and Real National Income - The United Kingdom Experience (2) - PART 3 SECTOR ANALYSIS - Systems of Sector Accounts - Transfers and Related Inter-sector Flows - Input-Output Table and Analysis - The United Kingdom Experience (3) - Statistical Appendix - Literature - Documentary Notes - Index

This text provides a new approach to the subject, including a comprehensive survey of novel theoretical approaches, methods, and models used in macroeconomics and macroeconometrics. The book gives extensive insight into economic policy, incorporates a strong international perspective, and offers a broad historical perspective.

This book assesses how EU economies have fared in their project of economic and monetary union. Drawing on data for all fifteen member countries, it takes the Spanish economy as a point of departure to compare their gains and losses. It also considers the implications for the welfare state, enlargement towards Eastern Europe and the political integration of Europe.

The thought-provoking book presents alternative viewpoints to mainstream macroeconomic theory, questions conventional policy wisdom and suggests a systematic re-orientation of current macroeconomic and financial regulatory policies in India. The New Consensus Macroeconomics (NCM), which established itself in the 1980s as mainstream macroeconomics, essentially represents an "uneasy truce" between two dominant schools of economic thought viz. New Classical and Neo-Keynesian economics. The NCM sets the tone for much of the macroeconomic (especially monetary) policy followed by the advanced economies in the period of the Great Moderation (1990-2005). The recent global crisis has posed a major challenge to the NCM as empirical models based on the NCM failed to anticipate the occurrence of the crisis and later its extent and severity. The above considerations constitute the underpinnings of this book, which addresses the theoretical controversies within a general context and their policy implications for India. The authors' analysis leads to a somewhat critical assessment of the financial sector policies followed in India since the initiation of reforms in 1991. This makes the book a valuable resource not only for researchers working in this area, but also for policy makers.

As European integration continues, the future of EMU becomes ever more important. Can EMU help create an integrated European community, or will it prove a hindrance to the EU project? This book brings together the experts in the area to provide an interdisciplinary perspective on the issues expected to face EMU over the next few decades.

An important new resource for managers in marketing, finance, acquisitions analysis, and strategic planning, this book explores a question central to the financial health of every company: Is there a rate of corporate growth that is both desirable and sustainable? As the authors point out, excessive growth in sales can be as destructive to the survival of a firm as no growth. Here they present analytical models and tools that enable corporate planners to evaluate their own growth needs, target realistic expectations, and assess the collateral risks of growing either too fast or too slow.

Focusing throughout on the concept of managed growth, the authors begin with a theoretical micro/macroeconomic analysis and proceed to a practical, applied presentation of growth theory in management decision making. They present models useful for both short- and long-term management, all of them illustrated with concrete data taken from corporate annual reports and SEC 10K reports. By employing these models, planners will be able to accurately forecast optimal and feasible growth rates, evaluate the impact of price fluctuations on the sustainable growth rate, isolate the effects of productivity trends, plan working capital requirements, determine the most favorable capital structure of the firm, and measure the impact of potential mergers or takeovers on sustainable growth. Each of the models can easily be programmed for computer usage. The authors also pay considerable attention to remedial actions that can be taken when the actual growth rate either exceeds or falls short of the sustainable growth rate, making this an especially practical tool for anyone charged with financial, sales, and strategic planning responsibilities.

International Monetary Cooperation among the United States, Japan, and Germany offers a first - and overdue - book- length study of counterproductive cooperation. It takes to task the critical importance of conducting systematic theory-guided empirical research to examine the validity of arguments that international monetary cooperation could be highly counterproductive. This book combines various methods - formal, quantitative, and qualitative - to study the theories of counterproductive monetary cooperation by focusing on the cooperative episodes among the major industrial countries - the United States, Japan, and Germany. For the first time, this book presents all theories of counterproductive cooperation in one place, subjects them to systematic, empirical scrutiny in the light of the experience of G-3 (U.S., Germany, and Japanese) cooperation since the 1970s, and suggests policy recommendations in the light of the findings.

This book identifies the likely causes of high inflation and assesses the available policy options for preventing or curing it. The approach consists of making hypotheses about the economic motivation of individuals, developing a model assessing the results.

This book focuses on various important aspects of monetary policy such as the final objective of monetary policy, the position of the central bank, the design and implementation of monetary policy, the relationship between monetary policy and exchange rate regimes, and the consequences of financial reforms in Central and Eastern Europe and in Latin America. A Framework for Monetary Stability begins with introductions by President W. Duisenberg (DNB) and Vice Chairman D. Mullins, Jr. (Federal Reserve Board). Furthermore, twelve contributions discuss and analyse theoretical, empirical and institutional issues of monetary policy and central banking in Europe and America as well as in other countries. Contributors are reputed policymakers such as C. Freedman (Bank of Canada), J. de Beaufort Wijnholds and L. Hoogduin (DNB), O. Issing (Deutsche Bundesbank), A. Crockett (Bank of England), M. GuitiAn (IMF) and A. Icard (Banque de France). Also, prominent academics like professors S. Fischer (MIT), A. Cukierman (Tel Aviv), B. Friedman (Harvard), M. de Cecco (Rome) and F. Giavazzi (Bocconi), R. Layard (LSE) and R. Dornbusch (MIT) have made contributions. The book ends with a general report by S. Eijffinger (CentER). The collection of papers and proceedings will be of outstanding interest to anyone who is professionally involved with monetary policy and central banking.

The book reviews protectionist practices in the United States, the European Community and Japan. It assesses their causes and effects. In coverage, depth of analysis and vantage point this is a unique study of the new protectionist trends that began in the 1970s and continued into the 1980s. Multilateralism in trade relations is now seriously threatened by the deviant behaviour of the industrial nations, the would-be pillars of the world trading system set up after World War II. The new protectionism exerts strong pressures on the weaker components of the trading system: the developing nations. Born as an intra developed countries' affair, the new protectionism has in fact shifted its focus on developing countries, threatening the newly found outward orientation of many and making more difficult for all to retain the benefits of export trade.

Globalization of capital markets has received new momentum and it will continue to be of major importance for the years to come. Partly, the increasing integration of financial markets and the rise of foreign direct investment is a consequence of world trade expansion. But in addition to this underlying trend, the worldwide collapse of socialist systems and the opening up of big economies like India and China have fuelled the development of globalized capital markets. This book takes stock of recent developments with emphasis on emerging capital markets.

"Shaking the Invisible Hand" makes the case that economies are complex systems and in response to this, develops a unique dynamic nonequilibrium process analysis of macroeconomics. It provides a brief introduction to complex systems, chaos theory and unit roots. The importance and implications of contingency for economic behaviour are developed. Moore develops a new tool of 'Process Analysis' to replace equilibrium analysis in order to analyze macroeconomic phenomena in historical time.