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.

First published in 1988, this reissue reconstructs the reaction of financial markets to war, defeat, and revolution in Europe, from the assassination of Archduke Franz Ferdinand in June 1914, to the bankruptcy of Germany in July 1931. Dr. Brown demonstrates how the contemporary investor can improve the wisdom of his decisions by gaining an understanding of the financial history of these years. He also demonstrates how the skilled investor might project different political and economic realities and estimate their probability of recurrence.
In his reconstruction work, Brendan Brown has undertaken extensive research into the financial press in the various European countries, seeing this as a prime clue to the mood in markets at the time. The findings will interest not just economists and financial specialists, but also readers keen to improve their understanding of the political and social events of the period.

First published in 1981, this book concerns itself with the different ways in which money is used, the relationships which then arise, and the institutions concerned in maintaining its various functions. Thomas Crump examines the emergence of institutions with familiar and distinctive monetary roles: the state, the market and the banking system. However, other uses of money - such as for gambling or the payment of fines - are also taken into account, in an exhaustive, encyclopedic treatment of the subject, which extends far beyond the range of conventional treatises on money.

Can the euro challenge the supremacy of the U.S. dollar as a global currency? From the time Europe's joint money was born, many have predicted that it would soon achieve parity with the dollar or possibly even surpass it. In reality, however, the euro has remained firmly planted in the dollar's shadow. The essays collected in this volume explain why. Because of America's external deficits and looming foreign debt, the dollar can never be as dominant as it once was. But Europe's money is unable to mount an effective challenge. The euro suffers from a number of critical structural deficiencies, including an anti-growth bias that is built into the institutions of the monetary union and an ambiguous governance structure that sows doubts among prospective users. As recent events have demonstrated, members of the euro zone remain vulnerable to financial crisis. Moreover, lacking a single voice, the bloc continues to punch below its weight in monetary diplomacy. The world seems headed toward a leaderless monetary order, with several currencies in contention but none clearly dominant. This collection distils the views of one of the world's leading scholars in global currency, and will be of considerable interest to students and scholars of international finance and international political economy.

This book is the culmination of a major research programme on the monetary history of the United Kingdom. This volume contains monetary series ranging from detailed balance sheet material to monetary aggregates such as M3 and are in monthly, quarterly and annual form. The data are drawn mostly from primary sources in the early part of the period and from more accessible published sources for more recent years. Critiques of existing series are given and assessments of the value of different sources are provided. The user should be able to build his/her own series from the basic constituents given here. This sources and assessment of data should be an essential reference to economic historians and applied economists with an interest and use to the students of money and banking and to monetary economists of other countries. This classic book was first published in 1985.

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 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 ten countries joining the EU in 2004 will soon be forced to focus on the next big challenge of integration: their adoption of the euro. In this book, well-known economists and policymakers look at the next step in the integration process for accession countries: accession to European Monetary Union (EMU). They debate which monetary and exchange rate strategies are optimal during the run-up to EMU, and consider the conflict that may arise in trying to meet both the exchange rate stability and the Maastricht inflation criteria. The impossible trinity between monetary independence, exchange rate stability and free capital flows is also addressed, as is the question of the effects of structural changes on the real exchange rate. Estimates of the 'Balassa-Samuelson effect' on five of the new member states, and the experiences of Portugal and Greece in their run-up to EMU are discussed, and lessons for the economic policies of the new EU member states are illustrated. The distinguished list of contributors have published extensively in the relevant fields making Monetary Strategies for Joining the Euro a must-read for policymakers and economists interested in European studies. It will also be welcomed by those with an interest in the process of European integration.

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.

This title was first published in 2003. Among the major challenges transition economies are facing is how to cope with globalization. Foreign direct investment (FDI) has proved the most dynamic (defensive and offensive) response, as an integration and network tool, yet outward FDI has so far been overlooked in research. The vitality of outward FDI as an entry mode to the global economy is discussed in this authoritative volume from various angles, beginning with the context of the development strategy and the transition process. The experiences of the Slovene way of internationalization are compared with those of other transition economies. Readers will learn about the size, geographical distribution, trends and sectoral allocation of such outward FDI (OFDI) as well as the major motives, barriers and problems. The book also responds to questions about the extent to which outward FDI is instrumental in development/transition, EU accession and competitiveness strengthening. Based on extensive empirical research and focused case studies, the volume provides valuable lessons for other EU candidate countries and transition economies, while managerial experiences in entering Central and Eastern European markets offer universal internationalization lessons.

The current literature on central banking contains two distinct branches. On the one side, research focuses on the impact of monetary policy on economic growth, unemployment, and output-price inflation, while ignoring financial aspects. On the other side, some scholars leave aside macroeconomics in order to study the narrow, but crucial, subjects of financial behaviours, and financial supervision and regulation. This book aims at merging both approaches by using macroeconomic analysis to show that financial considerations should be the main preoccupation of central banks. Eric Tymoigne shows how different views regarding the conception of asset pricing lead to different positions regarding the appropriate role of a central bank in the economy. In addition, Hyman P. Minsky s framework of analysis is used extensively and is combined with other elements of the Post Keynesian framework to study the role of a central bank.

Tymoigne argues that central banks should be included in a broad policy strategy that aims at achieving stable full employment. Their sole goal should be to promote financial stability, which is the best way they can contribute to price stability and full employment. Central banks should stop moving their policy rate frequently and widely because that creates inflation, speculation, and economic instability. Instead, Tymoigne considers a pro-active financial policy that does not allow financial innovations to enter the economy until they are certified to be safe and that focuses on analyzing systemic risk. He argues that central banks should be a guide and a reformer that allow a smooth financing and funding of asset positions, while making sure that financial fragility does not increase drastically over a period of expansion.

This book will be of interest to students and researchers engaged with central banking, macroeconomics, asset pricing and monetary economics.

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.

This book presents Martin Shubik's important contribution to the development of game theory, and shows how game theory methods can be used in the study of prices, money and financial institutions. After introducing the reader to his career and the influences which developed his research, Professor Martin Shubik addresses the price system considering issues such as competitive equilibrium, economic exchange and production. He explores the competitive price system and the emergence of money and financial systems to develop a theory of monetary and financial institutions. Specifically, he examines the role of money in the economy using both cooperative and non-cooperative solutions in game theory. Throughout the book Martin Shubik stresses that the value of games, which can be both played and analysed, provides an important link between theory and process and institutional studies. This book will be welcomed by economists, especially those interested in game theory, as well as by money and banking professionals.

This book answers some challenging questions in monetary growth theory within a compact theoretical framework. The author succeeds in integrating the theory of money, the theory of value and the theory of growth. The book re-examines many important ideas in modern monetary economics within a single analytical framework. It is concerned not only with traditional one-sector growth models of a homogeneous population with endogenous capital and knowledge, but also with multi-sector models, economies with heterogeneous households, and economies with urban structures, interregional interactions and international trade. Zhang's book will appeal to those studying monetary economics, neoclassical growth theory, development economics and international economics. It is also useful more generally, for researchers in social sciences with an interest in the role of money in modern societies.

Mainstream neoclassical economics tells us that money is essentially a commodity, has no other social meanings or consequences, and (therefore) exists only as a medium of exchange to lubricate/facilitate barter. This book takes the view that money is definitively a social relation between private persons or legal persons. As such, it is one of the main building blocks of the complex structure of social relations of capitalism itself.

Credit cooperatives in India make up one of the largest rural financial systems in the world. Playing a vital role in dispensing credit in largely agricultural areas, they are also the weakest link in the formal credit delivery system. This book provides a valuable case study of the traditional banking system in this developing economy, exploring the reasons for the poor performance of credit cooperatives in India and suggesting measures to revitalise them.

Although this sector has grown along with the micro-credit sector to provide finance for the poor and the less creditworthy borrowers, financing development still remains a major problem in the developing world. However, the financial health of credit cooperatives in India has been a matter of perennial concern. The author argues that cooperatives hold great promise for financial inclusion if the financial position of the cooperatives can be consolidated. Providing a detailed analysis of the historical evolution of cooperatives in India, the book establishes the link between different segments of this institutional system and their performance in a commercial sense to show that cooperatives occupy an important place in India's financial edifice as they play a key role in the multi-agency framework for rural credit delivery. As such, the analysis provides a valuable reference for scholars of economics, Asian economics and finance.

This collection of essays aims to form a focused, original and constructive approach to examining the question of convergence and divergence in Europe.

The title was first published in 2001: In 1979, China opened the door to the West and implemented a series of economic reforms that led the accounting system to depart from the Soviet model. This book investigates the development of Chinese accounting in a broad social, economic and cultural environment and analyzes the environmental influences on the development of accounting in China. Including the latest accounting systems, which have to date received little scholarly attention, this cutting-edge analysis makes a worthy addition to a growing area of research.

This book investigates the interaction of effective goods demand with the wage-price spiral, and the impact of monetary policy on financial and the real markets from a Keynesian perspective. Endogenous business fluctuations are studied in the context of long-run distributive cycles in an advanced, rigorously formulated and quantitative setup. The material is developed by way of self-contained chapters on three levels of generality, an advanced textbook level, a research-oriented applied level and on a third level that shows how the interaction of real with financial markets has to be modelled from a truly integrative Keynesian perspective.

Monetary Macrodynamics shows that the balanced growth path of a capitalist economy is unlikely to be attracting and that the cumulative forces that surround it are controlled in the large by changes in the behavioural factors that drive the wage-price spiral and the financial markets. Such behavioural changes can in fact be observed in actual economies in the interaction of demand-driven business fluctuations with supply-driven wage and price dynamics as they originate from the conflict over income distribution between capital and labour.

The book is a detailed critique of US mainstream macroeconomics and uses rigorous dynamic macro-models of a descriptive and applicable nature. It will be of particular relevance to postgraduate students and researchers interested in disequilibrium processes, real wage feedback channels, financial markets and portfolio choice, financial accelerator mechanisms and monetary policy.

The New International Monetary System brings together twelve original contributions by leading scholars and practitioners to a conference convened in May 2008 on the occasion of the retirement of Alexander Swoboda. The contributions are arranged in three main parts. Part I deals with the international financial architecture, Part II examines the ever-controversial role of exchange rate regimes and Part III takes stock of the conduct of monetary policy and the challenges posed by the inflation-targeting strategy. The chapters provide considered assessments of virtually all the hotly debated issues that concern monetary policies seen from an international perspective.

Edited by and with an introduction from Charles Wyplosz, the collection includes contributions from some of the key international figures in the field of monetary policy, central banking and exchange rate regimes to discuss contemporary international monetary issues. Contributors include Michael Bordo, Barry Eichengreen, Ronald McKinnon and Charles Goodhart. The volume also contains tributes from Paul Volcker and Jean-Pierre Roth.

Alfred Eichner's pioneering contributions to post-Keynesian econmics offered significant insights on the way modern economies and institutions actually work. Published in 1987, his "Macrodynamics of Advanced Market Economies" contains rich chapters on dynamics and growth, investment, finance and income distribution, a timely chapter on the State and fiscal policy, and two analytical chapters on endogenous money that are years ahead of their time. Featuring chapters by many of Eichner's disciples, this book celebrates his rich contributions to post-Keynesian economics, and demonstrates that his work is in many ways as valid today as it was over two decades ago.

The term Purchasing Power Parity may date from the early twentieth century, when it was coined by the Swedish economist Gustav Cassel, but the underlying concept had been enjoying varying degrees of success since its development in sixteenth century Spain. Even towards the end of the twentieth century, and especially since the breakdown of the Bretton Woods system of fixed exchange rates, PPP and the stability of real exchange rates continued to be the subject of academic debate.

This volume brings together essays covering aspects of current thinking on Purchasing Power Parity, from the various ways in which to test for its existence, to its appearance in different economies around the world, to examinations of the explanations given when PPP does not appear to hold

This book was published as a special issue of Applied Financial Economics. The academic editor of this journal is Mark P. Taylor.

Austrian economist, Ludwig von Mises, was one of the most original and controversial economists of the 20th century, both as a defender of free-market liberalism and a leading opponent of socialism and the interventionist-welfare state. He was both the grant designer of a political economy of freedom and a trenchant, detailed critic of government regulatory and monetary policies in the first half of the 20th century.

This fascinating book explores the cultural currents of anti-Semitism in Austria before and after the First World War that Mises confronted as an Austrian Jew; his analysis of Austria-Hungary 's establishment of a gold standard; Mises multi-sided activities in the years after the World War I in stemming a hyperinflation, opposing government fiscal mismanagement, and resisting misguided policies during the Great Depression; and his analysis of how Europe plunged into World War II and the policies to restore freedom and prosperity in the post-war period. It also discusses the confrontation between the Austrian Economists and the Keynesians over the causes and cures for the Great Depression, as well as how Mises "Austrian" approach to money and the business cycle contrasted with both the ideas of Joseph A. Schumpeter and the Swedish Economists of the interwar period.

This volume breaks new ground in placing Ludwig von Mises many original views on political economy, public policy and monetary economics in the historical context of his time, especially during the interwar period when he was a senior economic analyst for the Vienna Chamber of Commerce and after his arrival in America during World War II. The book will therefore be of interest to students and researchers in monetary economics, political economy, expectations theory and the market process, and the history of economic thought.

Alfred Eichner's pioneering contributions to post-Keynesian econmics offered significant insights on the way modern economies and institutions actually work. Published in 1987, his "Macrodynamics of Advanced Market Economies" contains rich chapters on dynamics and growth, investment, finance and income distribution, a timely chapter on the State and fiscal policy, and two analytical chapters on endogenous money that are years ahead of their time. Featuring chapters by many of Eichner's disciples, this book celebrates his rich contributions to post-Keynesian economics, and demonstrates that his work is in many ways as valid today as it was over two decades ago.

This book, first published in 1989, assesses the existing tax and benefit systems as being beyond repair, and examines the case for integration. Integrated tax/benefit systems change the basis of entitlement from contribution record and contingency to citizenship and need. Having shown that full integration is not realistic, the author discusses four major partial integration options in detail. Basing her comparison on detailed analysis of specific models, she is able to compare the redistributive and incentive efforts of each scheme.