Foreign Exchange Constraint and Developing Economies addresses the complex nature of foreign exchange constraint for macroeconomic and social development. The book collects expertise and perspectives from a diverse set of contributions. Using a combination of innovative theoretical and empirical approaches, the book suggests several analytical frameworks to help advance academic research and policy work on foreign exchange and sustainable development. Chapters explore how trends in exchange rates, currency dynamics and international capital markets impact development models of primarily small open economies. The problems of global capital flows affected by the COVID-19 pandemic are also reviewed. The book presents analyses of both country-level and regional patterns and discusses broader implications for emerging markets. Exploring urgent questions for academic and policy agendas, this will be an important read for economists and researchers working on the topics of economic development, international economics, open economy, exchange rate management, sovereign debt, central banking, and monetary policy. Applied economists and policymakers will also find this a meaningful resource.

Unlike some other reproductions of classic texts (1) We have not used OCR(Optical Character Recognition), as this leads to bad quality books with introduced typos. (2) In books where there are images such as portraits, maps, sketches etc We have endeavoured to keep the quality of these images, so they represent accurately the original artefact. Although occasionally there may be certain imperfections with these old texts, we feel they deserve to be made available for future generations to enjoy.

Unlike some other reproductions of classic texts (1) We have not used OCR(Optical Character Recognition), as this leads to bad quality books with introduced typos. (2) In books where there are images such as portraits, maps, sketches etc We have endeavoured to keep the quality of these images, so they represent accurately the original artefact. Although occasionally there may be certain imperfections with these old texts, we feel they deserve to be made available for future generations to enjoy.

COVID-19 and other recent crises have proved the need to review the state-of-play and implement robust institutional frameworks in the complex, heterogenous and decentralised European supervisory architecture. This insightful book outlines what can be done to innovate the current set-up in the face of pressing issues such as climate change, BigTech and crypto assets. Revisiting the debate on financial sector oversight in Europe, a range of highly acclaimed international academics and influential policymakers discuss the scope of institutional arrangements. Chapters examine how the architecture of European financial supervision currently works, analysing the trends in banking supervision design and the influence that recent financial and economic crises have exerted. Providing a rare insight into the role that central banks play in the supervisory set-up, their accountability and democratic legitimacy, the book also considers the ways that macro- and micro-prudential and monetary policies interact. Gleaning lessons from the FinTech revolution and the COVID-19 crisis, the book ultimately concludes by seeking a path for optimal architecture for European financial supervision. With invaluable industry insights, this cutting-edge book will prove vital to academics in the field of financial economics and financial regulation, alongside policymakers looking to transform their current supervisory architecture.

Responding to global events, including the international financial crisis (IFC) and the COVID-19 pandemic, central banks and the monetary regimes in many Latin American countries responded with actions to mitigate the worst impacts. The authors in this book focus on the recent trends of monetary policy in Latin America and analyze how the actions that were taken have affected the economic performance of these countries. The book is composed of 11 chapters that analyze, theoretically and empirically, the central banks' actions and the monetary regimes of the following countries: Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Uruguay. As most of these countries implemented inflation-targeting regimes in the 1990s and 2000s, a special focus will be given on these experiences and how central banks dealt with the IFC and COVID-19 crises. Academic researchers and students of economics will find a wealth of knowledge contained in these chapters, as will anyone looking for a better understanding of the economy of this important region.

Students in economics are ever more distressed by the disconnect between mainstream economics and the real world. This book shows how post-Keynesian economics constitutes a coherent heterodox alternative, based on realistic assumptions and the integration of the financial and real sides of the economy, with an emphasis on the many paradoxes that arise in a truly macroeconomic analysis. The book is a considerably revised and updated version of the widely used and frequently cited 2014 edition. It provides a comprehensive account of post-Keynesian theory and policy. Topics covered include its methodological foundations, consumer theory and choice under fundamental uncertainty, firms and pricing, money and credit, effective demand and employment, growth theory, open-economy issues, inflation theory. It also links with ecological economics. Scholars of economics, particularly post-Keynesian and heterodox economists, will find this comprehensive look at the field a necessary addition to their libraries, while students and instructors will find it a perfect text for any class on post-Keynesian economics.

The corporate world is typically structured in silos. Managers urgently need to overcome this "silo" effect by fusing ideas across different functional areas in the firm. In Fusion for Profit, Sharan Jagpal, a well-known and highly respected multidisciplinary researcher and business consultant, explains in simple language using real-world examples how managers can use sophisticated concepts to fuse different functional areas in the firm, especially marketing and finance, to increase the firm's value. The author provides novel solutions to a wide range of complex business problems ranging from choosing pricing and bundling strategies, to positioning and messaging strategies, to measuring brand equity, to measuring advertising productivity in a mixed media plan including Internet advertising, to compensating a multiproduct sales force, to measuring the potential gains and risks from mergers and acquisitions. These concepts are illustrated using case studies from a variety of firms in different industries, including AT&T, Coca-Cola, Continental Airlines, General Electric, Home Depot, Southwest Airlines, and Verizon.

Casting a wide net in this, their second edition, Froyen and Guender provide coverage of the model-based literature on optimal monetary policy in the presence of uncertainty, with both open- and closed-economy frameworks considered. The authors have grounded New Keynesian research of the 1990s and 2000s in the literature of the 1970s, which viewed optimal policy as primarily a question of the optimal use of information, and studies in the 1980s that gave primacy to time inconsistency problems. The Global Financial Crisis of 2007-09 led to the recognition that financial markets and institutions required greater attention in policy modeling. Herein, the authors provide a thorough survey of the post-crisis literature that resulted from this recognition. Researchers in academia and at central banks, students and policy makers will value the wide scope of coverage provided in this examination, leading them to a better understanding of issues such as discretion versus commitment, target versus instrument rules, policy in closed versus open economies and the proper mandate for central banks, including the relationship between interest rate policy and macro-prudential instruments. Praise for the first edition: 'In this book the authors provide a comprehensive review of optimal monetary policy in the context of small, log-linear, macroeconomic models that are subject to stochastic shocks. . . I think the book provides a very good introduction to the literature on optimal monetary policy (in short-run models) for non-specialists and students. Some of the content of the book could be used in upper-year undergraduate courses in either macroeconomics or in a specialised monetary economics course. The models are clearly set-out and discussed and there is frequent use of diagrams. The authors spend a lot of time and effort to provide the economic intuition for the models that are presented.' - Glenn Otto, Economic Record 'Froyen and Guender have provided a thorough and careful analysis of optimal monetary policy over most of the range of theoretical models that have been used in modern macroeconomics. By providing a comprehensive and clear comparative framework they will help the student of monetary policy understand why there have been conflicting views of what policy makers should do.' - Central Banking 'In Optimal Monetary Policy Under Uncertainty, academicians and economists Richard T. Froyen and Alfred V. Guender have collaborated on presenting an informed and informative survey of optimal monetary policy literature arising during the 1970s and 1980s as a ground work for understanding current market and other economic influences on such germane issues as discretion versus commitment, target versus instrument rules, and the delegation of policy making authority within the private and public sectors. With meticulous attention to scholarship and objectivity. . . Optimal Monetary Policy Under Uncertainty is a thoughtful and thought-provoking body of work that is very strongly recommended for professional, academic, corporate and governmental economic reference collections and supplemental reading lists.' - Midwest Book Review

Offering a comprehensive guide to financial shocks and crises, this book explores their increasing occurrence in current market economies, as well as their power to wrench the macroeconomy. It discusses three critical questions: what causes financial shocks; which channels may exacerbate their impact; and what policies could help avoid them or limit their negative effect on the economy and society at large. Drawing together contributions from top scholars in the field, this Modern Guide addresses both the causes and consequences of financial instability after the Global Financial Crisis (GFC) at both micro and macro levels. Chapters conceptualise financial crises, highlight their main channels of transmission, and explore the role of public policies, looking at how to learn from past financial crises to prevent future ones. The book further examines why financial shocks will be a permanent trait in the future, and the potential impacts of market economics continuing to expand financialisation as they have done over recent decades. This Modern Guide will be a timely resource for economics students and scholars, particularly as it compares the impacts of the GFC and Covid-19 and explores why these are so different. It will also be an important read for policy makers seeking advice on how to manage and avoid financial crises.

FinTech has revolutionized the way financial services are delivered and consumed in the modern world and the use of central bank digital currencies is gaining traction. With these new advancements, further study is required to ensure they are utilized appropriately and reach their full potential. Exploring the Dark Side of FinTech and Implications of Monetary Policy examines recent advancements in central bank digital currency and many FinTech applications and discusses FinTech trends, possibilities, and challenges as well as different moral, ethical, and social issues. Covering key topics such as digital economy, monetary policy, and sustainability, this reference work is ideal for managers, industry professionals, business owners, entrepreneurs, policymakers, researchers, scholars, practitioners, instructors, and students.

This title should be seen as the first building block of any Economics course. The content is organised in such a manner as to proceed logically towards an understanding of macroeconomics. Having studied the title, the student will know what the repo rate, the CPIX, and core inflation are. The student will understand how government debt originates, how it is financed, what its impact on financial markets is, and much more. This title serves as a reference on which students can fall back in years to come and it will stimulate an interest in economics.

Tom Palley has made a significant contribution to understanding the meaning and significance of neoliberalism. This chronicle collects some of his best work to explain how global adoption of neoliberal policies over the past thirty years has increased income inequality and created tendencies to stagnation. The book explores the impact of neoliberal policies on the US, Europe, and global economy. It shows how the 2008 financial crisis and Great Recession were predictable outcomes of the neoliberal policy experiment, as is the emergence of global "race to the bottom" competition. It also explains how Europe's economic fragility is connected to the neoliberal design of the euro. Neoliberalism creates a particular variety of capitalism. It is a political choice. That means society is tacitly engaged in a "war of ideas", the outcome of which will determine our future political economic trajectory. Students, scholars, and readers in economics and political science will find this rich collection illuminating in their efforts to better understand the policy matrix that currently dominates the political landscape.

Part of the Elgar Series on Central Banking and Monetary Policy, this book explores the relationship between central banking, monetary policy and the economy at large. It focuses on the specific relationship between central banking, monetary policy and the environment as central banks wake up to new realities. The book examines not only the impact of changes in interest rates on the environment, but also the impact that the environment and climate change have on monetary policy. New green policies are proposed for central banks to implement as they move forward and navigate the pitfalls of climate change. Scholars and students interested in central banking, monetary policy and the environment will appreciate this take on Central Banking, Monetary Policy and the Environment.

For courses in the principles of macroeconomics. An evidence-basedapproach to economics Throughout Macroeconomics,3rd Edition, authors Daron Acemoglu, David Laibson, and John List usereal economic questions and data to help students learn about the world aroundthem. Taking a fresh approach, they use the themes of optimization,equilibrium, and empiricism to not only illustrate the power of simple economicideas, but also to explain and predict what's happening in today's society.Each chapter begins with an empirical question that is relevant to the life ofa student and is later answered using data in the Evidence-Based Economicsfeature. As a result of the text's practical emphasis, students learn to applyeconomic principles to guide the decisions they make in their own daily lives

'Monetary policy is not just a matter of optimal stabilization policy; it is also fundamentally a matter of politics. But while this observation is commonplace, it is not adequately incorporated into economists' reasoning and analysis. Gerald Epstein's work represents perhaps the most prominent exception to this last rule. Reading him provides a salutary reminder that we need to pay closer attention to this political aspect when thinking about central banks and what they do.' - Barry Eichengreen, University of California, Berkeley, US Central banks are among the most powerful government economic institutions in the world. This volume explores the economic and political contours of the struggle for influence over the policies of central banks such as the Federal Reserve, and the implications of this struggle for economic performance and the distribution of wealth and power in society. Written over several decades by Gerald Epstein and co-authors, these works explore why central banks do what they do, and how they could better operate. Epstein shows that central banks are a contested terrain over which major economic and political groups fight for control; and demonstrates that though in the US and most other countries, private bankers have the upper-hand in this political struggle, they don t always win. Graduate students, faculty and advanced undergraduates in economics, political science and sociology who are interested in central banking and finance as well as specialists who focus on central banking will find greater understanding of central banks through The Political Economy of Central Banking.

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.

2019 marked the 40th anniversary of the publication of Anthony P. Thirlwall's classic paper that laid out what became known as Thirlwall''s law. This article introduced and provided empirical evidence in favor of the proposition that the long-run rate of growth of an economy compatible with balance-of-payments equilibrium can be approximated by the simple rule of the ratio of the growth of exports to the income elasticity of demand for imports. Thirlwall's law provides a theoretical underpinning for several of the arguments traditionally espoused by the heterodox followers of Keynes. In addition, Thirlwall's law can also be viewed as a guide to policy-making. It has spurred a rich research agenda at both the theoretical and empirical levels. Theoretically the core model has been extended to include the different components of the current account of the balance of payments. Empirically, it has withstood the test of time and has been corroborated, with perhaps a few exceptions, for a variety of developed and developing countries under different historical contexts and different periods of time. This re-release of the special issue of the Review of Keynesian Economics brings together experts and researchers to present the latest developments and debates on Thirlwall's law. Students, economists and policy makers will find this volume enlightening.