This book examines new classical macroeconomics from a comparative and critical point of view that confronts the original texts and later comments as a first dimension of comparison. The second dimension appears in a historical context, since none of the new classical doctrines can be analyzed ignoring the parallelism and discrepancies with the theory of Keynes, Friedman or Phelps. Radicalism of new classical macroeconomics has brought fundamental changes in economic thought, but the doctrines got vulgarized and distorted thanks to the mass of followers. Nowadays, economic theory and policy, trying to find their ways, have a less clear relationship than ever. Therefore, this volume is aimed at mapping and reconsidering the policy instruments and transmission mechanisms offered by the new classicals. Its central question points to the real nature of new classical macroeconomics: what consequences are grounded by the assumptions new classicals used. Moreover, issues raised by automatic fiscal stabilizers and fiscal reforms are analyzed as well, even if they were out of the range of classical texts. The book draws a picture of new classical macroeconomics stressing the analogies with Keynesian countercyclical policies, instead of the discrepancies commonly held.

Monetary problems are important and widely debated, but the complexity of the international monetary system and the disparate systems that make it up gives rise to many fallacies about the inner workings of these systems. When shared by those who decide economic and monetary policies, these fallacies can have damaging consequences. This book provides a rigorous and approachable analysis of these systems and consequences, providing the keys to untangling and understanding their mechanisms and influence. A clear understanding of the working of monetary systems becomes an indispensable decision-making tool when it comes to pressing questions about reform and issues of global debate such as whether a country should join (or leave) the Eurozone or attempts to cure the so-called 'balance of payments problems'. Starting from basic concepts, Pascal Salin progressively builds upon his analysis of monetary systems in a coherent and easily readable way, drawing on the most reliable theoretical contributions from research and giving examples of lessons that can be drawn from this rigorous examination of topics including devaluations, fixed and flexible exchange rates, monetary integration, monetary crises, monetary policy, and more. His clear, orderly style pares down accumulated details and theories to leave a concise and usable toolkit for analysis and action. This book makes it possible for anyone, starting from scratch, to come to a comprehensive understanding of the working of monetary systems. Students and scholars in economics as well as policy makers and practitioners will find this lucid volume an important resource and reference, as it provides intellectual instruments to evaluate the working of any monetary system.

This wide-ranging set of papers deals with crucial questions in economic theory, economic policy and economic history. The papers help explain why economic performance deteriorated dramatically in the West over the past three decades as the ''Golden Age'' of capitalism after World War II was replaced by global neoliberal capitalism. They show that theoretical frameworks rooted in the radical and heterodox traditions can explain this evolution and the current global economic and financial crisis, something mainstream theories cannot do. Topics include but are not limited to: methodology: a critique of ''positivism'' is used to explain why mainstream reliance on fairy-tale assumptions should be replaced by realistic assumption sets as argued by Marx and Keynes Marx, Keynes and Minsky on financial market instability versus mainstream theories of ''efficient'' financial markets how Keynes's assumption that the future is unknowable revolutionized not only macro theory but the micro theory of agent choice as well structural causes of the current global financial crisis how innovative theories of competition, globalization, capital investment and financialization inspired by Marx, Keynes and Schumpeter can be used to explain the crisis tendencies of neoliberal capitalism the influence of class conflict on economic policy, including in the current ''austerity'' regimes. The papers in this book should be of interest to most economists and can be used in both graduate and upper level undergraduate courses. Many of these papers are accessible to anyone who reads the business press.

Presenting new and innovative perspectives on macroeconomics at the national and international levels, the editors bring together contributions on a wide range of topics including: current issues of globalization; transitional economies; inequality; unemployment; national and international debt; and the relationship of macroeconomic policies to the environment. The contributors draw on expertise in a variety of areas to provide insight into debates on macroeconomic policy in the US and Europe, as well as in developing and transitional economies. Themes explored include: * disequilibrium in the macroeconomy: analysis of the roots of instability and crisis in national and global systems * the evolution of macroeconomic institutions to stabilize and guide economic growth * the paradoxes of globalization, the dangers of unrestricted financial flows, and the impacts of globalization on national institutional coherence * macro and institutional strategies for the transitional economies of Russia and Eastern Europe * distributional and equity issues, including employment, housing, and homelessness * the impact of macroeconomic policy and debt on the environment * long-term growth and its relationship to well-being and environmental sustainability. This collection is a valuable resource for researchers and students of macroeconomics, presenting numerous case studies and examples which bring to life some of the theoretical debates that will determine the future of macroeconomics. Policy professionals in a variety of fields including politics, political economy, and international relations will also find much of interest in this enlightening volume.

Outbursts of regional conflict within national boundaries have characterized recent years. Sub-national states--including parts of the Soviet Union, India, Canada, and Yugoslavia--dissatisfied with their central governments, seek forms of independence to pursue autonomous development paths. These region/state conflicts have occurred in nations at all levels of development (Canada and Indonesia, France and Papua New Guinea), under diverse economic systems (the USSR and Canada, Yugoslavia and Spain), and across political systems (federations such as India and unitary states such as Italy). Bookman's study develops methods whereby both state and region can evaluate the region's potential to sustain economic growth autonomously--filling the gap in current perceptions of inter-regional relations. Bookman introduces the concept of discontinuous development to facilitate the analysis of sub-national regions that have varying levels of development. The volume's emphasis on high-income regions within both agricultural and industrial nations and on the economic basis of conflict makes it a unique contribution that assesses the viability of regions as autonomous entities. The major part of the volume studies empirical evidence from India and Yugoslavia, especially timely in light of present ethnic and religious conflicts in both countries.

The volume is divided into three sections: Foundations; Discontinuous Development and Inter-regional Conflict; and Empirical Evidence from India and Yugoslavia. The first section presents a theoretical framework for issues internal to regions, as well as regions relative to the nation. It also outlines four ways of studying inter-regional conflict which are explored in the empirical chapters. Part 2 analyzes eight high-income regions characterized by discontinuous development and relates their experiences to the four hypotheses presented earlier. The last section contains empirical chapters testing the model in the context of India and Yugoslavia. The final chapter contains a full discussion of the hypotheses pertaining to secession, and offers some suggestions concerning the possibilities of secession as the outcome of inter-regional conflict. The explosive consequences of recent trends make it imperative that scholars in development economics, political economy, political science, and macroeconomics as well as policy makers comprehend the inter-regional economic and political relationships behind these conflicts.

Gordon maintains that the United States must implement policy measures to reduce the large amounts of capital it is borrowing from the rest of the world--a problem she attributes, mainly, to low private savings rates and high federal budget deficits. She explains how the United States became a debtor nation, describes the changes in global capital markets that occurred in the 1980s, and analyzes the extent of global capital requirements, the drop in the U.S. savings rate, and the policy measures that could be taken to raise it. Unlike most discussions that focus on faulty international trade practices as a cause of U.S. deficits, Gordon places a large share of the responsibility on U.S. macroeconomic policies. Concise, readable, lucid, Gordon's book will be useful to professionals in banking and finance, and to academics and upper-level students of international business, finance, and economics.

A comprehensive introductory resource with entries covering the development of money and the functions and dysfunctions of the monetary and financial system. The original edition of The Encyclopedia of Money won widespread acclaim for explaining the function-and dysfunction-of the financial system in a language any reader could understand. Now a decade later, with a more globally integrated, market-oriented world, and with consumers trying to make sense of subprime mortgages, credit default swaps, and bank stress tests, the Encyclopedia returns in an expanded new edition. From the development of metal and paper currency to the ongoing global economic crisis, the rigorously updated The Encyclopedia of Money, Second Edition is the most authoritative, comprehensive resource on the fundamentals of money and finance available. Its 350 alphabetically organized entries-85 completely new to this edition-help readers make sense of a wide range of events, policies, and regulations by explaining their historical, political, and theoretical contexts. The new edition focuses most intently on the last two decades, highlighting the connections between the onrush of globalization, the surging stock market, and various monetary and fiscal crises of the 1990s, as well as developments, scandals, and pocketbook issues making headlines today. 350 fully updated A-Z entries on the deveopment, functions, and dysfunctions of money, banking, and credit systems, including 85 new to this edition Dozens of photographs and illustrations of coinage and paper money from different times and places A glossary of key terms such as gross domestic product, capitalism, float, credit default swaps, and solvency An index offering access to entries by several criteria, including individuals involved and countries affected

Optimal growth theory studies the problem of efficient resource allocation over time, a fundamental concern of economic research. Since the 1970s, the techniques of nonlinear dynamical systems have become a vital tool in optimal growth theory, illuminating dynamics and demonstrating the possibility of endogenous economic fluctuations. Kazuo Nishimura's seminal contributions on business cycles, chaotic equilibria and indeterminacy have been central to this development, transforming our understanding of economic growth, cycles, and the relationship between them. The subjects of Kazuo's analysis remain of fundamental importance to modern economic theory. This book collects his major contributions in a single volume. Kazuo Nishimura has been recognized for his contributions to economic theory on many occasions, being elected fellow of the Econometric Society and serving as an editor of several major journals. Chapter "Introduction" is available open access under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License via link.springer.com.

This book is designed to help the reader understand the environment and practices of multinational banks. Topics have been selected for their continuing relevance, despite changing events and issues. This comprehensive, up-to-date presentation provides both theory and practical information relating to international banking centers, regulation in international banking, foreign exchange management, financial engineering, country risk assessment, multinational banking services, syndicated loans, and international institutions in multinational banking.

This book presents the growth and development of international banking and the role of large multinational banks in financial markets. It also presents the numerous types of foreign banking presence a bank can choose when it decides to go international. A description of the important banking centers is also covered. Issues pertaining to the regulation of international banking are elucidated in detail along with the impact of numerous U.S. laws on the operation of U.S. multinational banks. Specific operational issues such as foreign exchange management, the use of standard derivatives such as swaps and options, along with numerous financial engineering and risk management techniques are presented.

Among other things the book covers country risk assessment, other multinational banking services, project financing, syndicated loans, and is part of the activities of many multinational banks. Furthermore, international institutions such as the Export-Import Bank, The World Bank, The International Monetary Fund, and the Bank for International Settlements, are described and their role in international finance and banking is explained. Finally, the book looks at likely future issues that will affect and influence the field of international banking. In particular, the advent of new competition, legislation, and financial instruments are analyzed.

This book extends Thirlwall's original model and adapts its implications to the current problems of the developed and emerging economies. In this context, this book combines theoretical models and empirical applications to unveil new results consistent with the balance of payments constrained growth. The book provides an alternative to orthodox growth theory which neglects the importance of the balance of payments as a constraint to growth.

This book gives a full account of the economic and social history of Italy since unification (1860), with an introduction covering the previous period since the Middle Ages. The Economic History of Italy represents a scholarly and authoritative account of Italy's progress from a rural economy to an industrialized nation. The book makes a broad division of the period into three parts: the take-off (1860-1913), the consolidation in the midst of two wars and a world depression (1914-47), and the great expansion (1948-1990). Professor Zamagni traces the growth of industrialization, and argues that despite several advanced areas Italy only became an industrialized nation after the Second World War, and that during the 1980s the South was still clearly behind the rest of the country. Zamagni analyses data both from a macroeconomic position, in looking at the growth of the finance sector, or the role of the State, and from a microeconomic position when she draws conclusions from the changing population structure, or from the actions of individual businesses. Professor Zamagni reveals that even though the population more than doubled during this time the level of national income rose 19-fold, to move Italy from a peripheral status in Europe to a central position as a prosperous country. A central theme of the book is Professor Zamagni's argument that the Italian economy has been successful not by any great individuality of its own but by being flexible enough to incorporate the successes of other countries: Japan's integrated business network, for example, or Germany's financial structure. She places the industrialization of Italy in the international context by comparing Italy's GDP and other measures of prosperity at different times to the USA, Japan, the UK, France, and Germany. The book is based on original field-work by the author, and the many detailed but small-scale studies existing in Italian. Quantitative trends are described in more than 70 tables of data, while the book provides appendices containing chronologies of main events in various sectors and biographies.

This book offers important new insights into recent advances and perspectives in the field of political economy of development in Southeastern European countries. In addition, it provides theoretical and empirical contributions to political economy of development in an international context. Written by authors from Greece, Serbia and Turkey, the book covers a broad spectrum of topics - from macroeconomics and economic policy to international political economy and globalization. Presenting new and original ideas, this is a valuable resource for anyone wishing to gain a deeper understanding of political economy of development in Southeastern Europe: academicians, policymakers and business practitioners.

Following the Rio Agreement in 1967, the birth of the Special Drawing Right (SDR) was widely heralded as the first step towards a world international money. The SDR's intended purpose, though, was more modest: to help salvage the prevailing international monetary system which had evolved since Bretton Woods. This volume examines the relatively recent and important history of SDRs - what they are, where they came from, and why they are significant. It considers the changing roles and influences of the US and the IMF as post-Bretton Woods monetary arrangements established themselves. Despite their retreat from early acclaim, work continued, particularly at the Fund, on enhancing the potential of SDRs to contribute to international monetary stability and SDRs have recently re-emerged as a potential source of support and stability for the international monetary system underpinning the world economy. The SDR, and the debate surrounding it, is an excellent prism through which to examine other important themes in contemporary international political economy, including international liquidity provision and international monetary reform. Ultimately, the policies of the US, the Fund, and the changing nature of the relationship between them emerge as fundamental themes for an understanding of prospects for SDRs under post-Bretton Woods international monetary arrangements. Today, the promise and disappointment that has characterized the short history of SDRs is more important than ever as the world again examines these arrangements in the wake of the international financial crisis.

A groundbreaking collection on currency derivatives, including pricing theory and hedging applications.

"David DeRosa has assembled an outstanding collection of works on foreign exchange derivatives. It surely will become required reading for both students and option traders."—Mark B. Garman President, Financial Engineering Associates, Inc. Emeritus Professor, University of California, Berkeley.

"A comprehensive selection of the major references in currency option pricing."—Nassim Taleb. Senior trading advisor, Paribas Author, Dynamic Hedging: Managing Vanilla and Exotic Options.

"A useful compilation of articles on currency derivatives, going from the essential to the esoteric."—Philippe Jorion Professor of Finance, University of California, Irvine Author, Value at Risk: The New Benchmark for Controlling Market Risk.

Every investment practitioner knows of the enormous impact that the Black-Scholes option pricing model has had on investment and derivatives markets. The success of the theory in understanding options on equity, equity index, and fixed- income markets is common knowledge. Yet, comparatively few professionals are aware that the theory's greatest successes may have been in the derivatives market for foreign exchange. Perhaps this is not surprising because the foreign exchange market is a professional trading arena that is closed virtually to all but institutional participants. Nevertheless, the world's currency markets have proven to be an almost ideal testing and development ground for new derivative instruments.

This book contains many of the most important scientific papers that collectively constitute the core of modern currency derivatives theory. What is remarkable is that each and every one of these papers has found its place in the real world of currency derivatives trading. As such, the contributing authors to this volume can properly claim to have been codevelopers of this new derivatives market, having worked in de facto partnership with the professional traders in the dealing rooms of London, New York, Tokyo, and Singapore.

The articles in this book span the entire currency derivatives field: forward and futures contracts, vanilla currency puts and calls, models for American exercise currency options, options on currencies with bounded exchange rate regimes, currency futures options, the term and strike structure of implied volatility, jump and stochastic volatility option pricing models, barrier options, Asian options, and various sorts of quanto options.

These essays, which focus on the critical issues that now confront the country in its continuing search for reform, stability, and unity, were written prior to recognition of the independence of Slovenia, Croatia, and Bosnia-Herzegovina by countries of the European Community, the United States, and others. The newly independent countries of the former Yugoslav federation will continue to occupy the same geographic and economic space. Their future economic and sociopolitical relations will provide many other opportunities for association. These essays provide valuable insight into the policies that may evolve from these relations and are of more than just historical interest.

This volume will be valuable to economists, political scientists, and others in the social sciences interested in the dramatic events unfolding in Eastern Europe. It will also provide lessons for those in other countries seeking similar reforms.

This is the fourth edition of Professor Lindauer's early ground-breaking "Macroeconomics" series. It holds reader interest because it constantly relates the concepts of modern macroeconomics to today's "Great Recession" and the policies and conditions that brought it about and are needed to end it. In so doing it explains why not all Keynesian and neo-classical theory and monetary and fiscal policies are applicable to the unique structure and institutions of the United States and how the current recession can be quickly ended - via a new approach to monetary policy, long ago explained by Lindauer and adopted by other countries.

Professor Lindauer's previous works include books such as "Land Taxation and Indian Economic Development" (with Sarjit Singh); various editions of his "Macroeconomics" series; and his early ground-breaking journal articles such as ""Stabilization Inflation and the Inflation-Unemployment Trade-off."" An abridged non-technical explanation of the theories and policies described herein is available on Kindle as "Inflations, Unemployment, and Government Deficits: End Them." It is suitable for journalists, laymen, and lawyers attempting to serve as Federal Reserve governors.

It was while at Claremont as professor of economics and department chairman that he developed the concepts of macro-pragmatic economics and integrated them into the then-existing theories of inflation and unemployment. Importantly in these days of massive unemployment, the unique and quickly effective monetary policies he suggested years ago to end recessions without causing inflation or exacerbating government deficits are immediately available to the Federal Reserve.

Lindauer's books have been translated into Japanese, Spanish, Korean, Hindi, Urdu, Chinese, and Portuguese and his policy suggestions implemented by central banks around the world. He has served as a visiting professor of economics at Sussex University and the University of California; and as a Distinguished Senior Fulbright Professor at the University of Punjab. He lives and writes in Chicago and Scottsdale. His teaching efforts in retirement are limited to lectures, short courses, and single-term visiting professorships.

This proceedings volume presents new methods and applications in applied economic research with an emphasis on advances in panel data analysis. Featuring papers presented at the 2017 International Conference on Applied Economics (ICOAE) held at Coventry University, this volume provides current research on econometric panel data methodologies as they are applied in microeconomics, macroeconomics, financial economics and agricultural economics. International Conference on Applied Economics (ICOAE) is an annual conference that started in 2008 designed to bring together economists from different fields of applied economic research in order to share methods and ideas. Applied economics is a rapidly growing field of economics that combines economic theory with econometrics to analyse economic problems of the real world usually with economic policy interest. In addition, there is growing interest in the field for panel data estimation methods, tests and techniques. This volume makes a contribution in the field of applied economic research in this area. Featuring country specific studies, this book will be of interest to academics, students, researchers, practitioners, and policy makers in applied economics and economic policy.

The disintegration of Yugoslavia, accompanied by the emergence of new borders, is paradigmatically highlighting the relevance of borders in processes of societal change, crisis and conflict. This is even more the case, if we consider the violent practices that evolved out of populist discourse of ethnically homogenous bounded space in this process that happened in the wars in Yugoslavia in the 1990ies. Exploring the boundaries of Yugoslavia is not just relevant in the context of Balkan area studies, but the sketched phenomena acquire much wider importance, and can be helpful in order to better understand the dynamics of b/ordering societal space, that are so characteristic for our present situation.

As a fiscal document recording the spending, taxing, and borrowing policies for the coming year, the U.S. budget continues to be a model for other nations. This book focuses on the various phases of budget making, its historical background in fiscal and monetary terms, and special budgetary issues, including the budget balance, credit activities of Government-Sponsored Enterprises, the future health of Social Security, and the budget's relationship to the financial and "public goods" aspects of the international environment. Covering major changes in the structure and process of budgeting since 1989, when the book was first published, this volume covers new ground in many aspects of fiscal and financial policy, domestically and internationally. Each section of the book is devoted to a different aspect of U.S. budgeting, ranging from the foundations of the present policies, to the annual budget cycle, to the actual methods of accomplishment, and the containment of those policies in the global framework. One section focuses on high visibility issues-Social Security, surpluses, federal debt, and entitlement programs. The book provides a valuable overview for those wishing to understand the budget process and its foundations while aspiring to help improve that process.

This study brings an original slant to the complex and much-debated question of the proper role of government in the economic sphere. Representing a broad range of disciplinary and ideological approaches, the authors identify and explore the most fundamental propositions concerning the economic role of government, as well as the generalizations, major themes, and conclusions that can be drawn from them. The essays focus on the deep levels of political and economic organization and on the values and underlying assumptions that are the bases of the institution of government. Written by a distinguished group of specialists, the work approaches the issue multidimensionally--from the standpoint of social science, history, law, and philosophy. Not mere ideological exercises, the essays focus on the deep levels of political and economic organization and on the values and underlying assumptions that are the bases of the institution of government. Connections between the government's economic role and ideology, free enterprise, power politics, and group interests are considered together with the constitutional implications of governmental economic powers. Other issues addressed include the changing economic role of government, contradictions and ambiguities in the government's economic functions, rules governing economic activity, and the role of economists in government. Providing a diversity of viewpoints and a wealth of fresh insights, this book can be used in graduate and undergraduate courses in economics, political science, philosophy, and law, and will appeal to the informed general worker.

Through a close examination of India's policies, economic system, social systems and politics, this study explores the numerous perspectives and debates on India's urbanization. The authors link contemporary urban issues with emerging challenges associated with policies and city management.

This book discusses capital markets and investment decision-making, focusing on the globalisation of the world economy. It presents empirically tested results from Indian and Southwest Asian stock markets and offers valuable insights into the working of Indian capital markets. The book is divided into four parts: the first part examines capital-market operations, particularly clearance and settlement processes, and stock market operations. The second part then addresses the functioning of global markets and investment decisions; more specifically it explores calendar anomalies, dependencies, overreaction effect, causality effect and stock returns volatility in South Asia, U.S. and global stock markets as a whole. Part three covers issues relating to capital structure, values of firm and investment strategies. Lastly, part four discusses emerging issues in finance like behavioral finance, Islamic finance, and international financial reporting standards. The book fills the gap in the existing finance literature and helps fund managers and individual investors make more accurate investment decisions.

This book tries to integrate the different arrangements devised in the MTS for small and large NMEs into one analytical framework and explores two sets of rules (GATT/WTO-minus and GATT/WTO-plus) along three historical stages (shaping, weakening and strengthening). The focal point of this book is to uncover the composition and structure of the NME treatment in the MTS, its evolving logic and process, and the nature and trend of the political-economic relations between NMEs and the MTS.