"Reverse Licensing" evaluates the transfer of technology to the U.S. as an alternative growth strategy for both small- and medium-sized U.S. manufacturing firms which need new and competitive technology and for foreign firms which are anxious to enter the U.S. market but lack the required resources for export and/or foreign direct investment. The first theoretical research on international technology licensing from the U.S. licensees' standpoint, this book examines reverse licensing as an alternative to reverse investment. In addition, a sample of 120 U.S. manufacturing firms which have actually utilized reverse licensing is used for empirical and statistical analysis.

Globalizing Responsibility: The Political Rationalities of Ethical Consumption presents an innovative reinterpretation of the forces that have shaped the remarkable growth of ethical consumption. * Develops a theoretically informed new approach to shape our understanding of the pragmatic nature of ethical action in consumption processes * Provides empirical research on everyday consumers, social networks, and campaigns * Fills a gap in research on the topic with its distinctive focus on fair trade consumption * Locates ethical consumption within a range of social theoretical debates -on neoliberalism, governmentality, and globalisation * Challenges the moralism of much of the analysis of ethical consumption, which sees it as a retreat from proper citizenly politics and an expression of individualised consumerism

The behavior of fiscal authorities and its interplay with budgetary institutions is a recent and increasingly important area of economic research, heightened by the move to single currency in Europe. This volume provides a systematic analysis of issues including the determinants of fiscal retrenchment strategies, the role of numerical and procedural rules, the composition of the adjustment, the (dis)similarity of fiscal behavior across countries, the interactions between fiscal and monetary authorities, and the long run factors shaping fiscal behavior and sustainability.

Exciting the Industry of Mankind is the first comprehensive book about George Berkeley's revolutionary views on money and banking. Berkeley broke the conceptual link between money and metallic substance in The Querist, a work published between 1735 and 1737 in Dublin, consisting entirely of questions. Exciting the Industry of Mankind explains what economic and social forces caused Berkeley to write The Querist in response to a major economic crisis in Ireland. Exciting the Industry of Mankind falsifies the view that Berkeley has nothing to tell us about our present and future social and economic life. For the `idealism' Berkeley found in the money form is now becoming a fact of global economic life, when `xenomoney' and `virtual money' exchanges begin to dwarf commodity transactions, and the future becomes the dominant temporal dimension of economic activity. Philosophers, historians, cultural theorists, economists and lovers of Irish history will be interested in this volume.

This text offers detailed analysis and informed comment on the future of emerging economic policies. It is essential reading for all postgraduates and scholars looking for expert discussion and debate on the issues surrounding economic policy.

The US dollar has served as the key currency of the international economic/financial system for over fifty years. This study assesses the proposition that the series of US current-account deficits over the last twenty years will shortly exhaust the capability of the dollar to continue as the key currency. The evidence in support of the proposition is strong. The implications of exhaustion will be serious and need to be addressed quickly.

Dealing with economic issues related to income and wealth among individuals, regions and countries, this book presents a general theory with endogenous capital, knowledge and preference changes for an economic system with heterogeneous households, multiple sectors, multiple regions and multiple countries.

Research in Labor Economics 44 takes another in-depth and focussed look at Inequality. This time however it is tied in with well-being of the workforce. Research in Labor Economics volume 44 contains new and innovative research on the causes and consequences of inequality and well-being of the work force.

This book provides new ways of analyzing the key issues in international finance and open economy macroeconomics. The topics covered include: financial globalization and the evolution of the international financial system; international macroeconomic accounting and measurement; early balance of payments approaches; the intertemporal model of international borrowing and lending; the significance of external deficits; the determinants of interest rate differentials and exchange rates; the effectiveness of monetary and fiscal policies; capital mobility and economic growth; and the causes of financial crisis in emerging economies.

China's emerging financial markets reflect the usual contrast between the country's measured approach toward policy, regulatory, and market reform, and the dynamic pace of rapid economic growth and development. But they also offer unusual challenges and opportunities. In the past five years, the pace of opening and reform has accelerated sharply. Recapitalization and partial privatization of the largest banks, and the allowance of some joint venture and branch operations for foreign financial institutions, are making rapid headway in developing and expanding financial services and improving access to domestic business and households. This book provides the most extensive look available at the evolving Chinese financial system. It begins with alternative perspectives on the evolution of the financial system and the broad outlines of its prospects and potential contribution to economic growth. Three articles review broad aspects of the financial system. Franklin Allen, Jun ''QJ'' Qian, Meijun Qian, and Mengxin Zhao lead off with overviews of the banking system and performance of the equity market and other institutions.

This book examines fiscal policy coordination in EMU and the required adjustments to national fiscal policies by EMU member states. It presents a coherent view of German fiscal policy following the creation of the Stability and Growth Pact in 1995-97 and the implementation of the Stability Pact in 1997. The book shows that, in the process of Europeanization, national interests have had a major impact on the formation of fiscal policy coordination. It also shows how European fiscal policy coordination has affected national fiscal policies and policy implementation in EMU, and how changes in national interests have finally launched the reform process of the original Stability Pact and a new phase or Europeanization.

- New paperback edition
- The story of the expeditions of Spanish explorers told through the history of the first American currency: pleces of eight
- Traces the rise and fall of Spain's world dominance
- Chronicles the developments in transportation, organization, and military technology based on competition for gold and silver

This book will be of particular relevance for readers interested in a thorough analysis of international capital flows, their determinants and their macroeconomic implications. It also provides information about the origines of international financial crisis and assess proposals to overcome and avoid financial crisis in the future.The book is an outcome of a conference held at the Kiel Institute of World Economics. The papers cover the track record of financial integration, the changing structure of financial markets and the implications for macroeconomics and growth. Particular emphasis is placed on the various financial crises of the 1990s and on proposals for a reform of the international financial system.

Inspired by the experience of some advanced economies, a number of emerging market economies have recently adopted rules limiting the budget deficit, expenditure level, or indebtedness of the public sector, while others consider them for eventual adoption. This volume brings together policy analysts to discuss the rationale, suitability, and usefulness of fiscal policy rules in emerging market economies. Grouped under three main parts (political economy and macroeconomic setting; design issues at the national level; design issues at the subnational level), the chapters have a practical orientation, based on conceptual grounding. FABRIZIO BALASSONE Bank of Italy, Italy OLAV BJERKHOLT University of Oslo, Norway MIGUEL BRAUN University of San Andres, Colombia MARCO BUTI European Commission, International ANDRES CONESA Secretariat of Finance, Mexico FABRIZIO CORICELLI University of Siena, Italy ALLAN DRAZEN Tel Aviv University, Israel VALERIO ERCOLANI University of Siena, Italy DANIELE FRANCO Bank of Italy, Italy GABRIELE GIUDICE European Commission, Italy ILAN GOLDFAJN Central Bank of Brazil, Brazil CHRISTIAN Y. GONZALEZ Georgetown University, USA EDUARDO R. GUARDIA State of Sao Paulo

Infrastructure and Poverty in Sub-Saharan Africa analyzes the extent to which, how, and how fast the infrastructure needs of the poor have been met in Sub-Saharan Africa. Estache and Wodon explore the extent to which some key policies have hurt or helped progress in trying to speed the expansions of coverage so clearly needed in the region. They focus on electricity, water, sanitation, and other services at the core of the day-to-day needs of the population, examining the extent to which reforms of the last 15-20 years have managed to reduce the infrastructure gap. They anchor their analysis on the evidence available about the macroeconomic importance of infrastructure for the region, the policies that have been adopted to accelerate coverage, and a detailed assessment of the poverty dimensions of infrastructure.

Public debt has become a severe problem for a great many economies. While the effects of tax policies on the allocation of resources are readily derived, the mechanisms that make public deficits and debt influence the economy are not so easily understood. This book elaborates on the effects of public debt starting from the intertemporal budget constraint of the government. It is shown under which conditions a government can stick to the intertemporal budget constraint and then, demonstrated how public debt affects the growth process and welfare in market economies. The effects are derived for models with complete labor markets as well as taking into account labor market imperfections. The focus in this book is on fiscal policy issues, but it also deals with monetary policy aspects. The theoretical analysis is complemented with empirical time series analyses on debt sustainability and with panel studies dealing with the relationship between public debt and economic growth.

The logic behind European monetary cooperation and integration can only be understood through an examination of French efforts to maximize their monetary power in relation to Germany and America. This book provides a detailed and historically-informed study of the motives and economic and political attitudes that shaped French policy on European developments over a 30-year period, from the collapse of the International Monetary System in the late 1960s and early 1970s through to the start of EMU on January 1, 1999.

The human imprint on the biosphere has become so pronounced in recent years that there has been talk of a new geological era, the 'Anthropocene'. Gathering contributions from some of the world's foremost heterodox economists, this book explores the new economic directions and paradigms that are required to respond to this crisis.

Since the 1997 Asian financial crisis, countries in East Asia have made efforts to promote regional monetary and financial cooperation to complement the evolving international financial architecture. This increased interest in regional monetary and financial cooperation has resulted in several initiatives - the ASEAN Surveillance Process, the ASEAN+3 Finance Ministers Process including its Chiang Mai Initiative of 2000, the Manila Framework Group and the Asia-Europe Finance Ministers Process to name a few. These developments in some ways represent a significant break from the past. Going forward the key challenge is how to set priorites and sequence developments so as to smooth the path to a new regional financial architecture. This two-volume set takes up the issue of developing a road map of policy options, both at the regional and country levels, for carrying forward the ongoing efforts in monetary and financial cooperation in East Asia. Building on a series of core reports and background papers by eminent economists and policymakers around the world commissioned under an ADB technical assistance project, the books explore what is feasible and desirable in regional monetary and financial cooperation and lays out a road map for putting the concept into action over the next several years. Volume 1 contains an overview by Peter Montiel, and three core studies by Olam Chaipravat, Eric Girardin, and Takatoshi Ito and Yung-Chul Park. Volume 2 contains background papers by Robert J. Barro; Elbliog'onore Boiscuvier and Alfred Steinherr; Barry Eichengreen; Jeffrey A. Frankel; Eric Girardin; Jong-Wha Lee; Yung-Chul Park and Kwanho Shin; Ronald McKinnon; Eiji Ogawa, Takatoshi Ito, and YuriNagataki Sasaki; Ramkishen Rajan and Reza Siregar; Yunjong Wang and Wing Thye Woo; and Charles Wyplosz. The volumes and the study on which they were based were conceptualized, supervised, and coordinated by Pradumna B. Rana and Srinivasa Madhur.

In this book, a leading observer of the international financial system assesses official efforts to address the problem of financial crises in emerging markets. Professor Eichengreen describes the progress that has been made in limiting the frequency of crises and strengthening the international financial system. He also shows that initiatives in this area have unintentionally made life more difficult for the poorest countries. He therefore argues that efforts to limit the threat to the international financial system need to be linked to an increase in development assistance. Another place where official efforts have fallen short, the author argues is in creating new ways of resolving crises. He shows that official financing through the International Monetary Fund is part of the problem. The IMF's financial rescues allow investors to escape without losses, in turn encouraging them to lend without due regard to the risks. This only makes the international system more crises prone. That the IMF has repeatedly come under pressure to bail out crisis countries reflects the absence of other acceptable ways of resolving the financial difficulties of emerging markets. Not lending threatens to expose the international financial system to a disorderly and disruptive crisis. At the same time, radical new alternatives like an international bankruptcy court or international lender of last resort would create more problems than they solved-even if there was the political appetite for such ambitious schemes, which there is not. The author concludes that the best way to enhance the efficiency and stability of international financial markets is by pushing for changes to the provisions of loan agreements that will enhance the capacity of creditors and debtors to resolve financial problems on their own.

This volume is a collection of papers presented at the first meeting of the Society for the Study of Economic Inequality (ECINEQ). The Society??'s aims are to ???provide an international forum for all researchers interested in the study of economic inequality and related fields, bringing together the diversity of perspectives.??? The conference was held in Palma de Mallorca, Spain in July 2005. Over eighty parallel sessions were offered, providing novel and interesting work from both mature scholars and as well as new PhD???s.
With so much quality work from which to choose, it was necessary to limit the scope of Research on Economic Inequality, Volume 14. The first five papers all employ Spanish data and cover topics such as child poverty, social preferences toward redistribution, social exclusion, and multidimensional poverty. The next three papers examine inequality in the EU using alternative methodologies. Chapter Nine explores poverty dynamics among the elderly in Italy. Chapter Ten presents and extends the ???state of the art??? in multidimensional inequality measurement. Chapters Eleven and Twelve contribute to the theoretical underpinnings of inequality measurement. Chapters Thirteen through Fifteen contain analytical papers focused on evaluating the effects of public policy on poverty and inequality. The final two chapters use the questionnaire-experimental approach to examine individuals??? distributional preferences.
*Part of the Research on Economic Inequality series.
*Presents papers form the inaugural meeting of the Society for the Study of Economic Inequality (ECINEQ)
*Provides an international forum for all researchers interested in the study of economicinequality and related fields
*Brings together a diversity of perspectives

Topicality of Asian economy has refused to fade for almost four decades; if anything it has been levitating. The Asian economy has changed markedly since the economic and financial crisis of 1997-1998 and is continuing to evolve. As a scholarly subject matter, Asian economy has not stopped attracting academicians, policy mandarins, decision makers in the arena of business and students of Asian economy. The Asian crisis was a cataclysmic event for the region and brought to the surface several systemic limitations, like those in the financial sector, corporate governance, regulatory oversight, legal framework, and exchange rate management. Managers of Asian economy need to get to the bottom of these acutely problematical systemic issues. Additionally, Asian economies need to change with the demands of time and devise their post crisis development strategy. Asia's growth model, that served it so well for four decades, is overdue for renewal so that it can re-strengthen its bonds with the ever-evolving regional and global economic reality. The old growth model is likely to be less relevant and effective in the post-crisis future of the Asian economies. feature of Asian Economy and Finance: A Post-Crisis Perspective is that unlike most Asia-related books, it is written in a comprehensive and authoritative manner and covers large areas of Asian macro-economy and finance. The noteworthy areas of focus include global and intra-regional trade and investment, as well as financial and monetary aspects. In-depth discussions have been provided on regional integration through expanding trade, financial flows, regional production networks, and financial and monetary co-operation. In taking a contemporary or post-crisis view of the Asian economy, this book offers the newest knowledge related to relevant themes on the Asian economies as well as the latest concepts. In a succinct manner, this book deals with the principal normative and positive strands with which one need to be properly familiar in this subject area. This tightly written volume covers a great deal of ground and imparts knowledge on the Asian economy related themes to students, researchers and policy makers alike. The book is neither overly technical nor model-oriented. analysis style, which stops short of mathematical formulations and econometric modeling. Many students and other readers who have good analytical minds and sound knowledge of economic principles feel lost in mathematical formulations. This writing style makes it accessible to a much larger number of readers.

This study examines the relative successes and failures of reform programs in Poland and Czechoslovakia, as well as the causes of these successes and failures. It provides a synthesized and comparative study of efforts to achieve systemic economic transformation. The work begins with the identification of background forces in these two countries--cultural, social, political, and economic--analyzing their impact on micro-responsiveness to reform policies. Then, within the framework of these forces, the author traces the causes of the two economies' reform failures during and since the Communist era. The central purpose of the work is to provide objective lessons for economies attempting systemic transformations or implementing development policies. This work will be of interest to scholars and policymakers in development economics and comparative economic systems and policies.

The global demographic transition presents marked asymmetries as poor, emerging, and advanced countries are undergoing different stages of transition. Emerging countries are demographically younger than advanced economies. This youth is favorable to growth and generates a demographic dividend. However, the future of emerging economies will bring a decline in the working-age share and a rise in the older population, as is the case in today's developed world. Hence, developing countries must get rich before getting old, while advanced economies must try not to become poorer as they age. Asymmetric Demography and the Global Economy contributes to our understanding of why this demographic transition matters to the domestic macroeconomics and global capital movements affect the asset accumulation, growth potential, current account, and the economy's international investment position. This collaborative collection approaches these questions from the perspective of "systemically important" emerging countries i.e., members of the G20 but considers both the national and the global sides of the problem.

In the late 1980s, as the empirical appeal of macro-economic exchange rate models began to fade, a few people including Professor Charles Goodhart at the London School of Economics and researchers at Olsen & Associates in Zurich, started to collect intra-daily exchange rate data. The resulting database provides new insight into the foreign exchange markets and thereby opens up previously unexplored avenues of research. Intra-Daily Exchange Rate Movements presents an extensive study of the Olsen & Associates database and is one of the first monographs in this exciting new area. This book aims to provide a systematic study of the characteristics of intra-daily exchange rate data as well as an empirical investigation into different approaches of modelling the exchange rate movements. First, the author describes empirical insights, which range from the distributional issues of exchange rate data to the impact of macroeconomic fundamentals and institutional characteristics. This leads to a survey of the main stylized facts. Using the O&A database, Guillaume then presents a systematic investigation of the empirical performance of three broad categories of models: macro-economic models using an extension of chaos theory, stochastic models including the GARCH and time-deformation models, and technical analysis. The book shows how these approaches can be used to model intra-daily exchange rate movements and highlights some of the pitfalls inherent in such an exercise. In an area where literature remains controversial, this book hopes to trigger further inquiries into the suitability of these different approaches to modelling.