The combined collapse of Iceland's three largest banks in 2008 is the third largest bankruptcy in history and the largest banking system collapse suffered by any country in modern economic history, relative to GDP. How could tiny Iceland build a banking system in less than a decade that proportionally exceeded Switzerland's? Why did the bankers decide to grow the system so fast? How did businesses tunnel money out of the banking system? And why didn't anybody stop them? Bringing Down the Banking System answers these questions. Gudrun Johnsen, Senior Researcher with Iceland's Special Investigation Commission, tells the riveting story of the rise and fall of the Icelandic banking system, describes the commission's findings on the damaging effects of holding company cross-ownership, and explains what we can learn from it all.

Why did France, with its strong sense of national identity, want to give up the Franc for the Euro? This book, by a former British diplomat in Paris, draws on new archive evidence to explore France's drive for European Economic and Monetary Union, and how unresolved Franco-German tensions over its design led to crisis.

Hassan Bougrine, Louis-Philippe Rochon and the expert contributors to this book explore issues of economic growth and full employment; presenting a clear explanation to stagnation, recessions and crises, including the latest Global Financial Crisis of 2007-8. With a central focus on the role played by government spending, deficits and debt as well as the setting of interest rates, the chapters propose alternative policies that can be used by central banks and fiscal authorities to deal with problems of income inequality, unemployment and slow productivity. Students and professors of economics, policymakers interested in alternative policies, academics and scholars in all fields will benefit from the explorations therein and would do well to seek out the companion publication, Credit, Money and Crises in Post-Keynesian Economics, also published by Edward Elgar Publishing. Contributors include: P. Arestis, R.A. Blecker, S. Cesaratto, O. Costantini, J.J. da Silveira, M. Dufour, A.K. Dutt, G. Epstein, G. Fujii-Gambero, M. Garcia-Ramos, J. Halevi-Haifa, G.C. Harcourt, E. Hein, E. Kam, J.E. King, P. Kriesler, G.T. Lima, J.A. Montecino, T.I. Palley, F.J. Prante, M. Sawyer, M. Setterfield, J. Smithin, J. Stanford, S. Storm

This book from the Centre for Economic Policy Research (CEPR) deals with the implications of the exchange rate regimes and capital flows of the 1990s for government macroeconomic policy-making and EC policy co-ordination. Under the fixed exchange rates of the 1950s, economists and policy-makers had a much clearer idea of the nature of the external constraints. The commitment to defending the exchange rate is stronger in the 1990s than in the 1970s and 1980s, but at the same time international capital flows are far greater and freer than in the 1950s and 1960s, with many countries able to borrow almost indefinitely and on good terms on the Eurodollar market in order to finance their balance-of-payments deficits. This volume, derived from a conference organised jointly by CEPR and the Bank of Greece, deals with these issues in depth and includes both cross-country comparisons and case studies of individual countries.

Market Analysis for Real Estate is a comprehensive introduction to how real estate markets work and the analytical tools and techniques that can be used to identify and interpret market signals. The markets for space and varied property assets, including residential, office, retail, and industrial, are presented, analyzed, and integrated into a complete understanding of the role of real estate markets within the workings of contemporary urban economies. Unlike other books on market analysis, the economic and financial theory in this book is rigorous and well integrated with the specifics of the real estate market. Furthermore, it is thoroughly explained as it assumes no previous coursework in economics or finance on the part of the reader. The theoretical discussion is backed up with numerous real estate case study examples and problems, which are presented throughout the text to assist both student and teacher. Including discussion questions, exercises, several web links, and online slides, this textbook is suitable for use on a variety of degree programs in real estate, finance, business, planning, and economics at undergraduate and MSc/MBA level. It is also a useful primer for professionals in these disciplines.

This book examines the causes, consequences and policy significance of international capital movements and nations' external account imbalances. Traditional theoretical approaches to balance of payments analysis, such as the classical, elasticities, absorption, monetary and Mundell-Fleming models are critically evaluated against an extended international macroeconomic accounting framework. More meaningful capital theoretic models then link saving, investment and foreign capital movements to highlight the macroeconomic gains from international capital mobility and international trade in saving.

"Central bankers worldwide welcome the recent increase of research on payment systems. This volume, providing an expert overview on this timely subject, should be required reading for us all". - Erkki Liikanen, Governor of the Bank of Finland Monetary policy has been at the centre of economic research from the early stages of economic thought, but payment system research has attracted increased academic attention only in the past decade. This book's succeeds in merging these two so far largely separated fields. Innovative and groundbreaking, Schmitz and Woods initiate research on the interdependence of institutional change in the payments system and monetary policy, examining the different channels via which payment systems affect monetary policy. It explores important themes such as: conceptualization and methods of analysis of institutional change in the payments system determinants of institutional change in the payments system - political-economy versus technology empirics of institutional change in the retail and in the wholesale payments systems - policy initiatives and new technologies in the payments system implications of institutional change in the payments system for monetary policy and the instruments available to central banks to cope with it. The result is an accessible overview of conceptual and methodological approaches to institutional change in payment systems, and a comprehensive and yet thorough assessment of its implications for monetary policy. The insights this timely book provides will be invaluable for researchers and practitioners in the field of monetary economics.

Original essays identify the channels through which inward investment can affect host economies and shape the size and structure of industrialized economies over the last decade. Leading experts in international investment and the behavior of national and multinational firms combine innovative methodologies and firm-level data to evaluate the impact of inward investment on such issues as productivity, technology, and innovation. They compare UK developments to those experienced by French, Italian, German and US economies.

The modern system-wide approach to applied demand analysis emphasizes a unity between theory and applications. Its fIrm foundations in economic theory make it one of the most impressive areas of applied econometrics. This book presents a large number of applications of recent innovations in the area. The database used consist of about 18 annual observations for 10 commodities in 18 OECO countries (more than 3,100 data points). Such a large body of data should provide convincing evidence, one way or the other, about the validity of consumption theory. A PREVIEW OF THE BOOK The overall importance of the analysis presented in the book can be seen from the following table which shows the signifIcant contribution of the OECO to the world economy. As can be seen, the 24 member countries account for about 50 percent of world GOP in 1975. In this book we present an extensive analysis of the consumption patterns of the OECO countries.

This is the second of two volumes to bear witness to the Cuban experience. Together with its predecessor, "Cuba: Twenty-Five Years of Revolution," it offers a positive account. Yet, it is sensitive to the dilemmas and flawed strategies in Cuba's thirty-year process of transformation. It warns that no preconceived notion of state or of development will help grasp the multifaceted nature of this nation, which reflects aspects of both developed and underdeveloped nations. Seventeen chapters, five of which are from Cuban contributors, thoroughly investigate recent political, economic, and social changes as well as the successes and failures of long-term development policies. Heavy attention is paid to the rectification process launched by Castro in 1986.

This volume portrays a Cuba facing the 1990s with a burst of increased vigor in its efforts to secure continued far-reaching transformation. Seventeen chapters describe major changes in the economic realm caught up in the rectification campaign; a slow process of liberalization in the political sphere; and a Cuba that, in social terms, is far better off than any other Latin American country.

Lifetime distribution and redistribution is analysed in this book, in far more detail than has been attempted before. A dynamic cohort microsimulation model is used as an exciting new tool to analyse several questions which have previously been almost impossible to answer. These questions concern income distribution and redistribution, social security and income tax incidence. This book will be of interest to those working in social and economic policy who are concerned about such issues. It will also be of interest to the rapidly growing numbers of researchers and government analysts constructing microsimulation models.

America's Soluble Problems , while recognising the many successes of the US economy, analyses its well known problems with a fresh new approach. Are slow growth, stagnant living standards for many, increasing poverty for those worst off, the hollowing out of much US manufacturing, balance of payments and fiscal deficits, all inevitable? America's Soluble Problems argues that they are not, and that entirely achievable changes in macro - economic policy could transform the prospects for the US economy and for most American citizens.

This book offers a comprehensive analysis of the problems that the current working of capital markets are generating on both developed and developing economies. It pays special attention to the reasons explaining the unstable and volatile working of international financial markets and to the consequences of that behaviour on both the economic performance of the involved countries and on the economic policies implemented.

• Introduces the dynamics, principles and mathematics behind ten macroeconomic models allowing students to visualise the models and understand the economic intuition behind them. • Provides a step-by-step guide, and the necessary MATLAB codes, to allow readers to simulate and experiment with the models themselves.

* Presents many of the microeconomic and macroeconomic theories and schools of thought not generally covered in mainstream principles of economics textbooks * Each chapter starts with a short "refresher" of standard neoclassical economic modelling before demonstrating how that model is distorted by people, problems and events in the real world to provide students with a more realistic picture of how the economy works * Updates throughout and new material on populism, racism, inequality, climate change and the covid-19 pandemic * Now has online supplements: quiz questions for students and PowerPoint slides for instructors

This book explores the life and work of Nicholas Kaldor, examining the influences that shaped and inspired his writings, and looks in detail at the crucial part he played in twentieth-century economics. Offering a comprehensive intellectual portrait of Kaldor, this book explains this great economist's importance in his own time and in ours.

The formulation of a common European monetary policy offers an important challenge to policymakers both in Europe and around the globe. The analysis of monetary transmission mechanisms in Europe, and the US, provides insights of great importance as the institutional environment of monetary policy changes. Historically, it has been proved difficult to empirically establish the effects of monetary policy measures on the economy. This study of the monetary transmission mechanism pays close attention to the role of financial markets in the transmission process. The author analyses aspects of monetary transmission, such as interest rates and exchange rates, with evidence from several European countries including the Netherlands, UK and Germany as well as from the US. This research on monetary transmission greatly increases our understanding of the effect, or ineffectiveness, of monetary policy on economies in general. The author presents a comprehensive discussion of the outcomes of empirical research along with an extensive survey of the literature and a discussion of the methods used, since interest in the subject was renewed in the 1980s. This work will be invaluable to policymakers in central banks and government ministries as well as academic researchers and economists alike.

Over the past quarter-century China has seen a dramatic increase in income inequality, prompting a shift in China's development strategy and the adoption of an array of new policies to redistribute income, promote shared growth, and establish a social safety net. Drawing on of household-level data from the China Household Income Project, Changing Trends in China's Inequality provides an independent, comprehensive, and empirically grounded study of the evolution of incomes and inequality in China over time. Edited by leading experts on the Chinese economy, the volume analyzes this evolution in China as a whole as well as in the urban and rural sectors, with close attention to measurement issues and to shifts in the economy, institutions, and public policy. Specific essays provides analyses of China's wealth inequality, the emergence of a new middle class, the income gap between the Han majority and the ethnic minorities, the gender wage gap, and the impacts of government policies such as social welfare programs and the minimum wage.

EBES conferences have been intellectual hub for academic discussion in economics, finance, and business fields and provide network opportunities for participants to make long lasting academic cooperation. This is the 23rd volume of the Eurasian Studies in Business and Economics (EBES's official proceeding series) which includes selected papers from the 36th EBES Conference - Istanbul. The conference was organized on July 1-3, 2021 in hybrid mode with both online and in-person presentation. In the conference, 141 papers by 311 colleagues from 49 countries were presented. Both theoretical and empirical papers in this volume cover diverse areas of business, economics, and finance from many different regions. Therefore, it provides a great opportunity to colleagues, professionals, and students to catch up with the most recent studies in different fields and empirical findings on many countries and regions.

The economies of Latin America have undergone a deep process of change in the last decade as a result of the application of major reforms. The outcome can be fairly described as a New Economic Model. This New Economic Model is distinguished from its predecessor, in force before the 1980s debt crisis, by an emphasis on market forces and export-led growth. This book explores the main features of the New Economic Model in Latin America and, through analysis of the reform process and case studies, examines its impact on income distribution and poverty.

Regional trade agreements proliferated in Africa in the wake of independence from colonial rule. For the most part these agreements failed to deliver the regional integration and economic benefits that were promised, and amounted to little more than a propaganda coup for the leaders that signed them.This book explores conventional explanations of the failure of these agreements, and challenges the accepted wisdom, highlighting the symbiotic relationship between 'Big Man' politics and crony capitalism. The rise of second generation regional trade agreements in the first decade of the twenty-first century emphasises the pressing need for a revised assessment of the aims, consequences and scope of these agreements. This book focuses on the revitalized East African Community to examine the potential benefits of modern agreements to foster economic development and the hurdles that must be overcome to realise this potential.

This book presents selected papers from the 33rd Eurasia Business and Economics Society (EBES) Conference, virtually held in Madrid (Spain) due to the Covid-19 pandemic. The theoretical and empirical papers gathered here cover diverse areas of business, economics and finance in various geographic regions, including not only topics from HR, management, finance, marketing but also contributions on public economics, political economy and regional studies.