Banks have undergone radical change in the face of evolving pressures from markets, globalisation and regulatory authorities. In recognition of this change, this book seeks to forge a new theory, or theories, for economic banking in the 21st century. It provides a platform for new thinking and stimulating ideas, which, it is hoped, will help shape the future of research on the banking sector. Combining incisive theoretical analysis with shrewd contributions by leading authors, from both the academic and professional world of banking, who are well placed to offer real insight into the current realities of the sector, this book addresses a diverse range of issues. These include measurement of bank performance, competition and consolidation, compliance, supervision, risk transfer, diversification and financial integration in Europe. The New Banking Economics provides a genuine and dynamic alternative to current banking theory that is embedded in a political and real-world context. Offering diverse perspectives, this book will be of great interest to students of finance, economics and business, as well as to economists, analysts and researchers in the field of banking.

This book studies the coexistence of inflation and unemployment in a monetary union. The focus is on how to reduce the associated loss. The primary target of the European central bank is low inflation in Europe. The primary target of the German government is low unemployment in Germany. And the primary target of the French government is low unemployment in France. The European central bank has a quadratic loss function. The same applies to the German government and the French government. The key questions are: To what extent can the sequential process of monetary and fiscal decisions reduce the loss caused by inflation and unemployment? Is monetary and fiscal cooperation superior to the sequential process of monetary and fiscal decisions? The present book is part of a larger research project on European Monetary Union, see the references given at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association, at the International Conference on Macroeconomic Analysis, at the International Institute of Public Finance, and at the International Atlantic Economic Conference. Other parts were presented at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Gottingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macroeconomics in Freiburg, at the Research Seminar on Economics in Kassel, and at the Passau Workshop on International Economics."

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.

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.

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.

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.

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.

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.

Who would disagree that money matters? Economists have yet to sufficiently explore issues related to monetary inflation in relation to the Cantillon effect, i.e. distribution and price effects resulting from uneven changes in the money supply and their impact on the economy. This book fills this important gap in the existing literature. The author classifies the various channels through which new money can be injected into the economy and demonstrates that it is not only the increase in money supply that is important, but also the way in which it occurs. Since the increase in money supply does not affect the cash balance of all economic entities in the same proportion and at the same time - new money is introduced into the economy through specific channels - a distribution of income and changes in the structure of relative prices and production occur. The study of money supply growth, carried out in the spirit of Richard Cantillon, offers an important analytical framework that facilitates the development of a number of sub-disciplines within economics and provides a better understanding of many economic processes. It significantly explores the theory of money and inflation, the business cycle and price bubbles, but also the theory of banking and central banking, income distribution, income and wealth inequalities, and the theory of public choice. This book is therefore an important voice in the fundamental debate on the role of monetary factors in the economy, as well as on the effects and legitimacy of a loose monetary policy. In 2017, the doctoral dissertation on which the book is based was awarded the Polish Prime Minister's prize. In these times of non-standard monetary policy and rising income inequalities in OECD countries, the focus on the distribution effect of monetary inflation makes this a must read for researchers and policy-makers and for anyone working in monetary economics. This title was translated from Polish by Martin Turnau.

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.

Whether you're a full-time trader looking to make a living or a part-time trader looking to make some extra money, the foreign exchange (forex) market has what you desire--the potential to make sizeable profits and 24/7 accessibility.

But to make it in today's forex market, you need more than a firm understanding of the tools and techniques of this discipline. You need the guidance of someone who has participated, and prevailed, in this type of fast-paced environment.

Raghee Horner has successfully traded in the forex market for over a decade, and now, in Thirty Days of Forex Trading, she shares her experiences in this field by chronicling one full month of trading real money. First, Horner introduces you to the tools of the forex trade, and then she moves on to show you exactly what she does, day after day, to find potentially profitable opportunities in the forex market.

Part instructional guide, part trading journal, Thirty Days of Forex Trading will show you--through Horner's firsthand examples--how to enter the forex market with confidence and exit with profits.

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

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.

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.

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.

This volume, originally published in 1966, contains essays from the 1930s and is valuable not only in the context of the history of thought. It provides an excellent introduction to the general theory of employment, interest and money and reflect the most essential features of Kalecki's theory of the business cycle.

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.

Originally published in 1940, this book traces the development of theories concerning currency and credit from the beginning of the eighteenth century to the middle of the twentieth. It provides a comprehensive account of the political and economic conditions in which the theories and controversies arose, with the result that the work has become a classic in its field.

Originally published in 1966, this book has enduring validity. In analysing the economic situation of the late 1960s Joan Robinson discusses the contradictions which arise from the need to readjust the organisation of society to the fantastic capacity for producing material wealth that capital accumulation and progress in technology have made possible. She maintains that the late twentieth century economic system is just an awkward corner in a continuing process of historical development .

Originally published in 1970, this book examines the origins of social organizations, the development of Robinson Crusoe economies and the conception of property or rightful ownership, as well as the origins of agriculture, race and class. Discussing commerce and the nation state, capitalist expansion and war between industrial power, the book is a concise yet comprehensive survey of the evolution of the structures of the world's economies and of the ideas which underlie them.

This general introduction to the theory of money and of balance of payments adjustment was originally published in 1969. It was the first book to pay full attention to the theory of assets: the relation of the supply of assets to the demand for holding them and the significance of asset movements for balance of payments adjustment. Written in simple language and with brevity, the book is intended for the student with a general knowledge of economics and economic institutions, but with no specialised knowledge of these topics.