There's no question, compared to the advanced economies China's economic growth rates have been spectacular, but in most instances the economic analysts tend to forget that a large part of China's growth has been dictated by government industrial subsidies. How did China go from a bit player overnight to the largest exporter in the world in capital-intensive industries? This book shows that government subsidies play a big part in China's success. Government subsidies include those to basic industries: energy (coal, electricity, natural gas and heavy oil), steel, glass, paper, auto parts, solar and more. A lot has been written about China's trade practices with the West, but none of this work addresses the real unsustainable dilemma. Much of the current literature discusses the problems but doesn't explain the root cause of China's lopsided trade practices with the West or explain in detail how China finances its government subsidies, with nothing written that explains that China's subsidized exports to the United States and European Union are basically self-funded by its enormous trade surplus with the West. A trade surplus represents a net inflow of domestic currency from foreign markets and is the opposite of a trade deficit, which would represent a net outflow. Moreover, this is the only book that describes China's current trade practices with the West as a zero sum game at the expense of the West. This book provides two solutions to this endless quagmire: an increase in Western exports to China so that China and the West have more of an equal trade balance, or a very steep reduction of China's exports to the West.

Take an in-depth, how-to look at Forex trading using the methods, analysis, and insights of a renowned trader, Raghee Horner.

As the fate of the dollar against foreign currency generates both anxiety and opportunities, currency trading has been drawing much interest and a growing following among traders in the United States. The Forex market is particularly attractive because it trades with no gaps and has unlimited guaranteed stop-losses. The liquidity of the Forex market and worldwide participation makes for more reliable and longer lasting trends as well.

Raghee Horner, legendary not only as a top Forex trader but as a master teacher of trading systems and techniques, draws on her winning tools and methods, including classic charting techniques, in this book. She'll enable you, regardless of your skill level as a trader or investor, to understand how the Forex operates and lays out a blueprint for getting starting in this little-understood but high-potential trading vehicle.

Benjamin J. Cohen has been one of the most original and influential writers on international political economy. This book provides an overview of his contribution to the field, grouped around the central theme of global monetary governance.

The book is divided into three sections:

• challenges to systemic governance - examines the challenge of governance of the international monetary system looking at such crucial issues as monetary reform, the growth of capital markets and financial globalization
• dealing with financial crisis - looks at efforts to deal effectively with financial crises, analyzing the relationships between governments and banks in the management of international debt problems and the case for capital controls. There are case studies of the Asian financial crisis and several other key instances of instability in world markets
• the new geography of money - analyzes the crisis of legitimacy created by a global system where governing authority is exercised now more by market forces than by sovereign states. It explores the geopolitical implications of the competition between the two most widely used currencies in the world today, the US dollar and the Euro and spells out the main implications for policy makers.

The concluding chapters evaluate the merits and prospects for the two most widely discussed policy alternatives available to governments responsible for the world's many less competitive currencies - dollarization or monetary union.

Who would disagree that money matters? Economists have yet to sufficiently explore issues related to monetary inflation in relation to the Cantillon effect, i.e. distribution and price effects resulting from uneven changes in the money supply and their impact on the economy. This book fills this important gap in the existing literature. The author classifies the various channels through which new money can be injected into the economy and demonstrates that it is not only the increase in money supply that is important, but also the way in which it occurs. Since the increase in money supply does not affect the cash balance of all economic entities in the same proportion and at the same time - new money is introduced into the economy through specific channels - a distribution of income and changes in the structure of relative prices and production occur. The study of money supply growth, carried out in the spirit of Richard Cantillon, offers an important analytical framework that facilitates the development of a number of sub-disciplines within economics and provides a better understanding of many economic processes. It significantly explores the theory of money and inflation, the business cycle and price bubbles, but also the theory of banking and central banking, income distribution, income and wealth inequalities, and the theory of public choice. This book is therefore an important voice in the fundamental debate on the role of monetary factors in the economy, as well as on the effects and legitimacy of a loose monetary policy. In 2017, the doctoral dissertation on which the book is based was awarded the Polish Prime Minister's prize. In these times of non-standard monetary policy and rising income inequalities in OECD countries, the focus on the distribution effect of monetary inflation makes this a must read for researchers and policy-makers and for anyone working in monetary economics. This title was translated from Polish by Martin Turnau.

Benjamin J. Cohen has been one of the most original and influential writers on international political economy. This book provides an overview of his contribution to the field, grouped around the central theme of global monetary governance. The book is divided into three sections: challenges to systemic governance - examines the challenge of governance of the international monetary system looking at such crucial issues as monetary reform, the growth of capital markets and financial globalization dealing with financial crisis - looks at efforts to deal effectively with financial crises, analyzing the relationships between governments and banks in the management of international debt problems and the case for capital controls. There are case studies of the Asian financial crisis and several other key instances of instability in world markets the new geography of money - analyzes the crisis of legitimacy created by a global system where governing authority is exercised now more by market forces than by sovereign states. It explores the geopolitical implications of the competition between the two most widely used currencies in the world today, the US dollar and the Euro and spells out the main implications for policy makers. The concluding chapters evaluate the merits and prospects for the two most widely discussed policy alternatives available to governments responsible for the world's many less competitive currencies - dollarization or monetary union.

The dollar has been the dominant currency of the world economy for almost a century; since 2002, the euro has gained widespread international acceptance resulting in important institutional, economic and financial changes both for the euro zone, the United States and the world economies, affecting foreign exchange and financial markets as well as economic activities around the world. In years to come, the international role of the euro will hinge on the validity of the fundamental idea underlying its creation, namely that important components of sovereignty can be pooled and shared among nations in the pursuit of common economic and political objectives. This key book assesses the international role of the euro, discusses its impact on global financial markets, shifting global exchange rate relationships and their implications. With input from various disciplines (economics, business and political science), it foments discussions intended to facilitate an exchange of ideas among academics, practitioners and the local business community.

Despite the now widely recognised importance of the intangibles assets of intellectual capital, they can still appear to be poorly understood by both academics and practitioners. Yet the necessity for adopting a brand new approach to their reporting, measurement, and management is now clear. This book is addressed to this clear need and seeks to offers solutions. The book gives room to new perspectives which broaden the breadth of the investigation and therefore the book's scope.

This important book presents a theory of general equilibrium and was the first to present in condensed form the construction of the two-sector model, its applications to the theory of distribution and public finance for income redistribution, and its conversion into a growth model. It assembles a body of analysis that was previously available only in scattered journal articles and a few textbook chapters.

In the first of three chapters Johnson constructs the two-sector model, using only geometric tools, and establishes the basic relationships between commodity and factor prices and between production allocation and the distribution of income. He then discusses the determination of full general equilibrium and the possibility of multiple equilibrium. In a second chapter he examines the effects of various kinds of changes in the parameter of the system on the distribution of income. He also considers both changes in factor quantities and changes in technology, and the economics of various kinds of government policies for the redistribution of income, with special reference to the possibility of altering the distribution of income by trade union action and by minimum wage laws. Finally the author converts the two-sector model into a model of economic growth by converting one of the sectors into a capital-goods producing sector. He discusses questions such as the stability of equilibrium and the uniqueness of the steady-state growth path of the economy.

The book is rounded out with three appendixes: the basic mathematics of the one-sector growth model, the standard against which the analysis of the two-sector model is mainly constructed; an analysis of the distributional effects of excise taxation; and an extension of the analysis to the general equilibrium consequences of the existence of public goods. This is an essential text for students and is especially useful for courses in price theory, international economics, and public finance.

"Harry G. Johnson" was professor of economics at the London School of Economics and the University of Chicago. He was a fellow of the American Academy of Arts and Sciences and a member of the executive committee of the American Economic Association. He has been editor of "The Manchester School" and the "Journal of Political Economy" and has served on the research staff of the Royal Commission on Banking and Finance, as a consultant to the Board of Governors of the Federal Reserve System and as a member of the review committee on Balance of Payments Statistics.

Brazil has one of the world's fastest growing economies and a fascinating history underpinning its evolution. This book presents an analysis of the state's role in monetary policy, from the latter days of Portuguese rule, to the present day. Based on a variety of unknown archival sources, this study offers an alternative explanation for the rise and fall of Brazilian currencies. Monetary statecraft is a theory that accounts for the open ended, autonomous character of politics, the complex, recursive phases of public policy, and political development in the traditional sense of social inclusion. Unfortunately, there are few precedents for this type of analysis. This book fills this gap by tracing how Brazilian policy makers and observers have sought, experimented with, and reflected on a variety of forms and solutions for monetary policy since 1808. This book will be of interest to economists, financial historians and those interested in the history and economy of Brazil.

Comparative in structure and covering an extensive number of transition countries in its survey, this comprehensive book overviews the development of the banking systems in Central and Eastern European since the communist era until the present time.

Taking in a range of countries including Hungary, Poland, Czech Republic, Slovakia, Bulgaria, Romania, Croatia, Russia, Ukraine, Belarus, Kazakhstan, Uzbekistan, Barisitz - an economist with the Central Bank of Austra - analyzes the evolution of legal foundations, banking supervision, banks' major sources of assets, liabilities, earnings and related changes, banking crises, restructuring, rehabilitation programs, the role of foreign-owned banks and FDI.

A significant publication, it is fascinating reading for all those studying and working in the areas of transition economy, macro and monetary economy and economic history

Private enterprises have contributed significantly to China's recent economic growth and will play a key role in achieving China's goal of building a comprehensively well-society. But how can private enterprises help China mitigate its macroeconomic problems such as unemployment, income inequality, financial disintermediation, and an unhealthy economic cycle? And what are the main obstacles to private enterprise development? Private Enterprises and China's Economic Development answers these questions by identifying the range of cultural, political and financial challenges confronting China's private enterprises, and assessing their performance and potential. Contributors also analyse the experiences and lessons of other countries, and propose strategies and policies to help China promote private enterprise development.

Using the most up to date research on private enterprises, including detailed econometric analysis and national representative data, authors including economists, policy-makers and academics from the USA, China, Singapore and Canada comprehensively address the most important aspects of China's private enterprise development. As such this book will appeal to students, scholars and policy-makers alike with an interested in the Chinese economy, economic growth, comparative economics and transitional economics.

The Washington financier who first proposed creation of a trust fund to retire the national debt has written a book outlining a new plan that would prevent Congress from raiding the fund to supplement the cost of regular government programs. In 1982 he suggested a temporary 5% tax on manufacturers sales. The income would go into a debt trust fund similar to the highway trust fund. The $1 trillion federal debt would have been retired in five years (by 1985 or 1986) under that proposal. In the past decade, however, federal trust fund have not fared as well. For example, contributions to the social security fund essentially are borrowed for the regular budget. The trust fund contains federal I.O.U.s. A special tax that raised secure funds exclusively for debt retirement might well get public support. Without federal interest payments, the 1992 federal deficit would have been cut to $114 billion from $314 billion.

Washington banker and attorney Charles W. Steadman, who made the 1982 proposal, now has eliminated the trust fund from his method of paying off the debt. In "The National Debt Conclusion: Establishing the Debt Repayment Plan," (Praeger Publishers, November 1993), Steadman lays out his proposal to eliminate the debt in ten years. Steadman would issue new debt bonds for existing federal government debt securities in a single exchange. A sales tax at the producers' level would be dedicated solely to paying off the new debt bonds on schedule. There would be no trust fund. The rate of the sales tax would be scheduled to raise only enough money each year to call the bonds scheduled for retirement in that year. The debt bonds could be retired only by income from the special purpose tax. Steadman's plan establishes a contract between the government and the bondholders, who would have no claim on general funds of the United States. The Congress would have no way to borrow from the debt retirement receipts. Steadman argues that America must adopt a fundamentally different fiscal structure before the debt burden ultimately causes collapse of the nation's financial structure.

Exchange Rate Economics: Theories and Evidence is the second edition of Floating Exchange Rates: Theories and Evidence and builds on the successful content and structure of the previous edition, but has been comprehensively updated and expanded to include additional literature on the determination of both fixed and floating exchange rates.

Core topics covered include:

• the purchasing power parity hypotheses and the PPP puzzle
• the monetary and portfolio-balance approaches to exchange rates
• new open economy macroeconomics approach to exchange rates
• the determination of exchange rates in target zone models and speculative attack models.

Exchange Rate Economics: Theories and Evidence also includes extensive discussion of recent econometric work on exchange rates with a particular focus on equilibrium exchange rates and measuring exchange rate misalignment, as well as discussion on the non-fundamentals-based approaches to exchange rate behaviour, such as the market microstructure approach.

The book will appeal to academics and postgraduate students with an interest in all aspects of international finance and will also be of interest to practitioners interested in issues of equilibrium exchange rates and the forecastability of currencies in terms of macroeconomic fundamentals.

Exchange Rate Economics: Theories and Evidence is the second edition of Floating Exchange Rates: Theories and Evidence and builds on the successful content and structure of the previous edition, but has been comprehensively updated and expanded to include additional literature on the determination of both fixed and floating exchange rates.

Core topics covered include:

• the purchasing power parity hypotheses and the PPP puzzle
• the monetary and portfolio-balance approaches to exchange rates
• new open economy macroeconomics approach to exchange rates
• the determination of exchange rates in target zone models and speculative attack models.

Exchange Rate Economics: Theories and Evidence also includes extensive discussion of recent econometric work on exchange rates with a particular focus on equilibrium exchange rates and measuring exchange rate misalignment, as well as discussion on the non-fundamentals-based approaches to exchange rate behaviour, such as the market microstructure approach.

The book will appeal to academics and postgraduate students with an interest in all aspects of international finance and will also be of interest to practitioners interested in issues of equilibrium exchange rates and the forecastability of currencies in terms of macroeconomic fundamentals.

Martin Bronfenbrenner in the Journal of Finance had this to say when the book was first released "A thoughtful, scholarly, and systematic treatise on the economics of inflation. If this reviewer were asked to hang a course on inflation theory upon one single text, it would almost certainly be this one."

The principal concern of this book is to set out the elements that enter into problems of analyzing inflation. This detailed, readable review of contemporary theory on the problems of inflation fills an important gap in the literature on macro-economics that: 1) assesses the implications of inflationary processes for economic policy; 2) synthesizes a general framework within which to illustrate inflationary processes; 3) reconciles the approaches of "demand inflation" and "cost inflation"; and 4) analyzes the determination and behavior of the general price level in an exchange economy.

The first part of the book reviews neo-classical and "Keynesian" type models of the closed macro-economy, analyzes determination of the general price level, and introduces a restatement of conventional employment theory with emphasis on the general price level.

The second part considers the problems of price and wage determinations and the demand for money in more detail, synthesizing the analyses into a model of the macro-economy and discussing the implications of this model and the preceding analysis for economic policy. Describing alternative approaches to the theory of inflation, each of which has resulted in partial theories, the book avoids fragmentary explanations by setting the entire discussion in the context of a macro-economic general equilibrium framework.

In response to the credit crunch during the global financial crisis of 2007-2008, many have called for the re-establishment of regional banks in the UK and elsewhere. In this context, Germany's regional banking system, with its more than 1,400 small and regional savings banks and cooperative banks, is viewed as a role model in the financing of small and medium-sized enterprises (SMEs). However, in line with the 'death of distance' debate, the universal application of ICT-based scoring and rating systems potentially obviates the necessity for proximity to reduce information asymmetries between banks and SMEs, calling into question the key advantage of regional banks. Utilising novel ethnographic findings from full-time participant observation and interviews, this book presents intimate insights into regional savings banks and compares their SME lending practices with large, nationwide-operating commercial banks in Germany. The ethnographic insights are contextualised by concise description of the three-pillar German banking system, covering bank regulation, structural and geographical developments, and enterprise finance. Furthermore, the book advances an original theoretical approach that combines classical banking theories with insights from social studies of finance on the (ontological) foundation of new realism. Ethnographic findings reveal varying distances of credit granting depending on the rating results, i.e. large banks allocate considerable credit-granting authority to local staff and therefore challenge the proximity advantages of regional banks. Nevertheless, by presenting case studies of lending to SMEs, the book demonstrates the ability of regional banks to capitalise on proximity when screening and monitoring financially distressed SMEs and explains why the suggestion that ICT can substitute for proximity in SME lending has to be rejected.

The 2008 international crisis has revived the interest in Keynes's theories and, in particular, on Minsky's models of financial fragility. The core proposition of these theories is that money plays an essential role in modern economies, which is usually neglected in other approaches. This is Keynes's liquidity preference theory, which is also the foundation for Minsky's model, a theory that has been largely forgotten in recent years. This book looks at liquidity preference theory and its most important problems, showing how one should understand the role of money in modern monetary economies. It develops Keynes's and Minsky's financial view of money, relating it to the process of capital accumulation, the determination of effective demand and the theory of output, and employment as a whole. Building on the author's significant body of work in the field, this book delves into a broad range of topics allowing the general reader to understand propositions that have been mistreated in the literature including Keynes and the concept of monetary production economy; uncertainty, expectations and money; short and long period; liquidity preference theory as a theory of asset pricing under uncertainty; asset prices and capital accumulation; Keynes's version of the principle of effective demand; and the role of macroeconomic policy. It will be essential reading for all students and scholars of Post-Keynesian economics.

In this book Miroslav Beblavy, who has been involved in policy-making at the highest level in his country, offers a detailed study of monetary policy and monetary institutions in the Czech Republic, Hungary, Poland and Slovakia during the 1990s and the early 2000s and a more general look at monetary policy in less developed, but highly open and financially integrated market economies.

Taking an innovative approach, this text focuses on a range of areas where few articles or books have been published and where very little empirical research has been undertaken, covers the topics of monetary policy frameworks, institutions inflation in transition and developing economies. As well as these border themes it analyzes specific factors that have significant influence on the conduct or outcomes of monetary policy including:

• the transmission mechanism of monetary policy in Central Europe
• use of principal types of constraints on policy discretion, such as central bank independence, exchange rate commitments and domestic targets for monetary policy.

This book is a valuable resource for postgraduate students and research working or studying in the areas of development economics, public finance and banking. "

From Afghanistan to Zimbabwe, this comprehensive reference work covers the monetary systems of 203 countries and four confederations. It provides historical and orthographical information for all monetary systems according to country. Chronologies show the evolution of each monetary unit. Orthographies summarize the commonly accepted English spelling of the unit names (singular and plural) as well as known abbreviations and symbols. There is a glossary that lists all the monetary units alphabetically, identifies their countries, and reveals the etymologies of the unit names.

The failure of the dollar peg to prevent the Asian currency crisis of 1997 to 1998 has highlighted the importance of the exchange rate regime in Asia and provoked much discussion as to what the alternatives are in terms of exchange rate systems.
Bringing together extensive research on Asian basket currencies in one volume, this new text discusses whether a currency basket system is the answer, striking a balance between the theoretical and empirical. With strong policy implications for East Asia, the impressive team of contributors argue that for countries that have close economic relationships with several currency areas, it is well worth considering a currency basket system. The book also pursues the important idea of coordination failure, whereby if each individual country tries to adopt an optimal exchange rate given other neighboring countries' policies, they may collectively fail to reach a region's optimal exchange rate regime.
"A Basket Currency for Asia" is a topical and significant text that will appeal to students and scholars of international finance and Asian economics.

This major reference collection presents in an accessible form the key articles and papers on the theory and history of financial crises. It includes both classic and contemporary writings on domestic financial crises, the transmission of crises between countries and the resolution of crises by both private and government authorities acting as lender of last resort.The book is divided into five sections. Section I on theories of financial crises presents two rival approaches to financial crises; the monetarist approach and the Fisher-Kindleberger-Minsky approach. It also includes recent Rational Expectations approaches. Section II contains readings on financial crises in US history while Section III presents case studies for other countries. Section IV contains readings on the international transmission of financial crises. Section V concludes with a number of articles on the resolution of financial crises. Financial crises have been a topic of perennial interest - perhaps as old as economic science. This landmark book makes a singular contribution by presenting the most significant literature on this important topic in an accessible form.

Recent economic growth in China and other Asian countries has led to increased commodity demand which has caused price rises and accompanying price fluctuations not only for crude oil but also for the many other raw materials. Such trends mean that world commodity markets are once again under intense scrutiny. This book provides new insights into the modeling and forecasting of primary commodity prices by featuring comprehensive applications of the most recent methods of statistical time series analysis. The latter utilize econometric methods concerned with structural breaks, unobserved components, chaotic discovery, long memory, heteroskedasticity, wavelet estimation and fractional integration. Relevant tests employed include neural networks, correlation dimensions, Lyapunov exponents, fractional integration and rescaled range. The price forecasting involves structural time series trend plus cycle and cyclical trend models. Practical applications focus on the price behaviour of more than twenty international commodity markets.

This book examines regional economic integration in West Africa within the context of the institutional evolution of the Economic Community of West African States (ECOWAS). It uses the tools of the New Institutional Economics School to explore the origins and development of the most recent ECOWAS Treaty. Particular attention is given to the interface between domestic legal arrangements and the success of open markets at the regional and international levels. The impetus given to regional integration schemes by the belief that international economic institutions are designed to serve the interests of advanced countries is also considered.

China is now the second largest economy in the world, with an increasingly efficient and open financial system. Many firms, agents and financial institutions have realized the potential in making money in China. Financial Theory: Perspectives from China serves as a timely textbook providing a unique introduction to economics theory, with a focus on money, banking and financial systems, through examples based mainly on China's financial practices. It contains up-to-date developments of theory and practices, as well as various interesting stories on China's financial system. Topics such as financial institutions, capital markets, debt securities markets, mutual fund markets, money markets, foreign exchange and financial derivative markets are discussed in depth. Financial theories are supplemented with illustrations from China's money supply mechanism and monetary policy system, China's financial regulatory and supervision system, as well as China's financial system and how it has liberalized and opened up to the rest of the world.Readers will find detailed examinations of financial theories, exemplified and reinforced by the inclusion of different financial cases and phenomena, each intriguing in their own right. This book provides readers with a deeper understanding of China's financial practices, providing vital knowledge for investing in China and engaging businesses there. Undergraduate students in economics and finance and those keen on becoming a player in China's financial markets will no doubt find this volume useful and necessary.

In this comprehensive historical overview, the author writes about monetary unions with an admirable completeness and covers such themes as:
*The Gold Standard
*Monetary Unions in Countries and Areas from Latin America to The British Empire to Japan and Korea with many in between
*EMU and its Policy Ramifications
*the CFA Franc Zone in the former French Colonies.
Written in readable and enjoyable prose, A History of Monetary Unions combines historical analysis with present day context. The book will be of great interest to students and academics involved in the study of money, banking and finance. It is also essential reading for anyone working in the financial sector.