This book explores the nature of the flexibility of Estonia's rapid growth, that enables it to swiftly seize opportunities and weather crises without undue cost.The distinguished cast of contributors draws upon detailed data on individual firms and households to explore the basis for Estonia's record as the most successful of all the EU accession countries over the last decade. They conclude that much of this accomplishment can be attributed to the greater flexibility of the Estonian economy, both in price setting in employment and wages, and in consumption. The book also reveals that Estonia is able to adjust to shocks more rapidly and with less real impact than other countries. Coupled with a favourable macroeconomic policy and a good institutional structure and legal framework, this indicates that Estonia will be an excellent example to other countries despite the recent downturn. This unique book will be of great interest to researchers and students of the economics of transition, and will prove invaluable to policy-makers and their advisors in both transition countries and the rest of the EU, as well as graduate students studying microeconomics and monetary policy.

The financial sustainability of the welfare state, its efficiency in covering new risks and to effectively reallocate resources in a fair way are now classic issues for debate. This book explores the more understated question of the democratic legitimacy of a 'quasi' European policy in a field which is subjected to the contradictory impact of ever tighter European economic governance. With the wide vision of a comparative perspective and the deep knowledge of social policy scholars, the authors of this book offer inspiring insights into different facets of democratic governance which are likely to inform European decision makers in the coming decade.' - Agnes Hubert, member of the Bureau for European Policy Advisors - European CommissionThe welfare state in Europe has been reformed gradually over the past two decades, with the intensification of the economic and monetary union and the addition of fifteen new members to the EU. This book explores the pressures that have been placed on the welfare state through a variety of insightful and thought-provoking contributions. As the standard of living has increased, aspirations and financial constraints have required major rethinking. There is considerable disparity between European countries in how they approach the welfare system, with differing concern over aspects such as income, employment and the ability to participate in society. Choices over welfare lie at the heart of the democratic system; this book explores the tensions this has produced and the innovative responses in policy content and institutions. The Changing Welfare State in Europe has a wide appeal, which will have relevance to economists, scholars in public and social policy, public and private finance experts, policymakers and also academics with an interest in the impact of financial and economic development. Contributors: T. Altman, C. Cheyne, K. Lyons, D.G. Mayes, A. Michalski, Z. Mustaffa, C. Shore, M. Thomson

In light of the experience of the global financial crisis, this book develops concrete recommendations for financial sector reform and regulation in Asian economies aimed at preventing the recurrence of systemic financial crises, improving the ability to manage and resolve crises, managing capital flows and promoting the development of Asian bond markets. The focus of the book is on longer-term structural measures. It explores areas such as the scope for regional monitoring and cooperation; deepening and integration of Asian bond and money markets; liberalization/regulation of capital flows; and issues related to macroprudential oversight, regulatory structure and cooperation as well as the role of state intervention in crisis resolution in the financial sector. The need for and impacts of regulations on innovative financial products and specific investor groups such as hedge funds, ways to reduce systemic risk of pro-cyclicality of regulation and ways to improve the infrastructure and regulatory environment for local currency bond markets are also examined in depth. The book will appeal to public and private finance experts, policy makers and decision makers in governments and banks, think-tanks and students in graduate courses related to financial and economic development. Contributors: C. Adams, J.A. Batten, Y.J. Cho, S.F. de Lis, M. Fujii, A. Garcia-Herrero, W.P. Hogan, M. Kapur, M. Kawai, D.G. Mayes, R. Mohan, P.J. Morgan, M.G. Plummer, M. Pomerleano, M.M. Spiegel, P.G. Szilagyi, L.D. Wall, A. Winkler

Originally published in 1986. This helpful text sets out what appears to make exchange rates change and shows how these various factors contribute to an explanation of the past. It considers the problems of providing satisfactory forecasts of the exchange rate while presenting the methods used, outlining their drawbacks and speculating on future ways forward. Laid out to move from empirical issues to theory and on to policy, this book is easily of use to those interested in macroeconomics, applied economics and international economics as well as economic history.

The recent global financial crisis has challenged conventional wisdom, and our conception of globalization has been called into question. This challenging and timely book revisits the relationship between globalization, the crisis and the state from an interdisciplinary perspective, with law, economics and political science underpinning the analysis.The expert contributors consider the Washington Consensus and its aftermath across Australia, China, the EU, New Zealand and South Africa in light of the financial crisis, encompassing public policy issues including banking reform, privatisation and state owned enterprise. The clash between market and state capitalism and the response of market capitalism to the crisis are also explored. This book draws together truly multidisciplinary discussions of the main issues for contemporary society in the face of globalization, and defines how these issues relate to each other. As such, it will prove a stimulating read for academics, researchers, postgraduate students and policymakers with an interest in law, economics and politics. Contributors: M. Ariff, T. Booth, L. Boulle, J. Broehmer, J. Chen, J.H. Farrar, G.A. Hodge, C.-C. Huang, D.G. Mayes, A. Noon, L. Parsons, M. Regan, C.D. Stoltenberg, S. Watson, M. Wilson, X. Yang

Recent failures and rescues of large banks have resulted in colossal costs to society. In wake of such turmoil a new banking union must enable better supervision, pre-emptive coordinated action and taxpayer protection. While these aims are meritorious they will be difficult to achieve. This book explores the potential of a new banking union in Europe. This book brings together leading experts to analyse the challenges of banking in the European Union. While not all contributors agree, the constructive criticism provided in this book will help ensure that a new banking union will mature into a stable yet vibrant financial system that encourages the growth of economic activity and the efficient allocation of resources. This book will be of use to researchers interested in Banking, Monetary Economics and the European Union.

Recent failures and rescues of large banks have resulted in colossal costs to society. In wake of such turmoil a new banking union must enable better supervision, pre-emptive coordinated action and taxpayer protection. While these aims are meritorious they will be difficult to achieve. This book explores the potential of a new banking union in Europe. This book brings together leading experts to analyse the challenges of banking in the European Union. While not all contributors agree, the constructive criticism provided in this book will help ensure that a new banking union will mature into a stable yet vibrant financial system that encourages the growth of economic activity and the efficient allocation of resources. This book will be of use to researchers interested in Banking, Monetary Economics and the European Union.

Social Exclusion in European Welfare States focuses on the complex relationship between economic welfare, labour market performance and social inclusion/exclusion. The contributors in the volume examine in detail the alleged trade-off between the social and economic capabilities of a society and their impact on the well-being of the citizens. Furthermore, they identify welfare regimes whose policies are more balanced in terms of prioritizing economic as well as social goals and, hence, are more successful in promoting social inclusion along with faster growth. The book attempts to promote a better understanding of the differences in policy regimes and the performances of different regime types in view of their own goals and objectives. Contributors from a broad range of disciplines - economics, sociology and political science - explore the scope for European policy coordination and the form that this should take. The book focuses on a problem that is widely considered to be one of the most intractable and damaging in contemporary European society. It will be invaluable to policymakers in a broad range of fields including employment, social policy, education and social work as well as to economists, sociologists and political scientists engaged in research and teaching in these fields.

Originally published in 1986. This helpful text sets out what appears to make exchange rates change and shows how these various factors contribute to an explanation of the past. It considers the problems of providing satisfactory forecasts of the exchange rate while presenting the methods used, outlining their drawbacks and speculating on future ways forward. Laid out to move from empirical issues to theory and on to policy, this book is easily of use to those interested in macroeconomics, applied economics and international economics as well as economic history.

The purpose of this book is to analyse one of the most pressing social problems of recent years, namely exclusion. The authors bring a richness of perspective, drawing on the experiences of eight European countries and a range of disciplines from law and economics through to social policy and political studies. The EU is a special case worthy of study as it may be that the process of integration actually generates both problems and solutions to social exclusion.The authors focus on what can be achieved by European countries working together and pooling experiences. They show that not only is social exclusion ill-defined but that there are many differing concepts of social exclusion across Europe reflected in health, education, housing and employment. The book reveals the need for a strong dynamic element in policy, producing early and focused action for individuals and groups in society. While rejecting the need for transfers of income between countries, Social Exclusion and European Policy discusses whether there is something extra to be done at the EU level that cannot currently be carried out by member states or through existing co-operation. With its multi-disciplinary approach and emphasis on policy solution, this will be invaluable reading for policymakers within EU institutions, NGOs and scholars and researchers of European studies and social policy protection.

The Evolution of the Single European Market provides a detailed empirical and theoretical analysis of the impact of the Single European Market - one of the most significant developments in the world economy in the late twentieth century.A distinguished group of contributors examines how the Single Market has developed in practice and the impact it has had on industry regions and groups in society. They chart the likely future course of further integration in the light of public choice theory, subsidiarity and the current experience within the Single Market. The differences between the member states are analysed in detail as are the reasons why it has been so difficult to obtain agreement. They examine, from an evolutionary approach, issues such as competition law, the Single European Act, the unofficial means of implementation and enforcement, 'competition among rules', and the social dimension and external impact of the Single Market. The contributors include lawyers, economists, political scientists, sociologists and regional scientists, whose contribution stems from the work of over one hundred researchers across Europe in a linked programme of projects. This forward looking book will be required reading for researchers and students with an interest in economic and political integration as well as politicians and businesses involved in cross-border trade and investment. It will also be of interest to academics in the areas of economics, politics, law, social policy and geography.

Finally, here is a book that provides a long-overdue holistic analysis of childcare. Written in a clear style, The Costs of Children breaks new ground in demonstrating how political choices about childcare have different impacts on equality of opportunity in Europe. After reading this book, one never again will view childcare as a private concern. It is essential reading for anyone wanting to understand the realities of European integration, democratic policy-making and the gendered consequences of bearing and rearing children.' - Yvonne Galligan, Queen s University Belfast, UKThis informative book explores the fair allocation of the costs of childcare in European countries and suggests that better choice is required to reduce the current tendency to discriminate against mothers. The expert contributors provide an assessment of how countries can handle the fair allocation of the costs of childcare. They look at the experience within Europe in recent years and show in particular how these interrelate with the objectives of improving income, employment and social inclusion. The study's conclusion reveals that choice is the key ingredient as families have different views and different degrees of support available from their relatives. Income and social inclusion can provide choice but ironically employment does not always. An employment-based model can sometimes narrow people's choices, particularly for people on low wages. The major concern is that most existing systems effectively discriminate against mothers. This is the first book to consider the democratic implications of social welfare systems. It provides an up-to-date assessment of the pressures on parents in deciding how to raise their children under restricted incomes. For many families, practical decisions about childcare are found at a local level. These will depend on the immediate factors that affect them, such as the availability of local nurseries or a family's ability to draw on voluntary networks of support. What is clear, however, is that many of these arrangements discriminate against women. Researchers and practitioners in the field of social policy and childcare in particular will find this book insightful. Graduate students of social policy will also find some practical examples to make their courses more relevant. Contributors include: I. Casier, M. De Metsenaere, R. Dennison, A.L. Ellingsaeter, S. Kanji, A. Leira, K. Majamaa, D.G. Mayes, M. McHugh, J. Plantenga, K. Scheiwe, N. Smith, M. Thomson, R. Vajda, E. Van den Brandt, A. Woodward

Tackles the criticism that the European Community is an unbalanced arrangement, where the path to closer integration may involve an inequitable distribution of the benefits to large firms, rather than to the public at large, the less well off parts of the Community and those in employment.

Over the past couple of decades there have been surges in productivity in a number of countries, in particular in the UK under the Thatcher government. Explanations of these changes have not been satisfactory. This book examines, for the first time, the data relating to these changes at an individual establishment level in a number of countries throughout the world. Using a variety of the most up-to-date methods of analysis, the contributors show that there is no single simple explanation. Changes in competitive conditions, skills, innovation and the growth of small firms all have their part to play, as does the widespread closure of the least productive establishments.