The book provides an understanding of how international trade and capital flows have engineered the development process in East Asia, and examines the real and potential challenges that the region is expect to encounter in the twenty-first century. It integrates four topics (i.e. capital flows, East Asia, globalization and economic development) that are at the centre of the social, political and economic debate. The text highlights the region's growing strategic importance in the twenty-first century globalizing world, where transnational corporations are playing an increasingly decisive role in the global distribution of production and trade. It blends generalised regional analyses with country-specific case studies in the world's most dynamic region. It is so well designed that each of the seventeen countries that comprise the region gets some space for discussion. Thus, the text is a valuable contribution to the social science and business literature, with a special focus on the now strategic region of East Asia.

FDI has proved to be the most dynamic defensive and offensive response to globalization. This book provides an in-depth evaluation of the rationale as well as theoretical and empirical explanations of the outward internationalization of firms from the Czech Republic, Estonia, Hungary, Poland and Slovenia. The authors present the first broader empirical evidence on transition economies' OFDI and internationalization, evaluate the role of transnational companies from transition economies and development implications of outward internationalization for home economies. They put the experience of firms from transition economies into the framework of existing theories, study to what extent are the experiences of Austria, Portugal and Finland applicable to transition economies, illustrate general macro economic trends of the international business practices of firms from transition economies by case studies, examine the main determinants and barriers to the outward internationalization process, offer a representative set of cases and best business/government practices relevant for other transition economies, identify specificity in internationalization by firms from transition economies due to transition processes and systemic background and apply network theory as a complementary explanation for such internationalization due to former historical ties and cultural vicinities. A pioneering work on outward investment by transition economies, this book is the first in the world to present a more systematic analysis of the internationalization of firms from transition economies, based on results of the two ACE projects: "Outward internationalization facilitating transformation and EU Accession; The case of Czech Republic, Hungary and Slovenia" and "Networking Through OFDI" including also Poland and Estonia.

Originally conceived as part of a unifying vision for Europe, the euro is now viewed as a millstone around the neck of a continent crippled by vast debts, sluggish economies, and growing populist dissent. In Europe's Orphan, leading economic commentator Martin Sandbu presents a compelling defense of the euro. He argues that rather than blaming the euro for the political and economic failures in Europe since the global financial crisis, the responsibility lies firmly on the authorities of the eurozone and its member countries. The eurozone's self-inflicted financial calamities and economic decline resulted from a toxic cocktail of unforced policy errors by bankers, politicians, and bureaucrats; the unhealthy coziness between finance and governments; and, above all, an extreme unwillingness to restructure debt. Sandbu traces the origins of monetary union back to the desire for greater European unity after the Second World War. But the euro's creation coincided with a credit bubble that governments chose not to rein in. Once the crisis hit, a battle of both ideas and interests led to the failure to aggressively restructure sovereign and bank debt. Ideologically informed choices set in motion dynamics that encouraged more economic mistakes and heightened political tensions within the eurozone. Sandbu concludes that the prevailing view that monetary union can only work with fiscal and political union is wrong and dangerous--and risks sending the continent into further political paralysis and economic stagnation. Contending that the euro has been wrongfully scapegoated for the eurozone's troubles, Europe's Orphan charts what actually must be done for the continent to achieve an economic and political recovery.

Jean-Baptiste Say (1767-1832) was one of the first great economists to have laid down the foundations of economic science. Author of the famous Treatise on Political Economy in 1803, which was revised and re-edited on several occasions, he published numerous other works including a voluminous Complete Course in Practical Political Economy in 1828-9. He also taught political economy successively from 1815 until his death in three Parisian establishments: the Athenee, the Conservatory of Arts and Trades, and the College de France. The texts in which Say exposes his approach to political economy have not been available in the English language until now except for the fourth edition of the 'Preliminary Discourse' which serves as an introduction to the Treatise. This book presents a translation which renders his works accessible to the English speaking world. For the first time, English readers will be able to become directly immersed in Say's principal texts, where he develops his conception of political economy. Jean-Baptiste Say and Political Economy proposes a translation of a selection of eleven of Say's texts. The first three are versions of the 'Preliminary Discourse' from the Treatise's editions of 1803, 1814 and 1826 with the variations of the editions of 1817, 1819 and 1841. The following four texts are the opening discourses pronounced at the Conservatory in 1820 and 1828 and the College de France in 1831 and 1832. The eighth text is the 'General Considerations' which open the Complete Course in Practical Political Economy of 1828, with the variations of the 1840 re-edition. The final three texts are those Say devotes to 'the progress of political economy' in what is akin to a history of economic thought. This volume is of great importance to economic historians and people studying Jean-Baptiste Say, as well as those who are interested in economic theory and philosophy and political economy.

It is well-known that the Swedish experiment in practical economic control was inspired by a simultaneous development of economic thought in Sweden. Despite Swedish economics being known globally, until this book was originally published in 1939 there was little except second-hand descriptions of what the Swedes were really saying. This volume remedied that and explained hitherto hidden contemporary Swedish monetary theory.

This general introduction to the theory of money and of balance of payments adjustment was originally published in 1969. It was the first book to pay full attention to the theory of assets: the relation of the supply of assets to the demand for holding them and the significance of asset movements for balance of payments adjustment. Written in simple language and with brevity, the book is intended for the student with a general knowledge of economics and economic institutions, but with no specialised knowledge of these topics.

Knut Wicksell is acknowledged to be the precursor and prophet of modern macroeconomic theory and he provided some of its chief elements a generation before their power and significance were properly recognized. This book, originally published in German in 1893 and in English in 1954 brought time into the previously timeless theory of value and income distribution. The theory of the real interest rate, which he developed in Value, Capital and Rent became a central and essential element when he began to explain what determines the general level of money prices and how the changes of this level come about.

A.C. Pigou spent his career in the shadow of Marshall and Keynes and his contributions have seemed small by comparison, but his influence remains significant. He is regarded by many as the father of modern public finance and welfare theory, as the way that economists analyze and justify government intervention in economic affairs stems from Pigou. Following on from A. C. Pigou's 1903 pamphlet, The Riddle of the Tariff, this book, originally published in 1906, is a more technical treatment, leaning on the Marshalian apparatus and coming out against the policy of Imperial preference.

This textbook focuses on key international monetary and financial phenomena, exploring the determinants of exchange rates, international competitiveness, interest rates, saving, investment, international capital flows, commodity prices, the terms of trade, financial crises, foreign investment and economic growth. The text enhances understanding of international money and finance by providing background on globalisation and characteristics of the world economy, as well as detailed explanation of important international monetary variables. It then systematically develops a suite of compatible theoretical frameworks to analyse perennially important international monetary questions. A major feature of the text is its emphasis on real world policy relevance, covering topics such as inflation targeting, the operation and effectiveness of fiscal and monetary policy, public debt sustainability, exchange rate regime choice, commodity price gyrations, the causes and consequences of financial crises, and the gains from foreign investment.

This textbook focuses on key international monetary and financial phenomena, exploring the determinants of exchange rates, international competitiveness, interest rates, saving, investment, international capital flows, commodity prices, the terms of trade, financial crises, foreign investment and economic growth. The text enhances understanding of international money and finance by providing background on globalisation and characteristics of the world economy, as well as detailed explanation of important international monetary variables. It then systematically develops a suite of compatible theoretical frameworks to analyse perennially important international monetary questions. A major feature of the text is its emphasis on real world policy relevance, covering topics such as inflation targeting, the operation and effectiveness of fiscal and monetary policy, public debt sustainability, exchange rate regime choice, commodity price gyrations, the causes and consequences of financial crises, and the gains from foreign investment.

The crisis in the euro area is a defining moment in the history of European integration. It has revealed major flaws in the architecture of the European Union; it has challenged European institutions to shape an appropriate response; and it has tested the patience of a European public that is eager to see their economic prospects improve again. This volume brings together some of the world's top economists and policymakers to explain how this crisis came about and what is to be done. The policy agenda these chapters establish is going to be difficult to implement, not least because of popular misunderstanding and political opposition. This book argues, that it is essential that European policymakers push forward this agenda or they run the risk of seeing Europe's economies fall back into crisis. This book was previously published as a special issue of the Journal of European Integration.

Originally published in 1960, this book examines how inflation as a policy has come about in modern democracies, how ti works, how to avoid it and at what cost. In non-technical terms it explains what inflation does, both to society and its individual elements, to weaken and hamper democracy. Including examples from the UK, Germany, France, Scandinavia, the USA and the former Soviet Union this volume examines inflation at work in widely differing communities since Roman Times to the late twentieth century.

The recent financial crisis, rooted in the United States, has changed the world's economic and financial structures. The Chinese government has made some arrangements in the post-crisis to ensure stable economic growth in volatile international economic environments and to protect its own interests from unfair international monetary treatments. The internationalization of Renminbi (RMB) is one of China's most important national strategies in the 21st century and is symbolic in the rise of China. This book aims to document the process and the development of the internationalization of Renminbi and to identify the challenges. The book introduces an index of internationalization of Renminbi. It also uses a comprehensive multi-variable index to determine the degree of internationalization of Renminbi. This book helps readers to understand the current status of the reformation on China's currency system, the process of internationalization of the RMB and the current, intricate political and economic relations.

Originally published in 1982, this book begins with a wide-ranging and critical review of both first and second generation theories of inflation (and the related problem of unemployment), including the classical approach to macroeconomics. The author systematically integrates search, implicit contract, expectations and wage-bargaining theeoriees to outline a new and original synthesis. This synthesis and switching regimes model is then rigorously examined to see how well it can explain inflation the US and the UK.

Originally published in 1985 and contributed to by internationally renowned economists, this volume discusses theoretical issues and country-specific experiences to review the underlying causes of the stagflation of the 1970s and early 1980s, as well as summarizing the kinds of macro-policies that were adopted to deal with the stagflation.

According to Stephen Rousseas, economics cannot be separated from politics. Here, he provides theoretical background and insight into the ideology of supply-side economics, commonly referred to as Reaganomics. As a Post Keynesian, Rousseas is critical of supply-side economics and the Reagan administration's attempt to counter-revolutionise the demand-side economics of the earlier twentieth century. Originally published in 1982, this title is ideal for students of Economics and Politics, as well as the general reader interested in the subject.

The book proposes a monetary policy regime that is suitable for the European Periphery on the road to the euro. The first part examines the relation between the eleven founding members of the EMU and countries staying out of the EMU - paying particular attention to the European Periphery that includes Greece and all those CEE transition countries which have recently applied for EU membership. The second part of the book argues against ERM-II participation for those countries. It stresses the limits in efficiency of an ERM-II arrangement in a world of increased international capital movements, fiscal imbalances, and asymmetric real shocks. The third part offers a consistent and credible monetary framework for the achievement of price stability at the European Periphery: adoption of explicit and formal inflation targets together with political and economic independence of the central bank.

First published in 1985. Routledge is an imprint of Taylor & Francis, an informa company.

This book examines the nature and causal antecedents of superior memory performance. The main theme is that such performance may depend on either specific memory techniques or natural superiority in the efficiency of one or more memory processes. Chapter 2 surveys current views about the structure of memory and discusses whether common processes can be identified which might underlie general variation in memory ability, or whether distinct memory subsystems exist, the efficiency of which varies independently of each other. Chapter 3 provides a comprehensive survey of existing evidence on superior memory performance. It examines techniques which underlie many examples of unusual memory performance, and concludes that not all this evidence is explicable in terms of such techniques. Relations between memory ability and other cognitive processes are also discussed. The remainder of the book describes the authors' own studies of a dozen memory experts, employing a wide variety of short- and long-term memory tasks. These studies provide a much larger body of data than previously available from studies of single individuals, usually restricted to a narrow range of tasks and rarely involving any systematic study of long-term retention. The authors argue that in some cases unusual memory ability is not dependent on the use of special techniques. They develop some objective criteria for distinguishing between subjects who demonstrate "natural" superiority and those "strategists" who depend on techniques. Natural superiority was characterised by superior performance on a wider range of tasks and better long-term retention. The existence of a general memory ability was further supported by a factor analysis of data from all subjects, omitting those who described highly-practised techniques. This analysis also demonstrated the independence of initial encoding and retention processes. The monograph raises many interesting questions concerning the existence and nature of individual differences in memory ability (a previously neglected topic), their relation to other cognitive processes and implications for theories concerning the structure of memory.

Now that EMU is here and likely to stay, the 'second generation' of research is under way. This volume presents a significant sample of that research and explores questions such as: How do central bankers who used to run their own banks now melt into a single pot? Are labour markets going to shape up? Is the euro becoming a world currency?

This book offers a concise but thorough analysis of the International Monetary Fund reform debate. Since the advent of the Asian financial crisis in the late 1990s, a lengthy deliberation has ensued over whether the IMF should be reformed, abolished, or left as is. The authors approach this debate from a normative perspective while looking at arguments from all sides, as well as reflecting on the history, functions, and ideology of the IMF. This unique approach gives weight to the authors' perspectives and their conclusion that the IMF ultimately does more harm than good. Written to analyze and contribute to the current IMF debate, this Palgrave Pivot is a must-read for scholars and policymakers invested in the conversation surrounding IMF reform.

First published in 1999. Routledge is an imprint of Taylor & Francis, an informa company.

The Federal Reserve System, which has been Congress s agent for the control of money since 1913, has a mixed reputation. Its errors have been huge. It was the principal cause of the Great Depression of the 1930s and the inflation of the 1970s, and participated in the massive bailouts of financial institutions at taxpayer s expense during the recent Great Recession.

This book is a study of the causes of the Fed s errors, with lessons for an improved monetary authority, beginning with an examination of the history of central banks, in which it is found that their performance depended on their incentives, as is to be expected of economic agents. An implication of these findings is that the Fed s failings must be traced to its institutional independence, particularly of the public welfare. Consequently, its policies have been dictated by special interests: financial institutions who desire public support without meaningful regulation, as well as presidents and those portions of Congress desiring growing government financed by inflation.

Monetary stability (which used to be thought the primary purpose of central banks) requires responsibility, meaning punishment for failure, instead of a remote and irresponsible (to the public) agency such as the Fed. It requires either private money motivated by profit or Congress disciplined by the electoral system as before 1913. Change involving the least disturbance to the system suggests the latter."

In developing a new and highly innovative theory of economic policy, this book deals with conflicts between strategic actions by public and private agents. It builds on the Lucas critique but also applies the tools introduced by Tinbergen and Theil to dynamic policy games, and from there derives a new theory of economic policy. Its main propositions describe such properties in the models currently used for policy-making as neutrality and equilibrium existence, uniqueness, and multiplicity. These properties are key to understanding the impact of concepts such as rational expectations, time inconsistency, communication and the use of policy announcements. As the numerous examples show, they are useful both for model building and for devising optimal institutions. The Theory of Economic Policy in a Strategic Context is an essential but accessible tool for economic researchers involved in policy questions.