The failure of the dollar peg to prevent the Asian currency crisis of 1997 to 1998 has highlighted the importance of the exchange rate regime in Asia and provoked much discussion as to what the alternatives are in terms of exchange rate systems.
Bringing together extensive research on Asian basket currencies in one volume, this new text discusses whether a currency basket system is the answer, striking a balance between the theoretical and empirical. With strong policy implications for East Asia, the impressive team of contributors argue that for countries that have close economic relationships with several currency areas, it is well worth considering a currency basket system. The book also pursues the important idea of coordination failure, whereby if each individual country tries to adopt an optimal exchange rate given other neighboring countries' policies, they may collectively fail to reach a region's optimal exchange rate regime.
"A Basket Currency for Asia" is a topical and significant text that will appeal to students and scholars of international finance and Asian economics.

Exchange Rate Economics: Theories and Evidence is the second edition of Floating Exchange Rates: Theories and Evidence and builds on the successful content and structure of the previous edition, but has been comprehensively updated and expanded to include additional literature on the determination of both fixed and floating exchange rates.

Core topics covered include:

• the purchasing power parity hypotheses and the PPP puzzle
• the monetary and portfolio-balance approaches to exchange rates
• new open economy macroeconomics approach to exchange rates
• the determination of exchange rates in target zone models and speculative attack models.

Exchange Rate Economics: Theories and Evidence also includes extensive discussion of recent econometric work on exchange rates with a particular focus on equilibrium exchange rates and measuring exchange rate misalignment, as well as discussion on the non-fundamentals-based approaches to exchange rate behaviour, such as the market microstructure approach.

The book will appeal to academics and postgraduate students with an interest in all aspects of international finance and will also be of interest to practitioners interested in issues of equilibrium exchange rates and the forecastability of currencies in terms of macroeconomic fundamentals.

Exchange Rate Economics: Theories and Evidence is the second edition of Floating Exchange Rates: Theories and Evidence and builds on the successful content and structure of the previous edition, but has been comprehensively updated and expanded to include additional literature on the determination of both fixed and floating exchange rates.

Core topics covered include:

• the purchasing power parity hypotheses and the PPP puzzle
• the monetary and portfolio-balance approaches to exchange rates
• new open economy macroeconomics approach to exchange rates
• the determination of exchange rates in target zone models and speculative attack models.

Exchange Rate Economics: Theories and Evidence also includes extensive discussion of recent econometric work on exchange rates with a particular focus on equilibrium exchange rates and measuring exchange rate misalignment, as well as discussion on the non-fundamentals-based approaches to exchange rate behaviour, such as the market microstructure approach.

The book will appeal to academics and postgraduate students with an interest in all aspects of international finance and will also be of interest to practitioners interested in issues of equilibrium exchange rates and the forecastability of currencies in terms of macroeconomic fundamentals.

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 this book Miroslav Beblavy, who has been involved in policy-making at the highest level in his country, offers a detailed study of monetary policy and monetary institutions in the Czech Republic, Hungary, Poland and Slovakia during the 1990s and the early 2000s and a more general look at monetary policy in less developed, but highly open and financially integrated market economies.

Taking an innovative approach, this text focuses on a range of areas where few articles or books have been published and where very little empirical research has been undertaken, covers the topics of monetary policy frameworks, institutions inflation in transition and developing economies. As well as these border themes it analyzes specific factors that have significant influence on the conduct or outcomes of monetary policy including:

• the transmission mechanism of monetary policy in Central Europe
• use of principal types of constraints on policy discretion, such as central bank independence, exchange rate commitments and domestic targets for monetary policy.

This book is a valuable resource for postgraduate students and research working or studying in the areas of development economics, public finance and banking. "

Martin Bronfenbrenner in the Journal of Finance had this to say when the book was first released "A thoughtful, scholarly, and systematic treatise on the economics of inflation. If this reviewer were asked to hang a course on inflation theory upon one single text, it would almost certainly be this one."

The principal concern of this book is to set out the elements that enter into problems of analyzing inflation. This detailed, readable review of contemporary theory on the problems of inflation fills an important gap in the literature on macro-economics that: 1) assesses the implications of inflationary processes for economic policy; 2) synthesizes a general framework within which to illustrate inflationary processes; 3) reconciles the approaches of "demand inflation" and "cost inflation"; and 4) analyzes the determination and behavior of the general price level in an exchange economy.

The first part of the book reviews neo-classical and "Keynesian" type models of the closed macro-economy, analyzes determination of the general price level, and introduces a restatement of conventional employment theory with emphasis on the general price level.

The second part considers the problems of price and wage determinations and the demand for money in more detail, synthesizing the analyses into a model of the macro-economy and discussing the implications of this model and the preceding analysis for economic policy. Describing alternative approaches to the theory of inflation, each of which has resulted in partial theories, the book avoids fragmentary explanations by setting the entire discussion in the context of a macro-economic general equilibrium framework.

This study, first published in 1979, examines and contrasts two concepts of credit rationing. The first concept takes the relevant price of credit to be the explicit interest rate on the loan and defines the demand for credit as the amount an individual borrower would like to receive at that rate. Under the alternative definition, the price of credit consists of the complete set of loan terms confronting a class of borrowers with given characteristics, while the demand for credit equals the total number of loan which members of the class would like to receive at those terms. This title will be of interest to students of monetary economics.

This book, first published in 1936, is both an instructive chapter in economic history and a stimulating period in the history of economic thought. The author examines the years of economic recovery in Sweden and the measures that the country adopted to cope with the crisis due to the War. This title will be of interest to students of monetary e

This title, first published in 1965, provides an analysis of the forces and mechanisms governing the formation of the overall level of money prices. Even though this problem has a long history, and in spite of its obvious practical importance, it remains one of the most poorly understood questions in economic theory. This title will be of interest to students of monetary economics and the history of economic thought.

The aim of this book, first published in 1971, is to give the student of monetary economics a clear understanding of the theoretical potentialities of monetary policy as well as the practical limitations that prevent these potentialities from being realised. This volume discusses the central bank's operations in both long- and short-term financial markets, the effects of foreign inflows and outflows of funds, the implications of government budgetary policy, and the repercussions of the activity of non-bank financial institutions. Monetary Management should be of interest to students of finance and to all those concerned by controversies about the operation of monetary policy.

The object of this work, first published in 1977, is to examine the history of the economic and monetary union (EMU) in the European Community, the policies of the parties involved and the conflicts of interest created in the political and economic environment within which all this has taken place. This title will be of interest to students of monetary economics and finance.

This title, first published in 1984, considers a temporary monetary equilibrium theory under certainty in a differentiable framework. Using the techniques of differential topology the author investigates the structure of the set of temporary monetary equilibria. Temporary Monetary Equilibrium Theory: A Differentiable Approach will be of interest to students of monetary economics.

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.

This title was first published in 2002: This is a unique volume among the existing variety of publications on foreign direct investment (FDI) in Central and Eastern Europe (CEE) because it focuses on the internationalization process taking place there. It addresses the rapid changes of the business climate in the region that have led to intensive internationalization of companies, businesses and national economies. Existing FDI books have mostly taken the perspective of attracting inward FDI flows, missing the aspect of FDI outflows from CEE countries. While foreign investors face the specific context of a region that poses new requirements to their internationalization strategies, approaches and practices, domestic companies must strive to make their businesses international. Consequently, the book presents the features of internationalization in CEE from home and host company and country perspectives, providing a fresh perspective on this major economic problem.

In this comprehensive historical overview, the author writes about monetary unions with an admirable completeness and covers such themes as:
*The Gold Standard
*Monetary Unions in Countries and Areas from Latin America to The British Empire to Japan and Korea with many in between
*EMU and its Policy Ramifications
*the CFA Franc Zone in the former French Colonies.
Written in readable and enjoyable prose, A History of Monetary Unions combines historical analysis with present day context. The book will be of great interest to students and academics involved in the study of money, banking and finance. It is also essential reading for anyone working in the financial sector.

This book examines regional economic integration in West Africa within the context of the institutional evolution of the Economic Community of West African States (ECOWAS). It uses the tools of the New Institutional Economics School to explore the origins and development of the most recent ECOWAS Treaty. Particular attention is given to the interface between domestic legal arrangements and the success of open markets at the regional and international levels. The impetus given to regional integration schemes by the belief that international economic institutions are designed to serve the interests of advanced countries is also considered.

This major reference collection presents in an accessible form the key articles and papers on the theory and history of financial crises. It includes both classic and contemporary writings on domestic financial crises, the transmission of crises between countries and the resolution of crises by both private and government authorities acting as lender of last resort.The book is divided into five sections. Section I on theories of financial crises presents two rival approaches to financial crises; the monetarist approach and the Fisher-Kindleberger-Minsky approach. It also includes recent Rational Expectations approaches. Section II contains readings on financial crises in US history while Section III presents case studies for other countries. Section IV contains readings on the international transmission of financial crises. Section V concludes with a number of articles on the resolution of financial crises. Financial crises have been a topic of perennial interest - perhaps as old as economic science. This landmark book makes a singular contribution by presenting the most significant literature on this important topic in an accessible form.

Whether a theoretical system is realistic or not has been a major concern in economics, particularly in monetary theory, over the past century. Following John R. Hicks' proposal that a realistic monetary theory could be constructed along an evolutionary path, starting with the workings of a real market, this volume considers whether we can look to the medieval economy as the point of departure.
"Money and Exchange" draws upon the work of Aristotle, scholastic economists, Adam Smith, Karl Marx, William Stanly Jevons and Leon Walras, as well as some modern monetary theorists, to provide a critical analysis of some basic theories that form the starting point of monetary analysis. It concentrates primarily on certain interrelated and fundamental building blocks of monetary theory, such as the difficulties of barter as the origin of money, the concept of exchange as an equation, the notion of the exchange relation as a relation of equality, the distinction between barter and monetary relations, and money and non-money commodities.
This groundbreaking study dispels some of the old myths and conjectures concerning money and exchange and opens up the way for the development of new approaches to monetary theory - approaches that are both realistic and evolutionary. It will be of particular interest to researchers and students of monetary theory and history, and the history of economic thought.

Originally published in 1985, Capital City: London as a Financial Centre proves in depth analytical description of the financial institutions of the City of London. The book describes in detail the operations of the banks, the stock market, the insurance world and other bodies that make up the world's largest international financial centre. The book also answers a series of questions on the City's performance, accountability and honesty and explains how the City reached its present position, discuss its future.

Recent economic growth in China and other Asian countries has led to increased commodity demand which has caused price rises and accompanying price fluctuations not only for crude oil but also for the many other raw materials. Such trends mean that world commodity markets are once again under intense scrutiny. This book provides new insights into the modeling and forecasting of primary commodity prices by featuring comprehensive applications of the most recent methods of statistical time series analysis. The latter utilize econometric methods concerned with structural breaks, unobserved components, chaotic discovery, long memory, heteroskedasticity, wavelet estimation and fractional integration. Relevant tests employed include neural networks, correlation dimensions, Lyapunov exponents, fractional integration and rescaled range. The price forecasting involves structural time series trend plus cycle and cyclical trend models. Practical applications focus on the price behaviour of more than twenty international commodity markets.

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 increasing capital flows in the emerging markets and developed countries have raised various concerns worldwide. One main concern is the impact of the sharp decline of capital flows - so-called sudden stops - on financial markets and the stability of banking systems and the economy. The sudden stops and banking crises have been identified as the two main features of most financial crises, including the recent Asian Financial Crisis and Global Financial Crisis. However, how capital flows and banking crises are connected still remains unanswered. Most current studies on capital flows are empirical work, which faces various challenges. The challenges include how data has been collected and measured in each country and how sensitive the results are to the data and the adopted methodologies. Moreover, the links between capital flows and banking systems have been neglected. This book helps provide some insight into the challenges faced by empirical studies and the lessons of the recent crises. The book develops theoretical analysis to deepen our understanding on how capital flows, banking systems and financial markets are linked with each other and provides constructive policy implications by overcoming the empirical challenges.

This title was first published in 2001: Bringing together geographers, planners, political scientists, economists, rural development specialists, bankers, public administrators and other development experts, this volume questions the benefits of Structural Adjustment Programmes (SAPs). It critically assesses the impact of SAPs from a wider perspective than a purely economic one, highlighting concerns about impacts of adjustments on the more vulnerable elements of society such as social welfare, the environment, labour, gender and agriculture. Revealing both the costs and benefits of the economic restructuring programme, the book also suggests alternatives to current development models, and how SAPs can be made more sustainable. An original and comprehensive addition to the collections of both students and practitioners of development.

Monetarism has had a major impact on the thinking of political leaders and the conduct of economic policy during the last decade. These two volumes trace the origin and development of monetarism from the work of David Hume and Irving Fisher through to the very recent research by eminent contemporary economists including among others Milton Friedman, Robert Lucas, Rudiger Dornbusch and Thomas Sargent. Wide-ranging and comprehensive in scope, the book covers both the theoretical and empirical aspects of monetarism as well as its implications for economic policy.

Foreign Exchange is big business in the City of London. At the last official count, turnover on the London foreign exchange market averaged a staggering $504 billion a day. No other financial centre in the world even comes close to matching this total. Thirty one per cent of global foreign exchange activity takes place in the United Kingdom, compared with only sixteen per cent in the United States and nine per cent in Japan.

However, this has not always been so. A hundred years ago, the London foreign exchange market played second fiddle to more important centres in New York, Paris and Berlin. This book charts the inexorable rise of foreign exchange in London over the past century and is the first full-length study of this amazing transformation.