This title was first published in 2000: An outstanding volume which examines the professional economic merits, practical feasibility, and underlying politics of the hotly contested competing initiatives for strengthening the international financial system. Challenging much of the conventional wisdom, it offers a comprehensive account of the traditional enduring financial issues facing the G7 and the fundamental architectural elements of the new systemic design. This authoritative text contains a rich and balanced array of contributions from distinguished experts from all G7 countries and from emerging markets outside. Essential reading for academics in the areas of economics and management, to political scientists specializing in international political economy and to officials in the government and the private sector.

This title was first published in 2001. Containing a wide array of intellectual perspectives, this illuminating text takes an authoritative look at the rules, decision-making procedures and organizational resources at the heart of the institutions of global governance and provides a much-needed Asian perspective on key issues, dealing with new questions raised at the Okinawa summit. Particularly suitable for graduate courses in political science, international political economy, international organizations, corporate strategy and international business, as well as having implications for the public policy community.

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Since money was invented, there has been a debate about better ways of creating it and better rules to govern how it works - until the last generation, when it began to seem that the money system had been handed down by God and remained unchanged ever since. But the last few years have seen an increasingly powerful resurgence of interest in changing the system fundamentally, and bringing the monetary trends that affect all our lives under our control. Few realize that the debate has roots and a tradition, covering mainstream economists like Keynes and Hayek, statesmen like Lincoln, entrepreneurs like Ford and Soros, as well as the imaginative mavericks behind local currencies and e-money. This volume collects together some of their most influential writings to provide a handbook on a vital train of ideas, and a guide to a debate on changing money that is becoming increasingly important.

This introductory text is devoted to exposing the underlying nature of price formation in financial markets as a predominantly sociological phenomenon that relates individual decision-making to emergent and co-evolving social and financial structures.

Two different levels of this sociological influence are considered: First, we examine how price formation results from the social dynamics of interacting individuals, where interaction occurs either through the price or by direct communication. Then the same processes are revisited and examined at the level of larger groups of individuals.

In this book, models of both levels of socio-finance are presented, and it is shown, in particular, how complexity theory provides the conceptual and methodological tools needed to understand and describe such phenomena. Accordingly, readers are first given a broad introduction to the standard economic theory of rational financial markets and will come to understand its shortcomings with the help of concrete examples. Complexity theory is then introduced in order to properly account for behavioral decision-making and match the observed market dynamics.

This book is conceived as a primer for newcomers to the field, as well as for practitioners seeking new insights into the field of complexity science applied to socio-economic systems in general, and financial markets and price formation in particular.

Financial crises have plagued economies around the globe for centuries, yet no satisfactory policy solution has been found to significantly reduce the likelihood and severity of these devastating events. Macroprudential policy, the intellectual response to
financial crisis, may provide the solution to this recurrent problem. However, what this means in practice is subject to disagreement - with radicals proposing measures to stablise the flow of credit to households and companies, and others suggesting a more conservative approach focused on the banks. Macroprudential Policy is the first book to provide a coherent and comprehensive coverage of the issues of why, when and how policymakers should intervene.
Barwell brings his considerable experience of working in both a cenral bank and the financial sector to bear in examining the practical justification for the new regime, the institutions of macroprudential policy, the instruments at policymakers' disposal, and a discussion of how policymakers will go about discharging their responsibilities. The book also reviews the economic foundations of macroprudential policy. Conventional macroeconomics is based on assumptions that may work for the analysis of price stability and the conduct of monetary policy, but which more or less rules out the possibility of financial crises. This book introduces an alternative macroeconomics where crises can flourish, identifying the market failures which justify interventions to stabilize the system.

This book gives a complex description and discussion of today's populist attacks against the European Union (EU) following the financial crisis of 2008, which opened the floodgates of dissatisfaction, and the migration crisis which destabilized the traditional solidarity basis of the EU. The problem of Brexit is also explored. Each chapter presents one of the main elements of the crisis of the EU. These include West European populism, Central European right-wing populism in power, and the exploitation of the EU's mistake during the migration crisis of the mid-2010s. These also include the discovery of Christian ideology against immigration and hidden anti-Semitic propaganda using a hysterical attack against the liberal billionaire philanthropist George Soros, and Brexit. There is a detailed discussion of the failures of the EU to pacify the neighbourhood in the South and North, especially in Ukraine, and the rising hostile outside enemies of the EU, including Russia and Turkey, bad relationships with Trump's America, the uncertainty of NATO, and the emergence of a new rival, China, that enters into the Central European edge of the EU. The author explores strategies for coping with, and emerging from, this existential crisis and ends with the alternative plans and possibilities for the future of the eurozone. This will be an invaluable resource for understanding the crisis of the EU, one of the central questions of contemporary international politics for undergraduate and graduate students, and readers interested in the discussion surrounding an endangered European integration and difficult world politics.

The Korean Economy: From Growth to Maturity takes an in-depth, amalgamated look at the evolution of Korea's globalization drive from the early 2000s (Kim Dae-jung regime, 1998-2003) to the present period (Park Geun-hye, 2013-2017). The book discusses the role of foreign companies on the sustainability of Korea's economic growth, the relationship between the chaebol and the MNCs, the evolution of Korea's nation brand, and the role of the state in Korea's new economic trajectory (globalization) since the 2000s. With data collected from fieldwork, the book provides both empirical and qualitative insights (economic, socio-cultural and political economic analysis) into the Korean political economy and would be a very useful reference to other emerging economies experiencing similar globalization paths.

This book gives a complex description and discussion of today's populist attacks against the European Union (EU) following the financial crisis of 2008, which opened the floodgates of dissatisfaction, and the migration crisis which destabilized the traditional solidarity basis of the EU. The problem of Brexit is also explored. Each chapter presents one of the main elements of the crisis of the EU. These include West European populism, Central European right-wing populism in power, and the exploitation of the EU's mistake during the migration crisis of the mid-2010s. These also include the discovery of Christian ideology against immigration and hidden anti-Semitic propaganda using a hysterical attack against the liberal billionaire philanthropist George Soros, and Brexit. There is a detailed discussion of the failures of the EU to pacify the neighbourhood in the South and North, especially in Ukraine, and the rising hostile outside enemies of the EU, including Russia and Turkey, bad relationships with Trump's America, the uncertainty of NATO, and the emergence of a new rival, China, that enters into the Central European edge of the EU. The author explores strategies for coping with, and emerging from, this existential crisis and ends with the alternative plans and possibilities for the future of the eurozone. This will be an invaluable resource for understanding the crisis of the EU, one of the central questions of contemporary international politics for undergraduate and graduate students, and readers interested in the discussion surrounding an endangered European integration and difficult world politics.

This book analyses the formation of the Spanish banking system. It provides a general overview of European financial systems in operation during the mid-nineteenth century, followed by a detailed analysis of the economic and institutional changes that gave rise to a new form of banking in Spain. The chapters analyse changes on banking regulation; study the social origin of banks' promoters; investigate the economic results of banks; and evaluate the interaction between banks and the economy as a whole. Finally, the causes, extent and consequences of monetary plurality in Spain and its European context are discussed. As such, this book covers the gap that exists in the Spanish banking historiography. Until now only the Bank of Spain and its predecessors had been adequately examined. As the Bank of Spain acted mostly as the state's financial agent, we know very little about private-sector financing. This text provides data and analysis for a more comprehensive view of early Spanish financial development in a comparative European framework. The Origins of Modern Banking in Spain should be considered essential reading for financial history students and scholars, as well as anybody interested in longview approaches to modern financial development.

This book presents the comparative evaluation of international and industrial factors affecting the financial condition of enterprises. In the theoretical part, the results of previous research on the occurrence of the country and industry effect in the financial health of companies are reviewed. The aim of the empirical study is to determine such factors - national or industrial ones - that have a greater impact on the corporate performance in the selected European Union countries. Corporate performance is measured and described with the use of a large set of fundamental ratios. Corporate performance is therefore treated as a more complex matter influenced by such aspects as profitability, liquidity, working capital and solvency. The book especially analyses the importance of non-public companies of all sizes, which is also rare as current research focuses mainly on public companies due to the data constraints.

Money is usually understood as a valuable object, the value of which is attributed to it by its users and which other users recognize. It serves to link disparate institutions, providing a disguised whole and prime tool for the "invisible hand" of the market. This book offers an interpretation of money as a social institution. Money provides the link between the household and the firm, the worker and his product, making that very division seem natural and money as imminently practical. Money as a Social Institution begins in the medieval period and traces the evolution of money alongside consequent implications for the changing models of the corporation and the state. This is then followed with double-entry accounting as a tool of long-distance merchants and bankers, then the monitoring of the process of production by professional corporate managers. Davis provides a framework of analysis for examining money historically, beyond the operation of those particular institutions, which includes the possibility of conceptualizing and organizing the world differently. This volume is of great importance to academics and students who are interested in economic history and history of economic thought, as well as international political economics and critique of political economy.

Under the rule of the current economic order, social injustice is ever-increasing. Issues such as poverty, inhumane working conditions, inadequate wages, social insecurity and an unhealthy labor market continue to persist. Many states are also unable to produce policies capable of resolving these problems. The characteristics of the capitalist system currently render it unable to provide social justice. In fact, on the contrary, the system reinforces these injustices and prevents economic and social welfare from reaching the masses. Many Muslim scholars have analyzed and, indeed, criticized this system for years. This book argues that an alternative and more equitable theoretical and practical economical order can been developed within the framework of Islamic principles. On the other hand, the experiences of societies under the rule of Muslim governments do not always seem to hold great promise for an alternative understanding of social justice. In addition, the behaviors of Muslim individuals within their economic lives are mostly shaped by the necessities of daily economic conditions rather than by the tenets of Islam that stand with social justice. Until 1990s, studies of Islamic economics made connections between finance and the notion of social justice, but work conducted more recently has neglected this issue. It is therefore evident that the topic of social justice needs to be revisited in a more in-depth manner. Filling an important gap in existing literature, the book uniquely connects social justice and Islamic finance and economics on this topic. Theory, practice and key issues are presented simultaneously throughout this book, which is based on the writings of a number of eminent scholars.

This collection of essays focuses on three reasoning problems devised by Peter Wason - the selection task, the 2-4-6 task, and the THOG problem - which have had a considerable influence since their invention.; The reasons why people make so many errors in these seemingly simple tasks are still not fully understood. A variety of different theoretical perspectives have been used in trying to explain performance. These include the mental models approach, the pragmatic reasoning approach, and the mental logic approach. This book contains chapters which discuss all these theories. Other chapters review the literature or offer alternative theoretical perspectives. A final chapter by Peter Wason describes how he came to create the tasks discussed.

Austerity, fiscal consolidation, fiscal discipline and fiscal deficit targets have become the buzzwords of contemporary macroeconomic policy. By tracing the history of macroeconomic schools of thought, Maximum Government, Maximum Governance explores the origins, essence, shortcomings and deception of mainstream neoliberal macroeconomics. Arguing that economies are financially constrained, neoliberal macro economics dislodged full employment as the target of policy replacing it with a low and stable inflation target. Monetary policy under the control of an independent central bank became the primary instrument to assist free and globalized markets to propel economies towards full employment. How ever, the global financial crisis of 2008 and rising inequalities of income and wealth in the last decade within and across economies has led to rise of nationalist-populist leaders in many parts of the world. Although neoliberal economics has been put under the scanner by these leaders, their actions seem reactionary and without a coherent understanding of alternative schools of economic thought. An alternative based on sound economic reasoning and institutional realities is required to challenge neoliberal and arbitrary populist policies. Based on an introductory analysis of Modern Money Theory (MMT), this book seeks to present an alternative viewpoint on macroeconomics and macroeconomic policy to address the challenges of economic growth, un employment and inequality. While adherents of MMT are convinced of its robustness, the challenge is to reframe macroeconomic discourse, which must essentially reject the notion that an economy is financially constrained and instead turn the spotlight on real resource and governance constraints. Please note: Taylor & Francis does not sell or distribute the Hardback in India, Pakistan, Nepal, Bhutan, Bangladesh and Sri Lanka

This book, first published in 1904, is an early examination of England's monetary system: what it is, how it was founded, grew and developed. It analyses the role of trade in this development, and works from the assumption that the material well-being of the country and all its inhabitants is largely dependent upon the money market.

First published in 1997. Routledge is an imprint of Taylor & Francis, an informa company.

Mainstream research has rationalized China's stock market on the basis of paradigms such as the institutional approach, the efficient market hypothesis, and corporate valuation principles. The deviations from such paradigms have been analyzed as puzzles of China's stock market. Girardin and Liu explore to what extent, in the perspective of Chinese cultural and historical characteristics, far from being puzzles, these 'deviations' are rather the symptoms of a consistent strategy for the design, development and regulation of a government-dominated financial system. This book will help investors, observers and researchers understand the hidden logic of the design and functioning of China's modern stock market, taking a political economy view.

The main purpose of this book is to resolve deficiencies and limitations that currently exist when using Technical Analysis (TA). Particularly, TA is being used either by academics as an "economic test" of the weak-form Efficient Market Hypothesis (EMH) or by practitioners as a main or supplementary tool for deriving trading signals. This book approaches TA in a systematic way utilizing all the available estimation theory and tests. This is achieved through the developing of novel rule-based pattern recognizers, and the implementation of statistical tests for assessing the importance of realized returns. More emphasis is given to technical patterns where subjectivity in their identification process is apparent. Our proposed methodology is based on the algorithmic and thus unbiased pattern recognition. The unified methodological framework presented in this book can serve as a benchmark for both future academic studies that test the null hypothesis of the weak-form EMH and for practitioners that want to embed TA within their trading/investment decision making processes.

Whatever happened to the money supply? This book explains how the analysis of monetary and credit aggregates is undertaken at the Bank of England, the European Central Bank and (as an example of a developing country) the Bank of Tanzania. The book also explores how this analysis relates to these central banks' monetary policy strategies and how it feeds into policymaking. An editorial introduction provides the intellectual and historical background - from the contributions of key economists such as Milton Friedman and Jacques Polak, to monetary targeting and inflation targeting - and argues that central banks and policy analysts would be foolish to neglect the insights monetary analysis can offer. The papers compiled in Monetary Analysis at Central Banks demonstrate just how useful and varied those insights are.

Originally published in 1995, Beyond Capital Labor is a comprehensive empirical study about how and how much technology and regional contextual factors may influence company production and productivity growth. The book constitutes a conceptually consistent and empirically efficient study and provides a consolidated model and an analytical framework to examine the contributions of technology and regional factors to company production and productivity growth. This work goes beyond the current state and brings many scattered theoretical components together to establish an integrated model.

Financial markets across the Arabian Peninsula have gone from being small, quasi-medieval structures in the 1960s to large world-class groupings of financial institutions. This evolution has been fueled by vast increases in income from oil and natural gas. The Financial Markets of the Arab Gulf presents and analyzes the banks, stock markets, investment companies, money changers and sovereign wealth funds that have grown from this oil wealth and how this income has acted as a buffer between Gulf society at large and the newfound cash reserves of Gulf Cooperation Council states (Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain) over the last fifty years. By assessing the development of institutions like the Abu Dhabi Investment Authority, the Saudi Arabian Monetary Authority, the Public Investment Fund and the National Bank of Kuwait, The Financial Markets of the Arab Gulf evaluates the growth of the markets and provides a detailed, critical, snapshot of the current form and function of the Gulf's financial markets. It argues that the markets have been controlled by various state institutions for socio-political reasons. In particular, the Saudi state has used its sophisticated regulatory regime to push for industrialization and diversification, which culminated in the Vision 2030 plan. The UAE, Qatar, Kuwait, Bahrain and Oman have also been strongly involved in establishing modern markets for similar purposes but have done so through different means, with varying results, and each in line with what has been considered their respective comparative advantages. Along with critically surveying these institutions and their role in global finance, the book also presents case studies depicting transactions typical to the region, including the highly profitable documentary credits of commercial banks, the financial scandal of certain financiers and their regulatory arbitrage between Bahrain and Saudi Arabia, a review of the Dubai's trade miracle, and an assessment of the value and importance of the privatization of Saudi Aramco.

It is well-known that the Swedish experiment in practical economic control was inspired by a simultaneous development of economic thought in Sweden. Despite Swedish economics being known globally, until this book was originally published in 1939 there was little except second-hand descriptions of what the Swedes were really saying. This volume remedied that and explained hitherto hidden contemporary Swedish monetary theory.

A.C. Pigou spent his career in the shadow of Marshall and Keynes and his contributions have seemed small by comparison, but his influence remains significant. He is regarded by many as the father of modern public finance and welfare theory, as the way that economists analyze and justify government intervention in economic affairs stems from Pigou. Following on from A. C. Pigou's 1903 pamphlet, The Riddle of the Tariff, this book, originally published in 1906, is a more technical treatment, leaning on the Marshalian apparatus and coming out against the policy of Imperial preference.

Rejecting the idea of an equilibrium business cycle, this book, originally published in 1927, studies those industrial fluctuations which extend over short spans of years: cyclical fluctuations. The causes of these cycles are discussed and the consequences which result and way in which to mitigate these consequences with regard to social well-being are examined. Although Pigou's approach went out of fashion following Keynes, it is similar in spirit to much of the late twentieth-century work stimulated by real business cycle theory.