This volume is a contribution to the debates surrounding international monetary reform. The author examines and analyses the workings of the International Monetary Fund (IMF) and suggests how the international monetary system could, through changes to the IMF, be reshaped and reformed. Chapters examine the Palais-Royal report, explain how the IMF could be granted unlimited bailout powers to confront a global crisis, propose an exchange-rate based mechanism by which the international community could discipline excessive imbalances, examine alternative possibilities for the supply of future reserves, advocate `enthronement of the Special Drawing Right', and discuss the obstacles in the way of such an ambitious reform agenda.

Originally published in 1925. This book sets forth a plan to stabilize the currency at a time in which there was much discussion of what to radically change to improve the state of the flow of gold and discounts and interests. It addresses such questions as 'what is a standard of currency' and 'to whom does the gold belong' among its discussion of the best way forward. A fascinating insight into 1920s economic history.

Originally published in 1983. With the prevailing uncertainties and wild fluctuation in exchange values at the time, the forward market in foreign exchange had become a vital issue for both governments and business corporations. This book by an expert practitioner in foreign exchange dealing describes how the forward market functions and analyses the constituent elements in its behaviour. The two principal types of foreign exchange deal are examined; forward outright and swap, and explanations are given of how both operate. The linkage between forward rates and interest rates is also considered and the book investigates what factors cause deviation from parity conditions. In addition, there is a discussion of political risk and the forward contract and the role of speculation in forward exchange as well as the methods of hedging.

Originally published in 1996. This study looks at the impact of exchange rate fluctuation on the pricing practices of foreign industries that import into the United States market. It presents several studies of the pass-through behaviour of over 100 disaggregated commodity groups with bi-lateral exchange rates. The book presents analysis of specific competitors and their individual pricing responses to exchange rate changes, adding significantly to pricing theory as well as being useful for marketers in predicting business responses.

Originally published in 1994. This work investigates seasonal fluctuations of US and British short term nominal interest rates, the dollar-sterling exchange rate and short term interest rate differentials between the US and Britain during the period 1883-1913. It finds that during the pre-World War Gold Standard seasonal movements in exchange rates did not tend to offset the seasonal fluctuations in interest rate differentials. It presents a model to explain the fluctuations and outlines two specific empirical investigations, considering the results in the light of more recent historical periods as well.

In easily accessible language, this book analyses the impact of Economic and Monetary Union on Small and Medium sized enterprises (SMEs) in Europe. This overarching and widely researched study explains in a jargon-free manner the mechanisms of EMU and it's likely effect on SMEs. The book then goes on to explain and examine the results of seven case studies in Germany and France. Answers to many questions that have arisen over the years regarding SMEs and European integration can be found in the pages of this study. In a remarkably well-written and researched book, Birgit Hegge has succeeded in bringing together two interesting areas of research in an original and insightful manner. This book will be incredibly useful as a background reference for international economics and business students at an advanced level. The evidence and conclusions of this book will also, no doubt, make extremely interesting reading for European Policy makers along with those involved in European business.

Originally published in 1986. This helpful text sets out what appears to make exchange rates change and shows how these various factors contribute to an explanation of the past. It considers the problems of providing satisfactory forecasts of the exchange rate while presenting the methods used, outlining their drawbacks and speculating on future ways forward. Laid out to move from empirical issues to theory and on to policy, this book is easily of use to those interested in macroeconomics, applied economics and international economics as well as economic history.

A central contested issue in contemporary economics and political philosophy is whether governments should redistribute wealth. In this book, a philosopher and an economist debate this question. James Otteson argues that respect for individual persons requires that the government should usually not alter the results of free exchanges, and so redistribution is usually wrong. Steven McMullen argues that governments should substantially redistribute wealth in order to ensure that all have a minimal opportunity to participate in economic life. Over the course of the exchange, the authors investigate a number of important questions. Is redistribution properly a question of justice, and what is the appropriate standard? Has the welfare state been effective at fighting poverty? Can we expect government intervention in the economy to be helpful or counterproductive? Are our obligations to help the poor best met through government action, or through private philanthropy and individual charity? The book features clear statements of each argument, responses to counterarguments, in-text definitions, a glossary of key terms, and section summaries. Scholars and students alike will find it easy to follow the debate and learn the key concepts from philosophy, politics, and economics necessary to understand each position. Key Features: Offers clear arguments written to be accessible to readers and students without a deep background in economics, philosophy, or political theory. Fosters a deep exchange of ideas with responses from each author to the main arguments. Provides in-text definitions and a glossary with definitions of key terms. Includes section summaries that give an overview of the main arguments and a comprehensive bibliography for further reading.

This major three volume collection celebrates the legacy of Robert E. Lucas, Jr., winner of the Nobel Memorial Prize in Economic Science in 1994, founder of the New Classical School and one of the most influential macroeconomists of the late twentieth century. The Legacy of Robert Lucas, Jr. presents the eleven most influential articles on macroeconomics by Robert Lucas, Jr. together with articles by a wide variety of other key economists who extend, develop, criticize, or are otherwise significantly influenced by Lucas's seminal ideas.

Banks have undergone radical change in the face of evolving pressures from markets, globalisation and regulatory authorities. In recognition of this change, this book seeks to forge a new theory, or theories, for economic banking in the 21st century. It provides a platform for new thinking and stimulating ideas, which, it is hoped, will help shape the future of research on the banking sector. Combining incisive theoretical analysis with shrewd contributions by leading authors, from both the academic and professional world of banking, who are well placed to offer real insight into the current realities of the sector, this book addresses a diverse range of issues. These include measurement of bank performance, competition and consolidation, compliance, supervision, risk transfer, diversification and financial integration in Europe. The New Banking Economics provides a genuine and dynamic alternative to current banking theory that is embedded in a political and real-world context. Offering diverse perspectives, this book will be of great interest to students of finance, economics and business, as well as to economists, analysts and researchers in the field of banking.

This key reference collection focuses on the international monetary system. It includes seminal contributions on issues such as exchange rate systems, recycling, adjustment mechanisms, debtor-creditor relations, international monetary policy coordination and seigniorage. While focusing on the international system it includes important work on domestic policy making that affects this system.

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.

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.

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.

A new history shows that, despite Marxism's rejection of money, the ruble was critical to the Soviet Union's promise of shared prosperity for its citizens. In spite of Karl Marx's proclamation that money would become obsolete under Communism, the ruble remained a key feature of Soviet life. In fact, although Western economists typically concluded that money ultimately played a limited role in the Soviet Union, Kristy Ironside argues that money was both more important and more powerful than most histories have recognized. After the Second World War, money was resurrected as an essential tool of Soviet governance. Certainly, its importance was not lost on Soviet leaders, despite official Communist Party dogma. Money, Ironside demonstrates, mediated the relationship between the Soviet state and its citizens and was at the center of both the government's and the people's visions for the maturing Communist project. A strong ruble-one that held real value in workers' hands and served as an effective labor incentive-was seen as essential to the economic growth that would rebuild society and realize Communism's promised future of abundance. Ironside shows how Soviet citizens turned to the state to remedy the damage that the ravages of the Second World War had inflicted upon their household economies. From the late 1940s through the early 1960s, progress toward Communism was increasingly measured by the health of its citizens' personal finances, such as greater purchasing power, higher wages, better pensions, and growing savings. However, the increasing importance of money in Soviet life did not necessarily correlate to improved living standards for Soviet citizens. The Soviet government's achievements in "raising the people's material welfare" continued to lag behind the West's advances during a period of unprecedented affluence. These factors combined to undermine popular support for Soviet power and confidence in the Communist project.

Microcredit took the development world by storm as a tool for poverty alleviation in the 1980s. After being hailed as a panacea, a few decades on it started being forcefully criticised based on its practice. This book explores Akhuwat (literally brotherhood), a rapidly growing Pakistani NGO formed in 2001, which addresses the shortcomings of conventional microfinance. Its vision is of a society built on empathy and social solidarity and its mission is that of creating self-sufficiency among the entrepreneurial poor. This book examines whether Akhuwat fulfils its promises of not pushing loans or encouraging clients to get on a debt treadmill and helping them to avoid high debt burdens by charging no interest and easing repayment terms. Conventional microcredit organizations are criticised for losing sight of the original mission of poverty alleviation by engaging in empire building and Akhuwat's goal is to avoid this by embracing an alternative strategy of scaling up. Finally, this book also analyses Akhuwat's approach as being gender sensitive and embracing all religions, castes and ethnicities. Based on fieldwork designed to assess if Akhuwat is the microcredit alternative it claims to be, this book will be of interest to scholars of poverty and development studies in general and microcredit in particular.

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.

The preparation for European Monetary Union and the significant drop in inflation characterize the 1990s for European monetary policymakers. In the near future, the European Central Bank will be given the responsibility to fight inflation in the Euro area. This timely book analyses technical, empirical and international monetary policy considerations relevant to the European Central Bank in choosing an appropriate monetary strategy for achieving price stability. The dynamics of inflation and the choice of a monetary strategy are the binding ingredients of this book. To identify the most effective policy for the European Central Bank, the author uses the experiences of a number of industrialized countries, namely, Germany, the Netherlands, Belgium and France, the United States, Canada and New Zealand. It is concluded that monetary targeting would be most effective in fighting inflation. The author also examines in detail the success of economic convergence in Europe and the qualification for participation in the Economic and Monetary Union. He concludes that there has been a remarkable convergence in inflation profiles over the last few decades but hardly any real convergence in the other major economic fields. This volume takes a fresh and original approach in investigating whether monetary or direct inflation targeting is appropriate for the European Central Bank. It will be of great relevance to monetary policy makers both in Europe and the rest of the world. It will also be of interest to academics and students of monetary economics and econometrics.

Harry G. Johnson was best known for his work on monetary theory and international economics, but he was also very active in the theory of distribution, trade strategy and development economics. These 4 books, originally published between 1967 and 1971 explore: The relationship between nationalism and economic development Trade policy to promote development The use of geometrical tools in international trade theory Issues surrounding multi-lateral free trade.

There have been several attempts in recent years to create conceptual frameworks and models to help universities and policy makers understand the role and contribution of higher education to local and regional development. However, these models have failed to fully reflect or give insufficient attention to the impact of the regional context (economic, social, political), the policy environment for higher education and territorial development and the diversity of management and leadership structures of universities themselves. This has led to the development of static models that rarely work outside of the immediate context in which they were developed and therefore risk leading to design of policies that are not fit for purpose. This Policy Expo is the result of work with partners in Europe, South America, Africa, Asia and Australia to develop a new approach, the ORPHIC Framework, to think about how the university can be adapted to the specificity of institutional and local contexts. The book examines: * What are the different roles that universities play in local and regional development and how do these manifest themselves? * How can we learn from comparing practice and experience internationally, and to what extent are policies aimed at promoting university-region relationships transferrable? * What are the internal university factors, such as management and leadership, history, mission, structures, and the external factors, such as territorial development policy context, governance system, nature of the 'place', that might help us explain the nature of the relationship?

This book unites diverse heterodox traditions in the study of endogenous money - which until now have been confined to their own academic quarters - and explores their similarities and differences from both sides of the Atlantic. Bringing together perspectives from post-Keynesians, Circuitists and the Dijon School, the book continues the tradition of Keynes's and Kalecki's analysis of a monetary production economy, emphasising the similarities between the various approaches, and expanding the analytical breadth of the theory of endogenous money. The authors open new avenues for monetary research in order to fuel a renewed interest in the nature and role of money in capitalist economies, which is, the authors argue, one of the most controversial, and therefore fascinating, areas of economics. Providing new theoretical and empirical grounds for the construction of a general, policy oriented theory of money, this thought-provoking collection will appeal to academics, researchers and students interested in monetary economics. It will also be welcomed by monetary policymakers and central bank officials.

Drawing on years of research, Gerald Steele delves into the diverse ideas of Henry Simons, a neglected economist whose work in the 1930s on monetary and financial instability is extremely relevant to today's debates about commercial bank credit, the interdependence of fiscal and monetary policy, and financial regulation. Steele describes the emergence of the first Chicago school of economics and its distinctive difference to the School subsequently associated with the Monetarism of Milton Friedman, and shows how Simons provides the basis for what is now referred to as 'the fiscal theory of the price level' and how this differs from the monetarist attempt to control prices by controlling the supply of broad money. This book will be of interest to advanced students and researchers of the history of economic thought, economic history, macroeconomics and banking and finance.

The imbalance between China's currency, the RMB, and those of other countries is widely regarded as a major problem for the world economy. There was a reform of China's exchange rate mechanism in 2005, following which the RMB appreciated 17% against the US dollar, but many people argue that further reform is still needed. This book reports on a major research project undertaken following the 2005 reform to assess the impact on China's economy. It considers the impact in a number of areas of the economy, including export-oriented companies, the banking industry, international trade, international capital flows, and China's macroeconomic policy. It concludes that the policies pursued so far have been correct, and that further reform, both to the exchange rate, and to the system overall, would be desirable, but that any reform should be gradual and incremental, preserving economic stability, and integrating changes with reform in other parts of the economy.

Recent failures and rescues of large banks have resulted in colossal costs to society. In wake of such turmoil a new banking union must enable better supervision, pre-emptive coordinated action and taxpayer protection. While these aims are meritorious they will be difficult to achieve. This book explores the potential of a new banking union in Europe. This book brings together leading experts to analyse the challenges of banking in the European Union. While not all contributors agree, the constructive criticism provided in this book will help ensure that a new banking union will mature into a stable yet vibrant financial system that encourages the growth of economic activity and the efficient allocation of resources. This book will be of use to researchers interested in Banking, Monetary Economics and the European Union.