This title was first published in 2002: As the twenty-first century began, it was easy to assume that the reforms to the international financial system undertaken in the last half of the 1990s were adequate to the core tasks of ensuring stability, sustained growth and broadly shared benefits in the world economy. That comfortable consensus has now been shattered. This volume critically assesses fundamental issues including: -the elements and adequacy of recent G7-led efforts at international financial reform -current causes of and prospects for growth in the new global economy -the challenges of crisis prevention -private sector participation and IFI responsibilities -the world's monetary supply and sovereignty in the face of market forces. These key topics are examined by leading economists and scholars of political economy from both academic and policy communities in G7 countries, making it an essential addition to the collections of all those concerned with the challenges facing the world economy in the coming years.

This work presents a comprehensive history and evaluation of the role of the 100 percent reserve plan in the banking legislation of the New Deal reform era from its inception in 1933 to its re-emergence in the current financial reform debate in the US.

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.

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 title was first published in 2002: From Individualism to the Individual treats finance as a social and cultural process, exploring the unseen side of academic discourse and the many obstacles the deeply entrenched elite puts in the way of alternative thinking. Opening with a detailed discussion of the role of ideology in the perpetuation of the limited methodological bias of the profession toward markets, the book then examines the more specific effects of such ideological limitations on theoretical and empirical research in finance. The authors develop alternative ways to examine finance both as a profession and as a field of inquiry. This book will be of particular value to researchers and practitioners working in finance, as well as those in other social science disciplines whose research relates to finance, culture and society.

First published in 1989, The Economics of the Swap Market looks at how the swap has become a commonplace tool for corporations throughout the OECD world to 'lock-in' interest rates on their borrowing. The aim of The Economics of the Swap Market, is to contribute to a redressing of the balance. Subjects covered include both those conventionally falling within the scope of micro-economics and of macroeconomics, beginning with an examination of the forces behind the take-off the swap market and a formal setting out of key arbitrage relationships which hold in equilibrium between the swap markets on international capital flow.

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

This title was first published in 2002. This compelling text provides fresh insight into an area that is often touched upon, but rarely examined in any great detail - the relationship between Multinational Enterprises (MNEs) and their host governments. Taking Japanese Foreign Direct Investment (FDI) strategy, arguably the model of FDI, Young-Chan Kim takes a revealing look at why the United Kingdom (UK) has dominated among the EU member states for FDI destination, while ironically losing its nationalized car manufacturers. Scholars of business history, international business and business economics will find this work invaluable.

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.

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>

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 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.

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.

Ludwig Von Mises's 1912 contribution to the theory of monetary policy and the current prevailing consensus in modern economic liberalism, The Theory of Money and Credit, was a milestone achievement. The author's familiarity with the historical literature on banking and credit allows him to present a coherent theoretical structure that links private exchange between individuals, business and banks to condition the markets affecting money and credit. Through its wider influence on liberal thinkers and politicians, the Theory of Money and Credit has become a classic reference for those seeking to understand the advance of economic liberalism since the 20th century.

In the 1980s, several Latin American countries suffered through years of high inflation, as did Israel. Today, high inflations thwart reform and impede recovery in Russia, Ukraine, and most of the other former Soviet republics. This book examines the emergence of such inflation-prone monetary regimes, the financial predicaments besetting governments in high inflations, and the difficulties of devising policy strategies that can be sustained through disinflation to lasting stabilization. It discusses the manner in which these inflations cause the functioning of the market economy to deteriorate. High inflations interfere with information flows between agents and complicate economic calculations; they make the accounting measurement of economic results and the monitoring of principal-agent relationships more difficult; they undermine the basis for intertemporal contractual commitments, and cause many financial markets to disappear entirely. These high inflation phenomena challenge our understanding of monetary economics. Episodes of extreme monetary instability make us see the scope and limitations of current theory in clearer perspective. Theories of money and finance that introduce money only so as to determine the nominal scale of non-monetary general equilibrium will not explain the deterioration of economic performance characteristic of high inflations. The authors conclude this study with an exploration of the theoretical issues raised by the anomalous evidence from the high inflations.

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.

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.

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 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).

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.

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.

Praise for Foreign Exchange

"Tim Weithers starts by telling the reader that foreign exchange is not difficult, just confusing, but Foreign Exchange: A Practical Guide to the FX Markets proves that money is much more exciting than anything it buys. This useful book is a whirlwind tour of the world's largest market, and the tour guide is an expert storyteller, inserting numerous fascinating insights and quirky facts throughout the book."
--John R. Taylor, Chairman, CEO and CIO, FX Concepts

"The book reflects the author's doctorate from the University of Chicago, several years' experience as an economics professor, and, most recently, a very successful decade as an executive at a huge international bank. These fundamental ingredients are seasoned with bits of wisdom and experience. What results is a very tasty intellectual stew."
--Professor Jack Clark Francis, PhD, Professor of Economics and Finance, Bernard Baruch College

"In this book, Tim Weithers clearly explains a very complicated subject. Foreign Exchange is full of jargon and conventions that make it very hard for non-professionals to gain a good understanding. Weither's book is a must for any student or professional who wants to learn the secrets of FX."
--Niels O. Nygaard, Director of Financial Mathematics, The University of Chicago

"An excellent text for students and practitioners who want to become acquainted with the arcane world of the foreign exchange market."
--David DeRosa, PhD, founder, DeRosa Research and Trading, Inc., and Adjunct Professor of Finance, Yale School of Management

"Tim Weithers provides a superb introduction to the arcana of foreign exchange markets. While primarily intendedfor practitioners, the book would be a valuable introduction for students with some knowledge of economics. The text is exceptionally clear with numeric examples and exercises that reinforce concepts. Frequent references are made to the economic theory behind the trading practices."
--John F. O'Connell, Professor of Economics, College of the Holy Cross

Increasingly developing countries are required to use monetary policy to meet the challenges of both short-term stabilization and long-term adjustment. Their experience has not been encouraging, but whether this is because of the policies or because of the countries is unclear. These policies and mechanisms, and the monetary theory which underlies them, were developed for advanced economics; even the newly industrializing countries have only had active monetary intervention relatively recently. Now it is being used in the poorest countries. Most research and discussion of policy has started from the question of how to use the financial sector to make monetary policy more effective. "Monetary Policy in Developing Countries" goes beyond this to examine both monetary policy and the creation of a modern financial sector in the wider context of overall development. What do governments and analysts expect from monetary policy, and what type of financial sector can deliver this? Does such a structure exist in developing countries or can it be created? And what else can an effective financial sector contribute to the economy as a whole?

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.