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The first theoretical analysis of the Asian Financial Crisis--perhaps the single most important economic event of the 1990s--starts by presenting a factual and analytic overview of what happened. It goes on to consider why crisis turned into collapse, speculative attacks, and contagion and finishes with a round table discussion of policy issues. The distinguished contributors are from organizations including IMF, the World Bank and the Bank for International Settlements. This is vital reading for policy professionals as well as researchers and graduate students in a wide range of disciplines.
Presents the first theoretical analysis of the Asian financial
crisis and draws out the general lessons of an event whose
potential long term effects have been likened to those of the Crash
of 1929. Part I presents a factual and analytic overview of what
happened: the role of 'vulnerability'; the interconnection between
currency crises and financial crises; and why crisis turned into
collapse. Part II considers more detailed issues, including how the
inflation of non-traded goods prices created vulnerability,
welfare-reducing capital inflow owing to under-regulated financial
markets, and the onset of speculative attacks. Part III assesses
all aspects of contagion, in particular the role of geographic
proximity. The final section addresses policy issues. Joseph
Stiglitz argues that there is much that can be done to reduce the
frequency of crises and to mitigate the severity of crises when
they happen. The book finishes with a round-table discussion of
policy issues.
The global financial crisis triggered severe shocks for developing
countries, whose embrace of greater commercial and financial
openness has increased their exposure to external shocks, both real
and financial. This new edition of Development Macroeconomics has
been fully revised to address the more open and less stable
environment in which developing countries operate today. Describing
the latest advances in this rapidly changing field, the book
features expanded coverage of public debt and the management of
capital inflows as well as new material on fiscal discipline,
monetary policy regimes, currency, banking and sovereign debt
crises, currency unions, and the choice of an exchange-rate regime.
A new chapter on dynamic stochastic general equilibrium (DSGE)
models with financial frictions has been added to reflect how the
financial crisis has reshaped our thinking on the role of such
frictions in generating and propagating real and financial shocks.
The book also discusses the role of macroprudential regulation,
both independently and through its interactions with monetary
policy, in preserving financial and macroeconomic stability. Now in
its fourth edition, Development Macroeconomics remains the
definitive textbook on the macroeconomics of developing countries.
* The most authoritative book on the subject--now fully revised and
expanded* Features new material on fiscal discipline, monetary
policy regimes, currency, banking and sovereign debt crises, and
much more* Comes with online supplements on informal financial
markets, stabilization programs, the solution of DSGE models with
financial frictions, and exchange rate crises
This book provides a systematic and coherent framework for
understanding the interactions between the micro and macro
dimensions of economic adjustment policies; that is, it explores
short-run macroeconomic management and structural adjustment
policies aimed at promoting economic growth. It emphasizes the
importance of structural microeconomic characteristics in the
transmission of policy shocks and the response of the economy to
adjustment policies. It has particular relevance to the economics
of developing countries.
The book is directed to economists interested in an overview of
the economics of reform; economists in international organizations,
such as the UN, the IMF, and the World Bank, dealing with
development; and economists in developing countries. It is also a
text for advanced undergraduate students pursuing a degree in
economic policy and management and students in political science
and public policy.
In the past three decades, developing countries have made
significant economic and social progress, from improved infant
mortality rates to higher life expectancy. Yet, 1.3 billion people
continue to live in extreme poverty in the developing world,
leading policymakers to place a renewed emphasis on policies that
could promote economic efficiency and the productivity of the poor.
How should these policies be sequenced and implemented to spur
growth? Would a large, front-loaded increase in public
infrastructure investment yield the desired growth-promoting
effect?
Taking a rigorous look at this kind of investment and its
outcomes, this book explores the different channels through which
public capital in infrastructure may affect growth and human
welfare, and develops a series of formal models for understanding
how these channels operate. Bringing together a vast amount of
research in one unifying framework, Pierre-Richard Agenor finds
that in considering investment in infrastructure, a variety of
externalities need to be factored into analytical models and
introduced in policy debates. Lack of access to infrastructure not
only constrains the expansion of markets and private investment, it
may also hinder the achievement of health and education targets.
Ease of access, conversely, promotes innovation and empowers women
by allowing them to reallocate their time to productive uses.
Laying a solid foundation of economic facts and ideas, "Public
Capital, Growth, and Welfare" provides a comprehensive look at the
critical role of public capital in development."
FOR ALL LIGHT WORKERS, ENERGY HEALERS, STARSEEDS, AND TRUTH SEEKERS
A PRIMER FOR ASCENSION is a comprehensive, self-empowering, and
fundamental manual for all who are serious about the mastery of
life and need support in their journey toward ascension. With the
courageous vulnerability and openheartedness that only spiritual
masters display, Pierre R. Dubois shares very intimate and
awakening life lessons that will radically help accelerate your
self-realization process. This jewel of authenticity will bring
into focus the achievements, pitfalls, landmarks, and signposts
that you need to watch for but that other teachers usually do not
talk about. You will undeniably appreciate the divine wisdom of
Pierre's high consciousness that is channeled throughout this
manual and be amazed by the generosity of the numerous gifts of
self-healing techniques that are offered. Ultimately, you will
discover the underlying universal "block" that slows down
humanity's ascension process and the key to unravel it and propel
you to a rapid and successful ascension. You will understand why
you cannot manifest your true desires in your current state of
consciousness, how through ascension you can simply re-connect to
the cosmic power that moves everything and remember that you are a
co-creator with God. We are currently living in an extraordinary
time: at no other moment in history have there been such public
acceptance, openness, and tolerance of personal growth, alternative
spiritual practices, and consciousness mechanics. Yet many feel
"stuck" in their expansion process and struggle to find effective,
groundbreaking tools. A PRIMER FOR ASCENSION is one of those
"magical," life-companion books that you read over and over again
as it takes you further into a higher level of consciousness, each
and every time. The key question is: How sincere are you in your
intention to ascend? If you are up for the challenge and ready for
truth, read on.
An integrated analysis of how financial frictions can be accounted
for in macroeconomic models built to study monetary policy and
macroprudential regulation. Since the global financial crisis,
there has been a renewed effort to emphasize financial frictions in
designing closed- and open-economy macroeconomic models for
monetary and macroprudential policy analysis. Drawing on the
extensive literature of the past decade as well as his own
contributions, in this book Pierre-Richard Agenor provides a
unified set of theoretical and quantitative macroeconomic models
with financial frictions to explore issues that have emerged in the
wake of the crisis. These include the need to understand better how
the financial system amplifies and propagates shocks originating
elsewhere in the economy; how it can itself be a source of
aggregate fluctuations; the extent to which central banks should
account for financial stability considerations in the conduct of
monetary policy; whether national central banks and regulators
should coordinate their policies to promote macroeconomic and
financial stability; and how much countercyclical macroprudential
policies should be coordinated at the international level to
mitigate financial spillovers across countries. Agenor focuses on
upper middle-income countries, which differ from advanced economies
in terms of both their structural features (which include a
financial sector dominated by banks, weak supervisory capacity, and
a high degree of vulnerability to external shocks) and their
long-standing policy challenges (such as managing volatile capital
flows). Some of the analytical insights and broad policy lessons
that can be drawn from the book will be of relevance to advanced
economies as well.
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Stability Domains (Hardcover)
Lyubomir T. Gruyitch, Jean-Pierre Richard, Pierre Borne, Jean-Claude Gentina
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R4,594
Discovery Miles 45 940
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Ships in 12 - 17 working days
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Stability Domains is an up-to-date account of stability theory with
particular emphasis on stability domains. Beyond the fundamental
basis of the theory of dynamical systems, it includes recent
developments in the classical Lyapunov stability concept, practical
stabiliy properties, and a new Lyapunov methodology for nonlinear
systems. It also introduces classical Lyapunov and practical
stability theory for time-invariant nonlinear systems in general
and for complex (interconnected, large scale) nonlinear dynamical
systems in particular. This is a complete treatment of the theory
of stability domains useful for postgraduates and researchers
working in this area of applied mathematics and engineering.
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