As a fundamental review and critique of activist economic policies, this book is a unique contribution to classical political economy. "Monetary Policy and Macroeconomic Stabilization" is about macroeconomic stabilization policy, with emphasis on the value of a distinct national monetary policy to growth. Ole Bjorn Roste's argument is for public officials to restrain themselves in the pursuit of policy. As the author notes: when you know less, you should do less.The history of modern macroeconomics started in 1936 with the publication of Keynes' "General Theory of Employment, Interest, and Money". The problems of the Great depression of the 1930s paved the way for a change of focus, from the long run to economic fluctuations in the short run, and from nominal to real variables, such as unemployment and aggregate output.Keynes offered clear policy implications in tune with the times. Because economic adjustment was slow, waiting for the economy to recover by itself was irresponsible. Particularly fiscal policy was essential to return to high employment. Monetary policy could affect aggregate demand through Interest rates, but was less important. Roste discusses the role of monetary policy, starting out with the implications of the theory of optimum currency areas (OCAs). This is followed by estimates of the output loss associated with disinflation policy (the sacrifice ratio) for six OECD economies. Further, Roste models the dynamic adjustment to negative, local labor-market shocks, with particular relevance to Scandinavia, in a final section.The idea that governments should pursue stabilizing fiscal or monetary policies with regard to real variables is often taken for granted by the public, if not by economists. Among the reasons for skepticism, is the presence of differing views on how economies really work, that the state of a given economy becomes known only after a time lag, and that economic agents react to policy and expectations of policy. For these reasons, the effects of policy are generally uncertain. This book explains why the role of history is critical to the study of macroeconomics.p>

Since 1970s when the world was experiencing an "age of inflation", a great volume of academic research about hyperinflation has been conducted. However, it is also true that parrot-like superficial talks abound, without questioning the economic, political and social foundations existing underneath the economic phenomenon. Based on research results of contemporary economists, media reports and historical works, this book will be the most comprehensive narrative of all major events of hyperinflation worldwide from the turn of the first millennium to the mid-2010s. Firstly, it gives a brief illustration of the basic concepts of hyperinflation, starting with the definitions and price measurement. Then it traces and analyzes all major episodes of hyperinflation that occurred over the past two thousand years or so, from the earliest incidence to the four tidal waves in the 20th century, and to the three latest episodes in the 21st century. Using basic concepts in modern finance such as indexation and dollarization, this book explains why hyperinflation in some countries could explode into astronomical levels, while rhythms of hyperinflation in the 20th century world are in resonance of megatrends in world economy and politics. Finally, this book underscores the importance of policy making, institutional building and international relations in the process of hyperinflation and stabilization. Scholars and students studying money and finance, economic history, international finance and economics will be attracted by this book.

Based on an analysis of a 1988 nationwide sample survey of 10,258 households, this book aims to offer insights into issues of rural inequality in China. The work focuses on the study of wealth rather than income as the primary measure.

Based on an analysis of a 1988 nationwide sample survey of 10,258 households, this book aims to offer insights into issues of rural inequality in China. The work focuses on the study of wealth rather than income as the primary measure.

The labour markets in the United States and in Germany could hardly be more different. The USA, with its tremendous job growth, is often held up as the prime example of the job-creating power of unfettered markets, while Germany is seen as the textbook case of an overregulated European labour market stifling employment growth. For many policy advisers the lessons are clear: if Europeans want to emulate the success of the Americans, they must deregulate their economies. On the other hand, economists in the USA, impressed with Germany's income growth and social stability, have shown increasing interest in the role that non-market institutions play in the German context. This work provides an in-depth analysis of the functioning of various labour market institutions in both the USA and Germany. In close studies of the regulatory differences between the two countries, the authors examine the impact of those institutions on economic performance. On the basis of their findings, they argue that the choice is not one between regulation and deregulation, but rather between different forms and degrees of regulation.

Europe is in a period of rapid transition. The Single European Market has been completed, and many barriers to the free mvoement of goods, services, labour and capital have been removed. However the moves towards deeper European union, with full monetary union by 1999, have proved more problematic. Outside the EU, the collapse of communism has added more countries to the queue of EFTA nations applying for EU membership. This book, based on articles originally published in Economics and business Education which are here extensively revised and updated, takes a timely look at the European economy. Lively and accessible throughout, the book will be compelling reading for introductory students of economics.

As a result of the liberalization of the 1980s, the financial system has acquired a prominent role in developing economies. It is now conventional wisdom that financial liberalization' is the means to stimulate economic development.
Investment Finance in Economic Development challenges this assumption and offers an alternative view. The book presents a post-Keynesian approach to the role of banks, financial markets and savings in economic development. It departs from the conventional belief that financial institutions are mere intermediaries between savers and investors, to show that banks have a key, active role in the process of investment finance and growth. Further, financial markets, as the loci of allocation of financial savings, are shown to have an important role in supporting financial stability during the process of growth.

This book, first published in 1949, is the original and key survey of the stages which preceded the use of coins as the medium of exchange, and of the objects that coins displaced, objects which for want of a better name are here called primitive money. It examines in detail the primitive monies of the world, monies from far in the distant past, and monies still in use today. It is the essential reference source on the many different objects used as currency.

The introduction of a single currency within the European Union in its present form is without precedent in world history and will have far-reaching consequences for the future prosperity of the continent.Economic and Monetary Union in Europe brings together contributions from leading specialists which explain and evaluate the most important implications of economic and monetary union. The book examines theoretical aspects of monetary integration, illustrates the historical lessons to be learned from these and discusses the resulting policy consequences. This book will be essential reading for undergraduates studying European monetary integration and will prove to be a key source of reference for academics and post graduates working in this area.

This text investigates the determinants of exchange rates and evaluates the main options for policy-makers in limiting exchange rate fluctuations. It draws on the empirical evidence of the experiences of the G7 countries over the last two decades to conclude that co-ordination of monetary policies is the best way to manage exchange rates. Foreign exchange intervention in markets appears to be effective within currency blocs like the European Monetary System but not on the major exchange rates. It argues that capital/foreign exchange controls become ineffective in the long term and are not critical to the stability of exchange rate systems. The book provides empirical evidence supporting a unified theory of determination for the two main exchange rates.

Frederic Mishkin's work has been dedicated to understanding the relationship between money, interest rates and inflation, an integral part of the monetary transmission process. The 15 essays in this collection - unabashedly empirical and rigorous - include much of Professor Mishkin's most frequently cited work.Money, Interest Rates and Inflation offers a coherent and informative assessment of how monetary policy affects the economy. In addition, the essays in this collection illustrate how rational expectations econometrics can be used in empirical research on a broad range of topics and issues. The introductory essay provides an overview of Professor Mishkin's work and the unifying themes which have influenced his thought. The book will be of interest to researchers and graduate students in the areas of econometrics, finance and monetary-macroeconomics.

First Published in 1994. Routledge is an imprint of Taylor & Francis, an Informa company.

To complement current work on the British domestic economy in the post-war period it is necessary to examine external economic policy. Whilst considerable work has been done on Britain's relations with Europe and with America, the complexities of the sterling area have remained obscure. This volume makes a significant contribution to unravelling the strands of British external economic policy in the post-war period.

This text examines money, credit, and economic activity in the increasingly integrated global economy. It focuses on the problems afflicting the United States as it adapts to the transformation of the world economy.

This text examines money, credit, and economic activity in the increasingly integrated global economy. It focuses on the problems afflicting the United States as it adapts to the transformation of the world economy and analyzes.

This book presents a detailed history of money from Charlemagne's reform in approximately AD 800 to the end of the Silver Wars in 1896. It also offers a summary of 20th century events and an analysis of how the past relates to present problems. The book examines how virtually all modern difficulties associated with money have had precedents in the past. It discusses how a mercantile system developed alongside simple, metallic, medieval coinage, in a way which has important lessons for the countries now emerging from central planning. It covers the great periods of monetary disputes, Henry VIII and Sir Thomas Gresham, Isaac Newton's Great Recoinage of 1696, Ricardo and the Bullion Committee Report, the battle between the Banking and Currency schools, and the much neglected but increasingly relevant issues of bimetallism and European monetary union in the late 19th century. The authors have also published "Tax Efficient Foreign Exchange Management" (Cambridge, 1990); "Offshore Financial Centres" (Chown Banker Research Uint, 1981); and "Taxation and Multinational Enterprise" (Longman, 1974).

First Published in 1994. Routledge is an imprint of Taylor & Francis, an Informa company.

Volume II of this book grew out of the author's work as an economist for the U.S. Congress on the staff of the House Banking Committee under Chairman Wright Patman and his successor, Chairman Henry Reuss; as an analyst for the Congressional Budget Office; and as finance economist for the House Energy and Commerce Subcommittee on Telecommunications, Consumer Protection and Finance. It is a re-examination of the validity of traditional concerns in order to establish the Context for congressional actions to modify the existing regulatory and structural framework.

Volume II of this book grew out of the author's work as an economist for the U.S. Congress on the staff of the House Banking Committee under Chairman Wright Patman and his successor, Chairman Henry Reuss; as an analyst for the Congressional Budget Office; and as finance economist for the House Energy and Commerce Subcommittee on Telecommunications, Consumer Protection and Finance. It is a re-examination of the validity of traditional concerns in order to establish the Context for congressional actions to modify the existing regulatory and structural framework.

Offering an introduction to the Japanese political system, this book covers the end of the Koizumi era, the brief and troubled premiership of Abe, and the selection of Fukuda as prime minister. It includes material on "bubble" and "post-bubble" economic developments, as well as coverage of health care policy.

This timely book provides a comprehensive analysis of the post-war evolution of financial markets and financial regulation in Japan, with special emphasis being placed on the period since 1975. Max Hall, a leading specialist in financial regulation, provides a full and detailed coverage of the causes and nature of the recent liberalization of financial markets adopted in Japan as well as its consequences for public policy. He also examines the recent reforms of Japan's central bank, the Bank of Japan, and offers an in-depth discussion of the current weaknesses of the Japanese banking sector. By providing a critical overview of the local financial system and detailed discussion of the evolution of financial markets in Japan, the book sheds new light on the institutional problems at the heart of the current crisis. The politics, as well as the economics, of the financial liberation programme are scrutinised to provide a comprehensive analysis of financial reform.

In the early post-Soviet period, Ukraine appeared to be firmly on the path to democracy. But the Kuchma presidency was clouded by dark rumors of corruption and even political murder, and, by 2004, the country was in full-blown political crisis. This book looks beyond these dramatic events and aims to identify the actual play of power in Ukraine.

In the early post-Soviet period, Ukraine appeared to be firmly on the path to democracy. But the Kuchma presidency was clouded by dark rumors of corruption and even political murder, and, by 2004, the country was in full-blown political crisis. This book looks beyond these dramatic events and aims to identify the actual play of power in Ukraine.

Following the acquisition of its sovereignty from the Netherlands in 1949, Indonesia experienced serious economic and political problems during the 1950s and 1960s, before entering a three-decade-long period of rapid economic growth. Hard-hit by the financial crisis of the late 1990s, Indonesia undertook a wide range of economic and financial reforms. These reforms served to prepare it well for the 2007-08 global financial crisis, through which Indonesia passed relatively unscathed. Drawing on empirical research, this book presents a comprehensive empirical study on the key macroeconomic relations and monetary policy issues in Indonesia. The book analyses monetary, fiscal and exchange-rate policies, looking at their interactions and impacts on the economy. It demonstrates how important macroeconomic management for monetary and financial stability is to sustained national economic growth and development. Data from the 1970s is compared and contrasted with 1950s data to analyse macroeconomic policies and issues in an historical context. Statistical and econometric techniques are juxtaposed with general empirical results to supplement informative discussion of macroeconomic and monetary developments. This book is a useful contribution to studies on macroeconomics and international development, as well as Southeast Asian studies.