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.

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.

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.

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 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.

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.

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.

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.

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.

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.

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.

Economic and Monetary Union (EMU) will have far-reaching consequences for participating nations. This book contains a unique and editorially neutral collection of key arguments favouring and opposing membership. The economic and policy implications are evaluated by distinguished economists, whilst the impact upon national sovereignty and the world of work is debated by prominent MPs and representatives of business and trade union organisations. The text provides an unbiased, comprehensive and 'readable' resource for specialist students and a general readership.

This volume brings together business, government and academic representatives from the United States, Pacific and Asian nations to address issues of regional economic cooperation in the Pacific Basin. The contributors focus particularly on cooperation in five areas: development, commodities, technology, human resources, and issues and directions. Their papers explore both the broad questions of cooperation in regional economic development and more practical concerns such as appropriate technology, political constraints, and foreign aid. Invaluable supplemental reading for courses in economic development and comparative economics, "Pacific Cooperation and Development" provides important new insights into the dynamics of economic development in an increasingly critical global market.

The author discusses the experience of Georgia following the collapse of the Soviet Union in a broad analytical and empirical framework. He displays a deep knowledge of post-Communist transition and provides an interesting analysis of various sectors of the transitional economy. - Professor Leszek Balcerowicz, President of the National Bank of Poland. Vladimer Papava has written an insightful account of the policy mistakes and successes of the economic transition in Georgia. This highly readable work flags mistakes pushed by outsiders, such as overly complicated regulatory legislation, and the failures of Georgia's own politicians, most notably, allowing a permissive climate for corruption - Dr. Keith Crane, Senior Economist, RAND Corporation. Drawing on the Georgian experience, Professor Papava explores the transformation of Communist societies into market economies. Particular attention is paid to the problems presented by hopelessly uncompetitive industries (necroeconomy), the difficulty in establishing an effective tax system, and the successes and mistakes of the International Monetary Fund. - Professor Louis Ederington, University of Oklahoma. transition in Georgia by a scientist and practitioner with a front-row view of the events. The book also provides a useful overview of economic thought on transition to market. It will prove equally interesting for economists and laypeople. - Dr. Ben Slay, Director, Bratislava Regional Centre, UNDP.

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.

This study quantifies the relationships between the economies of the Unites States and Japan on an industrially disaggregated basis. It links two large-scale econometric models of the U.S. and Japan in the framework of the world model system (Project LINK). These models are useful not only for forecasts and aggregate policy studies, but also for detailed investigation of industrial changes and trade policy on sectoral output employment, trade balance, and inflation in both countries. The interactions with other parts of the world are also taken into account. Applications to policy changes and exchange rate variations illustrate the potential of the model system and provide a powerful insight into the operation of two closely integrated economies. A pioneering effort to link quantitatively the relationships between the economies of the United States and Japan, this volume will be of interest to economists and policymakers here and abroad.

In the decades after World War II, inflation undermined the aspiration for full employment in Australia. This book tells the story of how the Australian state was shaped by the confrontation with monetary instability: a pre-history of neoliberalism.

Herbert Hoover, as Secretary of Commerce, and Benjamin Strong, as Governor of the Federal Reserve Bank of New York, played a critical role in the formulation of American monetary policy during the 1920s. Yet little attention has been given to the relationship between them--at first cooperative, then increasingly one of conflict and factionalism--or to the impact of that relationship on policy formulation. This book sheds new light on their roles in policy making and relates those roles to larger conflicts over where policy should be made, how the Federal Reserve System should be structured, and the balance that should be struck between international, national, and regional considerations.

Focusing on the Hoover-Strong relationship from a political rather than a purely economic perspective, the book's scope includes both domestic and international aspects of Federal Reserve policy formulation. New sources have enabled the author to provide both fresh details and a broader interpretation. Elaborating on the belief that the Depression resulted from policies developed during the autumn of 1927, the author contends that the foundation for those policies was laid with America's decision to underwrite the Dawes plan, the decision to underwrite England's return to the gold standard, and the involvement in European monetary stabilization--all issues over which Hoover and Strong disagreed.

Two important new developments have occurred that have significant impact on the evolution of econometrics, namely, the end of the Cold War and the emergence of the information revolution in nearly all economies of the world.

The information revolution has had significant effect on data flows, making them much more timely, accessible, and descriptive of more parts of the economy. At the same time, it has changed the industrial structure of many economies, giving rise to increasing importance of the tertiary sectors (e.g. services). The new generation of hardware and software enables econometricians to handle larger and more complex problems, especially those that are data intensive and computer intrusive.

These major events require reconsideration and redrafting of some of the materials of the original edition.

The present volume retains the original structure of "Lectures on Microeconomic Theory" and takes up principles of constructing dynamic macroeconometric models and their use in economic analyses and forecasting, while introducing many updates, revisions and extensions. The description of the econometric methodology has been limited to specific applications of time series analysis, and the title has been changed to "Principles of Macroeconometric Modeling."

The first four chapters discuss the principles of specifying equations of structural macromodels, covering both developed marked economies, transition economies and world-wide models. The remaining chapters cover some major issues in the use of macromodels. The point of departure is model simulation, especially of the prevailing non-linear models, which is followed by model validation. The analysis of model dynamics covers economic fluctuations and the relevant implications of non-stationarity. The use of macromodels in policy analysis is presented next; it includes multiplier analysis and scenario simulations. The monograph ends up with forecasting being a special case of simulation analysis.