`Bilin Neyapti provides a framework for understanding some of the
most important issues confronting the world's economy today.
Viewing the government as a social planner charged with the task of
delivering sustainable development as a public good, she examines
features of global markets such as central bank independence,
inflation targeting, monetary unions, and currency boards, in each
case evaluating the capacity of the relevant institutions to
deliver efficiency, equality, and stability over the long term.
Neyapti's broad-ranging and ambitious book should be of value to
anyone interested in the development and improvement of the
institutions undergirding the world's financial system.' - Geoffrey
P. Miller, New York University Law School, US `Poor nations have
learned the hard way that there is no greater threat to their
economic development than macroeconomic crises. Avoiding macro
instability in turn depends on good monetary and fiscal
institutions. This book by Bilin Neyapti - part textbook, part
treatise - is a terrific synthesis of the relevant literature and
an excellent addition to it.' - Dani Rodrik, Harvard University, US
The fading explanatory power of earlier development theories in
providing a satisfactory account of diverse developmental
experiences has necessitated a new framework to understand economic
development. Bilin Neyapti presents this new framework, known as
New Development Economics (NDE), which combines new institutional
economics with collective action theory to explain the dynamic
interaction between institutions and economic development. Besides
reviewing earlier development theories and the fundamental building
blocks of NDE, the author uses the NDE framework to present
theoretical underpinnings and panel evidence on the effectiveness
of fiscal and monetary institutions. The book incorporates the
essential elements of institutional theory and highlights the
issues pertaining to the measurement of institutional
characteristics and the empirical analyses involving such
measurement. It provides the theoretical framework of and empirical
evidence on fiscal institutions, covering budgetary rules and
procedures as well as fiscal decentralization, and reviews the
theoretical framework for monetary institutions such as central
bank independence, currency boards, monetary unions and inflation
targeting in addition to providing empirical evidence on their
effectiveness. The role of bank regulation and supervision is also
investigated. This path-breaking and original book will prove a
fascinating read for a wide-ranging audience including academics,
think tanks, international development agencies and policymakers
within the fields of development, economics, heterodox economics
and money, banking and finance.
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