The horizontalist perspective is an extension of the post-Keynesian approach, that has hitherto focused on a theory of credit and money. This book extends horizontalism beyond its traditional boundaries and makes it consistent with the post-Keynesian theories of output and the open economy. The authors compare and contrast the horizontalist position with various orthodox and non-orthodox views on money. They argue that horizontalism is perfectly compatible with liquidity preference, credit constraints, and a flexible interest-rate mark-up, and address recent developments in banking that reinforce the validity of a horizontal schedule of credit-money. The overall intention is to place horizontalism within the current heterodox tradition as a general theory of the creation of money that is consistent with the post-Keynesian view on macroeconomic policy. Credit, Interest Rates and the Open Economy is essential reading for those who wish to expand their theoretical understanding of international financial issues and will be of great interest to those involved in macroeconomics, money and banking and radical economics.

This important new book deals with some of the most fundamental issues of transaction cost economics. It focuses on the analysis of the internal nature and characteristics of organizations and on the subtle interactions between institutional environment and governance structures over time.Transaction Cost Economics investigates the nature of contractual arrangements involved in large organizations, the 'configurations' of corporations, the modes of governance implemented, and the respective role of different constituencies. The second series of problems addressed in the book concerns the interaction between the institutional environment and governance structures over time, with special emphasis on the Russian privatization programme and the narcotics market. These twin analyses substantiate the distinction between private and public ordering. The book is strongly oriented towards increasing the operationalization of the concepts of transaction cost economics. The book will be essential reading for everyone interested in the new institutional economics and by recent developments in the theory of contracts, in transaction costs economics and in organisation theory. Because of its emphasis on potential applications, it will also be of interest to readers from management science and those involved in the analysis of economies in transition.

This book reveals how the Japanese national ministries can exploit their Special Status Corporations (public corporations, supported primarily with public funding from a state-run banking agency) in order to intensify their administrative power over industries and local governments and to perpetuate the interests of elite civil servants by facilitating the migration to post-retirement positions in the private sector. The book explains why the existence of these organizations inhibits the Prime Ministers efforts to implement structural reforms.

This series provides overviews and case studies of states and sectors, classes and companies in the new international division of labour. These embrace political economy as both focus and mode of analysis. The series treats polity-economy dialects at global, regional and national levels and examines novel contradictions and coalitions between and within each. There is a special emphasis on national bourgeoisies and capitalisms, on newly industrializing or influential countries and on novel strategies and technologies.;The concentration throughout is on uneven patterns of power and production, authority and distribution, hegemony and reaction. Attention is paid to redefinitions of class and security, basic needs and self-reliance and the range of critical analysis includes gender, population, resources, environment, militarization, food and finance.;This particular volume looks at the industrialization of Singapore and challenges the dominant understanding of Singapore as a case where "correct" policies have made rapid industrialization possible and raises questions about the possibility and appropriateness of its emulation. The study focuses on the relationship between internationa

The financial crisis hit the global economy unexpectedly from August 2007 producing consequences comparable to the ones experienced in the course of the 1930s. This book provides a comprehensive interdisciplinary account of the events leading to the financial crisis, its institutional causes and consequences, its economic characteristics and its socio-political implications.
This book represents a unique opportunity to gather the opinions of established experts on financial markets from different academic disciplines and from a different academic traditions debating over the future of the global financial order. Leading economists are confronted with leading political scientists in an effort to assess the future of global financial stability and to propose solutions to the problems envisaged.
This book is essential reading for all interested in macroeconomics, political economy, globalization studies and political science.

This detailed study of the Egyptian economic and financial development, originally published in 1935, attempts to both present a clear understanding of the environmental factors of the monetary institutions and to trace the influence which these institutions have had upon the country's economic organisation. First published in 1935.

On 1 May 1967 Dr. J elle Zijlstra was appointed President of De Nederlandsche Bank, after an already eventful career. Following a brief spell as Professor of Economics at the Free University of Amsterdam, he began a lengthy period of ministerial service in 1952. During his cabinet years, he devised a concept which became known in the Netherlands as the' Zijl- stra norm', and which was aImed at keeping the Government's financial deficit in check. He concluded his active political career .as prime minister in 1966-1967. Dr. Zijlstra's career as a politician and central banker covered a period of nearly 30 years during which the economic scene in the N ether- lands and in the world underwent wide cyclical ups and downs and impor- tant changes of a more long-lasting nature. Successful economic recovery after the Second World War was followed by a period of rapid and rela- tively stable economic growth. However, as early as the 1960s the condi- tions for the maintenance of equilibrated expansion became less secure. These conditions were further impaired in the 1970s partly as a result of important shocks, such as the oil crises.

Opportunities for growth and investment in Central America could well improve in the coming years, as the region's ties with the world economy grow closer. This integration, however, also presents important challenges for economic policy to ensure that growth can be sustained and can benefit the poor. This book stresses the importance of keeping fiscal policy on a sustainable path, strengthening public investment in basic infrastructure and primary health care and primary and secondary education, and managing the risks associated with partial dollarization. ANA CORBACHO Economist, Fiscal Affairs Department, International Monetary Fund, USA HAMID R. DAVOODI Senior Economist, Middle East and Central Asia Department, International Monetary Fund, USA ALAIN IZE Advisor, Monetary and Financial Systems Department, International Monetary Fund, USA DANIEL LEDERMAN Senior Economist, World Bank, USA VALERIE MERCER-BLACKMAN Economist, Western Hemisphere Department, International Monetary Fund, USA GUILLERMO PERRY Chief Economist of the Latin American and Caribbean Region, World Bank, USA JANET G. STOTSKY Fiscal Affairs Department, International Monetary Fund, USA RODRIGO SUESCN Senior Economis

The ROK economy has experienced rapid growth in the last 30 years. Analyzing the important issues which have been raised by this growth is of interest to other developing areas of the world. The contributors to this work are well placed specialists in Korean studies in Korea and the United States. The ROK economy is located in the midst of the Pacific Basin, the most promising part of the developing world. Recently, the economy has moved into more highly sophisticated markets, as well as into the global financial markets. However, an increasing number of concerns have been raised, charging that the progress has been too rapid, too materialistic, and too inequitable. These criticisms have been compounded by the problems of political dissent and instability in the region.

Written during the early 1920s, at a time when Europe was still recovering from the catastrophe of the First World War, L.V. Birck's The Scourge of Europe examines the economic issues surrounding the existence of public debt, its history, and possible approaches to problems associated with public debt as they were being pursued by the great powers of the time. Birck's analysis contains a rigorous theoretical exposition and explanation of public debt as it was understood in the crucial period leading up to the Great Depression. This is then followed by an insightful exploration of the role of public debt in European financial and economic history. Finally, some reflections on the policies of England, the United States, France and Germany in the latter part of the nineteenth and early-twentieth centuries are included. This book will appeal to economic and financial historians, as well as to those generally interested in European policies towards debt from the Middle Ages to modern times.

This is a book on stochastic dynamic macroeconomics from a Keynesian perpective. It shows that including Keynesian features in intertemporal models considerably contributes to resolve major puzzles arising in the context of the Dynamic General Equilibrium (DGE) model. It also demonstrates that including microeconomic intertemporal behavior of economic agents in macroeconomics is not inconsistent with Keynesian economics. Whereas the first two parts of the book are technically and empirically oriented by elaborating on solution and estimation methods to bring dynamic macroeconomic theory closer to the time series data, the part three of the book uses those tools and addresses major issues in contemporary dynamic macroeconomics. In pursuing those issues the book stresses-as in the New Keynesian literature-nominal and real rigidities. Yet, beyond the latter type of literature-and in contrast to the DGE model -the here presented modeling approach admits open ended dynamics and multiple equilibria, more realistic asset market features, nonclearing labor market, and explores the role of both demand and technology shocks on employment. Central for those results is a new methodological idea pertaining to adaptive optimization where agents can reoptimize once they have perceived and learned about market constraints. Overall, the book is self-contained by including the appropriate solution and estimation methods which brings the theory closer to the time series data. It contains a modern treatment of dynamic macroeconomics for first and second year graduate students.

This is a demonstration that poverty remains a universal phenomenon, even as most parts of the world see increase in affluence of varying degrees. Cutting across the globe, the study focuses on 24 countries including the industrialised economies, planned economies, developing market economies, mixed economies and the least developed economies. Professor Khusro examines the causes of poverty and of development, the impact of colonialism and the industrial revolution and policies for reducing global poverty today. Theoretical questions of measuring poverty are allied to historical and contemporary analysis.

The bulk of this volume deals with the four main aspects of risk management: market risk, credit risk, risk management - in macro-economy as well as within companies. It presents a number of approaches and case studies directed at applying risk management to diverse business environments. Included are traditional market and credit risk management models such as the Black-Scholes Option Pricing Model, the Vasicek Model, Factor models, CAPM models, GARCH models, KMV models and credit scoring models.

This textbook gives a comprehensive introduction to stochastic processes and calculus in the fields of finance and economics, more specifically mathematical finance and time series econometrics. Over the past decades stochastic calculus and processes have gained great importance, because they play a decisive role in the modeling of financial markets and as a basis for modern time series econometrics. Mathematical theory is applied to solve stochastic differential equations and to derive limiting results for statistical inference on nonstationary processes. This introduction is elementary and rigorous at the same time. On the one hand it gives a basic and illustrative presentation of the relevant topics without using many technical derivations. On the other hand many of the procedures are presented at a technically advanced level: for a thorough understanding, they are to be proven. In order to meet both requirements jointly, the present book is equipped with a lot of challenging problems at the end of each chapter as well as with the corresponding detailed solutions. Thus the virtual text - augmented with more than 60 basic examples and 40 illustrative figures - is rather easy to read while a part of the technical arguments is transferred to the exercise problems and their solutions.

Having the high unemployment in Germany in mind, this book discusses how macroeconomic theory has evolved over the past forty years. It shows that in recent years a convergence has taken place, with modern models embodying a Keynesian transmission mechanism, monetarist policy implication, and modeling techniques inspired by new classical economics and real business cycle theory. It also probes in which direction models may be extended from here. Empirically, the book uses different econometric techniques to investigate the relevance and implications of different macroeconomic theories for German data. A key question this book investigates is the role of demand and supply side conditions for the increase in the German unemployment rate. On a policy level, the book relates the implications of the different theories to the ongoing debate on the appropriate roles of demand and supply side policies for curing the German unemployment problem.

The processes of globalisation and increased economic regionalism have had profound, often destabilising, effects on modern economic and financial systems. In recognition of this fact, the editors of this fine book have collected together a diverse range of heterodox ideas surrounding the complex relationships and interactions between globalisation, regionalism and economic activity.The book promotes real-world economic issues and explores them without adopting any particular methodological, ideological or theoretical agenda. A number of influential economists explore the inter-relationships between globalisation, regionalism, finance, economic growth and development from a global perspective. Amongst other topics, the book includes comprehensive discussions on fixed versus flexible exchange rates; international liquidity; the WTO dispute settlement system; the eastward expansion of the European Union; crowding-out in export led growth; demand and supply in the New Economy; the national origin of financial liberalisation in the US; and the relationship between savings and investment. The range and depth of analysis makes this book a timely and useful contribution to current policy debates. Academics, students and scholars with an interest in globalisation, international economics and macroeconomics will do well to read this eclectic and stimulating volume.

Examines the policy of conditionality and cross-conditionality, which international institutions like the International Monetary Fund and World Bank apply to grant loans to developing countries. The explosion of conditionality has become a key issue in international relations since the mid-1980s. This book presents six detailed country studies on the issue, written by distinguished academics and/or senior policy makers, from these countries. The countries featured include Argentina, Chile, Costa Rica, Jamaica, Mexico and Tanzania and conclusions and policy lessons are drawn from these.

This book advances Post-Keynesian Institutional economics, an integrative tradition-inspired by keen economic observers such as John Kenneth Galbraith, Joan Robinson, and Hyman Minsky-that bridges Institutional and Post Keynesian economics. The tradition proved its worth by addressing the global financial crisis of 2007-2009, as well as by analyzing long-term trends accompanying the evolution of investor-driven ("money manager") capitalism, including financialization, spreading worker insecurity, and rising inequality. This Modern Guide begins with the history and contours of Post-Keynesian Institutionalism, and then breaks new ground, extending recent analyses of contemporary economic problems, sharpening concepts and methods, sketching new theories, and synthesizing ideas across research traditions. Written by leading scholars, this authoritative collection identifies policy-relevant frontiers-on matters ranging from social capital and economic democracy to feminism and environmental sustainability-thereby setting an ambitious agenda for further Post-Keynesian Institutionalist research. In addition to being useful as a statement of current Post-Keynesian Institutionalist issues and research, the book serves as both a valuable reference volume and a source of material appropriate for course adoption for undergraduate and graduate students. Policymakers and policy analysts dissatisfied with the status quo should also find the book of interest. It will likely be especially relevant to those concerned with financial instability, worker insecurity, and inequality, problems that in recent years have had considerable economic and political consequences.

Providing an up-to-date account of Modern Monetary Theory (MMT) with contributions from the world's leading experts, each chapter offers new insights on the topic, building upon MMT's established body of work. This innovative book analyses key economic issues from a wide set of regions including the UK, Europe and the Global South, addressing previous concerns that MMT is too US-focused. Alongside ground-breaking research written by MMT's original developers and leading academics, the book also includes contributions from economic historians and public policy campaigners, highlighting how MMT contributes to challenging neoliberalism and the hegemony of mainstream macroeconomics. Offering an examination of the existing legal, institutional and policy framework which governs the UK Exchequer in particular, it examines how the central claims of MMT map onto the financial activities of the UK government. This will be key reading for undergraduate and postgraduate economics students, as well as more advanced scholars of the discipline, particularly for those looking into theories of finance, money and banking. It will also have a wider appeal across the social sciences, including politics and sociology students.

Economic reforms in China began in 1979 and initiated some of the most fundamental changes ever to occur in any country. While allowing some of the most astonishing economic growth the world has seen, they have also induced some of the most profound social and environmental shifts. This volume looks at two aspects of the impacts of the reforms, firstly on the demography of the country (especially migration and urbanization), and secondly on the environment. A third section examines various problems of environmental degradation in relation to natural processes and human efforts to mitigate their effects.

Sebastian Dullien gives a novel explanation for unemployment and inflation in the Euro-Zone. He argues that unemployment stems from a lack of cooperation between unions and monetary authorities: In an economy with endogenous money as EMU, wage setters are responsible for price stability while the central bank is responsible for the level of output. Cooperation between both actors is necessary for high employment and low inflation. The current institutional set-up is found to be unable to assure cooperation.

Preface - Introduction - PART 1 THE ANALYTICAL FRAMEWORK - The Basic Accounting Framework - Different Types of Concept - The Production Boundary - The United Kingdom Experience (1) - PART 2 PRICE AND VOLUME DEVELOPMENTS - Index Numbers of Price and Quantity - Deflation of Complete Systems - Terms-of-Trade Effects and Real National Income - The United Kingdom Experience (2) - PART 3 SECTOR ANALYSIS - Systems of Sector Accounts - Transfers and Related Inter-sector Flows - Input-Output Table and Analysis - The United Kingdom Experience (3) - Statistical Appendix - Literature - Documentary Notes - Index

Providing overviews and case studies of states and sectors, classes and companies in the new international division of labour, this series treats polity-economy dialectics at global, regional and national levels. This volume in the series looks at the complexities of structural adjustment in Africa. Structural adjustment programs in Africa are as widespread as they are controversial. This book examines the complex economic and political nature of these programs and seeks to make them intelligible to the non-expert. It analyzes, in a concise accessible manner, the impact of specific policy measures designed to achieve structural adjustment, such as devaluation, price liberalization, fiscal restraint and privatization. It critically evaluates the past experience of countries implementing these policies and assesses the likelihood of such policies providing sustainable long-term economic solutions to the African crisis. Particular attention is paid to whether orthodox approaches to adjustment, as imposed by the IMF and World Bank as conditionality for their loans, can generate the broad political consensus required for long-term growth and stability in Africa.

The pursuit of economic growth is at the top of every nation's policy agenda at the end of the 20th century. This authoritative and comprehensive book goes beyond the narrowly-based convergence model of economic growth by considering global, national and regional patterns of growth from a comparative perspective. Issues examined include: * the evolution of the firm and the role of R&D * long-term implications of the loss of national sovereignty * international 'openness' * social and political institutions * patterns of regional harmonization in the United States, particularly income and earnings trends across states and the reasons for convergence * persistent regional disparities in Europe including the roles of sectoral transformation, regional spillovers, human capital formation and the allocation of structural funds * the experience of convergence in individual countries including Italy, the UK, Spain and Germany