The preparation for European Monetary Union and the significant drop in inflation characterize the 1990s for European monetary policymakers. In the near future, the European Central Bank will be given the responsibility to fight inflation in the Euro area. This timely book analyses technical, empirical and international monetary policy considerations relevant to the European Central Bank in choosing an appropriate monetary strategy for achieving price stability. The dynamics of inflation and the choice of a monetary strategy are the binding ingredients of this book. To identify the most effective policy for the European Central Bank, the author uses the experiences of a number of industrialized countries, namely, Germany, the Netherlands, Belgium and France, the United States, Canada and New Zealand. It is concluded that monetary targeting would be most effective in fighting inflation. The author also examines in detail the success of economic convergence in Europe and the qualification for participation in the Economic and Monetary Union. He concludes that there has been a remarkable convergence in inflation profiles over the last few decades but hardly any real convergence in the other major economic fields. This volume takes a fresh and original approach in investigating whether monetary or direct inflation targeting is appropriate for the European Central Bank. It will be of great relevance to monetary policy makers both in Europe and the rest of the world. It will also be of interest to academics and students of monetary economics and econometrics.

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.

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.

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 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.

This book reviews the key policy debates during the post-crash era, describing the issues that policymakers grappled with, the decisions that they took and the details of the policy instruments that were created. It focuses specifically on the policy regimes at the epicentre of the crisis: micro- and macro-prudential policy with chapters exploring the revolution in the conduct of macroeconomic policy in the period since the financial crisis. The author shows that throughout this period policymakers have had to balance two conflicting objectives - to repair balance sheets in the banking and public sectors whilst simultaneously trying to catalyse an economic recovery - and that has required them to innovate new tools and even new policy regimes in response. This book goes behind the jargon and explains what exactly policymakers at the Bank of England, the Treasury and beyond did and why, from QE to austerity to Basel III.

This book presents selected papers from the 26th and 27th Eurasia Business and Economics Society (EBES) Conferences, held in Prague, Czech Republic, and Bali, Indonesia. While the theoretical and empirical papers gathered here cover diverse areas of economics and finance in various geographic regions, the main focus is on the latest research concerning banking and finance, as well as empirical studies on emerging economies and public economics. The book also includes studies on political economy and regional studies.

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.

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.

In recent years, there has been an increase in new forms of employment. Namely, thanks to the use of platforms in business and the emergence of the ""gig economy"", there are gradual changes in this domain. These include part-time, temporary, informal, and unpaid family work. This type of employment can be defined as any job, but only of short or uncertain duration. The experiences gained by the countries of the European Union, as well as the countries of the Western Balkans from the COVID-19 crisis, during which they used new technologies in work, should in the future make working systems even more adapted to the digital age. At last, whether working from home is the product of one's own choice or is the result of a pandemic or other environmental shock, the change in the way work is done is real and governments must understand the implications and take steps to position their economies accordingly.

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.

The Roman monetary system was highly complex. It involved official Roman coins in both silver and bronze, which some provinces produced while others imported them from mints in Rome and elsewhere, as well as, in the East, a range of civic coinages. This is a comprehensive study of the workings of the system in the Eastern provinces from the Augustan period to the third century AD, when the Roman Empire suffered a monetary and economic crisis. The Eastern provinces exemplify the full complexity of the system, but comparisons are made with evidence from the Western provinces as well as with appropriate case studies from other historical times and places. The book will be essential for all Roman historians and numismatists and of interest to a broader range of historians of economics and finance.

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.

In the era of globalization and liberalization, the world is enjoying high growth as well as suffering from the ill-effects of unequal distribution of its economic outcomes. The activities of anti-government demonstrations in China and across the world via the Occupy Wall Street Movement highlight that inequality has become an international phenomenon. It is apparent in both poor countries under authoritarianism and rich countries governed by a democratic regime. Thus, inequality has become not only a hurdle to development but also a threat to social and political stability. The spread of the Jasmine Revolution across parts of North Africa and the Arab Spring are illustrative of what can happen under certain circumstances.This book confirms the inconsistencies between high growth and increasing inequality via a series of case studies across 11 countries, numerous regions, and OECD members. Many of the case studies draw upon original household surveys. Our findings indicate the seriousness of income inequality, explore factors that have caused the inequality and analyze their economic and social consequences.The book raises, and deals with, three key questions: (1) Can high growth reduce inequality gradually? (2) Can government intervention be effective in equalizing income distribution? (3) Is the income disparity an engine for, or an obstacle of, high growth?

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.

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 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.

This book answers the question of how exactly property price indexes should be constructed. The formation and collapse of property bubbles has had a profound impact on the economic administration of many nations. The property price bubble that began around the mid-1980s in Japan has been called the 20th century's biggest bubble. In its aftermath, the country faced a period of long-term economic stagnation dubbed the "lost decade." Sweden and the United States have also faced collapses of property bubbles in the 20th and early 21st centuries, respectively. It has been pointed out that the "information gap" that existed between policy-making authorities and the property (including housing) and financial markets was a problem. In 2009, the IMF proposed the creation of a housing price index to the G20 in order to fill this information gap, and the proposal was adopted. Furthermore, in 2011, it was suggested that the next economic crisis would be caused by a bubble in commercial property prices, and it was decided to create a commercial property index as well. This book provides practical examples of how the theory of property price indexes can be applied to the issues of property as a non-homogenous good and a technological and environmental change.

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 book presents an alternative approach to monetary theory that differs from the General Theory of Keynes, the Monetarism of Friedman, and the New Classicism of Lucas. Particular attention is given to the work of Hawtrey and his analysis of financial crises and his explanation of the Great Depression. The unduly neglected monetary theory of Hawtrey is examined in the context of his contemporaries Keynes and Hayek and the subsequent contributions of Friedman and of the Monetary Approach to the Balance of Payments. Studies in the History of Monetary Theory aims to highlight the misunderstandings of the quantity theory and the price-specie-flow mechanism and to explain their unfortunate consequences for the subsequent development of monetary theory. The book is relevant to researchers, students, and policymakers interested in the history of economic thought, monetary theory, and monetary policy.

This book demonstrates the continuing relevance of economics for understanding the world, through a restatement of the importance of plurality and heterodox ideas for teaching and research. The Great Financial Crash of 2007-8 gave rise to a widespread critique of economics for its inability to explain the most significant economic event since the 1930s. The current straightjacket of neo-classical undergraduate economic teaching and research hinders students' understanding of the world they live in. The chapters in this book provide examples to demonstrate the importance of pluralistic and heterodox ideas from across the breadth of economics. The authors' plurality of approach is indicative of the fact that economics is a much broader discipline than the dominant neo-classical orthodoxy would suggest. This volume provides undergraduate students with a range of alternative ideas and university lecturers with examples whereby the curricula have been broadened to include pluralist and heterodox ideas.