Growth perspectives in emerging market economies are increasingly dependent on international capital flows in recent decades because of their influences on business cycles. In fact, volatile international capital flows has been one of the main concerns for the macroeconomic policy authorities. Focusing on emerging economies in the Pacific region, this book reveals how they are different from those in other regions in terms of international macro-financial linkages to the global capital market and domestic financial development,. The book also discusses how these characteristics have interacted with their macroeconomic policy regimes and their macroeconomic performance throughout the two major international financial crises in the past more than two decades. It suggests facts that have strengthened the resilience of these emerging economies in the Pacific region against the global financial crisis along with the intensified intra-regional economic integration through trade and investment. The book also examines their macroeconomic management focusing on monetary policy regimes and suggests that their factual unorthodox policies with exchange rate management and capital controls have contributed to their resilience against the intrinsic volatility of the international capital market and financial flows.

This book offers a selection of intensely researched essays focused on the critical planning objectives and policy priorities that would enhance the promotion of inclusive growth in a developing country. It has taken Bangladesh as the case study. It argues for rethinking of traditional policies and provides arguments and ways to reorient these toward inclusive growth and better social inclusion. These involve a dedicated focus on employment and inclusion in the design of monetary and fiscal policies, trade and industrial policies, policies toward rural non-farm employment, social protection and safety net strategy and the nature of institutional and governance reforms which are imperative for ensuring inclusive growth. The studies included in the book were prepared before or at the onset of the ongoing COVID-19 pandemic and the unfolding economic crisis; yet they provide cursory observations on its likely impact, and underscore how the stated principles and policies of an inclusive growth strategy have become even more significant in the present situation. Bangladesh has been growing respectably during the past decade and a half and has arguably shown strong progress in several social indicators. However, inequality and vulnerability are rising alarmingly, and the economy is beset with high levels of corruption, as well as with various other governance deficits that can adversely affect future growth and social inclusion. The book provides a critical assessment of how far growth in Bangladesh has been inclusive, both over time, and in comparison to selected South and Southeast Asian countries. It constructs a specific 'inclusive growth index' with reference to what the study considers as the significant goals and pillars of inclusive growth. Bangladesh is not the only developing country that is faced with the arduous task of tackling unbalanced economic growth and of implementing the 2030 Agenda. Rising vulnerability, inequality, disappointing job growth and poor governance are also major challenges to inclusive growth for many countries in the Global South. Therefore, the appeal of this book extends well beyond the borders of Bangladesh and the South Asian region. Corresponding to SDG 8, the book is aimed at academia, researchers, policymakers, civil society leaders as well as other national and international development practitioners with an avid interest in issues concerning growth with equity, and in sync with the 2030 Agenda for Sustainable Development. In addition, the book is a valuable resource for interested students of disciplines related to economics and development policy.

China's rapid economic growth has attracted much international attention in recent years, partly due to the potential purchasing power of the largest population in the world. This timely book examines general patterns of Chinese household demand for a variety of consumer goods such as food, durables, housing and health care and investigates the impact of economic and social factors on household consumption. China's Consumer Revolution focuses on comparisons between different consumer groups, such as rural versus urban and rich versus poor. Special attention is given to the impact of the newly affluent consumers, the so-called 'new rich'. This book also compares China with other countries in terms of household demand for consumer goods and sheds light on the prospects for international trade in this area. Drawing upon newly released household surveys, this book is the first of its kind and it will be of interest to both academic researchers and business advisors.

With a combined population larger than that of the EU or NAFTA, economic integration of the ASEAN states will have a massive impact on both the Asian and global economies. This book examines the ASEAN Economic Community (AEC) and its opportunities and challenges. It looks at the impacts of economic integration, trade structure and economic interlinkage among these countries through case studies. The book also utilizes theories to further examine areas such as trade, cross-border infrastructure, border management, and the regional development in terms of trade liberalization and foreign labor. This book also provides insight and analysis to developing policies for "ASEAN Connectivity". Given the challenges faced and huge potential impacts of the AEC's cross-border project, this book will be of interest to policy makers, business leaders and researchers in the ASEAN region and throughout the world.

Cost-Benefit Analysis presents an authoritative collection of the most important published articles in the field together with an extensive new introduction by the editors. Whilst focusing on the practical side, looking at applications such as education, transportation and the value of life and health, this important volume also emphasises the essential role of economic theory, with sections on the economic costs of public funds, foreign exchange and labour. The result is an influential selection based on robust and fundamental theoretical propositions -- ones that are readily suitable for everyday applications. This timely volume provides a comprehensive synthesis of the current state of the theory and application of cost-benefit analysis. It draws from a wide range of journals to include the key articles which are the benchmarks in the development of the field. It will be invaluable to academics and practitioners alike.

The scope for financial crime has widened with the expansion and increased integration of financial markets. Money laundering, terrorism financing and tax crime have all changed in both nature and dimension. As new technologies reduce the importance of physical proximity to major onshore financial centres so a new generation of Offshore Financial Centres (OFCs) have emerged. This accessible volume provides a deeper analysis of the economic, institutional and political features of the OFCs, in order to design the optimal international regulatory policy. Using a multidisciplinary approach with an international level of expertise, the book evaluates international policies regarding offshore countries on the basis of a systematic analysis of their characteristics.

This research review offers an examination and discussion of the seminal contributions by many prominent scholars in the heterodox tradition of post-Keynesian economic thought. The authors explore methodological issues - showing the contrast with orthodox thinking on fundamental grounds, concepts such as credit, money and production - which are crucial to understanding the working of our economic systems, as well as several interrelated macroeconomic issues including employment, distribution, growth, development, asset bubbles, and financial crises. The review provides a unique opportunity to appraise and appreciate the depth and variety of post-Keynesian economics at both theoretical and policy-oriented level.

The 1997-8 Asian financial crisis exposed weaknesses in the region's national financial systems, but since then East Asia has become the world's most dynamic economic region. Domestic financial systems have developed, cross-border financial flows within the region are growing apace as demand from governments and large firms increases and as the capabilities of financial institutions develop, and governments have initiated regional cooperation aimed at preventing future crises and managing them if they occur. This book examines the economies of Asia and the Pacific with reference to financial reform and liberalization, monetary policy frameworks, banking and capital markets, regulation and supervision and macroeconomic policies. Further, it asks what lessons have been learned from both the Asian financial crisis and the recent financial crisis, how to engender financial stability in the region, and how to ensure that the benefits of economic growth and financial development reach all members of society. Across four key sections, the chapters examine the future implications of historical studies of the relationships between financial development and growth; financial development including banks, non-bank financial institutions and capital markets; how financial stability is being sought in the region; and China's plans for capital account opening and renminbi internationalization and subsequent the policy implications for China's neighbours. This book draws on papers originally presented to the 36th Pacific Trade and Development Conference held in Hong Kong in 2013, and features contributions from leading academics and economists from around the world. As such, it will be of great interest to students and scholars of Asian economics, Asia Pacific studies, international economics and international finance.

SHORTLISTED FOR FT & MCKINSEY BUSINESS BOOK OF THE YEAR 2020 FT Best books of 2020 "This powerful and readable book is a clarion call for reimagining and remaking capitalism. We can have a more moral and more innovative capitalism. There is hope!" -Daron Acemoglu, coauthor of Why Nations Fail WHAT IF BUSINESS COULD HELP SOLVE THE GREATEST PROBLEMS OF OUR TIME? Free market capitalism is one of humanity's greatest inventions and the greatest source of prosperity the world has ever seen. At the same time, its single-minded pursuit of profit has led to rampant inequality and the looming threat of climate catastrophe - and now threatens to destroy the society on which it depends. Rebecca Henderson, John and Natty McArthur University Professor at Harvard University, argues that business can simultaneously make a positive impact on the world by confronting the realities of our environmental crisis and the need to address social and economic inequality, while also delivering the sustained economic growth that brings prosperity and wellbeing to society as a whole. Drawing on lessons from companies from around the world who are already making a positive difference, Reimagining Capitalism shows that this new approach is not only a moral imperative but also an extraordinary opportunity to drive growth and innovation in an increasingly competitive world. And, perhaps most critically, she suggests that it has the potential to balance the power of the market with the power of democratic, accountable government and strong civil society - the only long term solution to the problems that we face. "This powerful and readable book is a clarion call for reimagining and remaking capitalism. We can have a more moral and more innovative capitalism. There is hope!" -Daron Acemoglu, coauthor of Why Nations Fail

This book builds on the Marx-Keynes-Schumpeter (MKS) approach to understanding the evolution of capitalism. It does so by focusing on current frameworks that study macro-dynamical systems in the tradition of the Classical, the Neoclassical and the Keynesian interpretation of the working of modern capitalist economies, and of the societies that are built upon them. The distinguished authors concentrate on different paradigms of economic conjecture in terms of their applicability to labor market problems and their implications for growing capitalist economies. They present material clearly related to current macroeconomic research which goes beyond the New Consensus macroeconomics, and which can also be related to the discussion between practitioners and politicians on the reform of both financial and labor markets. A Future for Capitalism will prove a challenging and thought provoking read for heterodox economists and broad-minded mainstream macroeconomists with a special interest in alternatives to general equilibrium macroeconomics. Contents: Introduction Part I: Stabilizing an Unstable Economy: The Challenge in Place 1. Real Financial Market Interactions and the Choice of Policy Measures Part II: Classical Unbalanced Growth and Social Evolution 2. Income Security within the Bounds of the Reserve Army Mechanism 3. Segmented Labor Markets and Low Income Work 4. Atypical Employment and Smooth Factor Substitution Part III: Unemployment and Welfare Issues in Models of Endogenous Growth 5. Economic Growth with an Employer of Last Resort: A Simple Model of Flexicurity Capitalism 6. Economic Policy in a Growth Model with Human Capital, Heterogenous Agents and Unemployment 7. Public Debt, Public Expenditures and Endogenous Growth with Real Wage Rigidities Part IV: The Road to Full-Employment Capitalism 8. Flexicurity: A Baseline Supply Side Model 9. Factor Substitution, Okun s Law and Gradual Wage Adjustments 10. Skill Formation, Heterogeneous Labor and Investment-driven Business Fluctuations 11. Leashing Capitalism: Monetary Fiscal Policy Measures and Labor Market Reforms Some Useful Stability Theorems References Index

Regional Policy and Regional Integration reprints the most important papers on those government policies that have an intentional and formal geographic focus. These policies have typically been motivated by equity considerations such as reducing unemployment, increasing incomes, promoting structural adjustments or realizing development potentials. While the main objective of regional policy is to improve conditions in deprived areas, public resources must be used in such a way that these objectives are achieved efficiently. The topics covered in this important volume include regional integration and urban systems; income, amenities and welfare; infrastructure; manufacturing; services; innovative milieux; delineating planning regions and policy instruments.

'At the beginning of the 2000-2010 decade, Bob Baulch (with John Hoddinott) was setting the micro-econometric agenda on poverty dynamics and chronic poverty and producing work that 'non-economists' had to read if they wanted to conduct serious research on these issues. In this volume - through his analytical excellence, the pursuit and methodological rigour, extraordinary energy, and his ability to lead such a distinguished network of colleagues - Bob Baulch has set the research agenda on poverty dynamics and chronic poverty for the next ten years.'- From the foreword by David Hulme, University of Manchester, UK 'This volume on poverty dynamics in developing countries, whose authors include the leaders in this field, is a must for analysts and research students. It advances the literature by addressing three important issues - measurement error, attrition, and tracking. For each of these questions, the volume leads by example, showing how they can be handled in specific cases. The results show that escape from poverty is a diverse phenomenon, and establish the importance of country and context specificity. The volume provide an analytical platform for careful policy assessment of policy alternatives.' - Ravi Kanbur, Cornell University, US This edited book analyzes what traps people in chronic poverty, and what allows them to escape from it, using long-term panel surveys from six Asian and African countries. The distinguishing feature of these studies, which were commissioned by the Chronic Poverty Research Center, is they span longer periods or have more survey waves than most developing country panels. This allows a detailed account of the maintainers of chronic poverty and drivers of poverty dynamics. Many of the studies (from Bangladesh, Ethiopia, Nepal, Pakistan, South Africa and Vietnam) are written by leading development economists, and all pay careful attention to the difficult issues of attrition, measurement error and tracking. The book's comparative perspective highlights the common factors which cause people to fall into chronic poverty and allow them to break-free from it. A number of promising policies and interventions for reducing chronic poverty are identified. This up-to-date book will be an excellent resource for international development agencies, academics specializing in development economics and development studies, and researchers in international NGOs. Graduate students of development economics and development studies will also find much to interest them. Contributors include: B. Baulch, S.D. Bhatta, V.H. Dat, S. Dercon, D. Hulme, H.R. Lohano, J. May, C. Porter, A. Quisumbing, S. Sharma, I. Woolard

The increasing capital flows in the emerging markets and developed countries have raised various concerns worldwide. One main concern is the impact of the sharp decline of capital flows - so-called sudden stops - on financial markets and the stability of banking systems and the economy. The sudden stops and banking crises have been identified as the two main features of most financial crises, including the recent Asian Financial Crisis and Global Financial Crisis. However, how capital flows and banking crises are connected still remains unanswered. Most current studies on capital flows are empirical work, which faces various challenges. The challenges include how data has been collected and measured in each country and how sensitive the results are to the data and the adopted methodologies. Moreover, the links between capital flows and banking systems have been neglected. This book helps provide some insight into the challenges faced by empirical studies and the lessons of the recent crises. The book develops theoretical analysis to deepen our understanding on how capital flows, banking systems and financial markets are linked with each other and provides constructive policy implications by overcoming the empirical challenges.

This book focuses on the contribution of Information Technology (IT) and Information Technology Enabled Services (ITES) in shaping the current and future global economic scenario, with a special focus on Asia, and taking into account the three broad macroeconomic dimensions - growth, sustainability and governance mechanisms. The last two decades have witnessed a structural shift in the world economy due to the tremendous growth in gross domestic product share for the service sector; in fact, service has emerged as the dominant sector and the main driver of GDP growth. This is mainly attributable to the spectacular success of the IT sector in the new knowledge economy. Tradability, technology and transportability - the three T's - govern productivity growth in today's services. Growing Asian economies such as India, China and Vietnam, using their demographic advantages, have been reaping the benefits of this boom. The book's content focuses on recent debates and discussions concerning the issue of long-term sustainability and governance, especially in India, as these companies are facing continuous challenges in terms of international competition, salary inflation, health hazards, scarcity of talent, employee attrition, security concerns, global slowdown and many other technology-related issues. The book further highlights how the increased application of IT-based products and services is resulting in harsh inequalities concerning income distribution in many developing countries of Asia, mainly because of its labor shedding nature, and hence might be detrimental to sustainable development, if suitable policy measures are not implemented to counter these effects. The book provides a wealth of information for researchers, graduate students and political scientists alike, as well as thought-provoking insights for social scientists, policymakers and government officials. It also offers a valuable source of data for business and management professionals, and for members of Chambers of Commerce and Industry.

This important book tackles the problem of inflation in contract law - whether, and to what extent, contract rules should take inflation into account.The book offers an original approach in proposing that the distributive effects of inflation are an important factor in the design of contract rules. The author also finds that the wealth distribution caused by inflation is relevant to the design of contract rules whichever normative perspective of the contract law one adopts. The book draws theoretical and practical implications of the analysis and suggests that different starting points will result in different solutions. Inflation and the Enforcement of Contracts is essential to anyone interested in research or policy making in the area of contract law.

Free market capitalism has created a divided American society. Conservative economic and social policy thinking drove the Right's Project from 1980 to its collapse in 2008, leaving the world in ruins and fascism on the march. The Vision of a Real Free Market Society challenges the Left to create new forms of the market economy that promote efficiency and equality while permanently thwarting concentrated power. Many recent commentators have offered policy recommendations based on existing economic institutions. By contrast, this book calls for root-and-branch changes to the inherent structure of American capitalism. The Vision of a Real Free Market Society: Re-Imagining American Freedom presents a Left-egalitarian case for limited government that overcomes the failures of conservatism while rescuing economic justice from the weaknesses of tax and transfer liberalism. The book explains why the system fails so many Americans in so many different ways, and outlines how we can build a better economy that simultaneously promotes freedom and social justice while crippling the powers of America's oligarchs. Exploring the idea of a left-wing case for strong but small government, the book makes the case for fundamental reforms that will lead to a truly free and fair society. This provocative book will be of great relevance to anyone with an interest in politics, philosophy or economics, and will challenge readers to rethink their assumptions concerning the prospects for combining justice with fairness in the modern world.

Despite his achievements, David Ricardo's views on money have often been misunderstood and underappreciated. His advanced ideas had to wait until the twentieth century to be applied, and most historians of economic thought continue to consider him as an obsolete orthodox. The last book devoted in tribute to Ricardo as a monetary economist was published more than 25 years ago. Ricardo on Money encompasses the whole of Ricardo's writings on currency, whether in print, unpublished notes, correspondence, or reported parliamentary speeches and evidence. The aim of the book is at rehabilitating Ricardo as an unorthodox theorist on money and suggesting his relevance for modern analysis. It is divided into three parts: history, theory and policy. The first describes the factual and intellectual context of Ricardo's monetary writings. The second part puts the concept of standard centre stage and clarifies how, according to Ricardo, the standard regulated the quantity - and hence the value - of money. The final part shows that Ricardo relied on the active management of paper money rather than on flows of bullion and commodities to produce international adjustment and guarantee the security of the monetary system. Published to coincide with the 200th anniversary of the publication of On the Principles of Political Economy, and Taxation, this book will be of great interest to all historians of economic thought and scholars of monetary economics.

Rapid and sustained growth in the twenty-first-century global economy of large developing economies including Brazil, Russia, India, China, and South Africa, has captivated policy-makers and popular business press pundits alike. The coining of the new acronym BRICS and widespread adoption in international economics discourse of the designation "emerging markets" is symptomatic of that interest. The Political Economy of Emerging Markets situates the BRICS phenomena in the global economic context of advanced economies continuing to languish in recession and hovering over a deflationary abyss several years after the meltdown. A key question this volume seeks to answer is whether the BRICS and so-called "emerging market" phenomenon is really the new miracle it is presented as, offering new or modified varieties of reloaded capitalist development to the world, or yet another mirage. Written by ten leading global experts, this book answers the tough questions over BRICS and emerging markets potentially realizing new varieties of reloaded capitalism. It is not only international and interdisciplinary but uniquely multiperspectival. Theories framing chapters are not of one genre, but generate theoretical debate at the frontier of knowledge in political economy along with nuanced empirical analysis which flows from it. This book is of great importance to those who study political economy, development economics and international political economy.

An Anthropology of Money: A Critical Introduction shows how our present monetary system was imposed by elites and how they benefit from it. The book poses the question: how, by looking at different forms of money, can we appreciate that they have different effects? The authors demonstrate how modern money requires perpetual growth, an increase in inequality, environmental devastation, increasing commoditization, and, consequently, the perpetual consumption of ever more stuff. These are not intrinsic features of money, but, rather, of debt-money. This text shows that, through studying money in other cultures, we can have money that better serves the broader goals of society.

Liu Shucheng is a famous Chinese economist who has a major impact on the study of China's macroeconomics and quantitative economics. Selecting some of Liu's representative studies on Chinese macroeconomy, this book will be a valuable reference for understanding and studying Chinese economy. The first five papers appear in the author's collected works for the first time. They mainly study the overall balance of Chinese macroeconomic operation and the relative economic mathematical models. The commodity-currency balance sheet improved the earliest input-output model introduced to China in the 1980s, and the author's frontier research is of great importance for Chinese economic study. In attempting to solve the problems caused by incontrollable fixed assets investment, the author examines the periodicity of fixed assets investment in China, including the characteristics, causes, and the impact of investment periodic fluctuation on economic periodic fluctuation. Besides, the author studies Phillips curves in China in a comprehensive and intensive way. These in-depth analysis provide original insights based on the author's extensive research.

The editors of this important collection bring together a selection of previously published articles which outline the role of the money supply in the economic process from a post Keynesian perspective, paying particular attention to the writings of Kaldor.The volume begins with literature which evolved since the Radcliffe Report, whilst the remaining chapters are divided into sections on the Post Keynesian Critique of the Monetarist Positions, Reactions to the 'Monetarist Experiment' and The Recent Post Keynesian Debate.

First published in 1974, Devaluation and Pricing Decisions is based on case studies of the export pricing decisions made by nineteen major British companies after the 1967 devaluation.The aim was to look in detail at the decisions that major British firms took after devaluation and to see how they had responded to this major change in government policy. This book shows how far the firms had anticipated the devaluation; what company objectives were at that time and what changes in these objectives, or in pricing and marketing policies, were made to take advantage of new opportunities for exporting and for import substitution. The researchers also examined the actual process of decision making to find what information was available to the decision makers and how they used it. The book is directed to businessmen taking decisions on export prices and marketing in the world of today where foreign exchange rates change frequently. It is also directed towards those responsible for shaping national economic policy. For students of economics, it represents a study showing, in considerable detail, how a number of businesses responded to the 1967 devaluation.

This comprehensive Handbook presents the current state of art in the theory and methodology of macroeconomic data analysis. It is intended as a reference for graduate students and researchers interested in exploring new methodologies, but can also be employed as a graduate text. The Handbook concentrates on the most important issues, models and techniques for research in macroeconomics, and highlights the core methodologies and their empirical application in an accessible manner. Each chapter is largely self-contained, whilst the comprehensive introduction provides an overview of the key statistical concepts and methods. All of the chapters include the essential references for each topic and provide a sound guide for further reading. Topics covered include unit roots, non-linearities and structural breaks, time aggregation, forecasting, the Kalman filter, generalized method of moments, maximum likelihood and Bayesian estimation, vector autoregressive, dynamic stochastic general equilibrium and dynamic panel models. Presenting the most important models and techniques for empirical research, this Handbook will appeal to students, researchers and academics working in empirical macroeconomics and econometrics. Contributors: B.H. Baltagi, L. Bauwens, O. Boldea, J. Breitung, C. Cantore, M.J. Chambers, I. Choi, J. Davidson, V.J. Gabriel, R. Giacomini, P. Gomme, J. Gonzalo, P.A. Guerron-Quintana, N. Haldrup, A.R. Hall, N. Hashimzade, M. Karanasos, L. Kilian, S. Kim, D. Korobilis, R. Kruse, P. Levine, D. Lkhagvasuren, A. Luati, H. Lutkepohl, J. Madeira, T.C. Mills, J.M. Nason, K. Patterson, J. Pearlman, J.-Y. Pitarakis, D.S.G. Pollock, T. Proietti, B. Rossi, F.J. Ruge-Murcia, T. Terasvirta, M.A. Thornton, R.T. Varneskov, B. Yang, N. Zeng

The impacts of the two variables of population and income growth on resources and the environment are transmitted through their effects on the demands for goods and services. To enrich our understanding of the impacts of population and income on consumer demand, Philip Musgrove, with the assistance of Adele Shapanka, undertook the research in this volume, which was first published in 1982. This book will be of interest to students of economics and environmental studies.

This book is the first of its kind in several overlapping and rapidly developing fields that now dominate news headlines - among them the fields of crypto-currency, digital payments platforms, 'fintech,' and central bank digital currencies ('CBDCs'). With crypto and fintech now threatening to transform finance in destabilizing and anti-democratic ways, and with China and other nations now digitizing their national currencies in the form of CBDCs that make the US dollar and national payments infrastructure look ever more quaint and outmoded, this book shows both why the US and other democratic commercial societies must, and how they can, democratically digitize their currencies, their national payments systems, and the authorities that respectively issue and administer them - in the US, the Federal Reserve System ('the Fed').