This book analyzes evolution of monetary policy in Rwanda since it was first implemented by the National Bank of Rwanda in 1964 when the bank was established. It contributes to the understanding of monetary policy which is formulation and implementation in different stages of development of a financial system that comprises the financial market (money market and capital market), financial intermediaries such as commercial banks, and the financial sector infrastructures such as payment systems and the credit reference bureau. The book breaks down applied empirical research on the assessment of key assumptions of a monetary targeting framework, namely the stability of money multiplier and money demand using econometrics of time series, through a number of case studies. Presenting a detailed empirical analysis of the monetary transmission mechanism, one of the most analyzed topics in central banks in advanced economies, this book is a valuable read for central bankers and other researchers of monetary policy, particularly in developing economies.

This book presents selected papers from the 30th Eurasia Business and Economics Society (EBES) Conferences, held in Kuala Lumpur (Malaysia). 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.

There is no better guide than Paul Krugman to basic economics, the ideas that animate much of our public policy. Likewise, there is no better foe of zombie economics, the misunderstandings that just won't die. Arguing with Zombies is Krugman "the most hated and most admired columnist in the US" (Martin Wolf, Financial Times) at his best, turning readers into intelligent consumers of the daily news with quick, vivid sketches of the key concepts behind taxes, health care, international trade and more. In this new book, in which he builds on and expands his The New York Times columns and other writings, "the most celebrated economist of his generation" (The Economist), offers short, accessible chapters on topics including the European Union and Brexit, the fight for national health care in the United States, the financial meltdown of 2007-2008, the attack on Social Security and the fraudulent argument-the ultimate zombie-that tax cuts for the rich will benefit all.

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.

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 book investigates the South African business cycle and its links to structural change in the economy. Against the backdrop of the democratic transition in 1994 and the global financial crisis, the authors study how business cycles in South Africa have changed and how cycles are related to key developments in the financial markets, international trade and business sentiment in the country. By focusing on peaks and troughs in economic activity - so-called 'turning-point cycles' - the book links up with the common approach of international policymakers to studying fluctuations in economic activity. The authors also introduce new approaches to measuring phases of the business cycle (to understand slow recoveries after the global crisis), provide comprehensive descriptions to complement quantitative analyses, and utilize new data sources that allow the measurement of economic activity over longer periods. As such, the book provides the first integrated overview of business cycles in an emerging market, providing academics and policymakers with a better understanding of the measurement challenges and drivers of the cycle.

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.

This book honours Professor John McCombie's retirement by exploring a variety of themes, theories and debates in non-orthodox macroeconomics. With contributions from leading scholars, the book covers diverse ground in economic thought, policy, empirical work and modelling. It demonstrates ongoing presumptions and asks probing questions of topical questions from the increase of income equality to the international variation of productivity investment. This collection will appeal to academics and students with an interest in the history of macroeconomic thinking.

This textbook equips instructors and students with an overview of the existing literature so that the latter can attain an overall understanding of macroeconomic and microeconomic public finance. The literature on public finance has grown dramatically with theoretical studies and empirical analysis, and much of the focus has been on macroeconomic effects of public services. The standard textbook offerings, however, are mainly restricted to microeconomic topics of public finance. This text intends to fill this gap by presenting a theoretical-based, comprehensive explanation of public finance. Particular emphasis is directed at developing tools that can be applied theoretically and empirically to clarify essential economic concerns in the current public sector in advanced countries, including Japan. Such concerns include the macroeconomic effect of fiscal policy, the dependence on bonds for covering government deficits, and social security reform. The main text explains the standard concepts of public finance, and the appendix offers various advanced topics. The material will facilitate an understanding of how to investigate changes in the public sector, interpret results, and basically do research on fiscal policy. The textbook will be of value to a broad range of course offerings, including those generally focused on fiscal policy, on social security reform and on tax reform.

This book examines the global and domestic factors that have influenced the decline of South African manufacturing. Quantitative and econometric techniques are used to analyse the macroeconomic conditions that derive improved performance within the manufacturing sector. Empirical evidence is used to set out policy recommendations that would allow the South African National Development Plan to meet its objectives. This books aims to bring together analysis of industrial policy, competition policy, and merger remedies to produce a framework on how to preserve a competitive environment and support output, investment, and employment growth. It is relevant to those interested in African, development, and labour economics.

Holger Markmann studies covered bonds and their market behaviour upon the announcement and implementation of outright covered bond purchases by the eurosystem. After introducing the covered bond market, its reaction to the global financial crisis, and the functionality of unconventional monetary policy to a broad audience, the author analyzes the impact of these purchases. The first Covered Bond Purchase Programme (CBPP1) has lowered covered bond spreads by 3-4 basis points in the short-term, 10 basis points in the medium-term, and increased emission volumes by EURO 103 billion. CBPP2 and CBPP3 have not led to similar effects. However, the programs' effectiveness relies on the market's expectations and its prevalent health. About the Author Holger Markmann is PostDoc at the Real Estate Management Institute (REMI) of EBS Universitat fur Wirtschaft und Recht and Managing Director of a real estate investment firm. His research focuses on real estate capital market financing, bank funding, and unconventional monetary policy. Prior to his current roles, he worked for a bulge bracket investment bank, advising financial institutions on their M&A- and capital market activities.

Why is it that government debt in the developed world has risen to world war proportions in a time of peace? This can largely be attributed to governments maintaining welfare expenditures beyond what tax revenues allow. But will these governments refrain from doing what is necessary for economic growth for fear of losing their electorate?

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.

Over the past twenty years there has emerged a compelling new discourse on varieties of capitalism. That discourse has an appealing common sense which challenges the view there is no alternative to free market capitalism. The initial view had a microeconomic focus that made firms the fulcrum of analysis. It distinguished between liberal market and coordinated market economies. Subsequently, there has emerged a second-generation literature which adopts a macroeconomic perspective that emphasizes differences in drivers of growth. This book provides a collection of essays that engage those second-generation concerns and questions. The new view emphasizes income distribution, which leads to a focus on institutional structures that are shaped by policy and power. A related feature is an emphasis on politics, which is the process by which policies are made. Furthermore, it asks whether economies should be understood as the product of national choices versus global capitalist system forces. That connects with the long-standing center-periphery distinction in development economics. Economists, researchers, and students will find this volume an enlightening look at an important subject.

This edited volume, with contributions by area experts, offers discussions on a range of evolving topics in economics and social development. At center are important issues central to sustainable development, economic growth, technological change, the economics of climate change, commodity markets, long wave theory, non-linear dynamic models, and boom-bust cycles. This is an excellent reference for academic and professional economists interested in emerging areas of empirical macroeconomics and finance. For policy makers and curious readers alike, it is also an outstanding introduction to the economic thinking of those who seek a holistic and all-compassing approach in economic theory and policy. Looking into new data and methodology, this book offers fresh approaches in a post-crisis environment. Set in a profound understanding of the diverse currents within the many traditions of economic thought, this book pushes the established frontiers of economic thinking. It is dedicated to a leading scholar in the areas covered in this book, Willi Semmler.

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.

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.

Assuming little or no background knowledge and using original examples and exercises (with answers supplied), Understanding Phonetics provides you with an accessible introduction to the basics of phonetics and a comprehensive analysis of traditional phonetic theory - the articulation and physical characteristics of speech sounds. Examples from a wide range of languages are presented throughout using symbols of the International Phonetic Alphabet. To help you develop your skills in this alphabet, Understanding Phonetics includes ear-training exercises that are freely available online, along with audio files of authentic listening material, for you to download from www.routledge.com/cw/ashby. Understanding Phonetics outlines the production of consonants, vowels, phonation types, pitch and intonation, and aspects of connected speech. Reading through chapter by chapter, you will see your knowledge develop as you engage in the step-by-step phonetic study of a selected word. Understanding Phonetics is designed to be used not only as a class textbook but also for self-study. It can be read systematically or used for reference purposes.

This book explores the reasons behind Europe's poor performance in terms of overall growth and its progressively diminishing role in the global context. Recognizing that the big challenge is to restore confidence and hope in Europe, potential solutions are discussed. The volume comprises a selection of contributions to the XXVI Villa Mondragone International Economic Seminar (Rome, 2014), the most recent of a series of seminars that have provided outstanding scholars with an opportunity to discuss key topics in economic research. In recent years the persistence of high unemployment and low growth has increased the Euroscepticism that has targeted the euro and the Brussels bureaucracy. Readers will find this book a fascinating source of information on current thinking regarding topics such as European industrial policy, European governance, unemployment, the euro and competitiveness, trade and financial integration, the Transatlantic Trade and Investment Partnership, anticorruption policies, and energy and climate policies. In particular, it examines the structural reforms and commitment to development that will be required for Europe to become a region characterized by social justice, dynamism, and opportunities for all.

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.

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.