After years of relative neglect, the reconstruction of post-war Germany has recently become a major research focus for historians. The contributors to this volume were among the first to evaluate the archives relevant to their topic and are hence able to present many fresh insights into Allied occupation policy in the late 1940s, revealing the painful adjustment which German industry, institutions and citizens had to make in the post-1945 world.

This book examines the challenges for the life insurance sector in Europe arising from new technologies, socio-cultural and demographic trends, and the financial crisis. It presents theoretical and applied research in all areas related to life insurance products and markets, and explores future determinants of the insurance industry's development by highlighting novel solutions in insurance supervision and trends in consumer protection. Drawing on their academic and practical expertise, the contributors identify problems relating to risk analysis and evaluation, demographic challenges, consumer protection, product distribution, mortality risk modeling, applications of life insurance in contemporary pension systems, financial stability and solvency of life insurers. They also examine the impact of population aging on life insurance markets and the role of digitalization. Lastly, based on an analysis of early experiences with the implementation of the Solvency II system, the book provides policy recommendations for the development of life insurance in Europe.

This book provides a comprehensive look at the changes that have occurred in the distributions of both income and wealth in the United States since 1960. Both historical and current data are used in the analysis of the interactive effects of these two distributions on the standards of living of various segments of American families. In assessing the changing pattern of the distribution of income, the author employs a variety of standards against which to measure the level of income received by various segments of the population. This book is unique in that the analysis looks at all income classes. Such topics as the causes of poverty, the shrinking middle class, and the concentration of wealth holdings amongst the rich are all examined in detail. The book also explores the impacts of both distributions on such specific groups as Blacks, Hispanics, women, and children. In the final chapter, the author proposes a series of policy measures that should be pursued to move the United States toward more equitable distributions of both income and wealth.

Part One of the book examines the distribution of income during the period 1960-88. Part Two looks at the changing distribution of wealth in the United States. The work concludes with an examination of the effects of the distribution of wealth on the distribution of income; a review of the causes of the patterns of distribution as seen in the data; and a discussion of the effects of these changes upon American society. Individuals associated with policy planning groups, both in government and in the private sector, including advocacy groups, should find this book quite useful to their work. It should also appeal to academics concerned with the issues of economics of poverty, the economics of discrimination, human capital theory, and urban economics.

A pioneering work in comparative monetary and financial studies, this is the first international comparative, empirical study of the money supply process (MSP) that involves all of the basic types of economies and institutional economic systems at all levels of economic development. As the authors note at the outset, the highly relative nature of the MSP contributes to wide differences in the MSP in different types of economies. Yet the MSP is one of the most important topics of both monetary theory and monetary practice. The comparative approach adopted here enables the authors to explain the differences that do occur in the MSP across economies and what causes them. By properly defining the general theory and overall monetary theory of MSP, the authors offer the reader both a better understanding of the national MSP and a broad framework of possibilities for improving the efficiency of monetary policy.

The authors begin by describing their approach to an analysis of the MSP in national economies and the concepts and models used in this analysis. They then explain the classification of economies used in the study and their methodological approach, which is based on a two-dimensional flow of funds accounts matrix. Four chapters present the empirical evidence derived from this approach. Included are both a holistic analysis and a structural comparative analysis of the MSP. A separate chapter presents a comparative analysis involving 100 countries of the MSP during the 1978-83 time period. Finally, the authors look at the influence of the balance-of-payments and of domestic institutional sectors on the MSP. Their concluding chapters summarize their findings and point the way to further research in this area. Scholars and policymakers in economics, macroeconomics, and monetary policy will find this an illuminating addition to the literature of the money supply process.

A pioneering exploration of the relevance of economic theory to the practical realities of the foreign exchange market, this volume presents a well-reasoned, comprehensive examination of the degree to which economic theories and forecasts are helpful in predicting exchange rates. Douch, an economist who has worked closely with the foreign exchange market, argues that theoretical economic models have exhibited some serious inadequacies in forecasting the future. In an attempt to determine the real predictive value of economic theory in this context, Douch examines each of the different economic approaches in-depth and then analyzes the actual workings of the foreign exchange market from the perspective of the market participants. Particular emphasis is placed upon the reasons for the observed failure of economic theory to reliably predict exchange rate movements over time.

Divided into three major sections, the book begins with five chapters that describe and evaluate the different economic approaches to explaining exchange rate movements. The next two chapters link the theories of the first section with the practical realities of the third by discussing the advantages of fixed and floating exchange rates and presenting a brief history of exchange rate regimes since World War II. In the final section, Douch first looks at how the spot and forward exchange rate markets actually work by examining the motives of market participants. Subsequent chapters explore such issues as whether Game Theory might be used to explain market actions, the effect of new foreign exchange hedging instruments on the market, and the contribution of Chart Analysis to exchange rate forecasts. A detailed appendix defines various economic indicators and seeks to explain how the market might react to them and why. Advanced students of economics as well as foreign exchange market participants with little economic training will find here important new insights into when economic theories can be helpful in predicting exchange rates--and, even more importantly, when they can not.

A pioneering contribution to economic literature, this volume presents a theoretical and empirical study of the relationship between entrepreneurship and the process of long-term regional change. Based on an exhaustive review of classical works in historical, managerial, and spatial economics, Suarez-Villa identifies five major innovative entrepreneurial roles and their historical antecedents. He then explores the macro effects of these roles by analyzing data for a 94-year period, demonstrating the relationship between the emergence of each role and the occurence of major changes in the sectoral and regional economies.

Following an introductory chapter that addresses economic change as an ongoing process, Suarez-Villa defines the various entrepreneurial roles in two theoretical chapters that examine the historical causes for their emergence and show how each can be viewed as an innovative agent of change. The empirical analysis of the succeeding chapters provides important new insights into the sectoral transformations of the U.S. regional economies promoted by the changing historical roles of entrepreneurship and the organizations through which it acts. Using U.S. national and regional data over the period 1889-1983 for agriculture, manufacturing, and distributive activities and services, as well as changes in regional, urban, and rural populations, the author identifies changes in regional productivity and employment for various sectors and the place of entrepreneurial activity in these changes. Concluding that entrepreneurship is an important but usually neglected component of regional economic change, Suarez-Villa draws conclusions from a long-term perspective, addressing such issues as entrepreneurial effectiveness, sectoral restructuring, and spatial impacts. Three appendixes, detailed notes, and a bibliography include important additional information for the student and researcher.

In terms of economics, the twenty-first century promises to be one of experiments and mixed economies that display features of both a private enterprise market and an intrusive government sector. To fully understand this coming trend, William Hixson presents this study of the U.S. economy since World War I and its experiments with mixed economics. Hixson describes how the largely laissez-faire economy prior to 1929 was so structured to make a crisis of illiquidity and overindebtedness inevitable, and how the mixed economy that has prevailed since World War II is structured to result in a similar crisis. His work challenges the generally accepted views of both U.S. and Marxist economists.

Following a brief introduction that outlines Hixson's approach and theoretical framework, the book begins with a seven-chapter study of the basic operating principles and procedures of a laissez faire economy. The next three chapters examine the Great Crash of 1929 and how it was a predictable outcome of the U.S. economy's operation in a laissez-faire mode. A set of four chapters then analyze the emergence of the government sector as an increasingly significant factor, and the evolution and institutionalization of mixed economy. The last set of chapters considers the past four decades of a mixed economy and why it lacks long-term viability, while the concluding two chapters suggest changes in operating principles and financial practices to make the mixed economy a viable one. This work will be a valuable resource for professionals involved in all types of financial and investing fields, as well as for students and scholars of economics and national economies.

While oil price fluctuations in the past can be explained by pure supply factors, this book argues that it is monetary policy that plays a significant role in setting global oil prices. It is a key factor often neglected in much of the earlier literature on the determinants of asset prices, including oil prices. However, this book presents a framework for modeling oil prices while incorporating monetary policy. It also provides a complete theoretical basis of the determinants of crude oil prices and the transmission channels of oil shocks to the economy. Moreover, using several up-to-date surveys and examples from the real world, this book gives insight into the empirical side of energy economics. The empirical studies offer explanations for the impact of monetary policy on crude oil prices in different periods including during the subprime mortgage crisis of 2008-2009, the impact of oil price variations on developed and emerging economies, the effectiveness of monetary policy in the Japanese economy incorporating energy prices, and the macroeconomic impacts of oil price movements in trade-linked cases. This must-know information on energy economics is presented in a reader-friendly format without being overloaded with excessive and complicated calculations. enUsed="false" QFormat="true" Name="Subtle Emphasis"/>

This volume comprises papers presented at the 8th international conference "The Economies of the Balkan and Eastern European Countries in the Changing World" (EBEEC) held in Split, Croatia in 2016. The papers cover a wide range of current issues relevant for the whole of Eastern Europe, such as European integration, economic growth, labour markets, education and tourism. Written by experienced researchers in the field of economic challenges for Eastern Europe, the papers not only analyse recent problems, but also offer policies to resolve them. Furthermore, they offer insights into the theoretical and empirical foundations of the economic processes described. The proceedings of the conference appeals to all those interested in the further economic development of the Balkan and Eastern European countries.

Beyond Conventional Economics: Selected Works of E Ray Canterbery presents a collation of Canterbery's many contributions to economics. This volume marks the first time that his complete works have been presented, with the scope of the works ranging from microeconomics and macroeconomics to history of thought and methodology. If there is one theme that connects the contributions, it is Canterbery's long-abiding concern with the income and wealth distributions. They are front-and-center in his microeconomics, macroeconomics, history of thought, and even some of his theories of foreign exchange and speculation. Persona who appear in these pages include Abba Lerner, Harry Johnson, Hyman Minsky, Michal Kalecki, Pierro Sraffa, Kenneth Boulding, John Rawls, Robert Nozick, Alfred Eichner, Thorstein Veblen, John Kenneth Galbraith, Joan Robinson, Ayn Rand, Ronald Coase, Lester Thurow, Sven Arnt, and H Peter Gray. Canterbery's policy ideas still have relevance today, as some have been adopted worldwide. For example, in foreign exchange, his delayed peg has been utilitzed in countries that shy away from completely 'free' exchange rates. His criticism of monetary policy decision-making contributed to the idea of more frequent reporting on changes in the federal funds rate.

Since the 2008 global financial crisis, the debate on the reform of the international monetary system (IMS) has gained new momentum. It questioned the desirability of the current system's excessive reliance on the US dollar despite the fact that the US financial system has proven to be less than perfect, and US monetary policy stance has not been in tune with the business cycle of the rest of the world. However, attempts to reform the IMF or strengthen regional safety nets have not produced material results. With the challenges in the euro area persisting, the dollar is very likely to stay as the main reserve currency for the foreseeable future.Against this background, this book prescribes concrete steps on how to shape an alternative monetary system that will be a win-win solution to all without having to strike an international agreement on a new global governance structure. It proposes to use the RMB - already in motion to become an international currency - to become the third pillar without the need for China to open its capital account prematurely.For policy makers, this book will help them rethink how they can approach the problems facing the IMS. For the general readers, it will offer them a comprehensive view on what the international monetary system is about, what the problems are, and how these problems can be addressed. In particular, it will equip them with a better sense of what currencies they will need to carry when traveling around the world, or in what currencies they should hold their wealth in the coming decades.

The effects of globalization strategies of multinational enterprises (MNEs) on national and local development are explored and analyzed here and implications of these effects for policy makers are highlighted. Containing contributions from international business scholars, the text addresses this previously little explored but critically important issue for the future of the world economy.

This monograph is devoted to the analysis of the dynamics of business cycles and stabilization policies. The analysis is conducted in models of the AS-AD type, focusing on involuntary unemployment and capital accumulation. Major conclusions are the following. (1) Sectoral imbalances, once emphasized by such business-cycle theorists as K. Marx, A. Spiethoff, and F.A. Hayek, are rectified in finite time by competitive investment allocation, leaving aggregate variables as the main variables of business cycle dynamics. (2) The chronology of events during a cycle is established, which resolves the so-called real wage puzzle. (3) Owing to the crowding-out effect on investment, fiscal stabilization policies can destabilize the business cycle dynamics if implemented too intensively. (4) If coordinated properly, monetary stabilization policies can remove the destabilizing tendency of fiscal stabilization policies.

The aftermath of the US subprime mortgage crisis in 2008 saw its influence spread around the world, including Europe. The European crisis turned out to be longer, deeper and more resilient than anticipated. An unexpected consequence was the increasingly divergent economic and financial situation of two main groups of countries within the Eurozone, which includes the countries that adopt the euro as their common currency. The divergence was caused by a number of factors, fundamentally stemming from the dissimilar economic and financial situation of its member countries and from the incomplete institutional architecture and the monetary and fiscal policies in the Eurozone.One Currency, Two Europes: Towards a Dual Eurozone seeks to explore these factors which give rise to the Eurozone's asymmetric composition and the growing difficulties and ineffectiveness that policies meet. It presents evidence to show how the presently incomplete institutional architecture of the Eurozone is the main reason for the extreme detrimental effects of the international crisis and austerity policies, along with the asymmetric economic situation and the insufficient mutual trust demonstrated by the vulnerable as well as resilient countries.Other than presenting a complete overview and analysis of the events that unfolded in the Eurozone as a result of the financial crisis that first emerged in the US, this book also suggests possible solutions which could help to reunify the Eurozone, and make the common currency sustainable and beneficial for all member countries. One Currency, Two Europes will be useful for policymakers who want to learn from the Eurozone's experience with the financial crisis and the importance of complete institutional architectures and inter-country economic convergence. It will also serve as a reference to students and researchers who would like more in-depth analysis of the crisis and the Eurozone's fiscal, monetary and institutional past, present, and future.

You Spend It. You Save It. You Never Have Enough of It. But how does money actually work? Understanding cash, currencies and the financial system is vital for making sense of what is going on in our world, especially now. Since the 2008 financial crisis, money has rarely been out of the headlines. Central banks have launched extraordinary policies, like quantitative easing or negative interest rates. New means of payment, like Bitcoin and Apple Pay, are changing how we interact with money and how governments and corporations keep track of our spending. Radical politicians in the US and UK are urging us to transform our financial system and make it the servant of social justice. And yet, if you stopped for a moment and asked yourself whether you really understand how it works, would you honestly be able to say 'yes'? In Money in One Lesson, Gavin Jackson, a lead writer for the Financial Times, specialising in economics, business and public policy, answers the most important questions to clarify for the reader what money is and how it shapes our societies. With brilliant storytelling, Jackson provides a basic understanding of the most important element of our everyday lives. Drawing on stories like the 1970s Irish Banking Strike to show what money actually is, and the Great Inflation of West Africa's cowrie shell money to explain how it keeps its value, Money in One Lesson demystifies the world of finance and explains how societies, both past and present, are forever entwined with monetary matters.

Using quantitative research, this volume investigates the characteristics, problems and trends of the automobile society in China's mega cities and large cities. It also addresses topics related to cars and cities, traffic safety and cars' consumption. China has experienced more than 30 years of rapid economic development, and people's living conditions have greatly improved. One of the symbols of this is family-car ownership, which has increased year by year. China is rapidly becoming an automobile society like North America. But China has huge population and limited urban space, and most of the cities are deteriorating environmentally. Added to this are the low degree energy self-sufficiency and people's lack of awareness of traffic rules, all of which have brought various social problems, such as traffic congestion, lack of parking spaces, air pollution, energy shortage and frequent accidents. The volume presents a series of studies examining the characteristics and problems of China's automobile society development from the perspective of sustainable development. The reports in the volume are both academic and highly readable, making it an interesting resource for researchers and general readers alike. It offers insights into the trends and problems of private cars in China, as well as observations on China's social change through the unique medium of cars.

Poverty alleviation is a central aim of economic and social policy, and yet there is no consensus about what poverty means or how it is best measured. Often, the households below an income poverty line are counted as poor, but there may be no firm basis for concentrating on that particular income level. There may also be wide variations among the households below any income poverty line in terms of their actual living standards. This book explores what poverty means in developed countries, and shows that understanding and measuring it requires widening the focus beyond current income. By using broader measures of resources and information on living patterns and concrete indicators of deprivation, it shows how those who are effectively excluded from participation in society due to lack of resources can be more accurately identified, and the processes producing such exclusion better understood. The core issue of this book is how to define and measure poverty in relatively rich countries in a way which is valid, meaningful in the context, and valuable for policy-making. Extensive analysis of data from a specially designed survey of a large representative sample of Irish households is used to illustrate the arguments.

Contemporary studies on social structure and the world political economy tend to be concerned primarily with present conditions and what these promise--or threaten for the future of the planet. The authors of this volume have taken a less fashionable stance, looking instead to the recent past and the pivotal historical moments that have formed the world we live in. Consisting of fourteen essays contributed by an international group of specialists, Rethinking the Nineteenth Century examines the social formations of that period and integrates them into a modern theoretical framework. The broad issues of class and state formation, imperialism and nationalism, and ascent and decline in the world system are the central focus of the book.

This study focuses on a sample of occupational groups representative of the Mittelstand in the city of Hamburg - white-collar workers, artisans, retailers, civil servants and house owners - and examines the strains imposed by the infaltionary conditions on each group, seriously questioning the commonly-held interpretation of the Infaltion's effects and chronology.

Nearly half of the Third World debt, or about $400 million, is owed by Latin America. How this has come about and what it means for Latin America's future are the subjects of twelve essays by experts on the Latin American debt problem. Despite their widely varied backgrounds and interests, the contributors aim toward a clearer understanding of the meaning of the debt problem and where it may be headed. A background sketch of the problem is provided, as is an account of attempts to cope with the protracted crisis. Detailed discussions follow of the largest debtors, including Mexico, Brazil, Argentina, and Chile. The situations of the small Central American and Caribbean states are also treated. Finally, the volume explores the question of whether sovereign lending is really good business for banks or a good solution for these countries.

This volume fills a gap in the literature by analyzing basic issues in development economics as they affect a particular type of Third World nation - small island economies. Using practical examples from the Caribbean Basin and the South Pacific, the authors examine in depth structural and employment issues, demographic and socioeconomic issues, and environmental and natural resource issues. Their aim throughout is to identify and assess the particular and unique development problems faced by small island economies so that effective policies can be derived that will more accurately reflect socioeconomic realities in these areas.

Following an introductory overview, the authors discuss the role of staple exports in the economic well being of small island economies as well as issues relating to manufacturing and service sector activities and the structural and employment impacts of tourism. In Part Two, they turn to an exploration of demographic and socioeconomic issues including the effects of urbanization on the development process, the implications of migration from and between small island nations, the brain drain problem, and the relationship between criminal activity and development. Part Three shifts the focus from people-oriented issues to concerns related to agriculture and resource utilization. Separate chapters address agriculture in the developmental mix, the use of fisheries, forest resources, minerals, and conservation issues. The final section looks at the international considerations raised by the study and outlines the policy implications of the authors' findings. Students of development economics, international trade, and finance will find this an invaluable contribution to the greater understanding of the specific development problems faced by small island economies.

The book focuses on how microfinance institutions can be the alternative way to supply funds to combat different phases of global economic recessions. Also, it emphasizes upon their capabilities in reducing poverty and inequality as the countries of the world today aim to attain the goal of sustainable development. The book further deals with the challenges that the micro financial institutions may face while sustain in the competitive and vast changing global business environment. Finally, the book analyses the effectiveness of micro financial services for the emergence of micro, small and medium enterprises with new technology and innovations which, in turn, can be instrumental in ensuring new relocation of global supply chains.