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Books > Business & Economics > Economics > Macroeconomics

Macroeconomic Methodology - A Post-Keynesian Perspective (Paperback): Jesper Jespersen Macroeconomic Methodology - A Post-Keynesian Perspective (Paperback)
Jesper Jespersen
R632 Discovery Miles 6 320 Shipped within 7 - 12 working days

Jesper Jespersen presents a treatise on the importance of the choice of methodology within macroeconomics. Given that no scientifically based macroeconomic policy recommendation should be established without an evaluation of the methods employed, this book gives a clear exposition of how proper macroeconomic analysis should be undertaken. Furthermore, it is convincingly argued that one of the lasting contributions of John Maynard Keynes was his emphasis on methodology; that macroeconomic consequences of uncertainty could not be analysed within the established general equilibrium framework. It is due to post-Keynesian economics supported by critical realism that the understanding of Keynes's methodology has been resurrected, which has eventually resulted in renewed debate on realistic macroeconomic policies to restore full employment without inflation. Macroeconomic Methodology is an inquiry into the question of how to conduct a proper scientific analysis of uncertainty within macroeconomics. It will be of great interest to scholars of the philosophy of social sciences and methodology, as well as post-Keynesian and heterodox economists.

Post Keynesian Macroeconomic Theory - A Foundation for Successful Economic Policies for the Twenty-First Century (Hardcover,... Post Keynesian Macroeconomic Theory - A Foundation for Successful Economic Policies for the Twenty-First Century (Hardcover, 2nd Revised edition)
Paul Davidson
R2,641 Discovery Miles 26 410 Shipped within 7 - 12 working days

In this updated and revised edition of Post Keynesian Macroeconomic Theory, Paul Davidson explains how and why contemporary macroeconomic textbooks fail to incorporate Keynes's liquidity and financial analysis framework to explain the importance of money and financial markets in the real world of experience. This important text develops Keynes's analytical framework for both closed and open economies and provides policy guidance for the global economy of the twenty-first century. In particular, it deals with problems such as inflation, financial contagion, global unemployment, outsourcing, trade patterns, and developing an international financial system that encourages expansionary growth among all trading partners while avoiding sovereign debt problems. Using this textbook in macroeconomics courses will provide students with a pragmatic insight that will be both useful and productive.

Post Keynesian Macroeconomic Theory - A Foundation for Successful Economic Policies for the Twenty-First Century (Paperback,... Post Keynesian Macroeconomic Theory - A Foundation for Successful Economic Policies for the Twenty-First Century (Paperback, 2nd Revised edition)
Paul Davidson
R908 Discovery Miles 9 080 Shipped within 7 - 12 working days

In this updated and revised edition of Post Keynesian Macroeconomic Theory, Paul Davidson explains how and why contemporary macroeconomic textbooks fail to incorporate Keynes's liquidity and financial analysis framework to explain the importance of money and financial markets in the real world of experience. This important text develops Keynes's analytical framework for both closed and open economies and provides policy guidance for the global economy of the twenty-first century. In particular, it deals with problems such as inflation, financial contagion, global unemployment, outsourcing, trade patterns, and developing an international financial system that encourages expansionary growth among all trading partners while avoiding sovereign debt problems. Using this textbook in macroeconomics courses will provide students with a pragmatic insight that will be both useful and productive.

A Future for Capitalism - Classical, Neoclassical and Keynesian Perspectives (Hardcover): Peter Flaschel, Alfred Greiner A Future for Capitalism - Classical, Neoclassical and Keynesian Perspectives (Hardcover)
Peter Flaschel, Alfred Greiner
R2,475 Discovery Miles 24 750 Shipped within 7 - 12 working days

This book builds on the Marx-Keynes-Schumpeter approach to understanding the evolution of capitalism. It does so by focusing on current frameworks that study macro-dynamical systems in the tradition of the Classical, the Neoclassical and the Keynesian interpretation of the working of modern capitalist economies, and of the societies that are built upon them. The distinguished authors concentrate on different paradigms of economic conjecture in terms of their applicability to labor market problems and their implications for growing capitalist economies. They present material clearly related to current macroeconomic research which goes beyond the New Consensus macroeconomics, and which can also be related to the discussion between practitioners and politicians on the reform of both financial and labor markets. A Future for Capitalism will prove a challenging and thought provoking read for heterodox economists and broad-minded mainstream macroeconomists with a special interest in alternatives to general equilibrium macroeconomics.

Macroeconomic Theory and its Failings - Alternative Perspectives on the Global Financial Crisis (Paperback): Steven Kates Macroeconomic Theory and its Failings - Alternative Perspectives on the Global Financial Crisis (Paperback)
Steven Kates
R635 Discovery Miles 6 350 Shipped within 7 - 12 working days

This innovative book focuses on the current global financial crisis and the inadequacies of the economic theories being used to guide policy. In so doing, it tackles the economic theories that have been used firstly to understand its causes and thereafter to contain the damage it has brought. The contributors bring together different perspectives from across the entire spectrum of economic opinion to examine what is likely to be the single most important economic problem of our time. The unifying feature is that all of the authors disagree with the standard mainstream neo-classical models being applied in attempting to comprehend what has gone on and then, more importantly, to devise policies to bring this recession to an end. The problems that modern macroeconomics may have caused in being the basis for economic policy are addressed, and it is concluded that the deepening problems found in economies across the developed world are not due to governments having refused to take the advice of their economic advisors but are in many respects due to their actually having taken this advice. Suggesting alternative ways of understanding how economies work so that other types of policies might be used instead, this book will prove a fascinating read not just for scholars and policy-makers concerned with our macroeconomic and financial problems but for anyone interested in deepening their understanding of our contemporary economic debate.

A Modern Guide to Keynesian Macroeconomics and Economic Policies (Hardcover): Eckhard Hein, Engelbert Stockhammer A Modern Guide to Keynesian Macroeconomics and Economic Policies (Hardcover)
Eckhard Hein, Engelbert Stockhammer
R2,785 Discovery Miles 27 850 Shipped within 7 - 12 working days

This unique and comprehensive `modern guide' presents state-of-the-art surveys covering the main areas of macroeconomics and economic policy by well-known post-Keynesian authors. The chapters explore intriguing and important issues including: * the history and methods of post-Keynesian economics * money, credit and central banks * growth and income distribution * post-Keynesian macroeconomics as an alternative to the New Consensus * the macroeconomics of unemployment and labour market issues * European economic policies * open economy models of distribution and growth * international monetary and global economics * financialisation and financial crisis. This well-documented book will prove to be the essential guide for researchers and graduate students in macroeconomics and political economy. It will also prove inspiring to a wider audience interested in modern Keynesian macroeconomics.

Rethinking the Union of Europe Post-Crisis - Has Integration Gone Too Far? (Hardcover): Giandomenico Majone Rethinking the Union of Europe Post-Crisis - Has Integration Gone Too Far? (Hardcover)
Giandomenico Majone
R1,546 R1,453 Discovery Miles 14 530 Save R93 (6%) Shipped within 7 - 12 working days

In this important new book, Giandomenico Majone examines the crucial but often overlooked distinction between the general aim of European integration and the specific method of integration employed in designing an (ill-considered) monetary union. Written with the author's customary insight and precision, this highly topical and provocative book reviews the Union's leaders' tradition of pushing through ambitious projects without considering the serious hurdles that lie in the way of their success. Regional and European integration topics are discussed, including credibility of commitments, delegation of powers, bargaining and influence activities, adverse selection and moral hazard. The author also offers a deeper examination of the specific crisis of monetary integration, arguing that it might be more effectively achieved with inter-jurisdictional competition and suggesting how integration should be managed in the globalized world.

The First Great Recession of the 21st Century - Competing Explanations (Hardcover): Oscar Dejuan, Eladio Febrero, Maria... The First Great Recession of the 21st Century - Competing Explanations (Hardcover)
Oscar Dejuan, Eladio Febrero, Maria Cristina Marcuzzo
R2,184 Discovery Miles 21 840 Shipped within 7 - 12 working days

The 2008-10 financial crisis and the global recession it created is a complex phenomenon that warrants detailed examination. The various essays in this book utilise several alternative paradigms to provide a plausible explanation and a credible cure. Great detail is given to this important analysis from different theoretical perspectives, presenting a clearer understanding of what went wrong and expounding misinterpretations of current theories and practices. Fourteen insightful chapters by eminent scholars investigate the background of the crisis and draw lessons for economic theory and policy. They largely illustrate that the roots of the recession lie in the financial sector which, over the past few decades, has expanded considerably in terms of both size and complexity. They show that financial innovation has decoupled the real and financial sectors - not always to the benefit of economic stability - and argue that financial markets should be regulated more astutely in order to reinforce transparency and accountability. The book concludes that economics as a science should give proper weight to financial variables and integrate them into its models. This fascinating and thought-provoking volume will prove a challenging read for academics, students and researchers in the fields of economics, money, finance and banking, and the history of economics. It will also prove invaluable for economic policymakers at all levels.

Housing Markets and the Global Financial Crisis - The Uneven Impact on Households (Hardcover): Ray Forrest, Ngai Ming Yip Housing Markets and the Global Financial Crisis - The Uneven Impact on Households (Hardcover)
Ray Forrest, Ngai Ming Yip
R2,184 Discovery Miles 21 840 Shipped within 7 - 12 working days

Housing markets are at the centre of the recent global financial turmoil. In this well-researched study, a multidisciplinary group of leading analysts explores the impact of the crisis within, and between, countries. The impacts of the so-called global crisis are, in fact, highly uneven for both households and institutions. This unique book investigates why this is the case as well as emphasizing the consequences. It encompasses the experiences of all the major economies, including: Australia, China, Hong Kong, Hungary, Iceland, Ireland, Japan, New Zealand, South Korea, the UK, the USA and Vietnam, highlighting and comparing a wide range of housing systems and crisis impacts. Housing Markets and the Global Financial Crisis will strongly appeal to academics and postgraduate students in social policy, urban studies, public policy, economics, sociology and human geography. In addition, anyone with a general interest in globalization, neoliberalism and the changing nature of contemporary capitalist societies, as well as those with particular interests in housing markets and housing policy, will find this book enriching and enlightening.

The Economics of Financial Turbulence - Alternative Theories of Money and Finance (Hardcover): Bill Lucarelli The Economics of Financial Turbulence - Alternative Theories of Money and Finance (Hardcover)
Bill Lucarelli
R1,799 Discovery Miles 17 990 Shipped within 7 - 12 working days

This challenging book examines the origins and dynamics of financial-economic crises. Its wide theoretical scope incorporates the theories of Marx, Keynes and various other Post Keynesian scholars of endogenous money, and provides a grand synthesis of these theoretical lineages, as well as a powerful critique of prevailing neoclassical/monetarist theories of money. Bill Lucarelli provides detailed historical analyses of the causes of the current international financial crisis, and offers alternative heterodox theories with more coherent and rigorous theoretical frameworks than existing economic orthodoxies. He illustrates that the very assumptions of neoclassical theory - informed by the efficient markets hypothesis - tend to rule out the very possibility of endogenous financial crises. Consequently, he argues, the endogenous causes of these crises are either ignored or simply treated as random, extraneous historical events. In stark contrast to these neoclassical/monetarist views, this book seeks to explain the recurrence of these financial crises as a result of the inner workings of the capitalist system. The Economics of Financial Turbulence will prove an invaluable contribution to modern heterodox theories of endogenous money, and as such will be essential reading for academics and students with an interest in economics, heterodox economics and money, finance and banking. Economic and financial policymakers will also find the book to be a fascinating read.

Credit, Money and Macroeconomic Policy - A Post-Keynesian Approach (Hardcover): Claude Gnos, Louis-Philippe Rochon Credit, Money and Macroeconomic Policy - A Post-Keynesian Approach (Hardcover)
Claude Gnos, Louis-Philippe Rochon
R2,546 Discovery Miles 25 460 Shipped within 7 - 12 working days

With recent turmoil in financial markets around the world, this unique and up-to-date book addresses a number of challenging issues regarding monetary policy, financial markets and macroeconomic policy. While some of the chapters address the recent crisis as well as adjustments to the Basel Accord, others analyse the required changes to the conduct of monetary and fiscal policies. The distinguished authors offer an in-depth and comprehensive analysis of macroeconomics and provide alternative policies to deal with a number of persistent modern-day problems. Offering an interesting analysis of current economic issues from a Post-Keynesian perspective, this book will appeal to academics and graduate students of macroeconomics and financial markets.

Institutions and Macroeconomic Policies in Resource-Rich Arab Economies (Hardcover): Kamiar Mohaddes, Jeffrey B. Nugent, Hoda... Institutions and Macroeconomic Policies in Resource-Rich Arab Economies (Hardcover)
Kamiar Mohaddes, Jeffrey B. Nugent, Hoda Selim
R2,044 Discovery Miles 20 440 Shipped within 7 - 12 working days

For over eighty years the Arab region has been deriving massive wealth from its natural resources. Nevertheless, its economic performance has been at the mercy of ebbs and flows of oil prices and its resources have been slowly depleting. The two critical questions are why and how Arab countries might escape the oil curse. Institutions and Macroeconomic Policies in Resource-Rich Arab Economies focuses on the unique features of the Arab world to explain the disappointing outcomes of macroeconomic policy. It explores the interaction between oil and institutions to draw policy recommendations on how Arab countries can best exploit their oil revenues to avoid the resource curse. Case studies and contributions from experts provide an understanding of macroeconomic institutions (including their underlying rules, procedures and institutional arrangements) in oil-rich Arab economies and of their political economy environment, which has largely been overlooked in previous research. Institutions and Macroeconomic Policies in Resource-Rich Arab Economies offers novel macroeconomic policy propositions for exchange rate regimes, fiscal policy and oil wealth distribution that is more consistent with macroeconomic stability and fiscal sustainability. These policy reforms, if implemented successfully, could go a long way in helping the resource-rich countries of the Arab region and elsewhere to avoid the oil curse.

Handbook of Research on Complexity (Paperback): J.Barkley Rosser Handbook of Research on Complexity (Paperback)
J.Barkley Rosser
R1,121 Discovery Miles 11 210 Shipped within 7 - 12 working days

Complexity research draws on complexity in various disciplines. This Handbook provides a comprehensive and current overview of applications of complexity theory in economics. The 15 chapters, written by leading figures in the field, cover such broad topic areas as conceptual issues, microeconomic market dynamics, aggregation and macroeconomics issues, econophysics and financial markets, international economic dynamics, evolutionary and ecological-environmental economics, and broader historical perspectives on economic complexity. This Handbook presents perspectives at a broad and high level of current cutting edge research in complexity, and will be of great interest to academics concerned with all aspects of economics and in particular economic theory, macroeconomics and evolutionary economics.

The Euro and Economic Stability - Focus on Central, Eastern and South-Eastern Europe (Hardcover): Ewald Nowotny, Peter... The Euro and Economic Stability - Focus on Central, Eastern and South-Eastern Europe (Hardcover)
Ewald Nowotny, Peter Mooslechner, Doris Ritzberger-Grunwald
R2,183 Discovery Miles 21 830 Shipped within 7 - 12 working days

The Euro and Economic Stability assesses the euro area's merits as a shelter and the merits of euro assets as a safe haven and reviews the case for rapid euro adoption from a post-crisis view. Policymakers and economists provide relevant lessons from euro area divergences for future euro area members and, more generally, from the financial crisis, while banking representatives discuss post-crisis business models of banks in the area. Last but not least, a theoretical introductory chapter fills the gap between mainstream macroeconomic modelling and real-world decision-making. The prime audience for this invaluable book will be economists and other experts in the fields of economic policy and European integration from central, commercial and investment banks, governments, international organizations, universities and research institutes. The book is also aimed at readers with a particular interest in the contributions' special regional focus: Central, Eastern and South-Eastern Europe.

Exchange and Development - An Anatomy of Economic Transactions (Hardcover): Peter A. Cornelisse, Erik Thorbecke Exchange and Development - An Anatomy of Economic Transactions (Hardcover)
Peter A. Cornelisse, Erik Thorbecke
R1,993 Discovery Miles 19 930 Shipped within 7 - 12 working days

This innovative and important book develops a new framework for analysing exchange that takes place within and outside markets over the course of development. The authors argue that development and social and economic progress are greatly enhanced by a fluent and efficient exchange system. Conversely, the process of development encourages and facilitates trade. The authors introduce the concept of exchange configurations to capture the multiplicity of settings within which exchange occurs and the many different forms exchange and transactions can take. The book shows how exchange configurations can help to identify the factors that constrain the exchange process and lead to the formulation of effective reforms. It then uses a historical analysis of systems of exchange during different phases of development over the last two millennia to illustrate different exchange configurations. Exchange and Development will appeal to students at both the graduate and undergraduate level in the fields of economic development, international trade, microeconomics, institutional economics and economic history. Researchers in universities and policy makers in governments and international agencies will also draw much benefit from the entirely novel approach formulated in this book.

On the Brink of Deglobalization - An Alternative Perspective on the Causes of the World Trade Collapse (Hardcover): Peter A G... On the Brink of Deglobalization - An Alternative Perspective on the Causes of the World Trade Collapse (Hardcover)
Peter A G Bergeijk
R1,869 Discovery Miles 18 690 Shipped within 7 - 12 working days

On the Brink of Deglobalization addresses the breakdown of international trade and capital flows in 2008/09 and challenges the mainstream narrative for the world trade collapse. Detailed chapters on international finance, fragmentation of production, protectionism and earlier episodes of collapsing trade reveal data that contradicts conventional explanations and demonstrates that the trade collapse was driven by the shock of (perceived) trade uncertainty. Peter van Bergeijk discusses why trade barriers and import substitution are seen as solutions during depressions while presenting empirical evidence demonstrating the risks of such policies. This book provides a broad, historical and statistical analysis relevant to understanding the recent world trade collapse. Being the first comprehensive analysis of the risks and drivers of deglobalization, this unique and challenging book will appeal to trade economists, trade policymakers and analysts as well as those involved in international business.

Systemic Risk, Crises, and Macroprudential Regulation (Hardcover): Xavier Freixas, Luc Laeven, Jose-Luis Peydro Systemic Risk, Crises, and Macroprudential Regulation (Hardcover)
Xavier Freixas, Luc Laeven, Jose-Luis Peydro
R1,139 R856 Discovery Miles 8 560 Save R283 (25%) Shipped within 7 - 12 working days

A framework for macroprudential regulation that defines systemic risk and macroprudential policy, describes macroprudential tools, and surveys the effectiveness of existing macroprudential regulation. The recent financial crisis has shattered all standard approaches to banking regulation. Regulators now recognize that banking regulation cannot be simply based on individual financial institutions' risks. Instead, systemic risk and macroprudential regulation have come to the forefront of the new regulatory paradigm. Yet our knowledge of these two core aspects of regulation is still limited and fragmented. This book offers a framework for understanding the reasons for the regulatory shift from a microprudential to a macroprudential approach to financial regulation. It defines systemic risk and macroprudential policy, cutting through the generalized confusion as to their meaning; contrasts macroprudential to microprudential approaches; discusses the interaction of macroprudential policy with macroeconomic policy (monetary policy in particular); and describes macroprudential tools and experiences with macroprudential regulation around the world. The book also considers the remaining challenges for establishing effective macroprudential policy and broader issues in regulatory reform. These include the optimal size and structure of the financial system, the multiplicity of regulatory bodies in the United States, the supervision of cross-border financial institutions, and the need for international cooperation on macroprudential policies.

Lectures in Macroeconomics - A Capitalist Economy Without Unemployment (Hardcover): Kazimierz Laski Lectures in Macroeconomics - A Capitalist Economy Without Unemployment (Hardcover)
Kazimierz Laski; Edited by Jerzy Osiatynski, Jan Toporowski
R808 Discovery Miles 8 080 Shipped within 7 - 12 working days

Lectures in Macroeconomics: A Capitalist Economy Without Unemployment provides a systematic account of the principle of aggregate demand based on the work of Polish economist Michal Kalecki, best known as one of the originators of the Keynesian Revolution in macroeconomics.The lectures demonstrate the importance of aggregate demand in determining total output and employment in the capitalist economy. They show how the investment decisions of firms affect economic growth, arguing that due to the unstable nature of investment it is important that the government has a central role in stabilizing the economy. This English translation of Kazimierz Laski's final work brings up to date fundamental concepts to give a picture of the twenty-first capitalist economy, and the obstacles that must be overcome in bringing it to full employment. It introduces the role of money and finance in the contemporary capitalist economy, as well as the central role of the labour market and wages. The analysis is illustrated with statistics and discussion around the evolution of capitalist economies and the rise of economic inequality since the Second World War, culminating in the 2008 crisis and the economic deflation affecting Europe since that crisis. Lectures in Macroeconomics remarks critically upon the neo-classical approach to economics that has brought about slow economic growth, unemployment, and inequality.

Beyond Inflation Targeting - Assessing the Impacts and Policy Alternatives (Paperback): Gerald A. Epstein, A. Erinc Yeldan Beyond Inflation Targeting - Assessing the Impacts and Policy Alternatives (Paperback)
Gerald A. Epstein, A. Erinc Yeldan
R803 Discovery Miles 8 030 Shipped within 7 - 12 working days

This book, written by an international team of economists, develops concrete, country specific alternatives to inflation targeting, the dominant policy framework of central bank policy that focuses on keeping inflation in the low single digits to the virtual exclusion of other key goals such as employment creation, poverty reduction and sustainable development. The book includes thematic chapters, including analyses of class attitudes toward inflation and unemployment and the gender impacts of restrictive monetary policy. Other chapters propose improved monetary frameworks for Argentina, Brazil, India, Mexico, the Philippines, South Africa, Turkey, and Vietnam. Policy frameworks that are explored include employment targeting, and targeting a stable and competitive real exchange rate. The authors also show that to reach a larger number of targets, including higher employment and stable inflation, central banks must use a larger number of instruments, including capital management techniques. This volume offers concrete, socially valuable alternatives that economists, policy makers, students and interested laypeople should consider before adopting one size fits all, often inadequate, policies that have become a virtual policy making fad.

The Elgar Companion to the Chicago School of Economics (Hardcover): Ross B. Emmett The Elgar Companion to the Chicago School of Economics (Hardcover)
Ross B. Emmett
R3,403 Discovery Miles 34 030 Shipped within 7 - 12 working days

Many know the Chicago School of Economics and its association with Milton Friedman, George Stigler, Ronald Coase and Gary Becker. But few know the School's history and the full scope of its scholarship. In this Companion, leading scholars examine its history and key figures, as well as provide surveys of the School's contributions to central aspects of economics, including: price theory, monetary theory, labor and economic history. The volume examines the School's traditions of applied welfare theory and law and economics while providing a glimpse into emerging research on Chicago's role in the development of neoliberalism. A companion in the true sense of the word, this volume surveys a wide body of Chicago economic studies and guides readers carefully through each. The Companion offers biographies of leading Chicago economists and evaluations of the School's connection to approaches to economics that draw from and complement the School, including the Virginia School and the work of Armen Alchian and Edward Lazear. Moreover, this book is a first in many respects as it analyzes the interconnections of the Chicago School's theory, methodology, and policy, and considers by what means and ideas the School's policy framework is driven. The breadth and depth of the insights presented here will appeal especially to students and scholars of economics and historians interested in economics, social science and applied public policy.

The Rise of China and Structural Changes in Korea and Asia (Hardcover): Takatoshi Ito, Chin Hee Hahn The Rise of China and Structural Changes in Korea and Asia (Hardcover)
Takatoshi Ito, Chin Hee Hahn
R2,569 Discovery Miles 25 690 Shipped within 7 - 12 working days

This book brings together studies conducted by researchers in East Asian countries who seek to better understand the impact of China's rise and the consequent policy challenges. The expert contributors illustrate that the rise of China and its integration with the rest of the world is one of the most important developments in the global economy. Over the past thirty years or so, China's economy has grown at nearly ten percent per annum with the expansion of the modern, export-oriented industrial sector, to become the third largest economy in the world and the second largest in trade. This book reviews the economic growth of East Asian countries since the 1990s and the various impacts that the rise of China has had on these countries. In particular, it addresses policy challenges faced in coping with the rise of China and maintaining economic growth. This timely book will strongly appeal to academics and researchers focusing on East Asia and China as well as those interested in international trade, development and economic growth.

Macroeconomic Institutions and Development (Hardcover): Bilin Neyapti Macroeconomic Institutions and Development (Hardcover)
Bilin Neyapti
R1,866 Discovery Miles 18 660 Shipped within 7 - 12 working days

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.

Taming the Tide of Capital Flows - A Policy Guide (Hardcover): Atish R Ghosh, Mahvash S. Qureshi, Jonathan David Ostry Taming the Tide of Capital Flows - A Policy Guide (Hardcover)
Atish R Ghosh, Mahvash S. Qureshi, Jonathan David Ostry
R813 R622 Discovery Miles 6 220 Save R191 (23%) Shipped within 7 - 12 working days

A comprehensive examination of policy measures intended to help emerging markets contend with large and volatile capital flows. While always episodic in nature, capital flows to emerging market economies have been especially volatile since the global financial crisis. After peaking at $680 billion in 2007, flows to emerging markets turned negative at the onset of crisis in 2008, then rebounded only to recede again during the U.S. sovereign debt downgrade in 2011. Since then, flows have continued to swing wildly, leaving emerging market policy makers wondering whether they can put in place policies during the inflow phase that will soften the blow when flows subsequently recede. This book offers the first comprehensive treatment of policy measures intended to help emerging markets contend with large and volatile capital flows. The authors, all IMF experts, explain that, in the spirit of liberalization and deregulation in the 1980s and 1990s, many emerging market governments eliminated capital inflow controls along with outflow controls. By 2012, however, capital inflow controls were again acknowledged as legitimate policy tools. Focusing on the macroeconomic and financial-stability risks associated with capital flows, the authors combine theoretical and empirical analysis to consider the interaction between monetary, exchange rate, macroprudential, and capital control policies to mitigate these risks. They examine the effectiveness of various policy tools, discuss the practical considerations and multilateral implications of their use, and provide concrete policy advice for dealing with capital inflows.

European Economics at a Crossroads (Hardcover): J.Barkley Rosser, Richard P.F. Holt, David Colander European Economics at a Crossroads (Hardcover)
J.Barkley Rosser, Richard P.F. Holt, David Colander
R2,137 Discovery Miles 21 370 Shipped within 7 - 12 working days

As Europe moves toward an integrated academic system, European economics is changing. This book discusses that change, along with the changes that are happening simultaneously within the economics profession. The authors argue that modern economics can no longer usefully be described as `neoclassical', but is much better described as complexity economics. The complexity approach embraces rather than assumes away the complexities of social interaction. The authors also argue that despite all the problems with previous European academic structures, those structures allowed for more diversity than exists in US universities, and thus were often ahead of US universities in exploring new cutting-edge approaches. The authors further argue that by trying to judge themselves by US-centric measures and to copy US universities, the European economics profession is undermining some of the strengths of the older system - strengths on which it should be building. While the authors agree that European economics needs to go through major changes in the coming decade, they argue that by building on Europe's strengths, rather than trying to follow a US example, Europe will be more likely to become the global leader in economics in the coming decades rather than a second-rate copy of the US. The book begins with two chapters spelling out the authors' view of the changes in economics and European economics. This is followed by 11 interviews with a diverse set of innovative European economists from a range of European countries. In the interviews these European economists reflect on the ongoing changes in economics generally and in European economics specifically. These interviews demonstrate how the economics profession is moving away from traditional neoclassical economics into a dynamic set of new methods and approaches (incorporating work in behavioral economics, experimental economics, evolutionary game theory and ecological approaches, complexity and nonlinear dynamics, methodological analysis, and agent-based modelling) that the authors classify as complexity economics. This fascinating and easy-to-read book will prove a stimulating and thought-provoking read for those with an interest in economics, European education, and the nature of academic disciplines generally.

European Economics at a Crossroads (Paperback): J.Barkley Rosser, Richard P.F. Holt, David Colander European Economics at a Crossroads (Paperback)
J.Barkley Rosser, Richard P.F. Holt, David Colander
R674 Discovery Miles 6 740 Shipped within 7 - 12 working days

As Europe moves toward an integrated academic system, European economics is changing. This book discusses that change, along with the changes that are happening simultaneously within the economics profession. The authors argue that modern economics can no longer usefully be described as `neoclassical', but is much better described as complexity economics. The complexity approach embraces rather than assumes away the complexities of social interaction. The authors also argue that despite all the problems with previous European academic structures, those structures allowed for more diversity than exists in US universities, and thus were often ahead of US universities in exploring new cutting-edge approaches. The authors further argue that by trying to judge themselves by US-centric measures and to copy US universities, the European economics profession is undermining some of the strengths of the older system - strengths on which it should be building. While the authors agree that European economics needs to go through major changes in the coming decade, they argue that by building on Europe's strengths, rather than trying to follow a US example, Europe will be more likely to become the global leader in economics in the coming decades rather than a second-rate copy of the US. The book begins with two chapters spelling out the authors' view of the changes in economics and European economics. This is followed by 11 interviews with a diverse set of innovative European economists from a range of European countries. In the interviews these European economists reflect on the ongoing changes in economics generally and in European economics specifically. These interviews demonstrate how the economics profession is moving away from traditional neoclassical economics into a dynamic set of new methods and approaches (incorporating work in behavioral economics, experimental economics, evolutionary game theory and ecological approaches, complexity and nonlinear dynamics, methodological analysis, and agent-based modelling) that the authors classify as complexity economics. This fascinating and easy-to-read book will prove a stimulating and thought-provoking read for those with an interest in economics, European education, and the nature of academic disciplines generally.

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