First published in 1977, this is an applied economics text, in which the basic theory of any introductory economics couurse is applied to a whole range of UK macro- and micro-economic policy issues. The book is designed specifically for first and second year university students, with the aim of demonstrating the relevance of theory to policy, how theory can be applied to policy problems and, in the process, to improve their understanding of the theory itself.

Until recently the world has been relying on the US dollar and the Euro to lubricate the flow of global trade and finance. A newcomer, the Renminbi (RMB) or Chinese Yuan, joined the global monetary system in 2000. The rise of the RMB is both an indicator and a result of the evolution in the global macro landscape that shifts economic weight from the developed markets, led by Europe, Japan and the US, to the emerging markets, led by China.Research on RMB internationalisation is difficult because events have been unfolding fast, with frequent shifting regulations. Most financial market research is sales-driven, shallow and without serious investigation into the structural underpinning of events. Most crucially, there has been insufficient systematic research on the structural realities behind the RMB internationalisation exercise. No-one has openly questioned the credibility of the RMB as an international currency. This is the first book to address these issues by focusing on the structural factors behind the rise of the RMB. It uses a critical approach, questioning conventional wisdom and the status quo to anslyse China's currency ambition in the post-subprime world. Discussions combine rigorous research thoughts, data, facts and economic logic with real world issues to elaborate on the arguments and make them reader-friendly.

Originally published in1985, Jim Tomlinson charters the route of British macroeconomic policy in the post-war era. This book argues that the objectives of macroeconomic policy have not been constant; that the emphasis has shifted from one item to another over time; and that this uncertainty and inconsistency over objectives goes a long way to explaining why macroeconomics management has not been a startling success.

The single European Market, the Second Banking Directive, relaxation of cross-border capital and funds movements and the possible introduction of a single European currency have led most corporations to adopt new cash management strategies, or to plan for major structural changes in the near future. This book focuses upon treasury and electronic banking practices in European Cash Management. It is based upon research done by 19 leading European Business Schools and practitioners involved in planning, gathering and analysing data and will include discussion of recent themes and issues.

The Reconstruction of Poland, 1914-23 is a significant reappraisal of the political, social and economic problems associated with the rebirth of an independent Polish state. The book spans a chronological period beginning in the First World War and culminates in the de jure recognition of the last of Poland's borders in 1923. This book provides essential background for the more recent attempt to rebuild Poland in the 1990s.

This book sheds light on the Soviet economic system, which claimed the eventual abolition of money, collapsed following a monetary turmoil. It argues that the cause of the economic collapse was embedded in the design of the economic system. The Soviet economic system restricted the market, but continued to use fiat money. Consequently, it faced the question for which no feasible answer seemed to exist: how to manage fiat money without data and information generated by the market? Using Soviet data newly available from the archives, the book evaluates the performance of the components of monetary management mechanism, discovers the continuous accumulation of open and secret government debts, and quantitatively analyzes the relationship between economic growth and the money supply to support the argument. The book concludes that the Soviet economic collapse marked the end of the long history of Soviet monetary mismanagement.

There are now increasing concerns about the need to upgrade public infrastructure, improve the delivery of public services, and explore new options for partnering with the private sector. This book looks at ways of strengthening the efficiency of public investment and managing the fiscal risks of public-private partnerships.

Amidst waves of economic crises, health crises, class struggle and neo-fascist reaction, few possess the clarity and foresight of world-renowned theorist, David Harvey. Since the publication of his bestselling A Brief History of Neoliberalism, Harvey has been tracking the evolution of the capitalist system as well as tides of radical opposition rising against it. In The Anti-Capitalist Chronicles, Harvey introduces new ways of understanding the crisis of global capitalism and the struggles for a better world. While accounting for violence and disaster, Harvey also chronicles hope and possibility. By way of conversations about neoliberalism, capitalism, globalization, the environment, technology, social movements and crises like COVID-19, he outlines, with characteristic brilliance, how socialist alternatives are being imagined under very difficult circumstances. In understanding the economic, political and social dimensions of the crisis, Harvey's analysis in The Anti-Capitalist Chronicles will be of strategic importance to anyone wanting to both understand and change the world.

An authoritative examination for top international policymakers and academics conducting monetary policy arising from a conference organised by the Banca d'Italia. The yield curve - the relation among market interest rates of different maturities - is a key benchmark for evaluating investment strategies in the global financial market. To a growing extent, central banks use it to evaluate, explain to the public and monitor the results of policy decisions.

Written in honor of Emeritus Professor Georges Prat (University of Paris Nanterre, France), this book includes contributions from eminent authors on a range of topics that are of interest to researchers and graduates, as well as investors and portfolio managers. The topics discussed include the effects of information and transaction costs on informational and allocative market efficiency, bubbles and stock price dynamics, paradox of rational expectations and the principle of limited information, uncertainty and expectation hypotheses, oil price dynamics, and nonlinearity in asset price dynamics.

The five parts of this collection of essays systematically and thoroughly examine the two competing theories of balance of payments and adjustment, namely the Keynesian and the Monetary approaches. Each part deals with specific aspects of the two approaches. Part I surveys the theories behind these two approaches, looking at the presuppositions, main theory, and policy recommendations which they include. Part II examines the empirical literature and describes the numerous models which have been proposed. Part III critiques the two theories on their assumptions, policy advice and empirical modeling. Part IV compares and contrasts the two views, both theoretically and empirically. Empirical studies on different countries are performed to emphasize the differing set of accounts and variables of the two approaches. Part V considers the approaches in a regime of flexible exchange rates. Scholars, students and researchers will find this collection of great help in understanding the two approaches to balance of payments and adjustment.

This book is conceived as a broad comparative study of ten countries whose political structure and dominant ideology justify the application of the label "Marxist State". However, while these countries are ruled by parties strongly influenced by Marxist ideology and vision, their acceptance of and adherence to the Soviet model of Communism is seen to vary considerably, as do their links to the Soviet Union. The levels of centralization and nationalization are also highly varied.;It treats the countries as units of analysis, whereby they are classified to test certain hypothesized relationships. It aims to stimulate a broader theoretical orientation in research and propose hypotheses for future research.; For the purpose of the study four types of second economy activities will be analyzed - first, the legal second economy inside the first economy (for example, legal semi-private contracts, enterprises and subsidiary shops with the state-owned firms); second, the illegal second economy inside the first economy (for example, illegal private production within state enterprises); third, the legal second economy parallel to the first economy (for example, licensed private economy, "barte

The start of the European monetary union gave additional impetus to the lively debate on the effects of monetary policy and the appropriate strategy for central banks. This book collects papers and comments by leading academics and central bankers such as Otmar. Issing, Melvin. King, Bennett T.. McCallum, Allan H.. Meltzer, Lars E.O. Svensson, and Hans Tietmeyer. The volume examines methodological questions, the actual role played by the financial sectors, and labor markets in implementing monetary policy in Europe, and the likely future developments in these areas.

This volume addresses the attractiveness of financial centers with a primary focus on the mutual fund industry. It uses different empirical analysis approaches in an attempt to disentangle the reasons for location attractiveness and in order to identify its influence on fund pricing. The presented research tackles an issue that is fundamental to the understanding of organizational behavior in finance - the rationale in the decision-making process of market participants and its consequences for an economy.

First published in 1913, this Routledge Revivals title reissues J. A. Hobson's seminal analysis of the causal link between the rise in gold prices and the increase in wages and consumer buying power in the early years of the Twentieth Century. Contrary to the assertions of some notable contemporary economists and businessmen, Hobson contended that the relationship between gold prices and wages (and the resulting social unrest across much of Europe) was in fact much more complex than it initially appeared and that there were significantly more important factors in the rise of contemporary wealth, such as the rapid enlargement of state enterprise and joint stock companies; a wide extension of banking and general financial apparatus; and the opening of profitable fields of investment for the development of underdeveloped countries, which helped raise the rate of interest and profits.

There are many studies confirming the relationship between financial systems and economic development, but there are few which examine the degree to which financial systems a) impact the quality of information, b) influence sound corporate governance, c) ensure effective mechanisms of risk management, d) mobilize savings and f) facilitate trade. In the context of sustainability, there should also be a line of inquiry into how a particular financial system influences the assurance and implementation of sustainable development principles and goals. This book delivers a methodological approach to designing and assessing sustainable financial systems. It provides an original contribution by prioritizing ESG factors in the decision-making process of financial institutions and identifying their impact on sustainable financial systems. The author argues that to achieve financial stability, it is necessary to have in place mechanisms designed to prevent financial problems from becoming systemic and/or threatening the stability of the financial and economic system, while maintaining (or not undermining) the economy's ability to sustain growth and perform its other functions. The book primarily takes a simulation and experimental approach. It is the first book to take such a comprehensive look at sustainable financial systems as opposed to sustainable finance in general. It will appeal to academics, students and researchers in the fields of economics, finance and banking, business, management and political and social sciences.

Less than 50 years after the publication of Marshall's "Principles" Cambridge once again set economics on a new path with the publication of Keynes' "General Theory". This book examines the developments in Cambridge monetary and trade cycle theory that were moving it forwards but were also sowing the seeds for the collapse of the Marshallian neo-classical framework.;The analysis shows how Cambridge economists such as Keynes, Robertson, Lavington and Hawtrey had built on the foundations of Marshall and Pigou to produce theories of adaptive behaviour under certainty which acknowledged that the invisible hand could fail in the short run. This established a conflict with the long-run theory of market clearing equilibrium which, though it could be ignored at first, had finally to be resolved.

This book explores implications of the modern view of central banks rising from the proposition that words have no meaning beyond their use in a particular context and setting. It studies coded language to explain why a central bank's decisions and communicative interactions can't be devoted to a coded language which is an artificial language.

The leading researchers from central banks and universities around the world debate issues central to the performance of Divisia monetary aggregates both in theory and in practice. The overall conclusion is that Divisia monetary aggregates outperform their simple sum counterparts in a wide range of applications the world over. The book is the first volume-length study of empirical data and theoretical research on the subject.

In 1976, volume 116 of the Lecture Notes in Economics and Mathematical Systems appeared in the library of the University of Illinois. The title of the book, Input-Output Analysis and the Structure of Income Distribution was sufficiently intriguing to one of the present editors (Hewings) to command attention. Some years later, during the First World Congress of the Regional Science Association in Cambridge Massachusetts in 1980, Madden and Batey presented some of their work using their now familiar demographic-economic modeling system. Discussion ensued about the relationship between this system, Miyazawa's formulation and the social accounting matrices most closely associated with the work of Stone. During a year's residence at the University of Illinois, Batey was able to produce a valuable typology of multipliers that began the process of integrating these several modeling systems into a coherent package. Thereafter, a number of regional scientists have exploited the ideas and insights proposed by Miyazawa, especially the notion of the interrelational income multiplier and the ideas of internal and external multipliers.

The essays collected in this volume, written by well-known academics and policy analysts, discuss the impact of increased capital mobility on macroeconomic performance. The authors highlight the most adequate ways to manage the transition from a semi-closed economy to a semi-open one. Additionally, issues related to the measurement of openness, monetary control, optimal exchange rates regimes, sequencing of reforms, and real exchange rate dynamics under different degrees of capital mobility are carefully analyzed. The book is divided into four parts after the editor's introduction. The first part contains the general analytics of monetary policy in open economies. Parts two to four deal with diverse regional experiences, covering Europe, the Asian Pacific region, and Latin America. The papers on which the essays are based were originally presented at a conference on Monetary Policy in Semi-Open Economies, held in Seoul, Korea in November 1992.

This book provides an introduction to advanced macrodynamics, viewed as a di- quilibriumtheoryof?uctuatinggrowth. Itbuildsonanearlierattempttoreformulate 1 the foundations of macroeconomics from the perspective of real markets diseq- librium and the con?ict over income distribution between capital and labor. It does so, not because it wants to support the view that this class con?ict is inevitable, but with the perspective that an understanding of this con?ict may help to formulate socio-economic principles and policies that can help to overcome class con?ict at least in its cruder forms or that can even lead to rationally understandable proce- 2 dures and rules that turn this con?ict into a consensus-driven interaction between 3 capitalists or their representatives and the employable workforce. The book starts from established theories of temporary equilibrium positions, the forces of real growth, and the con?ict over income distribution, represented by basic modeling approaches, which it considers in detail in its Part I in order to prepare the ground for their integration in Part II of the book. In this way we inspect what types of models of disequilibrium, income distribution, and real growth we have at our disposal, as models that have proved to be of real interest and sound from a rigorous modeling perspective.

"Really up-to-date...gives a fantastic overview of the financial crisis" Fabian Kreutzer, University of Applied Science Niederrhein, Germany "Extensive references to and content regarding crises. It's really amazing" Yioryos Georgios Makedonis, Queen Mary University of London Using real-world case studies and examples, this comprehensive text offers intermediate and applied macroeconomics students a truly European and global perspective. Continuing to successfully combine theory with application, Macroeconomics has been fully updated in this fifth edition to keep students up-to-date with the ever changing macroeconomic environment we are experiencing today. This book presents macroeconomics as an applied science designed to improve our understanding of current and past policy issues. The unique mix of theory, analysis and policy issues takes students from macroeconomic basics to cutting-edge research topics Includes case studies addressing major policy issues in detail, supported by a wealth of economic data Moves beyond standard intermediate macroeconomics content by discussing liquidity traps, quantitative easing, price bubbles, multiple equilibria, self-fulfilling prophecy, ratings agencies, debt brakes and austerity Self quizzes, road map, glossary and other content also available for mobile devices Visit www.pearsoned.co.uk/gartner for a comprehensive companion website featuring interactive macroeconomic models equipped with guided exercises, state of the art data display and analysis, quizzes and more.

The central argument of this study is that the segmented and oligopolistic financial and commodity markets, large income inequalities, and diverging accumulation behaviour of public and private sector agents are the structural and institutional features underlying the persistent macroeconomic imbalances. These factors also explain why, despite the similarity in initial economic structure and economic policies, the Philippines was systematically outperformed by many of its East Asian neighbours. Several quantitative techniques are applied including a Macroeconomic Social Accounting Framework and Computable General Equilibrium modelling. This provides an integrated and robust framework for policy analysis that is absent in other studies.

In recent years, there has been a surge in social movement theorizing known as the contentious politics approach to studying political protest activity. In 2002, a conference sponsored by the Collective Behavior and Social Movements Section of the American Sociological Association was held at the University of Notre Dame to consider, in part, this development in field. But the conference organizers also wanted to consider more broadly what we collectively consider to be social movement research and theorizing. In part, this means moving beyond a state-centered view of contentious politics and toward a more open definition of what might be fruitfully examined by social movement theories - and in turn what might inform those theories even as we use then in more traditional social movement arenas. This volume represents some of the fruits of that conference and includes four sections that defines social movement authorities challenges beyond state targets, expands our notions of what constitutes repression of social movement activity, examines challenges to cultural authorities and processes, and illustrates the broader notions of authority challenge in three case studies of corporate systems. With this volume, "Research in Social Movements, Conflict and Change" celebrates its 25th anniversary and a history of publishing important, leading edge research and theorizing in the areas pf protest, social conflict, and political change.