A collection of papers from leading thinkers to celebrate the work of the late Wynne Godley, and his enormous contribution to the field of monetary economics. Chapters include in-depth discussions of the revolutionary economic modelling systems that Godley introduced, as well as his prescient concerns about the global financial crash.

Since I first published Management of Foreign Exchange Risk (Lexington Books, 1978), financial innovation-spurred, in part, by exploding volatility in currency prices-has revolutionized the theory and praxis of foreign exchange risk management. Old-fashioned forward contracts have surrendered market share to currency swaps and options as well as to their perpetually multiplying derivatives. Interestingly, forex derivatives now provide a low cost and highly efficient method of transferring risk from the firms that are exposed to risk but which would rather not be (i. e. , risk-hedgers) to those which are not exposed but which-in exchange for a fee-would assume some exposure to risk (i. e. , risk bearers). Perhaps more importantly, foreign exchange risk management, which was once a fairly mechanical task confmed to the international treasury function, is now permeating global strategic management. Indeed, since the demise of the Bretton Woods system of pegged exchange rates, the cost of forex hedging instruments has fallen so dramatically that firms can readily avail themselves of hedging products which can reduce unwanted risk, thereby potentially gaining a competitive advantage over rivals that do not. Management and Control of Foreign Exchange Risk has grown out of a fundamental revision of my earlier work published almost 20 years ago. In the process, my thinking about risk and its mathematics has greatly benefitted from my association with John Cozzolino and Charles Tapiero.

This book challenges the notion that commodities are always good hedges against inflation, which is the conventional belief today in financial markets. Specifically, it focuses on gold as a traditional hedge and the ways in which crypto assets are argued to be positioned as an alternative hedge against inflationary risk. The book engages with emerging debates around the performance of gold since the 2008 financial crisis, analyzing its characteristics, relationship with inflation, and the role of mining companies, and discusses ways that cryptocurrencies have replaced precious metals as an attractive asset class during an inflationary scenario. In considering the case of crypto as being or not a good inflation hedge, the book devotes particular attention to the theoretical financial and macroeconomic implications of a monetary system based on Bitcoin, dealing with the concept of money and the determination of Bitcoin's supply and purchasing power. Additionally, it outlines the consequences that such a system would entail for the banking industry, and financial conditions involving interest rates, exchange rates, and the inflation-deflation dynamic. The book also analyses the relative impact of past and future events on the different commodity families. This work will be of interest to students and researchers in financial economics, macroeconomics, and monetary economics, as well as analysts and traders in financial and commodity markets.

If America's tangible cash could be transformed into federal electronic currency (FEDEC), the social and economic benefits would be profound. Warwick argues eloquently why government should mandate cashlessness, then demonstrates not only why it can be done, but how to go about doing it. He shows that because the private sector will not and can not replace cash, government must do it; indeed, government FEDEC is superior to a system of private currencies. Cash handling costs the nation between one and two percent of the GDP, and cash is the lubricant for most of America's crime. By eliminating cash the saving from crime reduction alone would amount to hundreds of billions of dollars yearly. But naturally there would be issues of special concern if a FEDEC system were to become a hot public debate. Privacy, security, practicality, convenience are just some. Warwick tackles them here and, as no other books attempts to do, offers a practical plan for creating cashlessness. Well reasoned, meticulously documented, "Ending Cash" is a major contribution to what could soon become an important social debate--a debate that should, in the author's judgment, be started now.

"Ending Cash" argues that America's tangible cash should be transformed into a new federal electronic currency (FEDEC). Although Warwick admits that private bank card systems and/or the Internet may some day supplant cash, he explains why this will not happen soon, certainly not in our lifetime. Warwick emphasizes that the unrealized benefits of cashlessness far exceed the mere convenience that citizens generally look for and enjoy in bank card usage. While stressing the relative inefficiency of cash, said to run $60 billion a year just in handling costs, he illustrates the profound role cash plays in most crimes, including tax evasion, all of which could be prevented with a resultant public savings in the hundreds of billions of dollars each year if a federal system were created.

Against the background of consumer-oriented EFT systems, including credit-, debit-, and smart-card systems, Warwick explains the disinterest of industry in achieving cashlessness, as well as its organizational incapacity to carry it out. He thus argues the need for government involvement. Among the many facets he covers are privacy, security, technical requirements, and operational costs. He also explains the issue of employing private currencies as a replacement for cash, and how federal e-currency might impact the banking and bank card industries.

This book brings together for the first time studies on all aspects of the Malaysian economy. These range from the geological origins and mineral resources, flora, fauna, peoples and cultures, political development, economy and society, environment and ecotourism in Malaysia and encapsulates the integration of the country into the wider international economy. The book also attempts to make Malaysia's current economic and political development more explicable by considering it in the light of these natural and human resource endowments and by exploring how they have changed over time.

Little attention has been paid to the role of the European economies, and notably of the euro area, in the current global imbalance of international payments and growth rates, leading to somewhat simplistic views of Euroland contributing to limiting those imbalances and providing a template of economic policy for the twenty-first century. In addition, an influential view continues to stress the need for deeper and more comprehensive supply-side, structural reforms as a means to protect Euroland from potentially adverse global developments and play a positive role in the orderly correction of global imbalances. The contributions in this volume challenge this view and compellingly question, from a variety of angles, many popular beliefs about the road to virtues of Euroland, providing a comprehensive and fresh framework to address important questions for the future of the euro, from a critique of current macroeconomic policy institutions to proposals for both soft and tougher modifications of euro institutions, all pointing to a key question for the future of Europe: will the single currency project contribute to world economic dynamism or will it be driven by the vigour and vitality of others? Will Euroland act as global player or global drag?

This edited volume focuses on economic integration, currency union, and sustainable and inclusive growth in East Africa. It consists of twelve interrelated studies that provide a comprehensive picture of the state and determinants of economic development and cooperation among countries in East Africa, such as Burundi, Ethiopia, Kenya, Rwanda and Tanzania. The contributions are grouped into five parts: economic integration and its effects on trade; common currency and exchange rate; research, innovation, and knowledge, and shadow economics and corruption; inclusive and sustainable growth; and the conflict-growth nexus and reconstruction. This book will appeal to scholars and decision makers looking for the necessary tools and determinants of economic development and cooperation in East Africa.

This book is about changes in the competitiveness and the restructuring of manufacturing industries in the three leading transition economies of Central Europe (Poland, Hungary and the Czech Republic), their integration into the European Union, and their catching up with the old member states in the pre-accession period.

Economic transformation in traditional development economics refers to the transition from an agricultural society to an industrial one. Based on the practical conditions and the experience since reform and opening up in the late 1970s, the author observes that the path China's economy takes is a dual transformation, namely, developmental transformation from an agricultural society to an industrial economy, and institutional transformation from planned economy to market economy. Centering on property ownership reform which is the supreme reform of the dual transformation, this book discusses land ownership approval, stock-holding system reform and the maintaining ownership of private enterprises, etc. Besides, the book expounds on the urbanization in China, believing that it is not only the outcome of the dual transformation but also the booster that will help China's economy continue to develop at a high speed. Independent innovation and industrial upgrading which is the key to the enhancement of enterprises' competitiveness is also covered. The combination or overlapping of the two types of transformations in China has had no precedent in history, and it has not been discussed in traditional development economics. Scholars and students in China's economic studies and development economics studies will be attracted by this book. In addition, this book will be a valuable reference for other developing countries which are undergoing economic transformation.

Market reforms in Latin America have resulted in a variety of outcomes, which have often been disappointing. This books studies market reforms in eight key Latin American countries, aiming to shed light on the question of why similar policies have resulted in a variety of outcomes, ranging from outright failures to clear successes. The book focuses on policy implementation and the factors that impinge on the sustainability of market reforms. The findings provide a valuable contribution to the ongoing debate on the reasons for market reform 'fatigue'.

The privatization revolution, profit or revenue sharing, and employee participation in enterprise decision making are some of the major characteristics of modern capitalism. Such features can be observed in almost all countries, including Western developed, Third World, and primarily ex-socialist countries. The diffusion of stock ownership, the promotion of economic and industrial democracy, and the globalization of production and finance present new challenges and opportunities and reflect important structural economic and political changes. This book examines all these issues and provides valuable information and suggestions for labor-management relations and international business cooperation.

The internationalization of the German political economy in the postwar era, particularly in the "restructuring" period since the mid-1970s, has produced a special socio-economic and political formation which this anthology views as a "hegemonic project". Based upon a virtually total West German integration into the "West", this project has evolved within a new international division of labour and a global political system in which the German state, with its extreme level of export dependency and need for stability, has become a guardian and champion of the global status quo. The contributors to this book have taken account of the developments which have arisen from the events of 1989 in the former GDR.

This book examines the theory and practice of performance budgeting, which aims to make the government more effective by linking the funding of government agencies to the results they deliver. In a combination of thematic studies and case studies, it clearly presents the diverse range of contemporary performance budgeting models and examines their effectiveness. Its coverage is truly international, spanning developed, developing and middle-income countries. Implementation strategy and the supporting accounting, performance measurement and other systems are systematically treated.

This volume, originally published in 1976, creates a basis from which the specialist topics of macroeconomics can be approached. The first section deals exclusively with a simple classical and Keynesian model within a single common framework to facilitate easy comparison. Although simple models, they provide a sound starting point for the more advanced ideas which make up the second part of the book. Recognizing tht one of the crucial purposes of macroeconomics is to provide advice for central government policy makers, the policy implications of the models are discussed.

Standard macroeconomic monographs often discuss the mechanism of monetary transmission, usually ending by highlighting the complexities and uncertainties involved in this mechanism. Conversely, The Preparation of Monetary Policy takes these uncertainties as a starting point, analytically investigating their nature and spelling out their consequences for the monetary policy maker. The second innovative aspect of this book is its focus on policy preparation instead of well-covered topics such as monetary policy strategy, tactics, and implementation. Thirdly, a general, multi-model framework for preparing monetary policy is proposed, which is illustrated by case studies stressing the role of international economic linkages and of expectations. Written in a self-contained fashion, these case studies are of interest by themselves. The book is written for an audience that is interested in the art and science of monetary policy making, which includes central bankers, academics, and (graduate) students in the field of monetary economics, macroeconomics, international economics and finance.

The financial liberalization thesis emerged in the 1970s and has been of considerable importance ever since, not merely in terms of its theoretical influence but, perhaps more importantly, in terms of its impact on policy makers and policy debates. Although it has encountered increasing scepticism over the years, it nevertheless had a relatively early impact on development policy, which still continues unabated, through the work of the IMF and the World Bank. The latter two institutions, perhaps in their traditional role as promoters of what were claimed to be free market conditions, were keen to encourage financial liberalization policies as part of more general reforms or stabilization programmes. This book explores what we have learned from the vast experience of the theoretical and policy aspects of the financial liberalization.

The Changing Industrial Map of Europe is a major study of the recent evolution of six key industries - information technology, pharmaceuticals, automobiles, retailing, transportation and insurance - and their response to the 'new Europe'. Taken together, the analyses of these industries shed much light on how technological, economic and political factors are working together to create a more integrated and more competitive industrial base in Europe.

This volume argues that a renewed commitment to sound macroeconomic policies and structural reforms is needed for countries in South East Europe, or 'the Balkans' achieve to sustainable prosperity, along with enhanced support from the international community. New fiscal and financial architecture has valuable lessons for policymakers in SEE.

Economic and Monetary Union (EMU) will have far-reaching consequences for participating nations. This book contains a unique and editorially neutral collection of key arguments favouring and opposing membership. The economic and policy implications are evaluated by distinguished economists, whilst the impact upon national sovereignty and the world of work is debated by prominent MPs and representatives of business and trade union organisations. The text provides an unbiased, comprehensive and 'readable' resource for specialist students and a general readership.

This contribution applies the cointegrated vector autoregressive (CVAR) model to analyze the long-run behavior and short-run dynamics of stock markets across five developed and three emerging economies. The main objective is to check whether liquidity conditions play an important role in stock market developments. As an innovation, liquidity conditions enter the analysis from three angles: in the form of a broad monetary aggregate, the interbank overnight rate and net capital flows, which represent the share of global liquidity that arrives in the respective country. A second aim is to understand whether central banks are able to influence the stock market.

Political and economic independence has been a novel experience for the 51 million people of Ukraine since the collapse of the former Soviet Union. This most tightly controlled and regulated republic of the former USSR has had difficulty in making the transition to another form of government. The hurdles and uncommon difficulties which must be neutralized or mitigated before market forces can materialize and become viable are described and analyzed in each of the core chapters. The work concludes with practical lessons and recommendations for Ukraine, and, by extrapolation, for the other economies of Eastern Europe.

The book assesses the most exciting experiment in modern economic history - the German currency union of 1990 - on three levels. Firstly the international consequences are analysed utilising different paradigms of monetary theory. These controversial results lead to a closer look at the relationship between monetary policy and production in Germany, and thirdly, the book concludes with a reconsideration of the old economic question, whether money matters, applied to the German case.

One aspect that overwhelmingly defines the second half of the 20th century is the remarkable economic growth of Asia. This book offers a comprehensive view of the various factors--scientific, technological, and economic--that enabled the region to make a brilliant comeback after centuries of oppression. The past is often a mirror into the future. By exploring these factors from a historical perspective, the book attempts to look into the future and predict what the twenty-first century and the new millennium will bring.

New Institutional Economics open a new methodological perspective in political economy by posing the question of why economic institutions are created. This state-of-the-art collection examines this question of Arrow's looking at how these man-made constraints condition political, economic and social integration both informally and formally. New developments in game theory are applied to many case topical studies including corruption, central bank independence, globalization and other issues in contemporary economic governance.