As businesses, consumers, and investors make key financial decisions amid Economic Policy Uncertainty (EPU), there is the danger that many might freeze investment projects and hiring, leading to contractions of the economy. These are evident in the Indian economy as a whole and specifically in Indian stock markets indices such as the BSE Sensex and Nifty 50, import and export figures, T-bills, FDI, FPI, and GDP. In this important and timely work, Ghosh and Bagchi examine variables and phenomenon from April 2003 to January 2022, encompassing: * The global financial recession period (December 2007 to June 2009) * The pre-recession period (April 2003 to November 2007) * The post-recession along with pre-COVID-19 period (July 2009 to February 2020) * The COVID-19 period (March 2020 to January 2022) * The Russia-Ukraine Conflict Period (September 2021 to July 2022) This is essential reading for scholars and practitioners dealing with Economic Policy Uncertainty (EPU) in the Indian context, and in macro-economics at large.

The start of intense rivalry between industry, trade unions and the financial sector, to influence policy in postwar Britain, increased in the late 1950s. Macmillan's government succeeded briefly in restoring some of the original wartime consensus after 1961, only to see hopes for Conservative planning wither. Competition among interest groups to settle how the national interest should be defined made Wilson's attempt to create a Labour planned economy almost impossible. Despite the spur of relative decline, modernisation always fell far short of politicians' aims, putting in doubt the ability of even a modern state to achieve its ambitions. A series of crises exposed promises of breakthrough into growth, which governments blamed on the self-interest of institutions - without whose co-operation they still believed they could not govern. Search for an elusive tripartism, though justified in terms of the political ethos and organisations in which they almost all believed, led industrial politics to a messy conclusion in the late 1970s. The fall of the Heath government is described in detail. In the process, the postwar settlement's already-insecure foundations were eroded, and the ab

This edited volume presents the key unresolved debates in monetary macroeconomics, covering the five topics of budget, trade, taxes, exchange rates and monetary policy. For each topic, there are two authors - one arguing for a certain policy and one against. The book takes an approach eschewing mathematics or econometrics, instead presenting arguments in the spirit of political economy - while incorporating the most recent thinking in macroeconomics. This approach, combined with the objective of encouraging debate, makes the book ideal reading for students of monetary macroeconomics, researchers seeking alternative views, and the general public.

For courses in Intermediate Macroeconomics. Macroeconomics traces the history, evolution, and challenges of Keynesian economics, presenting a comprehensive, detailed, and unbiased view of modern macroeconomic theory. This book narrates the evolution of economic theory, presenting the most recent and modern developments, without glossing over the fundamental disagreements among macroeconomists on both theory and policy. Major theories are presented and compared. Important agreements and differences are discussed. Demonstrations of the controversies are presented, which centre on well-defined theoretical differences. Many of the post-1970 developments in macroeconomics have been the result of dissatisfaction with the Keynesian theory and the policy prescriptions that follow from it. In order for students to understand the evolution of macroeconomics, the author presents the history of Keynesian thought by: Providing an up-to-date summary of the Keynesian position, including research that has come to be called the new Keynesian economics. Offering a detailed analysis of challenges to the Keynesian position.

This is the first book dedicated to the scrutinization of Myanmar's unofficial foreign exchange market, its roots in restrictive administrative controls on foreign exchange and international trade, and its effects on the country's economic performance. This book integrates vast pieces of records and data with first-hand information from extensive fieldwork to create an overall picture of the chaotic but seemingly efficient foreign exchange market in Myanmar, a transitional economy in Southeast Asia whose economic systems had been less known due to its isolation until recently. This book illustrates how the unofficial foreign exchange market emerged during the country's transition to a market-based economy, how informal currency deals proliferated under restrictive controls, and why they persist despite the significant economic reforms since 2011. Refuting the conventional wisdom of foreign exchange policy reforms, this research clarifies path-dependent features of foreign exchange market systems, and it discusses possible solutions for modernizing economic systems. This book is highly recommended to readers who seek an in-depth analytical narrative about informal economic activities and foreign exchange policy reforms in a fragile state.

This report is a partial result of the China's Quarterly Macroeconometric Model (CQMM), a project developed and maintained by the Center for Macroeconomic Research (CMR) at Xiamen University. The CMR is one of the Key Research Institutes of Humanities and Social Sciences sponsored by the Ministry of Education of China, focusing on China's economic forecast and macroeconomic policy analysis. The CMR started to develop the CQMM for purpose of short-term forecasting, policy analysis, and simulation in 2005. Based on the CQMM, the CMR and its partners hold press conferences to release forecasts for China' major macroeconomic variables. Since July, 2006, twenty-two quarterly reports on China's macroeconomic outlook have been presented and eleventh annual reports have been published. This 23rd quarterly report is to be presented at the Forum on China's Macroeconomic Outlook and Press Conference of CQMM on October 27, 2017. This conference is jointly held at Oxford University by Oxford Prospects and Global Development Centre, University of Oxford, Center for Macroeconomic Research at Xiamen University, and Economic Information Daily at Xinhua News Agency.

This book, the first of two volumes, explores the legacy of Trevor Winchester Swan, often described as Australia's greatest ever economist. An insightful biography is accompanied with Swan's most prominent articles to provide a broad view of his life and work. Particular attention is given to the famous Swan Diagram, known among macroeconomists worldwide, Swan's four zones of economic unhappiness, his view of how economies grew based on capital deepening and technical progress, and the Solow-Swan model of economic growth. This book aims to shed light on the enigmatic and influential life of Trevor Winchester Swan. It will be relevant to students and researchers interested in the history of economic thought.

This open access handbook, Ten Crises systematically traces the economic historyof China from 1949 to 2020, unravelling the complex domestic and global factorsleading to the cyclical crises identified by WEN and his research team, andexamining the corresponding counteracting policies and measures by thegovernment to resolve or defer the crises. The book offers profound insights intoChina's endeavours and predicaments on the path of modernization, andcontemplates opportunities and lessons for the forging of alternative trajectoriesnot only for China but also for the global south: to reconstruct rural communitiesfor integrated cooperation and governance, and to revitalize ecological civilization.

Hardbound. This special issue, sponsored by the Middle East Economic Association is the first thematic volume offered in this series. Devoted to the thorny topic of the economic dimensions of peace in the Middle East, it is hoped that this book will clarify some of the main issues confronting different Middle Eastern actors in a post-Oslo world and provide a basis for further inquiry and exploration.

The book explains strategic issues, trends, challenges, and future scenario of global economy in the light of Fourth Industrial Revolution. It consists of insightful scientific essays authored by scholars and practitioners from business, technology, and economics area. The book contributes to business education by means of research, critical and theoretical reviews of issues in Fourth Industrial Revolution.

Thrift is a central concern for most people, especially in turbulent economic times. It is both an economic and an ethical logic of frugal living, saving and avoiding waste for long-term kin care. These logics echo the ancient ideal of household self-sufficiency, contrasting with capitalism's wasteful present-focused growth. But thrift now exceeds domestic matters straying across scales to justify public expenditure cuts. Through a wide range of ethnographic contexts this book explores how practices and moralities of thrift are intertwined with austerity, debt, welfare, and patronage across various social and temporal scales and are constantly re-negotiated at the nexus of socio-economic, religious, and kinship ideals and praxis.

This book analyzes of the surplus of production capacity in China. According to a government statement, there is a serious surplus of productive capacity in the steel, cement, glass, aluminum, and shipbuilding industries. There was no surplus of productive capacity in above industries between 2002 and 2012, and the current surplus is due to poor government policies on real estate prices after 2012. The book argues that if the Chinese government invested more in social welfare housing over the next few years the surplus of productive capacity would very soon disappear.

This book discusses ideas for stakeholders to develop strategies to access and use financial products and services such as deposits, loans, and fund transfer mechanism, insurance, payment services, and intermediaries, distribution channels at economical prices in order to cater to the needs of the poor and underprivileged people. Financial inclusion ensures ease of access, availability, and usage of the financial products and services to all the sections of the society. The book will help in recognizing the role of financial inclusion as one of the main drivers in reducing income inequality and thus supporting sustainable economic growth of the countries, especially of an emerging economy. The book provides conceptual and practical ideas from the practitioners, best practices from the experts, and empirical views from the researchers on the best practices and how to mitigate the challenges and issues plaguing the development of the financial inclusion.

This book presents a new narrative on the eurozone crisis. It argues that the common currency has the potential to kill the European Union, and the conventional wisdom that the eurozone can be fixed by a common budget and further political integration is incorrect. The authors address key questions such as why the European Union and the single market have been successful, why the common currency poses a threat to European integration, and whether it is possible to either fix the eurozone or dissolve it while keeping the EU and the single market. Contrary to the view that it would be best if the Southern European countries left the eurozone first, the book makes the case that the optimal solution would be to start the process with the most competitive countries exiting first. The authors argue that a return to national currencies would be beneficial not only to the crisis-ridden southern countries, but also to France and Germany, which were the main promoters of the single currency. An organised unwinding of the euro area would be beneficial both for the European economy and for Europe's main trading partners. The authors contend that to defend the euro at all costs weakens the European economy and threatens the cohesion of the European Union. If pro-European and pro-market EU leaders do not dismantle the eurozone, it will most likely be done by their anti-European and anti-market successors. If that happens, the European Union and the common market will be destroyed. This book will be a useful and engaging contribution to the existing literature in the fields of macro, monetary and international finance and economics.

The role of human capital has diversified considerably in the last 100 years. Today, the prevailing perception seeks a sustainable, integrated development which is based on the triptych of environment, economy, and society. In this mode of development, human capital has a positive effect on the economy, on social cohesion and optimal governance, as well as on the ecological footprint. This book studies the critical role of human capital in the Greek economy and its production structure. In doing so, this book analyzes the Greek labor market, employment, and structural changes, among other facets of this vibrant economy.

Since the financial crisis of 2008/09, the world's major central banks have been struggling to return their economies to higher growth and to reach their inflation targets. This concise book analyzes the importance of central bank policies for the economy, and specifically investigates the reasons why they have failed to steer inflation as desired. The author, the Chief Economist at Allianz SE, argues that, in an environment of great uncertainty concerning the pass-through of monetary stimulus to the economy, central banks should not focus too narrowly on inflation targets, but should increasingly take the side effects of their actions into account. In particular, he contends that they must seek to minimize the risk of financial booms and busts in order to maximize long-term growth and prosperity. Building on existing research and contributing to the current debate, the book offers a valuable reference guide and food for thought for policymakers, professionals and students alike.

This book contends that central bank policy pits the Federal Reserve against consumers, creating business cycles and inflation. As the cycle proceeds, the velocity of money starts to rise, complicating the central bank's problems. Ultimately, either a depression or a runaway inflation develops. The gold standard would not alter patterns of supply and demand and would prevent business cycles and inflation.

Central bank policies inevitably alter patterns of supply and demand from what they would be, based on consumer sovereignty. This changes the mix of human and physical capital available to produce a mixture of consumer goods. The economy struggles to right itself against these imbalances. Ultimately, the monetary velocity and price inflation start to rise, worsening the government's problems. In time, either a traditional depression or a runaway inflation results. The gold standard would prevent the twin evils of recession and price inflation. Investment professionals, corporate economists and others in strategic and financial planning capacities will find Mr. Marquard's book both challenging and provocative.

This textbook examines corruption through a macroeconomic lens, exploring the relationship between corruption, fiscal policy, and political economy. It merges macroeconomic growth models with elements of political economic theory to address important applied topics such as income inequality within and across countries, growth slowdowns, and fiscal crises. Revised and updated to include new research findings and recent policy discussions, the second edition contains 15 new sections and 2 new chapters on topics such as public defaults, the wage elasticity of work and the interest elasticity of saving, and the economic and fiscal impact of the 2020 pandemic. Most of the basic ideas are illustrated using a two-period model of government investment that captures the future cost of policies that favor the present. The more subtle and advanced issues are illustrated and, in some cases, quantified, using the overlapping-generations model of economic growth. The models used to illustrate the mechanisms of economic growth are extended to incorporate politics and the behavior of public official. The text concludes with a thorough discussion of policy reforms designed to address the issues discussed in earlier chapters. Intended for students familiar with intermediate-level economics, the second edition contains a technical appendix, expanded end-of-chapter questions and problems, and a complete solutions manual. The second edition also offers updated resources for instructors, including sample syllabi and over 550 multiple choice questions. Offering a unified explanation for the causes and consequences of government failure, fiscal crisis, and needed policy reforms, this text is appropriate for advanced undergraduate and beginning graduate courses in macroeconomics, political economy, and public policy.

This book examines the trend and growth of non-banking financial companies (NBFCs), both from balance sheet and regulations view-points. It further investigates the role of NBFCs in furthering financial inclusion, last-mile delivery of credit and their contribution to financial sector. Since the Reserve Bank of India (RBI) formally recognised the NBFCs in India in 1964, they have increased significantly in terms of size, form and types of products and instruments. They have also managed their asset quality better than banks. Traditionally they were dependent on banks for funds, but after the global financial crisis they began to tap the capital market. Concomitantly, the RBI regulations have closed the fault lines and tightened rules. The book assesses whether NBFCs in India should be treated as shadow banks, discusses how to achieve the right amount of regulation and safeguards without unduly stifling the NBFC sector, and studies the funding opportunities and challenges of NBFCs in India. As such, it serves as a basic reference for students in finance, and a valuable tool for professionals such as policymakers and investment analysts and other stakeholders in the finance area.

History teaches us important lessons, provided we can discern its patterns. Multi-Polar Capitalism applies this insight to the crucial, yet often underappreciated issue of international monetary relations. When international monetary systems get first put into place successfully, such as the "classic" gold standard in 1879, Bretton Woods in 1945, or the dollar standard in 1982, they structure relations between the system's centre and the rest of the world so that others can catch up to the leader. But this growth-promoting constellation, a vector for accelerating globalization, runs its course eventually amidst mounting overproduction conditions in key sectors and spreading financial instability. Such periods of global crisis, from the Great Depression of the 1930s to stagflation in the 1970s and creeping deflation during much of the 2010s, force restructuring and policy reforms until conditions are ripe for a renewed phase of sustained expansion. We are facing such a turning point now. As we are moving from a US-dominated world economy towards a multi-polar configuration, we will also see the longstanding dollar standard give way to a multi-currency system. Three currency blocs rooted in the dollar, euro, and yuan will be dominated respectively by the United States, the European Union, and China, each a power centre representing a distinct variant of capitalism. Their complex mix of competition and cooperation necessitates new "rules of the game" promoting the shared pursuit of global public goods, in particular the impending zero-carbon transition, lest we allow fragmentation and conflict shape this next chapter of our history. Multi-Polar Capitalism adds to a century of research and debate on long waves, those roughly half-century cycles first identified by the great Soviet economist Nikolai Kondratiev in the early 1920s, by highlighting the role of the international monetary system in this distinct boom-and-bust pattern.

This book concentrates on exchange rates and their macroeconomic consequences, analytical and empirical issues relating to currency crises and policy responses and monetary and financial cooperation in Asia. It is truely pan-Asia-focused with chapters on China, Japan, Korea, India and Southeast Asia.

Many of the assumptions that underpin mainstream macroeconomic models have been challenged as a result of the traumatic events of the recent financial crisis. Thus, until recently, it was widely agreed that although the stock of money had a role to play, in practice it could be ignored as long as we used short-term nominal interest rates as the instrument of policy because money and other credit markets would clear at the given policy rate. However, very early on in the financial crisis interest rates effectively hit zero percent and so central banks had to resort to a wholly new set of largely untested instruments to restore order, including quantitative easing and the purchase of toxic financial assets. This book brings together contributions from economists working in academia, financial markets and central banks to assess the effectiveness of these policy instruments and explore what lessons have so far been learned.

The sustainability of public pension systems has become an important aspect for governments and institutions worldwide. This book addresses the multiple elements that influence the sustainability of pension systems with a special focus on central and eastern European countries. Supported by the results of econometric empirical studies, the authors discuss and analyse areas like social economy versus capitalist economy, globalization versus glocalization, population aging versus birth and fertility, emigration versus immigration, early retirement versus prolongation versus professional activity, the sustainability of public pension systems versus the adequacy of benefits provided, public pension systems compared to private pension funds and taxation of salary incomes versus subsidization of state social insurance.

For many observers of international politics, the classical gold standard is the premier example of successful international monetary cooperation. Curiously, most studies portray this 19th century system as a spontaneous development. Reti, after a thorough investigation of diplomatic records, argues that the gold standard grew out of several years of international negotiation. At the Conference of 1867, delegates for 20 states debated the monetary standard and agreed to adopt gold as soon as possible. In response to worldwide deflation from 1873 to 1896, the Conferences of 1878, 1881, and 1892 reconsidered the merits of gold, and the leading states reaffirmed their adherence to the gold standard. Reti uses theories of international regimes to explain the roles of hegemonic power, domestic politics, and causal beliefs on conference diplomacy. He asserts that the classical gold standard can best be understood as a coordination game in which negotiations informed nations about how to cooperate.

Learn about the economy and how money is spent with this Spanish nonfiction book. Perfect for young readers, the exciting book follows the journey of a single dollar and includes a fiction piece related to the topic, a glossary, a civics project, useful text features, and engaging sidebars. This 28-page full-color Spanish book tracks one dollar as it is spent and travels from person to person or place to place. It also covers important economics topics in an easy-to-follow way, and includes an extension activity for grade 2. Perfect for the classroom, at-home learning, or homeschool, to explore taxes, tips, and other key economic concepts.