This book addresses issues in the current literature on corporate finance using historical evidence. In particular it looks at the role of universal banks in relaxing the credit constraints of firms, supervising managers and stabilizing share prices. The key issues is whether the Anglo-American asset based financing is more efective than the main-bank approach used in Germany and Japan. Earlier studies have found that firms with a close relationship with a major bank have high market value compared to book value, although it is difficult to determine whether this is cause or effect

Now available in paperback, the Routledge Handbook of South Asian Economics addresses the recent economic transformation in South Asia. Leading experts in the field look at the major economic achievements and challenges for the region and examine why economic development across the South Asia region has diverged so significantly since the early 1990s. Providing a cutting-edge review of the economies of South Asia, the Handbook analyzes key growth areas as well as key structural weaknesses and policy challenges facing these economies. Furthermore, it anticipates trends and suggests corrective measures for the South Asian economic region. Sections focus on issues of human development, such as inequality, poverty and quality of schooling, and monetary and fiscal issues, particularly in light of the ongoing global financial crisis. Further sections discuss issues relating to employment and infrastructure, and on the experience of the region with international trade and financial flows, and environmental challenges. Written by renowned and respected experts on South Asian economics, this Handbook is an invaluable reference work for students and academics as well as policy makers interested in South Asian Studies, Economics and Development Studies.

The process of transition from a centrally planned economy to one driven primarily by market forces has been a source of controversy and debate. Although the pace and approach has varied we are now beginning to understand some of the essential ingredients necessary for a successful transition.These changes have produced a tremendous quantity of literature which can make it difficult to grasp the most important issues. This book focuses on the key questions and problems facing the monetary and financial sectors of transitional economies, specifically in Hungary, Poland and the Czech Republic. It examines many of the reforms, why these proved necessary, and their impact in the early stages of transition. The authors focus on four main themes: the removal of state intervention and its effect on liquidity and the availability of credit the failure of credit markets and the implications for corporate finance< the role of property rights and the importance of bankruptcy in a well-functioning market economy effects of the separation of the central bank from commercial lending functions, and its consequences for the overall operation of monetary policy in a transitional economy. Money and Finance in the Transition to a Market Economy will be essential reading for those wishing to learn more about the financial and monetary implications of the transition to a market economy in the Central and Eastern European countries. It will be welcomed by graduates, academics, researchers and policymakers alike.

Competition and Economic Integration in Europe explores the relationship between competition policy and economic integration in the enlarging European Union. It contains valuable contributions from academics and officials from inside and outside the European Union as well as offering a transatlantic perspective on the enabling effect of competition policy on deepening European integration.This book examines the importance of competition policy in the Europe Agreements signed with the Central and East European countries, whilst emphasizing that agreement on the adoption of competition rules is just one element in the complex process of accession to the European Union. The book argues that harmonization of competition policy along EU lines across the wider Europe is necessary to create a culture of competition among the European partner countries. The contributors examine the actual and potential roles of competition policy as a regulator of cross-border flows, an agent for the removal of trade barriers and as one of a number of measures to enable a move towards free trade. Competition policy is also advocated as a framework for business behaviour, in order to eradicate 'unfair' competition and as a foundation for the privatization programmes of governments. The book concludes with a postscript linking the argument of the book with the European Commission's Agenda 2000 report of July 1997. This book will prove invaluable to academics and students in the field of transition economics, the economics of the European Union, comparative institutions and industrial policy.

This book, originally published in 1981, is a major reassessment of the strengths and weaknesses of incomes policies. A distinguished group of economists comprehensively review the rationale and history of the field, giving special attention to the role fo the public sector, the question of low pay and the differing approaches to incomes policies which have been adopted in Europe and North America.

The essays in this book, originally published in 1984, examine many problems within the structure of industry including wage policies, financial incentives and other economic policies. The book discusses the problems from two standpoints: that of the economist who is concerned with labour as a resource and the psychologist concerned with the behavioural activity of the labour force. This inter-disciplinary approach ensures the relevance of the essays to social scientists, managers and policy-makers.

This book analyzes the competitive forces which dominate this major sector, and traces how the nature of competition has evolved during the last two hundred years. Through an analysis of key factors, including demand, related and supporting industries, firm strategy, structure and national rivalry, chance and government policy, the author explains how and why the locus of competitive advantage in textiles and apparel has moved from country to country, particularly in the period since 1945.

Since 1945 preventing runaway wage inflation has been regarded as a key policy in managing an economy in a successful way. The exact nature of pay control has varied from country to country and from time to time. This book, originally published in 1987, examines pay control policies in major Western economies. It surveys developments from 1945 and explores the aims of pay policies and discusses the problems of implementation, comparing the different kinds of policies. By comparing the performance of these different approaches the book assesses the merits and pitfalls of the different approaches.

This book, originally published in 1951, is a theoretical study inspired by some central economic problems which have appeared during and after the Second World War in many countries, including Scandinavia. It develops a monetary theory for repressed inflation, gives a number of definitions and concepts and explains the connection between the concepts. The investigation of the problems of repressed inflatin also serve as an introduction to the study of open inflation.

Advances in General Equilibrium Theory presents a new approach to the construction of general equilibrium models. It considers the methods that should be adapted and some of the principal subjects with which general equilibrium modelling should be concerned in order to convert it into a useful body of knowledge. The book examines from new perspectives the major questions that have concerned general equilibrium theorists during this century, including the characteristics of perfect competition and the existence, uniqueness and stability of economic equilibrium. The author develops the concept of models as functioning systems, identifies the differences between models and equation systems and discusses the implications of the differences between mathematical methods and economic determinacy. He demonstrates that the treatment of perfect competition has been deeply flawed, that modern general equilibrium models are not functioning systems, that many equation systems in the literature are not supported by underlying models, and that models which would justify these equations are either improbable or inconceivable. In conclusion, Professor Walker indicates how these perspectives can be used to develop a new general equilibrium model, and presents an outline of its content. Advances in General Equilibrium Theory will be of special interest to microeconomists and those interested in economic methodology and general equilibrium modelling.

This book, written by an international team of economists, develops concrete, country specific alternatives to inflation targeting, the dominant policy framework of central bank policy that focuses on keeping inflation in the low single digits to the virtual exclusion of other key goals such as employment creation, poverty reduction and sustainable development. The book includes thematic chapters, including analyses of class attitudes toward inflation and unemployment and the gender impacts of restrictive monetary policy. Other chapters propose improved monetary frameworks for Argentina, Brazil, India, Mexico, the Philippines, South Africa, Turkey, and Vietnam. Policy frameworks that are explored include employment targeting, and targeting a stable and competitive real exchange rate. The authors also show that to reach a larger number of targets, including higher employment and stable inflation, central banks must use a larger number of instruments, including capital management techniques. This volume offers concrete, socially valuable alternatives that economists, policy makers, students and interested laypeople should consider before adopting one size fits all, often inadequate, policies that have become a virtual policy making fad.

Economic Policy and Climate Change focuses on the design, implementation and consequences of a feasible system of tradable carbon permits to reduce greenhouse gas emissions within the context of the European Union. Economic instruments are considered fundamental in reducing atmospheric pollution, especially carbon dioxide emissions. This important book outlines the design of an achievable system of tradable emission permits in the EU. It considers the distribution of permits, the problem of monitoring and enforcement and the possibility that the system might create a barrier to potential entrants to industry. This is especially important because entry barriers will affect the whole economy and long-term industry dynamics. The analysis then extends to consider the use of tradable permits and taxes in the context of international cooperation on emissions reduction. International agreements are examined within the framework of a second-best, two country model in which governments reduce emissions and raise revenue simultaneously. The author concludes that it is not welfare-maximizing to trade permits between countries if emission limits and side-payments have not first been agreed. This book will be of special interest to environmental economists, environmentalists and policymakers.

This book offers a detailed utilitarian analysis of the ethical issues involved in war. Utilitarianism and the Ethics of War addresses the two basic ethical questions posed by war: when, if ever, are we morally justified in waging war, and if recourse to arms is warranted, how are we permitted to fight the wars we wage? In addition, it deals with the challenge that realism and relativism raise for the ethical discussion of war, and with the duties of military personnel and the moral challenges they can face. In tackling these matters, the book covers a wide range of topics-from pacifism to armed humanitarian intervention, from the right of national defense to pre-emptive or preventive war, from civilian immunity to the tenets of just war theory and the moral underpinnings of the rules of war. But, what is distinctive about this book is that it provides a consistent and thorough-going utilitarian or consequentialist treatment of the fundamental normative issues that war occasions. Although it goes against the tide of recent work in the field, a utilitarian approach to the ethics of war illuminates old questions in new ways by showing how a concern for well-being and the consequences of our actions and policies shape the moral constraints to which states and other actors must adhere. This book will be of much interest to students of the ethics of war, just war theory, moral philosophy, war and conflict studies and IR.

This book offers a detailed utilitarian analysis of the ethical issues involved in war. Utilitarianism and the Ethics of War addresses the two basic ethical questions posed by war: when, if ever, are we morally justified in waging war, and if recourse to arms is warranted, how are we permitted to fight the wars we wage? In addition, it deals with the challenge that realism and relativism raise for the ethical discussion of war, and with the duties of military personnel and the moral challenges they can face. In tackling these matters, the book covers a wide range of topics-from pacifism to armed humanitarian intervention, from the right of national defense to pre-emptive or preventive war, from civilian immunity to the tenets of just war theory and the moral underpinnings of the rules of war. But, what is distinctive about this book is that it provides a consistent and thorough-going utilitarian or consequentialist treatment of the fundamental normative issues that war occasions. Although it goes against the tide of recent work in the field, a utilitarian approach to the ethics of war illuminates old questions in new ways by showing how a concern for well-being and the consequences of our actions and policies shape the moral constraints to which states and other actors must adhere. This book will be of much interest to students of the ethics of war, just war theory, moral philosophy, war and conflict studies and IR.

Although political rhetoric and public perception continue to assume that the United States is the very definition of a free market economy, a different system entirely has in actuality come to prominence over the past half century. This Corporate Welfare Economy (CWE) has come about as government come increasingly under the influence of corporate interests and lobbyists, with supposedly equalising factors such as regulation skewed in order to suit the interests of the privileged while an overwhelming majority of US citizens have experienced a decline in their standard of living. James Angresano examines the characteristics of this mode of capitalism, both from the theoretical point of view but also with key reference to the different sectors of the economy - trade, manufacturing, industry and defense among them.

These volumes focus on the most significant developments in macroeconomic theory since the late 1960s. Professor Phelps presents important recent articles and papers in both the Keynesian and monetarist tradition as well as work by adherents to new classical, neoclassical and supply side economics.Recent Developments in Macroeconomics will be an essential reference source for students, instructors and researchers concerned with new initiatives at the frontier of modern macroeconomic theory.

This new edition provides an alternative overview of 18th-century British economy. Recent macroeconomic history has discounted many of the achievements of the Industrial Revolution, but this text dissects the characteristics and processes of industry in the 18th century. A male industrial revolution has been presented as the general experience, but new industries, notably in textiles and metal products, were primarily employers of women. This work gives these industries and their workforce due prominence. Technologies, work processes, labour forces and markets shifted in a variety of directions and forms to create a sector of dynamic new initiatives alongside stable and declining crafts. The key to the Industrial Revolution lies in the sources of technological creativity and the structures of industrial communities. The rise of the factory system was one result. This text reasserts the primacy of the industrial experience to Britain's economic history.

This book provides a comprehensive and critical analysis of research outcomes on the equity home bias puzzle - that people overinvest in domestic stocks relative to the theoretically optimal investment portfolio. It introduces place attachment - the bonding that occurs between individuals and their meaningful environments - as a new explanation for equity home bias, and presents a philosophically multi-paradigmatic view of place attachment. For the first time, a comprehensive and up-to-date review of the extant literature is provided, demonstrating that place attachment is a contributing factor to 22 different topics in which variations of home bias are present. The author also analyses the social-psychological underpinnings of place attachment, and considers the effect of multi-culturalism on the future of equity home bias. The book's unique approach discusses the issues in conceptual terms rather than through data and statistical methods. This multi- and inter-disciplinary book is an invaluable resource for graduate students and researchers interested in economics, finance, philosophy, and/or methodology, introducing them to a new line of research.

Renminbi (RMB) internationalization and the "One Belt One Road" initiative are two important development strategies launched by China. From the perspectives of theoretical exploration, historical experience, and empirical research, this book discusses how the two strategies interact with each other. To start with, it introduces the current situation of RMB internationalization and the history of the Silk Road. Then it examines the mutual benefit relationship between the two strategies, emphasizing that commodity pricing and account settlement, infrastructure finance, industry development zone construction, and cross-border e-commerce should be the key to RMB internationalization.

1. This is the first handbook on Post reform Indian economy. 2. It covers all important thematics of the Indian economy like agriculture, manufacturing, trade, R&D, food security and employment. 3. 2021 being the 30th year of economic liberalization in India, this book will be of interest to departments of economics, South Asian studies and development studies across UK and USA.

Eric Lonergan explores our complex relationship with money. In a provocative and insightful analysis, he argues that few things seem to matter more to us, but few things are as poorly understood. Economists have long worked with the theory that our relationship to money is rational, but not all our reactions to it make sense. Lonergan shows that many of our views about money, credit and saving are little better than prejudices. The same social and emotional forces that affect quant traders in the worlds financial markets can be seen in the mania of Pok n card trading in the school playground.This fascinating book reveals the tension between money's capacity to assist us in our lives and its propensity to cause instability and to distort our values. We are limited in our ability to control money's power, says Lonergan, but only by understanding money better, and thinking about it less, may we get on with enjoying what we have.

The Political Economy of Economic Freedom brings together a timely selection of Sir Alan Peacock's views on economic freedom, its philosophy, its influence on the critique of economic policy and the problems encountered in expanding it. The book represents a diversity of experience ranging from academic speculation to close involvement with policy issues. An opening chapter introduces the essays and discusses the promotion of economic freedom. The book is then divided into three parts and each essay is introduced with a discussions of its intellectual origins. Part I considers how far the pursuit of individual freedom conditions government intervention in the pursuit of economic growth, the right to freedom of expression, conduct in the market place and the distribution of income, affording the author an opportunity to analyse the views both of his contemporaries and such major figures as Hume and Keynes. In Part II the author uses his specialist knowledge of public choice and public finance to explore 'government failure' in attempts to impose progressive taxation, to influence industry through subsidy and regulation and to control bureaucracy. In the final part, the author draws on his personal experience to demonstrate the problems encountered by economic advisers in devising reforms in the tax system, the devolution of government, social security and broadcasting. This volume will be welcomed by business and government, as well as by professional economists and social scientists familiar with Sir Alan's commitment to economic analysis as the servant of policy debate rather than merely a form of intellectual gymnastics.

The Rise and Fall of the Wealth of Nations is an interdisciplinary study concerning growth and cycles in economic development. It builds a bridge between rigorous economic theory and historical studies of long run economic evolution.This authoritative book explains long waves of economic activity and the rivalry of nations for leadership. It considers the concept that such waves of activity are characterized by a cyclical change of societies focusing alternately on capital accumulation and distribution. It also discusses the idea that a change in the economic leadership of a nation occurs after nations reach the height of their influence and turn away from accumulating capital in favour of distribution of income and wealth. This volume will be welcomed by academics, policymakers and students of economics and economic history.

Focusing on Fritz Machlup, Connell presents the story of the Bellagio Group and its contribution to modern finance. Initiated by Machlup the Bellagio Group was made up of thirty-two non-government academic economists. During the years between 1964 and 1977 the Group met eighteen times and made a series of recommendations for policymakers.

First Published in 2004. Routledge is an imprint of Taylor & Francis, an informa company.