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The East Asian crisis has sparked debate regarding the future of
emerging markets and the globalization of world capital markets.
This book, with contributions by leading economists and political
scientists, provides an up-to-date assessment of the causes and
consequences of the crisis and the policy lessons drawn from it. In
contrast to much of the existing literature, the volume presents
the view that the crisis and its aftermath were not simply the
result of purely economic and financial phenomena but also the
reflection of some fundamental institutional, historical and
political forces. The collection begins with a comparative and
historical analysis of the crisis, placing it in the context of
other financial and debt crises. This is followed by a discussion
of the domestic, political and economic factors behind the events,
delineating the differences and similarities among affected
countries. The contributors also examine how global political
forces influenced the unfolding crisis in various countries. Using
the latest data, top experts present the current economic situation
in East Asia, the contagion effects in the rest of the world, and
the role played by international institutions such as the IMF.
Finally, the volume provides a roundtable debate on the policy
alternatives confronting emerging markets and the world monetary
system in the aftermath of the crisis. Students, professional
economists in academia and the private sector, scholars and
students in finance, Asian studies specialists, and political
scientists will all find this collection insightful and
informative.
At the landmark centennial anniversary of the 1917 Jones-Shafroth
Act, which granted Puerto Ricans U.S. citizenship, the island
confronts an unfolding humanitarian crisis initially triggered by
an acute economic crisis surging since 2006. Analyzing large
datasets such as the American Community Survey and the Puerto Rican
Community Survey, this book represents the first comprehensive
analysis of the socioeconomic and demographic consequences of "La
Crisis Boricua" for Puerto Ricans on the island and mainland,
including massive net outmigration from the island on a scale not
seen for sixty years; a shrinking and rapidly aging population; a
shut-down of high-tech industries; a significant loss in public and
private sector jobs; a deteriorating infrastructure; higher sales
taxes than any of the states; $74 billion in public debt plus
another $49 billion in unfunded pension obligations; and defaults
on payments to bondholders. This book also discusses how the
socioeconomic and demographic outcomes differ among stateside
Puerto Ricans, including recent migrants, in traditional settlement
areas such as New York versus those in newer settlement areas such
as Florida and Texas. Florida is now home to 1.1 million Puerto
Ricans (essentially the same number as those living in New York)
and received a full third of the migrants from the island to
mainland during this time. Scholars interested in the transition of
migrants into their receiving communities (regardless of the Puerto
Rican case) will also find this book to be of interest,
particularly with respect to the comparative analyses on earnings,
the likelihood of being impoverished, and self-employment.
At the landmark centennial anniversary of the 1917 Jones-Shafroth
Act, which granted Puerto Ricans U.S. citizenship, the island
confronts an unfolding humanitarian crisis initially triggered by
an acute economic crisis surging since 2006. Analyzing large
datasets such as the American Community Survey and the Puerto Rican
Community Survey, this book represents the first comprehensive
analysis of the socioeconomic and demographic consequences of "La
Crisis Boricua" for Puerto Ricans on the island and mainland,
including massive net outmigration from the island on a scale not
seen for sixty years; a shrinking and rapidly aging population; a
shut-down of high-tech industries; a significant loss in public and
private sector jobs; a deteriorating infrastructure; higher sales
taxes than any of the states; $74 billion in public debt plus
another $49 billion in unfunded pension obligations; and defaults
on payments to bondholders. This book also discusses how the
socioeconomic and demographic outcomes differ among stateside
Puerto Ricans, including recent migrants, in traditional settlement
areas such as New York versus those in newer settlement areas such
as Florida and Texas. Florida is now home to 1.1 million Puerto
Ricans (essentially the same number as those living in New York)
and received a full third of the migrants from the island to
mainland during this time. Scholars interested in the transition of
migrants into their receiving communities (regardless of the Puerto
Rican case) will also find this book to be of interest,
particularly with respect to the comparative analyses on earnings,
the likelihood of being impoverished, and self-employment.
Island Paradox is the first comprehensive, census-based portrait of
social and economic life in Puerto Rico. During its nearly
fiftyyears as a U.S. commonwealth, the relationship between Puerto
Rico's small, developing economy and the vastly larger, more
industrialized United States has triggered profound changes in the
island's industry and labor force. Puerto Rico has been deeply
affected by the constant flow of its people to and from the
mainland, and by the influx of immigrant workers from other
nations. Distinguished economists Francisco Rivera-Batiz and Carlos
Santiago provide the latest data on the socioeconomic status of
Puerto Rico today, and examine current conditions within the
context of the major trends of the past two decades.sland Paradox
describes many improvements in Puerto Rico's standard of living,
including rising per-capita income, longer life expectancies,
greater educational attainment, and increased job prospects for
women. But it also discusses the devastating surge in unemployment.
Rapid urbanization and a vanishing agricultural sector have led to
severe inequality, as family income has become increasingly
dependent on education and geographic location. Although Puerto
Rico's close ties to the United States were the major source of the
island's economic growth prior to 1970, they have also been at the
root of recent hardships. Puerto Rico's trade andbusiness
transactions remain predominantly with the United States, but
changes in federal tax, social, and budgetary policies, along with
international agreements such as NAFTA, now threaten to alter the
economic ties between the island and the mainland.
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