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Books > Business & Economics > Economics > Macroeconomics > Monetary economics
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 title was first published in 2002. In State socialist societies, informal economies were essential for the functioning of the economy as well as for household provision. Since the beginning of social transformation they have been flourishing better than ever before. They are a main outlet on the market for the newly emerging middle classes, stabilize the situation of many workers and pensioners, and in countries on the downward slope they are essential for the survival of large impoverished groups. Presenting recent research on the social importance of informal economies, especially in Bulgaria, Hungary, Romania and Russia, the editors give a short introduction for each country, and a common compilation of basic economic and social data follows in the appendix. Household strategies in the 'shadow', groups of informal winners and losers, informal employment in town and countryside, outcomes from informal activities, the macro-economic importance of informal economies, and researching methods are all investigated.
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>
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.
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.
"International Money and Finance, Third Edition, " is an invaluable resource for advanced undergraduates and postgraduates studying International Economy and Finance.
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.
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 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.
Money has been an important part of modernity ever since it was exchanged for goods centuries ago. The evolution of systematically standardized monetized exchanges expedited trade between localities across space, standardized exchanges over time, and transformed work into wage labor. Money also generated the possibilities for specialization which were not possible under a system of barter, and solidified the emergence and development of the modern epoch. The contemporary changes in monetised exchanges, such as the electrification and globalization of monetary processes and financial markets, are unequivocal indicators of contemporary globalization. They are also some of the most important, and far-reaching, social changes of our time. Understanding and managing global financial flows and their impact of social spaces and people, is one of the most complex and difficult tasks facing politicians and social theorists today. Helping to meet the challenges posed by these changes, this important volume focuses on three questions central to the interplay between globalization, valorization and marginalization.
Does Financial Deregulation Work? studies the process of financial deregulation in the United States. It exposes the basic flaws in the deregulationist approach and advances a new framework for effective financial regulation. Bruce Coggins provides a detailed and comprehensive critique of the reasoning behind deregulation, including marginal analysis and Friedman's monetarism. He challenges this thinking and proposes an alternative set of assumptions drawn from the historical and institutional approach to industrial organization and post Keynesian monetary theory. The author concludes that stability in financial systems is dependent upon a regulatory regime which focuses on limiting competition and encouraging productive over speculative investment. This book will prove invaluable to financial economists and analysts interested in the controversy over bank deregulation. It will also be of interest to those using post Keynesian, institutionalist and industrial organization approaches to economic analysis as well as to students and professors of law and regulation and those interested in problems of financial instability.
This 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 textbook seeks to break new ground in developing an integrated and comprehensive overview of advanced monetary economics. It achieves this by integrating the presentation of monetary theory with its heritage, empirical formulations and their empirical tests. Rather than confine the coverage to the demand and supply of money, or to macroeconomic and monetary policy, the book brings together the core areas of monetary economics in a single source.;Key features include: cross-country comparison of central banking in the USA, UK and Canada as well as in developing countries; theories and empirical studies of money demand, including precautionary and buffer stock models and monetary aggregation; detailed comparison of Keynesian and modern classical macroeconomic theory and policy models; focus on the role of money and financial institutions and growth, including the contribution of endogenous growth theory to the understanding of financial institutions in the economy. Students may in particular welcome the close integration between theories and their empirical studies.; Requiring only a grounding in the principles of economics, this text is comprehensive enough to be used on a two t
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.
Due to differences in the legal systems and business environments, it is difficult to compare the process of buying and selling land in different European countries. Illustrated by a range of European case studies, this book identifies and discusses the problems of this and similar comparisons. It then examines how ontological modelling can be applied to real estate transactions and advocates this as a basis for comparing the various processes used across Europe. The book consists of four parts: the economic, legal and ontological aspects of real property transactions; a discussion of the current situation in different countries, thus showing the heterogeneity and complexity of processes that have to be captured; whilst the third and fourth parts describe ontological modelling and its benefits for the purpose of understanding the nature of real property transactions together with examples of modelling techniques applied to cadastre and real property.
This title, first published in 1970, provides a comprehensive account of the public finance system in Britain. As well as providing a concise outline of the monetary system as a basis for the realistic understanding of public finance, the author also describes the pattern of government expenditure and revenue in the twentieth-century and goes on to give a detailed account of the taxation system up until April 1969. This title will be of interest to students of monetary economics. |
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