This book applies finance to the field of capital theory. While financial economics is a well-established field of study, the specific application of finance to capital theory remains unexplored. It is the first book to comprehensively study this financial application, which also includes modern financial tools such as Economic Value Added (EVA (R)). A financial application to the problem of the average period of production includes two discussions that unfold naturally from this application. The first one relates to the dual meaning of capital, one as a monetary fund and the other one as physical (capital) goods. The second concerns its implications for business-cycle theories. This second topic (1) provides a solid financial microeconomic foundation for business cycles and, also (2) makes it easy to compare different business-cycle theories across the average period of production dimension. By clarifying the obscure concept of average period of production, the authors make it easier to analyze the similarities with and differences from other business-cycle theories. By connecting finance with capital theory, they provide a new point of view and analysis of the long-standing problems in capital theory as well as other related topics such as the use of neoclassical production functions and theorizing about business cycles. Finally, they emphasize that the relevance of their application rests on both its policy implications and its contributions to contemporary economic theory.

There is growing interest among academics and policymakers in the economics of gambling, which has been stimulated by major regulatory and tax changes in the U.S., U.K. Continental Europe, Asia, Australia and elsewhere. Unfortunately, there is no comprehensive source of path-breaking research on this topic. To fill this gap, we commissioned chapters from leading economists on all aspects of gambling research. Topics covered include the optimal taxation structure for various forms of gambling, factors influencing the demand and supply of gambling services, forecasting of gambling trends, regulation of gambling, the efficiency of racetrack and sports betting markets, gambling prevalence and behavior, modeling the demand for gambling services, the economic impact of gambling, substitution and complementarities among different types of gambling activity, and the relationship between gambling and other sectors of the economy. These are all important issues, with significant global implications. Specifically, we divide the Handbook into sections on casinos, sports betting, horserace betting, betting strategy, motivation, behavior and decision-making in betting markets, prediction markets and political betting, and lotteries and gambling machines

The success as well as the recent misfortunes of the post-war Japanese economy has been one of the most debated points in economics. Many explanations focus on cultural and institutional factors, and in particular the role of "Informality" in networks organizing business activity and government policy. This book provides the first quantitative and qualitative assessment of Informality in the formation of Japanese monetary policy. The author spent two years at the Institute for Monetary and Economic Studies at the Bank of Japan and the Japanese Ministry of Finance and offers a unique "insider-outsider" perspective.

This book explores China's currency wars with its trading partners in four Western newsmagazines: Time, The Economist, L'Express, and Der Spiegel. Based on both quantitative and qualitative approaches, the interdisciplinary approach adopted in the research draws on two analytical frameworks from the realm of critical discourse analysis; van Leeuwen's socio-semantic inventory of social-actor representation, and van Dijk's concepts of macro-rules as the overarching approaches to understand the changing dynamics of international relations and the global economy through Western media. The sample in this study consists of 160 texts, half of which are focused on China and the other half on Japan, across a period of 12 months in 2010 (China) and in 1987 (Japan). Through the comparison of Western representation betwen China and Japan, the similarities and differences in their coverage have been revealed as even more striking, with regards to global politics and the international economy.

Following the recent publication of the award winning and much acclaimed "The New Palgrave Dictionary of Economics," second edition which brings together Nobel Prize winners and the brightest young scholars to survey the discipline, we are pleased to announce "The New Palgrave Economics Collection." Due to demand from the economics community these books address key subject areas within the field. Each title is comprised of specially selected articles from the Dictionary and covers a fundamental theme within the discipline. All of the articles have been specifically chosen by the editors of the Dictionary, Steven N.Durlauf and Lawrence E.Blume and are written by leading practitioners in the field. The Collections provide the reader with easy to access information on complex and important subject areas, and allow individual scholars and students to have their own personal reference copy.

This book provides a systematic overview of the current trends in research relating to the use of Artificial Intelligence in Islamic financial Institutions (IFIs), across all Organization of Islamic Cooperation (OIC) countries. By adopting new methodological approaches steeped in an Islamic economic framework (e.g., analysing FinTech in the context of Shariah principles and Islamic values), it devises practical solutions and generates insightful knowledge, helping readers to understand and explore the role of technological enablers in the Islamic finance industry such as; Reg-Tech and Artificial Intelligence, in providing better and Shariah compliant services to customers through digital platforms. The book will attract a wide readership spanning Shariah scholars, academicians and researchers as well as Islamic financial practitioners and policymakers.

This book is a research monograph addressed to a wide range of academics interested in corporate short-term capital. The study shows the role of trade credit in the functioning of economic entities. It constitutes a comprehensive source of knowledge about the role of trade credit in the development of enterprises, as well as the impact of this form of finance on the development of economies. Apart from an extensive review of the theoretical aspects of the role of trade credit in the economy, the study discusses the importance of factors influencing trade credit behaviour. Trade credit, despite its versatility, has not yet been fully described, particularly with regard to the specificity of domestic markets. This study aggregates and supplements the existing sources. The monograph is of an international character, as it covers a substantial group of European countries. Therefore, it is likely to have international appeal. The findings may be of interest to those involved in finance management. Understanding the differences in receivables management resulting from the country specificity can contribute to a better understanding of business finance and its operational functions. This knowledge may support the effective management of receivables and liabilities, especially in companies operating on the global market. Chapters 1 and 5 of this book are freely available as a downloadable Open Access PDF under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license available at http://www.taylorfrancis.com

A concise analysis of the evolution of monetary policy and banking institutions over the past sixty years that stresses the dynamic interactions between the Federal Reserve and banking institutions that resulted from financial market innovations. Institutions were influenced by increasing competition in markets and monetary policies. The book consists of two parts, which are organized chronologically. The first has chapters that correspond with terms of chairmen of the Federal Reserve Board. It critically analyzes decisions taken by the Federal Open Market Committee in each period and argues that innovations forced changes in the design and conduct of monetary policy. The second part analyzes how banking institutions evolved from a very conservative and regulated system in 1945 to highly inventive financial firms and how this evolution has affected the distribution of credit, wealth, and income in the US.

How and for whose benefit the European Central Bank (ECB) will work is one of the most important issues facing Europe, and has been the subject of vast media and academic interest. Much of this discussion has been of an increasingly emotional and political nature and has served to blur rather than inform. Written by a team at the ECB, including Otmar Issing, its Chief Economist, this study provides the first comprehensive, inside, non-technical analysis of the monetary policy strategy, institutional features and operational procedures of the Eurosystem.

In its pursuit of economic integration, economic and monetary union (EMU) had become a primary commitment for the European Community. Originally published in 1974, this study sets out to examine the meaning of economic union and its relationship with monetary union. The contributors look at the problems and costs for attaining economic union for the member states of the EEC at the time. Steven Robson writes on economic management. Paul Woolley examines the integration of capital markets. Santosh Mukherjee looks at the implications of labour market policy. Geoffrey Denton and Adam Ridley consider the impact of economic and monetary union on regional problems. Alan Prest is concerned with tax harmonisation specifically Value Added Tax and Corporation Tax and Douglas Dosser discusses the development of a European Community budget. Though the long-term benefits of EMU were clear, in the short term it would impose strains and pressures on national economies and particular sectors within them. This study goes a long way to clarifying where these difficulties would arise and suggests some ways of coping with them.

Monetary Stability through International Cooperation contains essays written by high ranking policy makers in the field of central banking and international finance, written in honour of Andre Szasz, who has been Executive Director of De Nederlandsche Bank since 1973, responsible for international monetary relations. Colleagues from several other central banks, from finance ministries and from international institutions pay tribute to him by analysing the conditions fostering European as well as global monetary stability. The book provides an inside view of the thinking of monetary officials at the turn of 1993/1994, when the currency turmoil in the ERM of mid-1993 had subsided and views on its implications for exchange rate management and, more generally, for European integration were taking shape. Topics include exchange rate stabilisation, policy coordination and central bank independence. A second section, on the international monetary system, includes essays on the policy implications of present day dynamic financial markets as well as the role of the IMF. This book, written by insiders for an insider', provides valuable insights to those who are interested in contemporary international monetary relations. "

The econometric consequences of nonstationary data have wide ranging im plications for empirical research in economics. Specifically, these issues have implications for the study of empirical relations such as a money demand func tion that links macroeconomic aggregates: real money balances, real income and a nominal interest rate. Traditional monetary theory predicts that these nonsta tionary series form a cointegrating relation and accordingly, that the dynamics of a vector process comprised of these variables generates distinct patterns. Re cent econometric developments designed to cope with nonstationarities have changed the course of empirical research in the area, but many fundamental challenges, for example the issue of identification, remain. This book represents the efforts undertaken by the authors in recent years in an effort to determine the consequences that nonstationarity has for the study of aggregate money demand relations. We have brought together an empirical methodology that we find useful in conducting empirical research. Some of the work was undertaken during the authors' sabbatical periods and we wish to acknowledge the generous support of Arizona State University and Michigan State University respectively. Professor Hoffman wishes to acknowledge the support of the Fulbright-Hays Foundation that supported sabbattical research in Europe and separate support of the Council of 100 Summer Research Program at Arizona State University."

Looking from the 11th century to the 20th century, Kuroda explores how money was used and how currencies evolved in transactions within local communities and in broader trade networks. The discussion covers Asia, Europe and Africa and highlights an impressive global interconnectedness in the pre-modern era as well as the modern age. Drawing on a remarkable range of primary and secondary sources, Kuroda reveals that cash transactions were not confined to dealings between people occupying different roles in the division of labour (for example shopkeepers and farmers), rather that peasants were in fact great users of cash, even in transactions between themselves. The book presents a new categorization framework for aligning exchange transactions with money usage choices. This fascinating monograph will be of great interest to advanced students and researchers of economic history, financial history, global history and monetary studies.

In this book, a historical analysis of the precedents of the euro is examined within the context of the current issues affecting the Eurozone and the long-term effects of the institutional changes implemented since 2010. The book begins by placing the Eurozone challenges in the historical context of previous monetary unions, drawing on the experience of the gold standard. It then specifically focuses on the problems arising from the running of permanent trade imbalances within the Eurozone. The authors explore the advantages and disadvantages of being a member of the Eurozone and attempt to measure the optimality of a currency area by the calculation of an index on internal macroeconomic asymmetries. They address the proposals recently made in favour of a fiscal union in the Euro zone; including the economic and political feasibility of fiscal transfers in the Eurozone. The final two papers discuss whether the monetary union is in fact more than just that, and whether it will lead inevitably to some form of political union if it is to survive. With chapters by leading experts from both Europe and the UK, this book will appeal to students in Economics, Finance, Politics, EU integration and European studies; as well as academics and professional economists doing research in EU integration, the Euro zone, monetary history and monetary and banking unions in Europe, the UK and elsewhere.

State-owned enterprises make up roughly 10 percent of the world economy, yet they are woefully understudied. This handbook offers the first synthesis of the topic since the 1980s and offers a comprehensive reference for a generation. The authors provide a detailed explanation of the theory that underpins the expansion of state-owned enterprises in the 21st century. Each chapter delivers an overview of current knowledge, as well as identifying issues and relevant debates for future research. The authors explain how state-owned enterprises are used in both developed and developing countries and offer an insight into complex and fascinating organizations such as the German municipal conglomerates or the multinational companies owned by states. New modes of governance and regulation have been invented to make sure they act in the public interest. This handbook brings together a wealth of international scholars, offering multiple theoretical perspectives to help shape a brave new world. It will be of interest to teachers and students of Economics, Public Administration and Business, academics, established researchers and PhD students seeking rigorous literature reviews on specific aspects of SOEs, as well as practitioners and decision makers in international organizations.

The object of this volume is to evaluate the pattern and the function of foreign capital in developing countries in a long perspective. The main conceptual instruments employed are the theory of economic growth, and the techniques associated with recent advances in growth econometrics. Empirical work points out that there is no mechanical trade-off between the short-term dangers and the long-run gains from capital market integration, but the growth benefits of foreign capital in transforming economies are conditional on an effective destination of the resources. Over-borrowing and excessive consumption are the main pitfalls in the short as in the long run. Nevertheless, foreign capital can be conducive of faster growth and possibly higher welfare.

This book critically examines the optimum range and duration of government interventions in the economic activities of a modern state based on theoretical and empirical frameworks, and assesses their role and extent in various economies. With a special focus on emerging economies across the globe, it discusses themes such as income growth; social sector development; good governance and economic progress; threshold limits; optimum budget policy and economic growth; sustainable distributional managements in public projects; food for work programs; agricultural infrastructure development; technological progress and economic growth; and distributional equities. The policy suggestions provided here offer helpful blueprints for developmental projects. Rich in data and figures, the book addresses sector-specific case studies like healthcare; irrigation and agriculture; infrastructure; taxation and economic growth; and public sector enterprises. It will be an excellent read for scholars and researchers of economics, Indian economics, macroeconomics, political economy, public policy, political science and management, development studies, development economy and governance. It will also be useful to policymakers, administrative officials, and government and corporate bodies.

Understanding the New Global Economy: A European Perspective argues that globalisation is facing economic and political headwinds. A new global economic geography is emerging, cross-border relationships are changing, and global governance structures must come to terms with a new multipolar world. This book clarifies the fundamental questions and trade-offs in this new global economy, and gives readers the tools to understand contemporary debates. It presents a range of possible policy options, without being prescriptive. Following a modular structure, each chapter takes a similar approach but can also be read as a stand-alone piece. State-of-the-art academic research and historical experiences are weaved throughout the book, and readers are pointed towards relevant sources of information . This text is an accessible guide to the contemporary world economy, suited to students of international economics, political economy, globalisation, and European studies. It will also be valuable reading for researchers, professionals, and general readers interested in economics, politics, and civil society.

For commodity traders and portfolio managers—a practical, hands-on guide to profiting in today’s growing international cross rate markets. Cross rates trading is growing increasingly popular, fueled in no small part by banks and multinationals seeking creative strategies for hedging currency risk and speculators seeking profits from interest rate plays and exchange rate moves. Trading Currency Cross Rates is the passkey to this vastly profitable financial sector. Written for the experienced trader moving into the currency futures and foreign exchange cash markets, as well as for the corporate portfolio manager seeking to limit company exposure, this professional guide covers the fundamentals of today’s cross rates markets and delivers the step-by-step techniques needed to trade cross rates successfully. Packed with charts and tables that apply over a broad range of international markets and currencies, the guide:

• Explains what cross rates are and profiles the different types that currently are traded
• Shows whether to trade on an agency or principal basis, and how to avoid counterparty failure
• Covers the building blocks of currency valuation and the best methods for forecasting moves in currency cross rates
• Reveals how to profitably trade exotic cross rates among currencies from the Pacific Rim and Middle East
• Explains how to cross over to the growing interbank currency market, and which fundamental and technical analysis techniques specifically apply to it
• Discusses how to easily adapt any current trading system and its input to the profitable cash markets

The book provides deep insight into theoretical and empirical evidence on information and communication technologies (ICT) as an important factor affecting financial markets. It is focused on the impact of ICT on stock markets, bond markets, and other categories of financial markets, with the additional focus on the linked FinTech services and financial institutions. Financial markets shaped by the adoption of the new technologies are labeled 'digital financial markets'. With a wide-ranging perspective at both the local and global levels from countries at varying degrees of economic development, this book addresses an important gap in the extant literature concerning the role of ICT in the financial markets. The consequences of these processes had until now rarely been considered in a broader economic and social context, particularly when the impact of FinTech services on financial markets is taken into account. The book's theoretical discussions, empirical evidence and compilation of different views and perspectives make it a valuable and complex reference work. The principal audience of the book will be scholars in the fields of finance and economics. The book also targets professionals in the financial industry who are directly or indirectly linked to the new technologies on the financial markets, in particular various types of FinTech services. Chapters 2, 5 and 10 of this book are available for free in PDF format as Open Access from the individual product page at www.routledge.com. They have been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license.

One World Currency presents a serious study about the need for a single stable currency with timely, historical references and skillful economic analysis by noted economist Jose Rafael Abinader. This book describes how a global and universally accepted currency will lead to economic stability throughout the world as well as the means for the design, implementation, and administration for such a currency. In order to support his proposal, Abinader examines .the competition between the so-called main world currencies, .the U.S. dollar and the Euro, .how competition leads to instability in developed and developing nations."

In the current era of globalised financial markets, the stock market cannot be assessed solely by comparing quantitative features such as the number of listed companies or capitalisation on the stock exchange. This is of secondary importance from an investor's point of view. What is important, however, is how a given stock market behaves towards the environment - whether it is 'hyperactive' or 'excessively lethargic' in response to information. This book provides an innovative tool for assessing global stock markets. It describes the complex concept of 'stock market development' in light of classical and behavioural finance theories and considers both quantitative (the number of listed companies, turnover, etc.) and behavioural aspects (price volatility, the behaviour of fundamental indicators of listed companies). Based on an innovative method for assessing development, the author analyses 130 stock markets, indicating those that are more developed in terms of quantity and behaviour. Ultimately, this enables the assessment of which markets are more or less developed and why. This knowledge, used properly, offers an advantage over other financial market participants, and allows for the comprehensive assessment of individual stock markets, which can support the process of making good investment decisions. The book is an invaluable resource for research fellows and students in economics, particularly the field of finance. It is also addressed to business and stock market practitioners, such as financial market analysts, brokers and investment advisers.

This book offers an assessment of the different monetary and fiscal policy responses that have been implemented by national governments in major European and Asian countries faced with the Covid-19 crisis since 2020; it also deals with the case of the US experience as a benchmarking example. The book provides a comprehensive cross-country comparative study on health crisis management at the macroeconomic level. Its focus on monetary and fiscal policies across different countries in Asia, Europe and the USA makes it unique. Divided into three parts following a general introduction that sets the context of the study, the book deals with the case of the USA, EU and European countries as well as with that of key Asian countries. Of specific relevance is the European Union and euro-area contexts that serve as a framework to the different EU national monetary and fiscal policy responses. Each chapter deals with a specific country, including Italy and the UK in Europe and Singapore and South Korea in Asia, and covers the following topics: the extent of the outbreak of the public health crisis and its macroeconomic impact; the comparative examination of fiscal and monetary policy responses to both crises; and an overall assessment of the effectiveness of these policies along with the public health policy to mitigate the economic impact. Given the unprecedented nature of the Covid-19 crisis, anyone eager to know more about its macroeconomic impact and ensuing policies in a comparative framework will be keen to read this book. It will be essential reading to any researcher, policy maker and/or analyst working in the area of public policy and is also a unique contribution to the field of European studies, Asian studies and Comparative Economic Studies.

This book examines how fiscal policy and management can promote gender equality in developing as well as developed countries. Providing an international look at gender budgeting, it draws on countries at different levels of development, with an emphasis on low-income developing countries. It introduces the reader to the main trends in gender equality, the key ideas and rationale of gender budgeting from a fiscal policy perspective and where gender budgeting fits into public financial management. It offers case studies and other empirical evidence from developing, emerging, and developed countries on what works in using fiscal policy and public financial management to narrow gender gaps in education, health care, access to infrastructure, and economic empowerment. It also provides policy recommendations appropriate to countries at different levels of development. The reader will gain an understanding of how fiscal policy and public financial management can contribute to gender equality and women's advancement. The book provides a well-grounded set of conclusions and policy recommendations, drawn from evaluation of the evidence. The focus is on low-income developing countries but is combined with a well-rounded look at developing countries, more generally, emerging markets, and developed countries as well. This book will be a valuable resource for economists and policy makers, particularly those in developing countries still grappling with large disparities between women and men. It will also prove useful to researchers and those who provide technical assistance and aid to countries on fiscal policies and tools for gender equality.

This authoritative book enables readers to evaluate the various performance and risk attributes of mutual funds, while also serving as a comprehensive reference for students, academics, and general investors alike. Providing a balance of theory and application, the chapters combine clear summaries of existing research with practical guidelines for mutual fund analysis.

The chapters cover a broad range of topics, including understanding the advantages and disadvantages of mutual funds and long and short-term investing, evaluating stock/bond allocations within fund portfolios, assessing fund diversification risk, measuring fund returns and risk, and making fund buy/sell decisions. Throughout the text, step-by-step decision checklists guide readers in the analysis and selection of various mutual funds. Treating all the major theoretical issues in mutual fund analysis and portfolio management, this book is both a thorough resource and a practical guide.