Unlike some other reproductions of classic texts (1) We have not used OCR(Optical Character Recognition), as this leads to bad quality books with introduced typos. (2) In books where there are images such as portraits, maps, sketches etc We have endeavoured to keep the quality of these images, so they represent accurately the original artefact. Although occasionally there may be certain imperfections with these old texts, we feel they deserve to be made available for future generations to enjoy.

After a massive international campaign calling attention to the development impact of foreign debt, the Heavily Indebted Poor Countries (HIPC) initiative is now underway. But will the HIPC Initiative meet its high expectations? Will debt relief substantially raise growth? How do we make sure that debt relief benefits poor people? And how can we ensure that poor countries do not become highly indebted again? These are some of the key policy issues covered in this rigorous and independent analysis of debt, development, and poverty. JEAN-CLAUDE BERTHLEMY Professor of Economics, University of Paris 1 Pantheon Sorbonne, France ARNE BIGSTEN Professor of Development Economics, G/teborg University, Sweden NANCY BIRDSALL Founding President, Center for Global Development, Washington, USA ABDUR R. CHOWDHURY Director, Economic Analysis Division, United Nations Commission for Europe, Geneva, Switzerland STIJN CLAESSENS Professor of International Finance, University of Amsterdam, The Netherlands ERA DABLA-NORRIS International Monetary Fund, USA ISHAC DIWAN Company Director for Ethiopia and Sudan, World Bank, USA BENNO FERRARINI Director of Economic Research at the World Trade Institute, Switzerl

Fiscal policy is critical to the development of poor countries. Public spending on pro-poor services and public goods must be increased, tax revenues must be mobilized, and macro-economic stabilization must be achieved without inhibiting growth, poverty reduction and post-conflict reconstruction. This book provides both a comprehensive and balanced guide to the current policy debate and new results on the development impact of fiscal policies. It is essential reading for students of development economics as well as all those seeking to improve policy-effectiveness.

A positive chapter has begun in finance for poor countries. Yet progress remains tentative. This book looks at how to make international finance better serve the needs of poor countries and poor people. It contains contributions by economists and political scientists who have been at the center of the international policy debate.

This book provides an insight into some of the main issues that arise in post-conflict economic and social reconstruction, and offers examples of what works, and what does not. It will be of interest to all working on economic and social reconstruction in post-conflict countries, as well as those working on peace and development.

In the new global economy, more countries have opened up to international competition and rapid capital flows. However, in the triad the process of globalization is rather asymmetric. With a rising role of multinational companies there are favorable prospects for higher global growth and economic catching-up, respectively. Theoretical analysis suggests key ingredients of sustained growth, but there is also a new concept of a long-term equilibrium income gap in which convergence is rather unlikely. The analysis also picks up European and US labor market issues in the context of economic globalization and raises the question of which EU policies in the field of labor market reform and of innovation policies are adequate.

Economic development has cyclical dynamics and long-term dynamics - the latter are typically related to demographical changes, innovation and long-term insti- tional changes in open economies. Financial markets - that means mainly capital markets - and labor markets are affected in OECD countries both by innovations and institutional reforms. As regards demographics ageing is a typical challenge on both sides of the Atlantic, and pension reforms in industrialized countries have placed greater emphasis on capital markets than in previous decades. Innovation dynamics certainly are also quite important for all high wage OECD countries. The Lisbon Agenda has put particular emphasis on more growth, higher innovation dynamics and better exploitation of the advantages of a digitally networked society. Traditionally, the US has a lead in global innovations, and the US policy certainly has contributed to the American technological leadership. There still is a per capita income gap in favor of the US and the US labor market situation also looks relatively favorable, but in the ?ve years since 2001 employment growth in the euro area was higher than that of the US. The euro area is, however, a rather heterogeneous set of countries which differ in terms of institutions, attitudes and reform progress - and everywhere governments are aware that there have to be reforms, not least in the context of globalization which bring a more complex and dynamic spatial structure of value-added.

High unemployment rates in the period of an internationalization of economies and an intensified technological competition are the main problems that exist in most EU countries. Taking stock of unemployment patterns, technological trends and employment opportunities in the EU and the US is crucial for the reform debate in Europe. In continental Europe, major problems are an insufficient creation of new firms in innovative technology fields, inadequate labor market developments and inconsistent R&D policies. Founded on new data evaluations, the book presents an innovative analysis of these topics and shows opportunities for reforms.

These continue to be difficult times for the labor markets of the industrialized nations. Shifts in labor demand, deregulatory impulses, and the ongoing process of globalization have each impacted the labor markets of the United States and Europe. In the face of the globalization of economic relations and the challenge of the NICs, employment has stagnated in some member states of the EU - in sharp contrast to the United States. Even though several European countries have introduced seemingly successful labor market reforms, whether Euroland as a whole will be able to cope with heterogeneous labor market dynamics and rising immigration is an open question. This theme provides the backdrop to this book. Its main focus is on labor market rules, unemployment, and aspects of the social security system. Theory and practice receive equal attention. Options for reforming labor markets and the social security system provide the policy content.

This comprehensive set of papers charts the main developments in contemporary labour economics, with an emphasis on issues of measurement. Topics covered in the first volume include the effects of adjustment costs on employment and the modeling of family choice in labor supply. Key themes explored in the second volume include the role of unobserved worker characteristics in obscuring the tradeoff between wages and benefits, payment systems in circumstances where results are verifiable and nonverifiable, formal unemployment duration analysis, and sex biased hiring. The third volume tackles some of the more controversial themes in modern labour economics. The editor has provided an insightful new introduction which gives a comprehensive overview of the themes discussed.

Economic development has cyclical dynamics and long-term dynamics - the latter are typically related to demographical changes, innovation and long-term insti- tional changes in open economies. Financial markets - that means mainly capital markets - and labor markets are affected in OECD countries both by innovations and institutional reforms. As regards demographics ageing is a typical challenge on both sides of the Atlantic, and pension reforms in industrialized countries have placed greater emphasis on capital markets than in previous decades. Innovation dynamics certainly are also quite important for all high wage OECD countries. The Lisbon Agenda has put particular emphasis on more growth, higher innovation dynamics and better exploitation of the advantages of a digitally networked society. Traditionally, the US has a lead in global innovations, and the US policy certainly has contributed to the American technological leadership. There still is a per capita income gap in favor of the US and the US labor market situation also looks relatively favorable, but in the ?ve years since 2001 employment growth in the euro area was higher than that of the US. The euro area is, however, a rather heterogeneous set of countries which differ in terms of institutions, attitudes and reform progress - and everywhere governments are aware that there have to be reforms, not least in the context of globalization which bring a more complex and dynamic spatial structure of value-added.

John T. Addison and Paul J. J. Welfens Because inflation seems moribund in OECD countries, stubborn unemployment became the top policy priority of the 1990s. Unemployment has increased in many countries, reaching critical levels for unskilled and young workers in most continental EU countries. Europe's employment performance has continued to lag that in North America. The U. S. in particular achieved a remarkable combination of low inflation and full employment in the late 1990s, at a time when the EU suf fered from record unemployment rates, even if inflation was remarkably low. Since the 1980s, the consensus view among economists is that structural unem ployment plays a much more important role than cyc1ical unemployment in Europe, but that labour costs (wage costs plus nonwage costs) are also part of Europe's labour market problem. Most EU countries rely on a pay-as-you-go pub lic pension system. Contribution rates gradually increased in the 1980s and 1990s, when the share of young workers in overall employment was dec1ining and life expectancy increasing. Rising nonwage costs from the pension system are but one important feature of labour markets in Europe. Given the remarkable dynamics of labour markets, new entry into the labour force, labour turnover, and changes in employment characteristics, one has to also search for other factors behind sus tained unemployment. High unemployment is critical for EU countries, where one can point to rela tively few positive developments after 1975. The U. K."

High unemployment rates in the period of an internationalization of economies and an intensified technological competition are the main problems that exist in most EU countries. Taking stock of unemployment patterns, technological trends and employment opportunities in the EU and the US is crucial for the reform debate in Europe. In continental Europe, major problems are an insufficient creation of new firms in innovative technology fields, inadequate labor market developments and inconsistent R&D policies. Founded on new data evaluations, the book presents an innovative analysis of these topics and shows opportunities for reforms.

In the new global economy, more countries have opened up to international competition and rapid capital flows. However, in the triad the process of globalization is rather asymmetric. With a rising role of multinational companies there are favorable prospects for higher global growth and economic catching-up, respectively. Theoretical analysis suggests key ingredients of sustained growth, but there is also a new concept of a long-term equilibrium income gap in which convergence is rather unlikely. The analysis also picks up European and US labor market issues in the context of economic globalization and raises the question of which EU policies in the field of labor market reform and of innovation policies are adequate.

This book provides an insight into some of the main issues that arise in post-conflict economic and social reconstruction, and offers examples of what works, and what does not. It will be of interest to all working on economic and social reconstruction in post-conflict countries, as well as those working on peace and development.

A positive chapter has begun in finance for poor countries. Yet progress remains tentative. This book looks at how to make international finance better serve the needs of poor countries and poor people. It contains contributions by economists and political scientists who have been at the centre of the international policy debate.

After a massive international campaign calling attention to the development impact of foreign debt, the Heavily Indebted Poor Countries (HIPC) initiative is now underway. But will the HIPC Initiative meet its high expectations? Will debt relief substantially raise growth? How do we make sure that debt relief benefits poor people? And how can we ensure that poor countries do not become highly indebted again? These are some of the key policy issues covered in this rigorous and independent analysis of debt, development, and poverty. JEAN-CLAUDE BERTHLEMY Professor of Economics, University of Paris 1 Pantheon Sorbonne, France ARNE BIGSTEN Professor of Development Economics, G/teborg University, Sweden NANCY BIRDSALL Founding President, Center for Global Development, Washington, USA ABDUR R. CHOWDHURY Director, Economic Analysis Division, United Nations Commission for Europe, Geneva, Switzerland STIJN CLAESSENS Professor of International Finance, University of Amsterdam, The Netherlands ERA DABLA-NORRIS International Monetary Fund, USA ISHAC DIWAN Company Director for Ethiopia and Sudan, World Bank, USA BENNO FERRARINI Director of Economic Research at the World Trade Institute, Switzerl

Fiscal policy is critical to the development of poor countries. Whilst spending must be increased on public services, tax must remain low so as to avoid increasing poverty. This text provides a guide to current political debate on the issue, including new results on the development impact of fiscal policies.

This Handbook is an authoritative and invaluable reference tool, uniquely analysing the forces governing unionism, union behaviour and union impact from a variety of perspectives, both theoretical and empirical. The 14 chapters are written in an accessible style by acknowledged leading specialists from the fields of economics and industrial relations. They offer a truly international perspective on this important subject. This superbly comprehensive Handbook examines the determinants of union membership, models of union behaviour and the economics of strikes, as well as the effects of unions on wages, pay inequality and firm performance (to include innovation). It also analyses trade unions as political actors and their impact on macroeconomic performance. Institutional detail is added in specific chapters documenting recent developments in the US and the UK, and prospects for a Europeanization of collective bargaining. A review of union density in more than 100 nations, is also provided. The Handbook is suited to a range of courses and is aptly designed to meet the needs of students - from undergraduates upwards - and academics in the fields of economics, industrial relations, human resources management, as well as general labour scholars.