International economics Books

Book SynopsisIn this incisive fifth edition of Financial Crises and Recession in the Global Economy, Roy E. Allen examines the major financial instabilities, crises, and evolutionary trends since the 1970s and through the recent Covid-19 pandemic. Providing empirical research on the relation between money and the real economy, Allen explains how key financial variables are driven more by psychological and social constructs than is commonly understood and discusses how monetary wealth transfers in the context of what he terms ‘US money mercantilism’ have favored the US dollar ‘core’ of the global system. Chapters go on to explore the continuing globalization of financial markets, including further innovations in information-processing technology, government deregulation, new uses and forms of money, and emerging financial products and markets. Allen elaborates on the political economy of financial crises and further advances his human ecology economics framework to help guide research and policymaking in the future. Explaining why large-scale financial instabilities occur and how they might be better managed and avoided, this thoroughly revised fifth edition will be an essential resource for students and scholars of international economics, macroeconomics, international finance, and international political economy. Its critical insights on how the international system continues to evolve will also help inform policymakers’ responses to financial crises.Table of ContentsContents: Preface Introduction to Financial Crises and Recession in the Global Economy 1 Financial globalization since the 1970s 2 Financial instabilities and trends in the 1980s 3 Financial instabilities and trends in the 1990s 4 The 2007– crisis, common patterns and new thinking 5 A human ecology economics (HEE) framework for the analysis of financial instability and capital accumulation 6 The 2020– pandemic and beyond: summary and conclusions References Index

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Book SynopsisThe 800 pound gorilla in the room of macroeconomics is the question of why the overlapping generations model didn’t become the central workhorse model for macroeconomics. Introduced in 1958 by Paul Samuelson, the model postulates an infinite number of finite-lived families. This is in stark contrast to the more dominant neoclassical growth model, which is based on the assumption that real economies are populated by a finite number of dynastic families. Despite the greater realism of the former model and the inherent implausibility of the assumptions underlying the growth model, the growth model has become dominant. The authors here explore the co-evolution of the two models to shed light on why this happened, spanning the entire post-WWII era.Trade ReviewThis book is a real tour de force in clarity and tremendous scope. It should be on the reading list for all advanced economics graduate students. -- Jess Benhabib, Paulette Goddard Professor of Political Economy in the Faculty of Arts and Science at New York UniversityThis book is a monumental work, an important contribution to economics -- Karl Shell, Robert Julius Thorne Professor of Economics Emeritus, Cornell University. Founding Editor, Journal of Economic TheoryTable of ContentsIntroduction. Introduction Chapter 1. Origins of the Workhorse Models Chapter 2. OLG – The Next Generations, 1960-1970 Chapter 3. Expectations and the Neutrality of Money c. 1972: From OLG to SOLG Chapter 4. Infinite Lived Agents: Dynasty, 1970-1980 Chapter 5. OLG and Money, 1970-1980 Chapter 6. OLG and Theory, 1970-1980 Chapter 7. Boomers Chapter 8. Gen X and Beyond: 1995-2015 Chapter 9. The Ascendance of ILA and the Future of Macro Chapter 10. Morphology of OLG Models and Methods in Comparative Perspective Chapter 11. Summary and Conclusion

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Book SynopsisIn a world grappling with resource depletion and environmental degradation, this work empowers readers to foster sustainable urban environments, while promoting a deeper understanding of the intricate relationship between new technologies and cutting-edge economic theory.A major highlight is the presentation of a diverse range of real-world best practices. These case studies of successful integrations of Smart Cities and a Circular Economies identify the key factors that contribute to their triumph. The takeaways equip policymakers and urban planners with practical solutions for addressing the challenges of sustainable urban developments. From policy and regulatory hurdles to technological advancements, financing and investment opportunities to collaboration and stakeholder engagement, the authors offer valuable guidance for leaders and decision makers seeking to surmount barriers to integration.In sum, Smart Cities and Circular Economy is a timely, indispensa

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Book SynopsisHow do regulatory structures evolve in EU financial governance? Incorporating insights from a variety of disciplines, Governing Finance in Europe provides a comprehensive framework to investigate the dynamics leading to centralisation, decentralisation and fragmentation in EU financial regulation. Offering a comprehensive and generalizable theoretical account of regulatory centralisation, this book combines theoretical approaches from political science, law, sociology and economics to trace centralisation in EU financial governance. Contributors build on a rich political science and legal literature and offer empirical analyses of major EU legislative packages in financial regulation, including the Markets in Financial Instruments Directive II (MiFID II) and Capital Markets Union (CMU). This book systematically identifies and examines the forces and counter-forces on regulatory centralisation. It also offers conjectures as to who benefits from the regulation and how decision-makers are held politically and legally accountable. Featuring contributions from internationally renowned scholars, this book is key reading for academics working in finance and financial policies, particularly those investigating European politics, regulation and regional integration. It will also be of interest to practitioners and policymakers, as chapters provide unique insights into the real-world implications of financial regulation. Contributors include: F. Bulfone, J. Ganderson, A. Héritier, J. Karremans, H. Marjosola, M.G. Schoeller, A. Smolenska, M. StrandTrade Review'To what extent do we see a centralisation of rule-making on finance at the European Union level? This edited book of six chapters, and a substantial introduction and conclusion offers an intelligently organised, concise and well-argued answer to this question. In doing so, this collection makes an important contribution to the small but growing literature on European financial market integration. The editors bring together insightful analyses of the main institutional, political, economic and technological factors shaping European Union legislation on finance. The chapters examine how European legislation relates to international agreements, transatlantic coordination with the United States, the relationship between public and private regulation and the impact of technological innovation on regulatory structure. Without exception, the authors provide excellent analyses based on a good range of empirical evidence. Through a number of hypotheses, the editors clarify strong lines of argumentation on rule-making centralisation that are tested in the chapters of the book and are critically considered in Professor Héritier's superbly written conclusion.' --David Howarth, University of Luxembourg'Governing Finance in Europe: A Centralisation of Rulemaking? tackles in a sophisticated and comprehensive way key issues in the governance of finance - why the centralisation, decentralisation or fragmentation of rulemaking occur and with what effects. In a truly interdisciplinary fashion, this edited volume masterfully brings together the perspectives of political scientists, law scholars, economists, and sociologists.' --Lucia Quaglia, University of Bologna, ItalyTable of ContentsContents: 1 Governing Finance in Europe: A Centralisation of Rule-making? Adrienne Héritier and Magnus G. Schoeller VERTICAL RESEARCH PERSPECTIVE: EUROPEAN LEGISLATION IN THE CONTEXT OF INTERNATIONAL AGREEMENTS 2 MiFID II between European rule-making and national market surveillance: The case of high-frequency-trading Johannes Karremans and Magnus G. Schoeller 3 The internal and external centralisation of Capital Markets Union regulatory structures: the case of Central Counterparties Fabio Bulfone and Agnieszka Smolenska 4 The choice of instrument in EU legislation: Mapping the system of governance under MiFID II and MiFIR Magnus Strand HORIZONTAL INTERNATIONAL PERSPECTIVE: RIVAL FINANCIAL REGULATORY POWERS 5 Sharing global regulatory space: transatlantic coordination of the G20 OTC derivatives reforms Heikki Marjosola HYBRID GOVERNANCE PERSPECTIVE: PUBLIC AND PRIVATE REGULATION 6 The emergence of transnational hybrid governance: how private risks trigger public intervention Johannes Karremans and Adrienne Héritier TECHNOLOGICAL INNOVATION PERSPECTIVE 7 The impacts of technological innovation on regulatory structure: Fintech in post-crisis Europe Agnieszka Smolenska, Joseph Ganderson and Adrienne Héritier 8 Governing Finance in Europe: Discussion and Conclusion Adrienne Héritier Index

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Book SynopsisPeter van Bergeijk brings together 40 leading experts from all continents to analyze state-of-the-art data covering the sharp increase in (smart) sanctions in the last decade. Original chapters provide detailed analyses on the determinants of sanction success and failure, complemented with innovative research on the impact of sanctions.This timely Research Handbook provides both a thorough discussion of methodology as well as evidence-based policy advice on the efficient application of boycotts, embargoes, and targeted sanctions, including trade, travel and financial sanctions. The use of case studies from Cuba, Iran, North Korea and Russia illustrate developments and demonstrate new methods, including stochastic frontier analysis, comparative quantitative analysis and meta-analysis.Providing crucial information, this Research Handbook will be an excellent resource for academic researchers in international political economy and international relations as well as policy makers within national and global institutions. It will also provide obligatory reading for students also studying within these fields.Trade Review‘The Handbook is an exemplary interdisciplinary work in an area that remains at the heart of economic relations among states where the mechanical tool of statecraft constitutes a form of politics among nations. The authors and editor dissects the major policy approaches and empirical data available on economic sanctions to show how new knowledge and sanctions can be better appreciated. The Handbook on Economic Sanctions thus provides a vivid insight into an area in international policy that will support further research from a variety of fields.’ -- P. Sean Morris, Global Trade & Customs Journal‘Sanctions have become an ubiquitous and increasingly powerful tool of statecraft. With contributions from elite international sanctions experts, this Research Handbook examines data and analytical methods for gauging the haphazard impact of sanctions on trade, investment, and finance; reducing humanitarian costs and collateral damage to third countries; and assessing whether and how foreign economic coercion can promote policy change in the targeted regime. This compendium is an invaluable resource for ongoing sanctions research and a go-to guide for officials constructing and applying new sanctions policies.’ -- Jeffrey J. Schott, Peterson Institute for International Economics, US‘This Research Handbook is a thorough and well-organized volume on economic sanctions. It is a timely publication in view of significant changes in US policy and the increasing use of smart sanctions. Bringing together leading authors on sanctions from international economics, international relations and international law, the book provides an in-depth and well-balanced analysis of the strengths and weaknesses of economic sanctions and the role they may usefully play in the future.’ -- Peter Van den Bossche, World Trade Institute, SwitzerlandTable of ContentsContents: 1 Introduction to the Research Handbook on Economic Sanctions 1 Peter A.G. van Bergeijk PART I THE VALUE OF LARGE-N DATA SOURCES 2 Economic sanctions in the twenty-first century 26 Gary Clyde Hufbauer and Euijin Jung 3 The Threat and Imposition of Economic Sanctions data project: a retrospective 44 T. Clifton Morgan, Navin A. Bapat, and Yoshiharu Kobayashi 4 The Global Sanctions Data Base (GSDB): an update that includes the years of the Trump presidency 62 Aleksandra Kirilakha, Gabriel J. Felbermayr, Constantinos Syropoulos, Erdal Yalcin, and Yoto V. Yotov 5 UN targeted sanctions: historical development and current challenges 107 Thomas J. Biersteker and Zuzana Hudáková 6 Publication bias of economic sanctions research: a meta-analysis of the impact of trade linkage, duration and prior relations on sanctions success 125 Binyam A. Demena, Alemayehu S. Reta, Gabriela Benalcazar Jativa, Patrick B. Kimararungu, and Peter A.G. van Bergeijk PART II SANCTION MECHANISMS 7 The public choice approach to international sanctions: retrospect and prospect 152 Dennis Halcoussis, William H. Kaempfer, and Anton D. Lowenberg 8 Making sanctions work: promoting compliance, punishing violations, and discouraging sanctions busting 167 Bryan R. Early 9 Economic sanctions and political stability and violence in target countries 187 Dursun Peksen 10 The internal opposition effect of international sanctions: insights from a qualitative comparative analysis 202 Julia Grauvogel 11 Secondary sanctions mechanism revisited: the case of US sanctions against North Korea 223 Baran Han 12 Researching firms and sanctions: theoretical and methodological considerations 238 Michal Onderco and Reinout A. van der Veer PART III APPEARANCES OF SANCTIONS 13 Imposing sanctions versus posing in sanctioners’ clothes: the EU sanctions against Russia and the Russian counter-sanctions 249 Matěj Bělín and Jan Hanousek 14 Trade preference suspensions as economic sanctions 264 Clara Portela 15 Economic sanctions and the WTO 280 Maarten Smeets 16 Negative and positive sanctions 297 Raul Caruso 17 Economic sanctions within the Graph Model for Conflict Resolution 309 Bader A. Sabtan, D. Marc Kilgour, and Rami Kinsara PART IV INTENDED AND UNINTENDED IMPACTS 18 The impact of sanctions on the banking system: new evidence from Iran 330 Sajjad Faraji Dizaji 19 Tourism and sanctions 351 C. Michael Hall and Siamak Seyfi 20 FDI and sanctions 369 Irina Mirkina 21 In and out of the penalty box: U.S. sanctions and their effects on international trade 388 Tristan Kohl 22 Timing the Impact of sanctions on trade 411 Mian Dai, Gabriel Felbermayr, Aleksandra Kirilakha Constantinos Syropoulos, Erdal Yalcin, and Yoto V. Yotov 23 Sanctioned to starve? The impact of economic sanctions on food security in targeted states 438 Sylvanus Kwaku Afesorgbor Index 467

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Book SynopsisTaxes on the wealthy are a topic sure to incite venomous rants from both right-wing and left-wing ideologues. The topic attracts conflicting interpretations and policy recommendations, and generates proposals for tax reform that consume political debate. All this activity takes place against an opaque backdrop of empirical evidence dealing with the distribution of wealth and income, and tax avoidance and tax evasion by corporations and wealthy individuals. Rethinking Wealth and Taxes explores these problems and considers the possibilities for increasing taxes on wealth to address the increasingly unequal distribution of wealth, and income. Concerned with exploring the implications of globalization for government revenue policy and increasing inequality in wealth and income, it identifies the connection between ongoing inequality and the ability of the wealthy to avoid income taxes by exploiting differential treatment of capital income and wage income. The author explores the various ways in which the emergence of globalization has impacted the traditional national model of raising income tax revenue. He then offers policy recommendations that shift government revenue sources to taxes that are difficult for the wealthy to avoid and that better capture the goals of vertical and horizontal tax equity. This book will appeal to those directly involved in industry and public policy and may be used in university courses at all levels in public finance, financial economics, actuarial science and management. It will also be of interest to research libraries, individuals working in government and readers in the general public curious about topics such as 'the one percent'.Trade Review'An excellent book offering comprehensive discussions on the roots and policy issues of wealth inequality! The book ably demonstrates that, due to limitations in available wealth measures and the failure to account for globalization, wealth inequality is likely more than reported. Real challenges to the practical implementation of taxation schemes to capture gains in wealth and income are identified. I will surely use it as a reading assignment for my students.' --Donald Lien, University of Texas at San Antonio, US'If you want to understand the complicated relation between wealth, income and taxes this is the book to read. In a profound and impartial presentation Poitras argues that alleviating increases in wealth and income inequality raises complicated economic, political and ethical issues that reach to the heart of how the modern, globalized capitalist economy functions.' --Eduardo Schwartz, University of California, Los Angeles, US, Simon Fraser University, Canada and National Bureau of Economic Research, US'There is little doubt that taxing wealth is a controversial issue. There is also little doubt that there are many aspects of wealth taxation that are not well understood. By providing a broad perspective on the history of wealth taxation, together with an insightful analysis of recent research of wealth taxation, this book is an essential source for understanding the current debate on taxing wealth.' --James Alm, National Tax Association and Tulane University, USTable of ContentsContents: Introduction: Wealth and Taxes Part I The Wealthy and State Revenue Generation 1. Defining Wealth and Taxes on the Wealthy 2. Raising Government Revenue 3. State Revenue from Antiquity to the Modern Income Tax Part II Rethinking Taxation of the Wealthy 4. Public Economics of Taxing the Wealthy 5. Taxing the Wealthy across Jurisdictions 6. Reforming Taxes on Equity Capital References Index

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Book SynopsisThe rapid integration of global governments, businesses and capital has faced a dramatic and often hostile backlash in recent years. As populist agendas worldwide gain momentum, Deglobalization 2.0 explores the key drivers of reactionary movements. From the 'Make America Great Again' movement in the US, to Continental European populism, Peter van Bergeijk explains the critical catalysts of anti-globalization sentiment. Through a historical lens, this book draws out similarities and differences between contemporary developments and the economic crises of the 1930s, offering a unique understanding of the political and economic drivers of deglobalization. Focusing on wealth inequality, social uncertainty and international competition for economic supremacy, van Bergeijk examines and offers answers for the lacunae in the globalization debate. Provocative, insightful and accessible, this book confronts the deglobalization issue as a matter of real urgency and is thus vital reading for policy makers and managers working in international affairs and economic relations. It also offers guidance for academics in international economics and relations moving into the uncharted territory of deglobalization processes.Trade Review'This is an insightful and thought-provoking book that ranges widely in its analysis of deglobalization. All students of the international economy should read the latest work of this well-respected economist.' --Andrew K. Rose, University of California, Berkeley, USTable of ContentsContents: Preface 1. Spoilers 2. Setting the stage 3. Deglobalization is not new! 4. What drives deglobalization? 5. Is deglobalization good or bad? 6. The future of deglobalization References Index

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Book SynopsisThis thought-provoking book investigates the political and economic transformation that has taken place over the past three decades in Central, Eastern and Southeastern Europe (CESEE) since the fall of the Iron Curtain. Through an examination of both the successes and shortcomings of post communist reform and the challenges ahead for the region, it explores the topical issues of economic transition and integration, highlighting important lessons to be learned. Featuring contributions from both top academics and experienced policymakers, 30 Years of Transition in Europe first discusses the process of transition in CESEE from a historical perspective, analysing the impacts of differing approaches on economic and monetary policy, the role of central banks and the speed of reform in various countries of the region. Chapters also compare CESEE transformations to emerging economies in Asia, and examine contemporary concerns around financial and monetary stability, as well as exploring the long-term determinants of economic growth such as digitalization, climate change and demographic trends. Economists, central bankers, and policymakers in the banking sector and other international financial organizations will find this book an enlightening read. It will also be useful for academics in economics and politics with a particular interest in emerging European economies and European integration.Trade Review‘I highly recommend the scholars and observers of contemporary world to take a look at this book, not in a pick-and-match manner by chapters, but the volume as a whole.’ -- Tom Hashimoto, Eurasian Geography and EconomicsTable of ContentsContents: Preface PART I A historic transformation: heterogeneity in CESEE in a changing global context 1 Looking back on 30 years of transition – and looking 30 years ahead Robert Holzmann 2 1989: the year of the great ambivalence Anton Pelinka 3 The price of unity: the transformation of Germany and Eastern Europe after 1989 Philipp Ther PART II A central banker’s view on monetary policy during transition 4 Monetary policy challenges during transition: the case of Serbia Jorgovanka Tabaković and Ana Ivković 5 Monetary milestones of the past 30 years: the Czech National Bank’s view Jiří Rusnok 6 Croatia – from hyperinflation to the road to the euro area Boris Vujčić and Katja Gattin Turkalj PART III Modes of transition: the impact of different economic policy approaches 7 Ten lessons from thirty years of post-communist economic transformation Anders Åslund 8 The impact of different transition patterns and approaches on economic development in EU-CEE11, Russia and Ukraine Marina Gruševaja 9 Central, Eastern and Southeastern Europe’s reunion with Europe Andrzej Sławiński PART IV Lessons from three decades of catching-up in Asia 10 Catching-up in Central and Eastern Europe and East Asia – commonalities and differences Michael A. Landesmann 11 Chinese multinationals in East Central Europe: structural, institutional or political considerations? Ágnes Szunomár PART V Challenges for CESEE’s near future: monetary and financial stability 12 Did macroprudential policies play a role in stabilizing the credit and capital flow cycle in CESEE? Markus Eller, Helene Schuberth and Lukas Vashold 13 30 years of monetary and exchange rate regimes in Central and Eastern Europe: what has changed, and what is next? Johannes Wiegand PART VI The future of CESEE: the impact of megatrends 14 At the start of a new leadership of the European Commission and the European Central Bank: where is the place of Central and Eastern Europe? Martin Selmayr 15 Will the EU overcome the East-West divide? Ada Ámon 16 Demographic change in Central, Eastern and Southeastern Europe: trends, determinants and challenges Tomáš Sobotka and Alexia Fürnkranz-Prskawetz 17 The demographic challenge of Eastern Europe and potential policy options Mario Holzner Index

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Book SynopsisReactions to the Coronavirus pandemic have escalated the pre-existing tensions between the US and China and among different Western nations. Confrontations between political globalists and mercantilist nationalists - between supporters of the rules-based international order and proponents of overt protectionism - are fueling ever-stronger international resentments. Coupling argumentative rigor with a pragmatic, plainspoken approach, Phil Mullan charts out a novel, democratic way past dangerous and self-defeating confrontations towards a future of open international collaboration based on popular participation within nation states. With its clear-eyed assessment of the opportunities and challenges of a more interconnected world - an assessment in which the economic internationalisation underpinning globalisation theories is neither romanticised nor vilified - Beyond Confrontation sets a judicious tone for the big geopolitical themes of our times.Trade Review'Beyond Confrontation comes at a time of maximum potential confrontation that has been made even more critical by the arrival of Covid-19. Essential reading for every political leader.' -- Brian Caplen, Editor“A fresh perspective on renewed international political and economic tensions. Accessible for the general reader as well as academics and students." -- Vanessa Pupavac“Mullan's democratic internationalism offers a pragmatic solution for international collaboration in the post-coronavirus economy.” -- Salvatore Babones, Associate Professor'Mullan’s book is a road-map to the future, a calm reminder to scholars of international relations and practitioners alike that what continues to drive world affairs is the relationship between nations that are both sovereign and democratic.' -- Professor Bill Durodie, Chair of International Relations,"It’s not unusual nowadays to find writers warning of the danger of rising global tensions. What marks out Mullan’s contribution, however, is a demystifying historical analysis which identifies the underlying sources of conflict, and offers an optimistic and forward-looking vision. It makes for a refreshing contrast to the prevailing fatalism. Beyond Confrontation is an important and urgent book that should be widely read—not least by policy-makers and political leaders of all stripes." -- Professor Philip Hammond, * London South Bank University *Table of ContentsIntroduction: Global times Part 1: A world of rules Chapter 1: Making the rules-based international order Chapter 2: Globalism against politics Chapter 3: The anti-democratic roots of neoliberalism Chapter 4: From post-war order to disorder Part 2: Myths about trade Chapter 5: The obsession with trade Chapter 6: Trade becomes weaponised Chapter 7: Free trade illusions Chapter 8: The rise and rise of protectionism Part 3: Internationalism starts at home Chapter 9: Internationalisation: sustaining atrophy Chapter 10: The battle starts at home Chapter 11: Internationalism, national sovereignty and democracy

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Book SynopsisWill the manufacturing industry in east-central Europe survive when the host countries join the European Union? This controversial book challenges the assumption, made by the European Commission, that industries in transitional economies should have little difficulty establishing and maintaining a competitive position after entry into the European Union.The analysis focuses on Hungary, Poland, the Czech Republic, Slovakia and the former east Germany. Issues discussed include: changes in economic structures, the transformation of enterprises and financial restructuring levels of competitiveness in the countries, the region and internationally industrial policy in the region levels and nature of investment limits and sources of growth integration into western Europe dangers of over-hasty harmonization of macroeconomic conditions with the European Union The authors conclude that although the basic structures of a market economy are firmly established, the transition has not encouraged the development of more advanced industrial activities. They strongly suggest that there should be an active policy framework, based on international experience, specifically geared towards improving the international competitiveness of industry in east-central Europe.Trade Review'On the whole, it is an excellent book. Very useful for Indian policymakers, analysts, and industries.' -- Y.S. Rajan, Journal of Scientific and Industrial Research'The studies included in this volume are rich not only in relevant statistics and overviews of recent trends, but also in important insights and far-reaching conclusions. This work is undoubtedly an important contribution to our understanding of post-communist transformation, and provides guidance for thinking about the future. Policymakers at national and EU levels thus should also consider the book as a valuable source for shaping policies for sustainable growth in Central-Eastern Europe.' -- Zoltan Antal-Mokos, Journal for East European Management StudiesTable of ContentsContents: Preface 1. The Tigers of Tomorrow? Structural Change and Economic Growth in East-Central Europe 2. Competitiveness in East-Central Europe 3. The Macroeconomics of Structural Transformation 4. Financing Enterprise Restructuring 5. Investment and Restructuring 6. Towards a Competitiveness Policy in Slovakia 7. The Transformation of Czech Enterprises 8. Innovation and the East German Transformation 9. Are the Transformations Complete?

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Book SynopsisThe German state banks - or Landesbanks - are not only some of the largest banks in Germany but are also a dominant force in the international banking sector. These state-owned banks enjoy special privileges and government support which have made them major players in the global arena of banking and finance.Protected by the German taxpayer's seemingly bottomless pockets in the form of state warranties, Landesbanks are able to take part in financing some of the largest projects in the world. They occupy nearly fifty per cent of the top places in both Moody's and Standard and Poor's international rankings. Professor Sinn critically scrutinizes the privileges of the German Landesbanks and questions the justification of government intervention in the banking sector. He predicts that European integration and the introduction of the euro will lead to a fierce take-over battle between Europe's banks. He argues that, given the state warranties, it seems likely that the German Landesbanks will be among the winners in this battle and concludes that the German public banking system has grown far larger than is appropriate for a market economy.This timely book addresses issues of concern for European bankers and policymakers alike. It will also be of interest to students and scholars of financial economics, European integration and money and banking.Table of ContentsContents: Preface 1. European Integration and the Landesbanks 2. The Government in the German Banking System 3. The Competitive Advantages of the Public Banks 4. Is Government Intervention in the Banking Sector Justified? – Irrelevant Arguments 5. Should the Government Insure Banks? 6. A Plea for the Reform of the Capital Market

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Book SynopsisEconomic Policy in the European Union analyses the key issues confronting Europe as we enter the 21st century. It focuses mainly on the transition problems linked with the creation of European Monetary Union as well as more specific issues such as social, labour, environmental and science and technology policy.It addresses major questions, including: is it true that the disappearance of exchange risks will benefit trade and growth? can the EMU function if integration is not speeded up in other areas? will the EMU enhance internal cohesion? is the creation of a single currency a popularly accepted idea in the member states? The authors also examine some more specific issues including European Work Councils, the possibility of coordinated environmental policy within the European Union, employment rights and technological collaboration.This topical book will be welcomed by those scholars, students and policymakers interested in some of the most important issues currently faced by Europe.Trade Review'This book is a very good consideration of the uncertainties and difficulties involved in the intervention of EU institutions in Europe.' -- Dominique Redor, ECSA ReviewTable of ContentsContents: 1. Introduction and Outline Part I: General Policy Issues of the Single Market, the EMU and Beyond 2. Exchange Rate Variability, International Trade and the Single Currency Debate 3. EMU and the Need of Further Economic Integration 4. EMU and the Cohesion Process 5. The European Union and Regional Convergence in Spain 6. Hofstede’s Cultural Dimensions and the Psychological Perspective on European Countries Awaiting the Euro 7. Towards a Monetary Model for the Euro/USD Exchange Rate 8. Historical Lessons from Trade Flows During the Benelux and EEC Periods Part II: Public Policy Issues 9. The Impact of the RTD Policy of the EU on Technological Collaboration 10. European Works Councils 11. Flexible Labour Markets and Employment Rights in the EU 12. The International Co-ordination of Environmental Policy from an EU Perspective 13. Services of General Interest Index

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Book SynopsisThe successful macroeconomic stabilization in Central and Eastern European countries has encouraged inflows of foreign capital badly needed to promote economic development. Strikingly, these countries have found capital inflows in their various forms to be a mixed blessing, threatening the macroeconomic balance that they have recently achieved. These countries have learned that it is not easy to continue to attract foreign capital and simultaneously to reduce its adverse effects on inflation, the exchange rate and the current account, and to contain disturbances resulting from reversals of the flows. This book investigates recent experiences in Central and Eastern Europe and contrasts it with that of Latin America and East Asia, and suggests appropriate policies and lessons to be learned. The authors conclude that many features of, and policy dilemmas faced by, formerly centrally planned economies in Europe are similar to those in other emerging economies. However, certain unique characteristics such as data limitations and the fragility of the banking and financial systems, compound the problems faced by policy makers in Central and Eastern Europe.This book will prove invaluable to policymakers and scholars interested in and responsible for international finance in transition economies.Trade Review'. . . an excellent piece of comparative economic policy analysis of individual countries in Asia, Latin America, and Eastern Europe facing similar, but not identical, problems. . . . This book provides a first comparative analysis of financial inflows for transition economies. The problem will be a continuing one and the lessons to be gained from these country studies are important for economists both in the policy making and academic communities. Each study provides a solid foundation for future research on the individual countries or the region as a whole.' -- David M. Kemme, Journal of Comparative EconomicsTable of ContentsContents: Introduction Part I: The Background: Capital Inflow Episodes and Their Lessons in Asia and Latin America 1. Macroeconomic Policy Issues Raised by Capital Inflows 2. Sustainable and Excessive Current Account Deficits 3. Capital Inflows to Asia: The Role of Monetary Policy 4. The Effectiveness of Capital Controls: Theory and Evidence from Chile Part II: Recent Experience in More Advanced Transition Countries 5. Capital Inflows to Hungary and Accompanying Policy Responses, 1995–1996 6. Financial Inflows to Poland, 1990–1996 7. Capital Inflows to the Baltic States, 1992–1996 8. Financial Flows to a Small Open Economy: The Case of Slovenia Summary Index

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Book SynopsisThis ground-breaking book addresses the problem of price disparities across countries and, for the first time, uses market structures as the central focus. The author also addresses the effects of trade barriers, input-output relations and economies of scale, factors often ignored by other studies, to determine what causes prices to vary across countries.A post-Keynesian markup pricing model incorporating market power, intermediate inputs and productivity differences is developed and tested using regression analysis. New data on sectoral price levels in Japan and the Republic of Korea and data on GDP and investment price levels for a large number of countries are used. The empirical evidence shows that wages, labor productivity, market power and economies of scale are the most important variables for the explanation of differing price levels across countries. The author finds little evidence for the importance of policy-induced trade barriers and competition policy in explaining this.This book will be useful for scholars of post-Keynesian economics and international economics.Table of ContentsContents: Preface 1. Introduction Part I: Theory 2. Structural Explanations for Price Levels 3. A Post-Keynesian Markup Pricing Model 4. Productivity in an Input–Output Framework 5. The Determinants of the Markup 6. Economies of Scale 7. International Trade Part II: Empirical Evidence 8. From Model to Data to Testing 9. Evidence on Price Levels by Sector in Japan and the Republic of Korea 10. Evidence on Price Levels of GDP 11. Evidence on Price Levels of Investment 12. Conclusions and Implications Appendices References Index

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Book SynopsisCurrency Crises, Monetary Union and the Conduct of Monetary Policy is a book of debate and analysis by some of the world's most eminent economists, on problems relating to the international monetary system, economic growth and monetary policy.This highly readable book features contributions from illustrious scholars including four Nobel laureates in economics - Milton Friedman, Franco Modigliani, Paul A. Samuelson and James Tobin. They hold a lively discussion on the impact of monetary policy on economic growth, unemployment and inflation, in both developing and developed countries. The authors also examine the effects of European Monetary Union on the international monetary system and whether this union will survive to include more than just a few founding countries. In addition, the assembled experts investigate the conditions that lead to currency crises in developing countries and propose policies that can be used to combat such crises. This impressive volume is a lightly-edited chronicle of a vigorous debate among leading economists, and contains an introduction that puts the discussions in context.This accessible and thought-provoking volume will be of interest to specialists in international monetary economics, and to undergraduate and graduate students, and members of the general public who seek a clearer understanding of current economic issues and solutions to economic problems.Table of ContentsForeword by Robert A. Mundell, Winner of the 1999 Nobel Prize in Economics Contents: Foreword 1. Introduction 2. Problems of the US Economy 3. Taxation, Employment and the Federal Reserve 4. European Monetary Union, the Dollar and the International Monetary System 5. The Outlook for Economic Growth in the Developed World 6. The Monetary Crisis in Mexico 7. Policies to Combat Monetary Crises in Developing Countries 8. A Poll and Closing Remarks 9. The Lord Robbins Memorial Lecture: European Monetary Union: What can we Learn from the United States? Index

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Book SynopsisThe financial turmoil of the late 1990s resulted partly from an excessive dependency between countries and regions. This important and timely new book examines the growing interdependency between Europe and East Asia and provides suggestions to prevent financial crises in the future.Special attention is given to the contributions of international trade and investment to deeper regional and global integration, and particular emphasis is placed on major issues such as: the organization of multinationals and the relationship between exports and foreign direct investment Asian and European firms as global actors and the role of trade in the integration of the two regions the changing patterns of East Asian economies as host and home countries for direct investment In conclusion the authors argue that more emphasis should be placed on direct investment rather than speculative inflows. This will create a more stable environment for the contribution of foreign capital to the growth of East Asian economies, and reduce both dependency between regions and the risk of financial instability in the future.The Global Integration of Europe and East Asia will be welcomed by those working in the fields of international economics and business, European and Asian Studies and the globalization of the world economy.Table of ContentsContents: 1. Introduction Part I: Global Actors: Multinational Firms in International Trade and Investment 2. Foreign Direct Investment, Export Performance and the Impact on Home Employment 3. An Empirical Analysis of Japanese Multinational Corporate Strategies in Europe, Asia and North America 4. Upgrading Endogenous Production Capabilities in Less-developed Countries 5. Total or Partial Sharing of Risks Part II: Trade, Investment and Regional Integration in Europe and Asia 6. Regional Integration and Intra-Industry Trade 7. Trade and Competitiveness in the European Union 8. Economic Growth of ASEAN in the Context of East Asian Development 9. Were Asian Emerging Currencies Misaligned? Part III: Foreign Direct Investment and the Global Integration 10. Foreign Direct Investment in East Asia 11. The Emergence of Korean Multinational Enterprises in European Manufacturing 12. International Human Resource Management Mechanism of Korean Foreign Direct Investment 13. Foreign Direct Investment in Banking Index

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Book SynopsisThis insightful book focuses on the economic consequences of structural reform policies in the economies at the cutting edge of reform: Denmark, The Netherlands, New Zealand and Norway. The contributors examine policies aimed at improving the underlying path of growth, employment and saving-investment balances of the economy and apply state of the art methods to measure and model structural reforms. They examine the areas of competition policy, regulation of entry barriers, non-tariff trade barriers and employment protection rules as well as the quality of education and training, the efficiency of various public sector agencies and labour supply effects of care for children and the elderly. Special attention is paid to two 'success stories': New Zealand's 'Kiwi-model' and the Dutch 'Polder-model'. The book provides a welcome addition to the scarce evidence on both the costs and the benefits of structural reform and identifies the policy problems and the analytical issues at stake.This book will be indispensable to policymakers and academics with an interest in structural reform and macroeconomic policy.Table of ContentsContents: Preface 1. Structural Reform: The Issues Part I: Experiences with Structural Reform 2. Reform and Experience in New Zealand 3. The Policy Experience of Structural Reform in the Netherlands 4. Structural Reform in the Netherlands and New Zealand: Two Roads to Success? Part II: Modelling Structural Reform 5. Gains from Improved Sectoral Efficiency in Norway 6. A Dynamic CGE Analysis of the Danish 1993 Tax Reform Act Part III: Measuring Structural Reform 7. A Miracle or Not? Recent Trends in the Growth Performance of the Dutch Economy 8. Productivity, Wage Moderation, and Specificity in Factor Inputs Index

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Book SynopsisThis book sheds new light on the role of speculative bubbles in the stock market and argues that, provided they are sustainable, bubbles may in fact have a positive effect on the market.In many developed countries, speculative bubbles in stock markets seem to have emerged as a persistent phenomenon. This book offers new perspectives on the role bubbles play in recent economic development. The author refutes the traditional argument that speculative bubbles necessarily increase instability or develop at the expense of real activities. He argues that, when profitable investment projects are scarce, bubbles on the stock market may provide additional investment opportunities with the potential to increase aggregate profits and to improve economic welfare. However, he allows that this potentially positive effect can only occur if bubbles are sustainable and do not burst. Highly sophisticated financial systems are needed in order to allow for positive effects to develop or, as recent experience in Asia has shown, the destabilizing effects will outweigh the potential benefits.The book takes a groundbreaking view on speculative bubbles and will be invaluable to academics and practitioners with an interest in financial economics.Trade Review'. . . Binswanger does a superb job in explaining the relationship between the financial sector and the real economy. The book is excellent reading for advanced courses and researchers in financial and monetary macroeconomics.' -- E. Ahmed, Journal of Economics / Zeitschrift fur Nationalokonomie'The book is impressive by its broad sweep through a large area of the financial economics literature, and the fact that a coherent and extensive model is developed and some of its implications are tested on US data. . . . the book is very worthwhile in that it successfully reviews and integrates a broad swathe of the finance literature, builds a coherent set of models and stories to support it and applies some of the more recent techniques from time-series econometrics to test the model's implications. . . . I would recommend it to readers seeking an accessible review yet particular interpretation of this area of the literature and to students looking for a contemporary example of the process of modelling and related empirics.' -- D.E. Allen, Economic Record'This book integrates economic theory and financial markets, with extensive empirical verification that provides much food for thought. . . . gives a more reasoned economic approach to current markets than can be found in the more popular texts. . .' -- Edmund A. Mennis, Business Economics'A well-crafted book combining strong theoretical analysis with empirical verification, in an attempt to shed light on an important new economic phenomenon.' -- Paul de Grauwe, University of Leuven, Belgium'An interesting and challenging contribution that contrasts the existing literature on the real foundations of financial markets in a refreshing way.' -- Heinz Zimmermann, University of St Gallen, SwitzerlandTable of ContentsContents: Preface Introduction Part I: Important Aspects of Money and Finance in Modern Economies 1. Finance and the Real Economy – The Variety of Keynesian and Non-Keynesian Perspectives in Recent Research 2. Endogenous Money Creation and its Economic Implications 3. The Finance Process on a Macroeconomic Level from a Flow Perspective: A New Interpretation of Hoarding Part II: The Stock Market and Speculative Bubbles: Theoretical Background 4. The Role of Speculation in Economics 5. Do Bubbles Enhance Dynamic Efficiency? 6. Explaining Persistent Deviations from Fundamental Values on the Stock Market: Dynamic Extensions of the Noise Trader Model Part III: The Stock Market and Speculative Bubbles: Empirical Evidence 7. The 1980s Merger Wave, Speculative Bubbles, and the Shift to Debt: Leveraged Restructuring Transactions as Stock Price Boosters 8. Investment Activity, Profits and the Stock Market in the US Economy: Some Lessons from the Flow of Funds Data 9. Stock Returns and Real Activity: Is there Still a Connection? Part IV: Conclusion 10. Towards a Sustainable Bubble Economy? References Index

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Book SynopsisThe link between trade and the environment has focused on two broad issues: how changing trade regimes have affected the environment and how stricter environmental regulations have affected trade. The answers are of particular importance to developing and transition countries where the relationship between trade and the environment has a major impact. This unique book, based on eleven case studies undertaken by research institutes in developing countries with the support of UNCTAD and UNDP, provides detailed empirical evidence from Brazil, China, Colombia, Costa Rica, India, Malaysia, The Philippines, Poland, Thailand, Turkey and Zimbabwe. The central questions addressed are: has the international programme of trade liberalization affected the environment negatively? are stricter environmental regulations in both developed and developing countries having an effect on exports and imports and how can these effects be addressed? what impacts, if any, result from differences in environmental standards between richer and poorer countries? what impacts have multilateral environmental agreements had on trade flows between developed and developing countries what impacts are firms' voluntary measures to protect the environment having on the export flows from developing and transition countries? The book provides a wealth of information and shows a wide difference of outcomes from country to country, allowing the authors to draw an interesting set of conclusions. It will be useful for students and researchers in environmental and international economics and will be essential reading for policymakers in government and non-governmental organizations.Trade Review'The main contribution of the volume by Jha et al is the wealth of empirical material presented on the case study countries. Until this book was published, there was little material available on the impact of trade on the environment of specific developing countries.' -- Rhys Jenkins, Journal of Development Studies'This book provides a very useful and welcome contribution to the understanding of the dynamic relationship between liberalized trade and environmental protection.' -- Edith Brown Weiss, EnvironmentTable of ContentsContents: Foreword 1. Overview and Lessons Learnt 2. Environmental Policy, Market Access and Competitiveness: The Experience of Developing Countries 3. Policy Instruments in Multilateral Environmental Agreements: Experience of Developing Countries 4. Brazil 5. China 6. Colombia 7. Costa Rica 8. India 9. Malaysia 10. The Philippines 11. Poland 12. Thailand 13. Turkey 14. Zimbabwe 15. Conclusions and Guidelines for Further Work Index

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Book SynopsisAlistair Ulph has made a major contribution to the literature on trade-environment issues. This impressive book gathers together a selection of his most influential papers covering the last eight years, paying special attention to strategic environmental policy and its implications.The book addresses the often expressed concern that globalization and trade may have a detrimental effect on the environment. Drawing on the tools of modern trade theory, Alistair Ulph argues that even if governments seek to use their environmental policies to secure strategic trade advantages, this need not imply they will necessarily set too weak environmental policies and regulations. The extent to which governments set these environmental policies to secure competitive trade advantage is also examined.Environmental and trade economists, policy advisors to national governments and international trade and environment agencies, will find this book of immense value in understanding the links between trade and environment policies.Table of ContentsContents: Introduction Part I: The Issues – and An Overview Part II: Strategic Environmental Policy Part III: Strategic Environmental Policy and Plant Location Part IV: Policy Implications Index

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Book SynopsisThe timeliness of this book is beyond question. Since the crisis erupted in Thailand in mid-1997 and spread, with varying degrees of severity, to the rest of Asia, the export-led industrialization strategy that has driven economic growth in East and Southeast Asia over the last 50 years has come into question. Is this model still applicable to latecomers such as Vietnam?The Asian financial crisis has highlighted the dangers of implementing export-oriented industrialization through government subsidies and protection. This book finds that the strategy followed by the Asian economies in the last half-decade remains a valid model for Vietnam. In order to avoid grave damage to its financial institutions, the strategy needs to be implemented in conjunction with the development of a sound financial system and a robust private sector.Based on a detailed analysis of the causes and nature of the Asian financial crisis as well as the Vietnamese economy, this book concludes that it is unlikely that Vietnam will face a banking and currency crisis in the short term, but Vietnam could be plagued by balance of payments difficulties for some time to come unless major structural reforms are undertaken soon.This timely book will be of great use to Asian studies scholars and those interested in the role of the financial sector in economic management and development.Trade Review'Can Vietnam make it? Is the crisis likely to spread and make the transition still more difficult, if not impossible?. . . This is a well documented and timely case study, raising almost all relevant issues of development. The book helps us to understand what is really at stake. It has succeeded in bringing together significant contributions and discussions on the big issues and important lessons can be derived for the future of Vietnam. . . . There are on the whole enough reasons for believing that Vietnam may be on the right track. But a 'strategic vision' would indeed seem to be needed.' -- Jacques De Bandt, Universite de Nice - Sophia Antipolis, FranceTable of ContentsContents: Preface Part I: Vietnam and the Region 1. Crisis in Asia and Vietnam’s Economic Policy Response 2. Needed: A Strategic Vision for Setting Reform Priorities in Vietnam Part II: The Asian Financial Crisis and Vietnam 3. Asia’s Financial Crisis: Lessons and Implications for Vietnam 4. Current and Capital Account Liberalisation: Issues Facing Indonesia 5. Paradise Lost: The Pernicious Impact of Exchange Rate Policy on Indonesia’s Banking System 6. Dollarisation and Financial Sector Developments in Vietnam 7. Borrower Transaction Costs and Segmented Markets: A Study of the Rural Credit Market in Vietnam Part III: East Asian Export-Oriented Industrialisation and Vietnam’s Strategic Directions 8. Industrialisation in ASEAN: Some Analytical and Policy Lessons 9. Developing with Foreign Investment: What Can Vietnam Learn from Malaysia? 10. Experiences in the Region and Private Sector Incentives in Vietnam 11. Implications for Vietnam of Rural Industrialisation in China 12. Market Reform and Vietnamese Agriculture References Index

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Book SynopsisThe Handbook of International Banking provides a clearly accessible source of reference material, covering the main developments that reveal how the internationalization and globalization of banking have developed over recent decades to the present, and analyses the creation of a new global financial architecture. The Handbook is the first of its kind in the area of international banking with contributions from leading specialists in their respective fields, often with remarkable experience in academia or professional practice. The material is provided mainly in the form of self-contained surveys, which trace the main developments in a well-defined topic, together with specific references to journal articles and working papers. Some contributions, however, disseminate new empirical findings especially where competing paradigms are evaluated.The Handbook is divided into four areas of interest. The first deals with the globalization of banking and continues on to banking structures and functions. The authors then focus on banking risks, crises and regulation and finally the evolving international financial architecture.Designed to serve as a source of supplementary reading and inspiration, the Handbook is suited to a range of courses in banking and finance including post-experience and in-house programmes for bankers and other financial services practitioners. This outstanding volume will become essential reference for policymakers, financial practitioners as well as academics and researchers in the field.<Trade Review'The Handbook is especially recommended to MBA students and faculty and belongs in the reference collections of academic and research libraries. Although each chapter may serve as a self-contained unit, readers will want to look at the larger picture by comparing and contrasting articles found in each part of the work. It should prove to be a helpful source for those studying international banking, economics and finance, and international business.' -- Lucy Heckman, American Reference Books Annual 2004Table of ContentsContents: Preface PART I: THE GLOBALIZATION OF BANKING 1. Globalization and Convergence of Banking Systems Andrew W. Mullineux and Victor Murinde 2. Multinational Banking: Historical, Empirical and Case Perspectives Elisa A. Curry, Justin G. Fung and Ian R. Harper 3. Asset-backed Securitization, Collateralized Loan Obligations and Credit Derivatives Warrick Ward and Simon Wolfe PART II: BANKING STRUCTURES AND FUNCTIONS 4. The New World of Euro Banking Jean Dermine 5. Competitive Banking in the EU and Euroland Edward P.M. Gardener, Philip Molyneux and Jonathan Williams 6. How to Tie Your Hands: A Currency Board versus an Independent Central Bank Jakob de Haan and Helge Berger 7. Free Banking Kevin Dowd 8. Islamic Banking Humayon A. Dar and John R. Presley 9. Universal Banking and Shareholder Value: A Contradiction? Ingo Walter 10. Foreign Exchange Trading Activities of International Banks Jürgen Eichberger and Joachim Keller 11. The Settlement and Financing of International Trade Ayse G. Eren 12. Costs and Efficiency in Banking: A Survey of the Evidence from the US, the UK and Japan Leigh Drake PART III: BANKING RISKS, CRISES AND REGULATION 13. Country Risk: Existing Models and New Horizons Sarkis Joseph Khoury and Chunsheng Zhou 14. The Causes of Bank Failures Shelagh Heffernan 15. International Banking Crises Alistair Milne and Geoffrey E. Wood 16. Some Lessons for Bank Regulation from Recent Financial Crises David T. Llewellyn 17. Reforming the Traditional Structure of a Central Bank to Cope with the Asian Financial Crisis: Lessons from the Bank of Thailand Andrew W. Mullineux, Victor Murinde and Adisorn Pinijkulviwat 18. Capital Flight: The Key Issues Niels Hermes, Robert Lensink and Victor Murinde 19. International Banks and the Washing of Dirty Money: The Economics of Money Laundering Kent Matthews 20. The Regulation of International Banking: Structural Issues Richard Dale and Simon Wolfe 21. US Banking Regulation: Practice and Trends Joseph J. Norton and Christopher D. Olive 22. Deposit Insurance and International Banking Regulation C. Charles Okeahalam PART IV: THE EVOLVING INTERNATIONAL FINANCIAL ARCHITECTURE 23. The institutional Design of Central Banks Falko Fecht and Gerhard Illing 24. The International Monetary Fund: Past, Present and Future Ian W. Marsh and Kate Phylaktis 25. Reforming the Privatized International Monetary and Financial Architecture Jane D’Arista 26. Globalization, the WTO and GATS: Implications for the Banking Sector in Developing Countries Victor Murinde and Cillian Ryan Index

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Book SynopsisPublic procurement is big business. International organisations and governments at national, regional, state and city levels are major buyers of goods and services. However, public procurement is a relatively under-researched and new discipline, which, uniquely, brings together contributions from the fields of economics and law.This two-volume set presents some of the major contributions in the field. It includes papers on outsourcing versus internal provision; public procurement and the role of competition and transparency; corruption; public procurement as a tool of industrial, social and environmental policy; public procurement as a trade barrier and its regulation under international trade agreements; and enforcing public procurement rules.Trade Review'The editors have produced an excellent contribution to the academic literature of public procurement.' -- Christopher Bovis, Common Market Law Review'The collection opens with a good summary of both parts and gives a useful overview of the main themes of the collection, which enables the reader to dip in and out effectively.' -- Rosemary Boyle, The Cambridge Law Journal'For the student needing to become ridiculously well-read in the subject this is likely to be a useful source of secondary research.' -- Andy Davies, Supply ManagementTable of ContentsContents: Volume I Acknowledgements Introduction Sue Arrowsmith and Keith Hartley PART I OUTSOURCING VERSUS INTERNAL PROVISION 1. Oliver E. Williamson (1979), ‘Transaction-Cost Economics: The Governance of Contractual Relations’ 2. Simon Domberger and Stephen Rimmer (1994), ‘Competitive Tendering and Contracting in the Public Sector: A Survey’ 3. George A. Boyne (1998), ‘Competitive Tendering in Local Government: A Review of Theory and Evidence’ 4. Robin Milne and Magnus McGee (1992), ‘Compulsory Competitive Tendering in the NHS: A New Look at Some Old Estimates’ 5. Stefan Szymanski and Sean Wilkins (1993), ‘Cheap Rubbish? Competitive Tendering and Contracting Out in Refuse Collection – 1981–88’ PART II THE APPROACH TO PROCUREMENT IN THE PUBLIC SECTOR: COMPETITION AND TRANSPARENCY 6. William Vickrey (1961), ‘Counterspeculation, Auctions, and Competitive Sealed Tenders’ 7. Oliver E. Williamson (1976), ‘Franchise Bidding for Natural Monopolies – in General and with Respect to CATV’ 8. Robert R. Hunja (1998), ‘The UNCITRAL Model Law on Procurement of Goods, Construction and Services and its Impact on Procurement Reform’ 9. Jean Heilman Grier (1998), ‘An Overview of the Japanese Government Procurement System’ 10. David Parker and Keith Hartley (1997), ‘The Economics of Partnership Sourcing versus Adversarial Competition: A Critique’ 11. Steven L. Schooner and Neil S. Whiteman (2000), ‘Purchase Cards and Micro-Purchases: Sacrificing Traditional United States Procurement Policies at the Altar of Efficiency’ PART III CORRUPTION 12. Frederick Stapenhurst and Petter Langseth (1997), ‘The Role of the Public Administration in Fighting Corruption’ 13. Frank Anechiarico and James B. Jacobs (1995), ‘Purging Corruption from Public Contracting: The "Solutions" Are Now Part of the Problem’ 14. William E. Kovacic (1998), ‘The Civil False Claims Act as a Deterrent to Participation in Government Procurement Markets’ 15. Rex J. Zedalis (1997), ‘Internationalizing Prohibitions on Foreign Corrupt Practices: The OAS Convention and the OECD Revised Recommendation’ PART IV PUBLIC PROCUREMENT AS A TOOL OF INDUSTRIAL, SOCIAL AND ENVIRONMENTAL POLICY 16. P.A. Geroski (1990), ‘Procurement Policy as a Tool of Industrial Policy’ 17. P.E. Morris (1990), ‘Legal Regulation of Contract Compliance: An Anglo-American Comparison’ 18. Ron Watermeyer (2000), ‘The Use of Targeted Procurement as an Instrument of Poverty Alleviation and Job Creation in Infrastructure Projects’ 19. Sue Arrowsmith (1995), ‘Public Procurement as an Instrument of Policy and the Impact of Market Liberalisation’ 20. José Maria Fernández Martin and Oliver Stehmann (1991), ‘Product Market Integration versus Regional Cohesion in the Community’ 21. Christopher McCrudden (1999), ‘International Economic Law and the Pursuit of Human Rights: A Framework for Discussion of the Legality of "Selective Purchasing" Laws Under the WTO Government Procurement Agreement’ Name Index Volume II Acknowledgements An introduction by the editors to both volumes appears in Volume I PART 1 PUBLIC PROCUREMENT AS A BARRIER TO TRADE AND ITS REGULATION UNDER INTERNATIONAL TRADE AGREEMENTS 1. Federico Trionfetti (2000), ‘Discriminatory Public Procurement and International Trade’ 2. Andrew Cox (1992), ‘Implementing 1992 Public Procurement Policy: Public and Private Obstacles to the Creation of the Single European Market’ 3. Aaditya Mattoo (1996), ‘The Government Procurement Agreement: Implications of Economic Theory’ 4. Arie Reich (1997), ‘The New GATT Agreement on Government Procurement: The Pitfalls of Plurilateralism and Strict Reciprocity’ 5. Harvey Gordon, Shane Rimmer and Sue Arrowsmith (1998), ‘The Economic Impact of the European Union Regime on Public Procurement: Lessons for the WTO’ 6. Stephen Martin and Keith Hartley (1997), ‘Public Procurement in the European Union: Issues and Policies’ 7. N. Bohan and D. Redonnet (1997), ‘E.U. Procurement Legislation: Does the Emperor Have Clothes? An Examination of the New Empirical Evidence’ 8. Sue Arrowsmith (1998), ‘Towards a Multilateral Agreement on Transparency in Government Procurement’ PART II ENFORCING PUBLIC PROCUREMENT RULES 9. Robert C. Marshall, Michael J. Meurer and Jean-François Richard (1994), ‘Curbing Agency Problems in the Procurement Process by Protest Oversight’ 10. William E. Kovacic (1995), ‘Procurement Reform and the Choice of Forum in Bid Protest Disputes’ 11. Sue Arrowsmith (1996), ‘Public Procurement: Example of a Developed Field of National Remedies Established by Community Law’ 12. José M. Fernández Martin (1993), ‘The European Commission’s Centralised Enforcement of Public Procurement Rules: A Critical View’ 13. Mary Footer (1995), ‘Remedies Under the New GATT Agreement on Government Procurement’ PART III DEFENCE PROCUREMENT 14. William B. Burnett and William E. Kovacic (1989), ‘Reform of United States Weapons Acquisition Policy: Competition, Teaming Agreements, and Dual-Sourcing’ 15. Keith J. Crocker and Kenneth J. Reynolds (1993), ‘The Efficiency of Incomplete Contracts: An Empirical Analysis of Air Force Engine Procurement’ 16. P.G. Pugh (1993), ‘The Procurement Nexus’ 17. William P. Rogerson (1994), ‘Economic Incentives and the Defense Procurement Process’ 18. Martin Trybus (1996), ‘An Overview of Defence Procurement in the Federal Republic of Germany’ 19. Keith Hartley (1998), ‘Defence Procurement in the UK’ 20. Edward G. Keating (1999), ‘Government Contracting Options: A Model and Application’ PART IV CONTRACTING 21. William E. Kovacic (1991), ‘Commitment in Regulation: Defense Contracting and Extensions to Price Caps’ 22. W.A. Peeters (1993), ‘Incentives in Government Procurement Contracts’ 23. Stephen Kahn (1993), ‘Advanced Technology Projects and International Procurement: The Case of the European Space Agency’ PART V DEFENCE INDUSTRY PROFITS 24. Review Board for Government Contracts (1974), Report on the General Review of the Profit Formula for Non-Competitive Government Contracts 25. Willis R. Greer, Jr. and Shu S. Liao (1986), ‘An Analysis of Risk and Return in the Defense Market: Its Impact on Weapon System Competition’ 26. Steven W. Feldman (1988), ‘The Truth in Negotiations Act: A Primer’ 27. Jeffrey A. Sorenson (1989), ‘Are Defense Industry Profits Excessive? A Capital Market Perspective’ 28. Frank R. Lichtenberg (1992), ‘A Perspective on Accounting for Defense Contracts’ PART VI LIBERALIZATION OF DEFENCE MARKETS IN EUROPE 29. Andrew Cox (1994), ‘The Future of European Defence Policy: The Case for a Centralised Procurement Agency’ 30. Martin Trybus (1998), ‘European Defence Procurement: Towards a Comprehensive Approach’ 31. Stephen Martin, Keith Hartley and Andrew Cox (1999), ‘Defence Procurement of Dual-Use Goods: Is There a Single Market in the European Union?’ Name Index

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Book SynopsisThe Political Economy of Integration in the European Union has gained a well-deserved reputation as the key textbook in the area of European studies, economics and politics. This new and fully revised edition comprehensively surveys recent changes - such as the deepening and widening of European integration through eastward expansion and the Maastricht and Amsterdam Treaties - whilst continuing to offer a thorough overview of integration.The core material has been revised to ensure the best possible grounding in the political economy of the EU. Jeffrey Harrop presents an accessible account of European integration, including: free trade, the customs union and the internal market agriculture and fisheries industrial and technological policies regional and social problems and policies monetary integration fiscal policy: taxation and the EU budget world-wide trading links an in-depth discussion of EU enlargement, including the proposed integration of Central and East European countries an assessment of energy, transport and environment policies an overall view of the progress and possible future of the European Union. The book has been widely adopted for both specialist courses in economics as well as interdisciplinary courses in European studies. Teachers who are already using the book or who would like to consider it are invited to send for a 60-day examination copy of the third edition.Trade Review'This volume provides a useful account of European integration, including free trade, the customs union and internal market, agriculture and fisheries, industry and technology, regional and social problems, monetary integration, taxation, and the EU budget.' -- Aslib Book Guide'This updated edition continues to be a useful introductory resource for courses in European studies.' -- G.T. Potter, ChoiceAcclaim for the first edition:'This is a concise and clearly written account of the main areas of Community policy and as such provides a readable introduction to the European Community.' -- Dennis Swann, The Economic Journal'. . . this book provides a concise account of the progress towards economic integration in the European Community and will give its readers a real understanding of the issues and principles which underlie the various sectors of economic integration.' -- J. Lynne Evans, EconomicsTable of ContentsContents: Preface to the Third Edition Introduction 1. Organizational Stepping Stones 2. The Structure and Operation of EU Institutions 3. Free Trade, the Customs Union and Internal Market 4. Agriculture and Fisheries 5. Industrial and Technological Policies 6. Energy, Transport and Environmental Policy 7. Regional and Social Problems and Policies 8. Monetary Integration 9. Fiscal Policy: Taxation and the EU Budget 10. World-wide Trading Links 11. Enlargement and Integration 12. Prospect and Retrospect Bibliography Index

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Book SynopsisThis highly accessible book explains the theoretical, historical and political background of the North American Free Trade Agreement (NAFTA), its impact and the debates surrounding its existence. In addition the authors provide a brief introduction to the theory of economic integration as well as a succinct overview of the evolution of the global economy, and the institutions that manage it, in the post World War II period.Key issues examined include: how and why NAFTA emerged in the early 1990s and its performance since implementation the economic development and commercial policy of each member country in the context of the rapidly changing global economy NAFTA's technical strengths and limitations the debates which still rage between its proponents and critics The team of US, Canadian and Mexican authors argue that while NAFTA has introduced novel social and environmental innovations in trade agreements, given Mexico's macroeconomic volatility, it provides a less than perfect approach for managing North America's rapidly expanding economic integration.North American Economic Integration can be used by a wide audience from students to professionals and academics from any discipline with an understanding of the basic principles of economics. Specifically, the book will be welcomed by students of international economics, political economy and international relations.Trade Review'. . . excellent introduction and overview of developments leading up to the implementation of the North American Free Trade Act. Recommended for general readers and undergraduate students.' -- G.T. Potter, Choice'It is rare to find a book written by so many authors that reads as smoothly as this. What distinguishes this volume from other books on the reasons for NAFTA is its wider approach to the topic. Rather than simply focusing on the immediate reasons for the negotiation of NAFTA the authors place this agreement in a larger historical context. They review the evolution of the global economy in the postwar period as well as the specific industrial strategies of the NAFTA partners. A signal contribution of the book is the attention it gives to the analysis of international trade and the benefits of global and preferential trading arrangements.' -- Maureen Appel Molot, Carleton University, Canada'This is a first-rate text for undergraduate students because of the readable way the trilateral group of authors from Canada, Mexico and the US discuss the evolution of trade theory and then relate this to the development of trade policy in each of their countries and the process of trade integration in North America.' -- Sidney Weintraub, Centre for Strategic and International Studies, Washington DC, US'Thoroughly researched and lucidly written, this impressive book is not only a key reference source on NAFTA, but a definitive guide to emergent issues in trade policy.' -- Mark Casson, University of Reading, UKTable of ContentsContents: Preface Part I: Introduction 1. NAFTA in the Global Context 2. International Integration: Theory and Practice 3. The Global Economy after World War II Part II: Introduction 4. The United States after World War II 5. Canada’s Economic Development and Integration 6. Mexico’s Economic Development Part III: Introduction 7. North American Economic Integration: Trial by Fire 8. NAFTA and Beyond References Glossary Index

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Book SynopsisThe Asia-Pacific Rim is still potentially one of the most dynamic areas of the global economy, and the European Union (EU) is the world's most prosperous market. The development of relations between the EU and Association of South East Asian Nations (ASEAN) is vitally important for the future economic evolution of both regions. This book traces the relationship between the EU and ASEAN, considering the current and future position of trade relations.After discussing international commerce and trade at the beginning of the twenty-first century, the authors explore regionalism in the global economy and the establishment of regional trade organizations, in particular the EU and ASEAN. They then contrast the direct organization-to-organization approach which has characterized EU-ASEAN relations with that of APEC (Asia Pacific Economic Cooperation). The book concludes with a substantial discussion of the institutional and policy changes that the EU and ASEAN need to enhance their future trading relationship. In addition, the authors offer insights from the EU-ASEAN experience for relations among other regional trade organizations.Regional Trading Blocs in the Global Economy will be welcomed by scholars and students interested in international trade, regional economics, European and Asian studies.Table of ContentsContents: Preface 1. International Commerce in the Twenty-first Century 2. Regionalism in World Trade 3. The Organizations 4. The European Union and ASEAN 5. Implications of APEC for EU–ASEAN Relations 6. Towards a New Era in EU–ASEAN Relations 7. Insights from the EU–ASEAN Experience for Relations among Regional Trade Organizations References Index

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Book SynopsisAsia Meets Europe raises questions about the nature of regions and, in particular, about the role of inter-regionalism in a rapidly changing environment.Julie Gilson considers the correlation between Asia and Europe within the framework of the unique post cold-war inter-regional Asia-Europe Meeting (ASEM). The author then examines the nature of this new type of interaction and its various economic and political forms by exploring the historical precedents and prevailing ideas of region that shape and distort it. The book also encompasses the challenging roles of private enterprise and non-governmental organisations (NGOs) when faced with state actors who continue to regard regional and inter-regional co-operation with ambivalence.Asia Meets Europe will be of special interest to academics and researchers of Asian studies, Asia-Europe relations and international political economy. Practitioners involved in policy making in East Asia and Europe will also find the book of use.Trade Review'Julie Gilson's book provides a well-developed explanatory framework to understand the new economic, political and socio-cultural dimensions of contemporary Asia-Europe relations. . . The book provides a well-developed theoretical discussion on Asia-Europe relationships. . . This book is a good start and can serve as a reference for those who are interested in Asian studies, Asia-Europe relations and international political economy.' -- Dong Guo, The Economic JournalTable of ContentsContents: Preface 1. Concepts of Inter-Regionalism 2. East is East . . . 3. Economic Exchanges 4. Political Dialogue 5. On the Margins of Summitry 6. Conclusion: Interpreting Inter-Regionalism Chronology Bibliography Index

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Book SynopsisThe Political Economy of Integration in the European Union has gained a well-deserved reputation as the key textbook in the area of European studies, economics and politics. This new and fully revised edition comprehensively surveys recent changes - such as the deepening and widening of European integration through eastward expansion and the Maastricht and Amsterdam Treaties - whilst continuing to offer a thorough overview of integration.The core material has been revised to ensure the best possible grounding in the political economy of the EU. Jeffrey Harrop presents an accessible account of European integration, including: free trade, the customs union and the internal market agriculture and fisheries industrial and technological policies regional and social problems and policies monetary integration fiscal policy: taxation and the EU budget world-wide trading links an in-depth discussion of EU enlargement, including the proposed integration of Central and East European countries an assessment of energy, transport and environment policies an overall view of the progress and possible future of the European Union. The book has been widely adopted for both specialist courses in economics as well as interdisciplinary courses in European studies. Teachers who are already using the book or who would like to consider it are invited to send for a 60-day examination copy of the third edition.Trade Review'This volume provides a useful account of European integration, including free trade, the customs union and internal market, agriculture and fisheries, industry and technology, regional and social problems, monetary integration, taxation, and the EU budget.' -- Aslib Book Guide'This updated edition continues to be a useful introductory resource for courses in European studies.' -- G.T. Potter, ChoiceAcclaim for the first edition:'This is a concise and clearly written account of the main areas of Community policy and as such provides a readable introduction to the European Community.' -- Dennis Swann, The Economic Journal'. . . this book provides a concise account of the progress towards economic integration in the European Community and will give its readers a real understanding of the issues and principles which underlie the various sectors of economic integration.' -- J. Lynne Evans, EconomicsTable of ContentsContents: Preface to the Third Edition Introduction 1. Organizational Stepping Stones 2. The Structure and Operation of EU Institutions 3. Free Trade, the Customs Union and Internal Market 4. Agriculture and Fisheries 5. Industrial and Technological Policies 6. Energy, Transport and Environmental Policy 7. Regional and Social Problems and Policies 8. Monetary Integration 9. Fiscal Policy: Taxation and the EU Budget 10. World-wide Trading Links 11. Enlargement and Integration 12. Prospect and Retrospect Bibliography Index

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Book SynopsisGlobalization and Labour Markets is an authoritative two-volume collection which will prove an invaluable source of reference to students and scholars in the field of labour markets in the new global economy.Volume I features articles on the Stolper-Samuelson theorem and trade and wages whilst volume II focuses on labour market microstructure and adjustment, trade and employment, migration and labour market adjustment and foreign direct investment and labour markets.Trade Review'The authors have assembled a collection of the best articles on one of the most important current issues in international economics. Those who are tracking the debate on labour market adjustments in open economies will find these volumes invaluable.' -- Peter J. Lloyd, University of Melbourne, AustraliaTable of ContentsContents: Volume I Acknowledgements Introduction: Globalization and Labour Markets: Literature Review and Synthesis David Greenaway and Douglas R. Nelson PART I STOLPER-SAMUELSON THEOREM 1. Wolfgang F. Stolper and Paul A. Samuelson (1941), ‘Protection and Real Wages’ 2. Ronald W. Jones (1965), ‘The Structure of Simple General Equilibrium Models’ 3. Ronald W. Jones and José A. Scheinkman (1977), ‘The Relevance of the Two-Sector Production Model in Trade Theory’ 4. P.J. Lloyd and A.G. Schweinberger (1997), ‘Conflict Generating Product Price Changes: The Imputed Output Approach’ 5. Ronald W. Jones (1997), ‘Trade, Technology, and Income Distribution’ PART II TRADE AND WAGES 6. Stephen P. Magee (1980), ‘Three Simple Tests of the Stolper-Samuelson Theorem’ 7. Robert Z. Lawrence and Matthew J. Slaughter (1993), ‘International Trade and American Wages in the 1980s: Giant Sucking Sound or Small Hiccup?’ 8. Jagdish Bhagwati and Vivek H. Dehejia (1994), ‘Freer Trade and Wages of the Unskilled – Is Marx Striking Again?’ 9. Alan V. Deardorff and Robert W. Staiger (1988), ‘An Interpretation of the Factor Content of Trade’ 10. Adrian Wood (1995), ‘How Trade Hurt Unskilled Workers’ 11. Jeffrey D. Sachs and Howard J. Shatz (1998), ‘International Trade and Wage Inequality in the United States: Some New Results’ 12. Edward E. Leamer (1998), ‘In Search of Stolper-Samuelson Linkages between International Trade and Lower Wages’ 13. Paul Krugman (1995), ‘Growing World Trade: Causes and Consequences’ 14. Joseph F. Francois and Douglas Nelson (1998), ‘Trade, Technology, and Wages: General Equilibrium Mechanics’ 15. Rod Tyers and Yongzheng Yang (1997), ‘Trade with Asia and Skill Upgrading: Effects on Labor Markets in the Older Industrial Countries’ PART III LABOUR-MARKET MICROSTRUCTURE AND ADJUSTMENT 16. Michael Mussa (1974), ‘Tariffs and the Distribution of Income: The Importance of Factor Specificity, Substitutability, and Intensity in the Short and Long Run’ 17. Ronald W. Jones (1996), ‘International Trade, Real Wages, and Technical Progress: The Specific-Factors Model’ 18. Donald R. Davis (1998), ‘Does European Unemployment Prop Up American Wages? National Labor Markets and Global Trade’ 19. Carl Davidson, Lawrence Martin and Steven Matusz (1988), ‘The Structure of Simple General Equilibrium Models with Frictional Unemployment’ 20. Steven J. Matusz (1994), ‘International Trade Policy in a Model of Unemployment and Wage Differentials’ 21. Noel Gaston and Daniel Trefler (1995), ‘Union Wage Sensitivity to Trade and Protection: Theory and Evidence’ Name Index Volume II Acknowledgements An introduction by the editors to both volumes appears in Volume I PART I TRADE AND EMPLOYMENT 1. Dieter Schumacher (1984), ‘North–South Trade and Shifts in Employment: A Comparative Analysis of Six European Community Countries’ 2. Ana L. Revenga (1992), ‘Exporting Jobs? The Impact of Import Competition on Employment and Wages in U.S. Manufacturing’ 3. Ciaran Driver, Andrew Kilpatrick and Barry Naisbitt (1985), ‘The Employment Effects of UK Manufacturing Trade Expansion with the EEC and the Newly Industrialising Countries’ 4. David Greenaway, Robert C. Hine and Peter Wright (1999), ‘An Empirical Assessment of the Impact of Trade on Employment in the United Kingdom’ 5. Thomas L. Hungerford (1995), ‘International Trade, Comparative Advantage and the Incidence of Layoff Employment Spells’ 6. Lori G. Kletzer (1998), ‘International Trade and Job Displacement in U.S. Manufacturing, 1979–1991’ 7. Patrick A. Messerlin (1995), ‘The Impact of Trade and Capital Movements on Labour: Evidence on the French Case’ 8. Noel Gaston (1998), ‘The Impact of International Trade and Protection on Australian Manufacturing Employment’ PART II MIGRATION AND LABOUR MARKET ADJUSTMENT 9. Jean Baldwin Grossman (1984), ‘Illegal Immigrants and Domestic Employment’ 10. George J. Borjas (1987), ‘Immigrants, Minorities, and Labor Market Competition’ 11. David Card (1990), ‘The Impact of the Mariel Boatlift on the Miami Labor Market’ 12. Joseph G. Altonji and David Card (1991), ‘The Effects of Immigration on the Labor Market Outcomes of Less-skilled Natives’ 13. Kristin F. Butcher and David Card (1991), ‘Immigration and Wages: Evidence from the 1980’s’ 14. Robert J. LaLonde and Robert H. Topel (1991), ‘Immigrants in the American Labor Market: Quality, Assimilation, and Distributional Effects’ 15. George J. Borjas, Richard B. Freeman and Lawrence F. Katz (1997), ‘How Much Do Immigration and Trade Affect Labor Market Outcomes?’ 16. Michael J. Greenwood, Gary L. Hunt and Ulrich Kohli (1997), ‘The Factor-market Consequences of Unskilled Immigration to the United States’ 17. Rachel M. Friedberg and Jennifer Hunt (1995), ‘The Impact of Immigrants on Host Country Wages, Employment and Growth’ PART III FDI AND LABOUR MARKETS 18. Magnus Blomström, Gunnar Fors and Robert E. Lipsey (1997), ‘Foreign Direct Investment and Employment: Home Country Experience in the United States and Sweden’ 19. S. Lael Brainard and David A. Riker (1997), ‘Are U.S. Multinationals Exporting U.S. Jobs?’ 20. Robert C. Feenstra and Gordon H. Hanson (1999), ‘The Impact of Outsourcing and High-Technology Capital on Wages: Estimates for the United States, 1979–1990’ 21. Robert Z. Lawrence (1994), ‘Trade, Multinationals, and Labor’ 22. James R. Markusen and Anthony J. Venables (1997), ‘The Role of Multinational Firms in the Wage-Gap Debate’ Name Index

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Book SynopsisIn this seminal book, a distinguished group of experts pinpoint and rigorously analyse central topics in international business research. This volume will become a major reference tool for understanding the economics of multinational enterprise. The emphasis throughout is on a new dynamic research agenda, for theory, for empirical research and for public policy.The wide-ranging topics discussed include: the importance of the location of production market structure and multinational enterprise technology, productivity and the multinational firm multinational enterprises and developing countries international business and public policy issues analytic models. The juxtaposition of ideas will provoke productive discussions among faculty and at conferences, and will stimulate useful new thought processes in any individual researcher. This book will be required reading for academics and scholars seeking guidance on the future research agenda for the economics of multinational enterprise.Trade Review'Each chapter is both thoughtful and provocative in its distilled survey of recent developments and in identifying areas of future interest. As such, there are far more "nuggets" contained here than in most volumes. The book will appeal primarily to (specialist) academic economists and their prospective doctoral students but it also provides a lucid survey of issues and analysis that, in great part is accessible to the informed non-specialist.' -- Robert Read, The Business Economist'This is a useful addition to the literature on MNEs and a must for researchers and policymakers in the area of international business.' -- C.S. Venkata Ratnam, Global Business ReviewTable of ContentsContents: Introduction 1. Research on International Business: Problems and Prospects 2. Models of the Multinational Enterprise 3. Location and the Multinational Enterprise: A Neglected Factor? 4. Market Structure and the Multinational Enterprise: A Game-Theoretic Approach 5. Multinational Enterprise and Economic Analysis: Technology and Productivity 6. Multinationals and the Developing Countries 7. Multinational Enterprises and Public Policy 8. Overview and Public Policy Reflections Index

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Book SynopsisThis book explores whether foreign direct investment (FDI) can contribute to the competitiveness of industries in Central Europe and to narrowing the gap between these transition economies and countries within the European Union. The Czech Republic, Hungary, Slovakia and Slovenia have attracted substantial FDI since the beginning of their transition to a market economy. Using exhaustive empirical data, the authors demonstrate that foreign investment enterprises in Central Europe have higher allocative efficiency, promote macro- and microeconomic restructuring and foster the restructuring of the manufacturing sector in accordance with the host countries' comparative advantages. The case of Austria is used to demonstrate the possible benefits of FDI. On the other hand, high foreign penetration leads to the concentration of production and exports and makes the economy more vulnerable to external shocks. In addition, there may be unwelcome pressures on economic policy in order to maintain the country's position as a frequented investment target. However, the analysis in this book suggests that, on the whole, economies in transition can become more competitive more rapidly and more profoundly with the help of foreign direct investment.This book will be of interest to students and scholars of international economics, European studies, economies of transition and international business.Trade Review'This book. . . represents a very valuable contribution to the literature on the role of FDI in development in Central and Eastern Europe. It is therefore a must for both scholars and practitioners who are involved in foreign investment in economies in transition.' -- Marjan Svetlicic, Transnational Corporations'The book goes a long way toward understanding a host of key issues related to the emerging pattern of MNC-cum-host collaborative growth in Central and Eastern Europe.' -- From the foreword by Terutomo Ozawa, Colorado State University, USTable of ContentsContents: Foreword Introduction 1. Introduction: Integration Through FDI Making Central European Industries Competitive 2. Central Europe Catching-up Through FDI? 3. FDI, Technology Transfer and Growth in Economic Theory 4. The Role of FDI in Restructuring and Modernization: An Overview of Literature 5. Austria – Catching-up Through Inward FDI? 6. Foreign Penetration in Central European Manufacturing 7. Restructuring and Efficiency Upgrading with FDI 8. Production Specialization in Central European Manufacturing 9. FIEs and Productivity Convergence in Central Europe 10. The Impact of FDI on the Foreign Trade of CECs 11. FDI in the Balance-of-Payments Framework Index

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Book SynopsisThis important and timely book examines the impact of different financial systems on investment. It considers the increasing effects of globalization on the relationship between national financial systems and investment, which is especially relevant in light of the recent Asian crisis. Marc Schaberg explores the way in which countries finance investment and the institutional arrangements which are in place for channelling finance to investment projects. He specifically examines the patterns of sources and uses of funds in non-financial enterprise sectors in the US, UK, France, Japan and Germany. Using time series data and econometric tests, he measures and categorises the financial systems of these countries. He also assesses the empirical evidence to question the commonly held assumption that financial systems are converging.Globalization and the Erosion of National Financial Systems will be welcomed by students and scholars working in the areas of money and banking as well as by financial economists.Table of ContentsContents: Introduction 1. Financial Systems 2. The Structure of Financial Systems 3. Financial Systems and Investment 4. External and Internal Finance 5. Investment, Financial Asset Purchases and Sources of Funds 6. Globalization and the Convergence of National Financial Systems 7. Policies for the New Financial Environment References Index

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Book SynopsisThe widespread capital market liberalisation has resulted in a massive surge in international capital flows and the development of a more integrated world financial system. At the same time, however, the volatility of capital flows has increased and the stability of this modern financial system has been called into question by a number of financial and currency crises. In this volume the editors assess the behaviour of international capital markets during this period, focusing on both the causes and the consequences of financial instability. They examine the origins of the Latin American and East Asian crises and the lessons that can be drawn from these, and they consider the proposals for reform of the international financial system which have followed. This collection of papers, written by both academics and practitioners, is addressed both to specialists and to a wider audience, and will provide insight into an extremely important global development.Table of ContentsContents: Acknowledgements Introduction Gregor Irwin and David Vines PART I CAPITAL FLOWS AND FINANCIAL INSTABILITY 1. Andrew Crockett (1997), ‘Why is Financial Stability a Goal of Public Policy?’ 2. Kenneth Rogoff (1999), ‘International Institutions for Reducing Global Financial Instability’ 3. Stijn Claessens, Michael P. Dooley and Andrew Warner (1995), ‘Portfolio Capital Flows: Hot or Cold?’ 4. Richard Portes and David Vines (1997), Coping with International Capital Flows PART II THE MEXICAN CRISIS 5. Guillermo A. Calvo and Enrique Mendoza (1996), ‘Petty Crime and Cruel Punishment: Lessons from the Mexican Debacle’ 6. Jeffrey Sachs, Aaron Tornell and Andrés Velasco (1996), ‘The Collapse of the Mexican Peso: What Have We Learned?’ 7. Morris Goldstein and Guillermo A. Calvo (1996), ‘What Role for the Official Sector?’ 8. Andrew Crockett (1996), ‘Lessons from the Mexican Crisis’ PART III THE EAST ASIAN CRISIS 9. Paul Krugman (1998), ‘What Happened to Asia?’ 10. Steven Radelet and Jeffrey D. Sachs (1998), ‘The East Asian Financial Crisis: Diagnosis, Remedies, Prospects’ 11. Giancarlo Corsetti, Paolo Pesenti and Nouriel Roubini (1999), ‘What Caused the Asian Currency and Financial Crisis?’ 12. Jenny Corbett, Gregor Irwin and David Vines (1999), ‘From Asian Miracle to Asian Crisis: Why Vulnerability, Why Collapse?’ 13. Paul Krugman (1999), ‘Analytical Afterthoughts on the Asian Crisis’ PART IV THE LESSONS OF THE 1990s 14. D. Brealey (1999), ‘The Asian Crisis: Lessons for Crisis Management and Prevention’ 15. Amar Bhattacharya and Marcus Miller (1999), ‘Coping with Crises: Is There a "Silver Bullet"?’ 16. Stanley Fischer (1999), ‘Reforming the International Financial System’ 17. Morris Goldstein (1998), ‘Halifax II Reforms’ 18. Joseph Stiglitz (1999), ‘Must Financial Crises Be This Frequent and Painful?’ Name Index

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Book SynopsisHistorians and diplomats often claim that each international negotiation is a unique event. In contrast, negotiation theory, building on several academic disciplines, argues that international bargaining is characterized by recurrent patterns that can be generalized and formalized. In the context of that debate, this book addresses whether international economic negotiations differ from other types of negotiation and examines what might be typical and, possibly, special about economic negotiation. It also studies the extent to which economic theory as opposed to negotiation theory can explain the outcome of international economic negotiations. Using the framework of a comparative case study, the authors look at the most important economic issues that are traditionally at stake: trade, money, finance, macroeconomic affairs and direct investment. The cases represent government-to-government, business-to-business and business-to-government negotiations and are described by those who were either personally involved in the negotiations or were close observers.This excellent book will be of great interest to students and scholars of international economics, international business, management and game theory.Trade Review'The book, consisting of an introductory chapter, three concluding chapters, and eleven case studies, seems to be amazingly well integrated. One can only commend the editors for bringing together a group of economists, political scientists, sociologists, lawyers, government officials, and business people to write systematic cases that explicitly compare hypotheses based on economic and negotiations theory . . . In sum, one must truly commend the editors on their achievement. As I have noted, in contrast to most edited volumes, the themes that are raised in the introduction are very carefully and systematically take up by the case study authors, and then the results are subjected to detailed analysis . . . Their approach should be a model to others.' -- Vinod K. Aggarwal, Journal of Economic Literature'This useful collection of papers seeks to derive general principles about the outcomes of international economic negotiations on the basis of the data from eleven diverse trade and financial case studies. Most such negotiations are welfare-enhancing for the participants as a group. The welfare functions of the countries are much more complex and multi-dimensional than those of the firms involved in these negotiations. Each of the parties seeks to structure the framework for the negotiations and the strategy to enhance its share of these gains.' -- Robert Z. Aliber, University of Chicago, USTable of ContentsContents: Preface Part I: Introduction Part II: Case Studies Part III: Analysis Conclusion References and Sources Index

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Book SynopsisDoes globalization mean a race to the bottom in social standards and the inevitable decay of the welfare state? Ramesh Mishra - a leading authority on social policy - examines the implications of globalization in respect of social policy and social standards in advanced industrial countries.Globalization is a form of international neo-liberalism supported by the United States, world markets and organizations such as the IMF and OECD, whose policies are becoming increasingly influential and are putting nation states under pressure to reduce social standards. In this book Ramesh Mishra considers the impact of globalization on full employment and the labour market, income distribution, taxation and social protection in developed capitalist countries. He argues that social standards have declined far more in English speaking countries than in continental Europe and Japan, and that globalization is as much a political and ideological phenomenon as it is economic. In conclusion, Professor Mishra argues the case for a transnational approach to social policy to ensure that social standards rise in line with economic growth.Globalization and the Welfare State is highly accessible and will be welcomed by students and scholars of social policy, social work, political science and sociology as well as by policymakers in international organizations and government.Trade Review'Mishra's book is an important contribution to the literature on globalization and the welfare state. It offers new insights into the consequences of globalization for the welfare state. While his critical analysis is rather easy to follow, it provides the reader with concrete examples that allow for the development of hypotheses of one's own about the impact of globalization on the welfare state in Anglo-Saxon countries.'Table of ContentsList of Figures and Tables List of Abbreviations Acknowledgements Introduction 1. The logic of globalization: the changing context of the welfare state 2. Employment, lobour market and income: growing insecurity and inequality 3. Social policy in retreat or the hollowing out of the welfare state 4. Social policy and democracy: do politics still matter? 5. Globalization in comparative perspective: Sweden, Germany and Japan 6. The logic of globalization revisited 7. Towards a global social policy References Index

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Book SynopsisThis book analyses and quantifies the environmental impact of two closely related phenomena: economic growth and trade liberalisation. Previous work in this area tends to address only the impact of trade or economic growth on the environment, yet, as Matthew Cole shows, the two are inextricably linked.A theoretical and historical background to the relationship between economic growth and the environment, coupled with the environmental impact of international trade, particularly as it has been applied through the GATT/WTO, provides the contextual framework for a detailed empirical analysis. In examining the environmental effects of economic growth and international trade, use is made of Environmental Kuznets Curves (EKCs) and improvements to traditional EKC methodology are suggested. Global policy implications are discussed and conclusions drawn.An essential supplementary text for any undergraduate or postgraduate studying environmental economics, this book should appeal to researchers and policymakers in the field of international economic development as well as anyone with an interest in the global environment.Trade Review'. . . the book provides an admirable concise primer on environmental Kuznets curves (EKCs).' -- Paul Ekins, The Economic Journal'As someone who is instinctively sceptical of economics and economists, it was a pleasant surprise to read this book by an economist on such contentious issues as free trade, environmental degradation and economic growth which did not simply trumpet the orthodox and dominant "pro-globalisation" rhetoric and viewpoint.' -- John Barry, Organization and Environment'. . . this book provides a good insight into the complex relationship between trade liberalisation, economic growth and the environment. . . [the book's] great strength is that it is accessible to non-economists as well as students. It contains only a minimum of formalism and economic jargon throughout. It is rare that economists write books that can be understood by scholars and students from other fields, but Cole has certainly set an example in this respect.' -- Eric Neumayer, Journal of Environmental Policy and Planning'. . . a useful book. . . I offers a clear and balanced summary of the existing literature. . . it is a worthwhile contribution and likely to be of interest to students, academics and policymakers.' -- John Proops, Ecological Economics'As the recent controversy over the Seattle meeting of the WTO has shown, the issue of how trade liberalisation affects the environment remains highly contested and this book is therefore very timely. It provides an up-to-date summary of the debate over the links between trade and the environment and between economic growth and the environment, together with an excellent account of the post-war developments in international policy dealing with trade and environmental issues. Matthew Cole also provides an insightful empirical analysis of the links between growth and the environment, using a more extensive data set than earlier studies, and uses this analysis to assess the impact on the environment of the Uruguay Round of trade liberalisation. Drawing on this analysis he makes a number of proposals for how international agencies might better resolve disputes between trade liberalisation and environmental protection, addressing the issues currently on the agenda of the WTO. Written in a clear and non-technical style the book will be of benefit to policymakers and students wishing to understand the issues behind the current controversy.' -- Alistair Ulph, University of Southampton, UK'This timely book advances the debate about the impact of trade liberalisation on the environment in a balanced way. Cole pays particular attention to institutional settings (especially GATT and WTO), outlines divergent views about the relationship between trade and the environment and their historical evolution, empirically tests and reports on pertinent hypotheses, and draws major global policy conclusions. This book can be considered essential reading given ongoing processes of economic globalisation, attempts to accelerate these via the Washington Consensus, and the continuing development of WTO. It will become an integral part of contemporary debate about the relationship between trade liberalisation and the state of the environment.' -- Clem Tisdell, University of Queensland, AustraliaTable of ContentsContents: 1. Introduction 2. The Development of the GATT/WTO and its Treatment of the Environment 3. Trade Liberalisation, the WTO and the Environment 4. Economic Growth and the Environment 5. Economic Growth and the Environment: An Empirical Analysis 6. The Environmental Impact of the Uruguay Round 7. Policy Implications 8. Conclusion References Index

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Book SynopsisThe spatial dimension of international trade theory has been neglected during most of its history. Trade barriers such as tariffs have been deemed more important. However, in an increasingly integrated world economy seeking to abolish tariffs, spatial considerations have gained in stature. On the way to fostering a spatial trade theory this book supplies a comprehensive analysis of all the different impacts of the inclusion of space and transport costs, covering orthodox trade theory, new trade theories, and economic geography.Karl Steininger also expands spatial analysis to cover spatial preferences and spatial discounting and catalogues the result of spatial production structure and environmental quality in a global economy. Finally, an empirical account is given of the trade and macro-implications of full cost pricing in transport.Trade Review'This is a very nice, timely and unique book on an important and neglected topic, namely the relationship between trade and transport in economic theory.' -- Jeroen van den Bergh, Vrije Universiteit, Amsterdam, The NetherlandsTable of ContentsContents: 1. Introduction 2. The Modelling of Transport in International Trade Theory 3. Transport in Traditional Trade Theory 4. Transport in New Trade Theories 5. Transport in Economic Geography 6. Foreign Trade and Spatial Preferences 7. Foreign Trade and Transport Cost Internationalization 8. Conclusions References Index

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Book SynopsisTrade liberalization has had a major impact on the world economy. As nations continue to engage in preferential trade and with the launching of the first World Trade Organization multilateral round, the need to understand the consequences of trade liberalization has never been greater.Economic Integration and International Trade is a collection of the most important articles on international economic integration. The volume brings an innovative approach to the literature by using a methodology from the theory of tariffs and reform, rather than the conventional trade diversion and creation taxonomy, to select, organize, and unify contributions from almost fifty years of research. Topics include: the welfare consequences from integration, customs unions versus free trade areas, using international income transfers to facilitate trade liberalization, and the effects of integration on economic growth.Economic Integration and International Trade makes an important literature accessible to policymakers and business strategists, and to students, researchers, and teachers of economics, international business, political science and international relations.Table of ContentsContents: Acknowledgements • Introduction Part I: Trade Diversion and Creation, and the General Theory of Second Best 1. Jacob Viner (1950), ‘The Economics of Customs Unions’ 2. Richard G. Lipsey and Kelvin Lancaster (1997), ‘The General Theory of Second Best’ 3. Franz Gehrels (1956-57), ‘Customs Union from a Single-Country Viewpoint’ Part II: Preliminaries A Tariff Changes and Welfare 4. Ronald W. Jones (1969), ‘Tariffs and Trade in General Equilibrium: Comment’ 5. Michihiro Ohyama (1972), ‘Trade and Welfare in General Equilibrium’ B Optimum Tariffs and Retaliation 6. J. de V. Graaf (1949-50), ‘On Optimum Tariff Structures’ 7. Harry G. Johnson (1953-54), ‘Optimum Tariffs and Retaliation’ 8. Eric W. Bond (1990), ‘The Optimal Tariff Structure in Higher Dimensions’ 9. Daniel Gros (1987), ‘A Note on the Optimal Tariff, Retaliation and the Welfare Loss from Tariff Wars in a Framework with Intra-Industry Trade’ C Tariff Reform 10. Tatsuo Hatta (1977), ‘A Theory of Piecemeal Policy Recommendations’ Part III: Results on Integration and Welfare A Integration and National Welfare 11. Richard G. Lipsey (1970), ‘Inter-Commodity Substitution with Constant Real Prices: 2 The Graham Demand Case’ 12. Raymond Riezman (1979), ‘A 3x3 Model of Customs Unions’ 13. Paul Wonnacott and Ronald Wonnacott (1981), ‘Is Unilateral Tariff Reduction Preferable to a Customs Union? The Curious Case of the Missing Foreign Tariffs’ 14. Carsten Kowalczyk (1993), ‘Integration in Goods and Factors: The Role of Flows and Revenue’ B Integration and Union Welfare 15. John McMillan and Ewen McCann (1981), ‘Welfare Effects in Customs Unions’ 16. Konstantine Gatsios and Larry Karp (1991), ‘Delegation Games in Customs Unions’ C Integration and World Welfare 17. Tatsuo Hatta and Takashi Fukushima (1979), ‘The Welfare Effect of Tariff Rate Reductions in a Many Country World’ 18. Carsten Kowalczyk (1992), ‘Paradoxes in Integration Theory’ 19. Murray C. Kemp and Henry Y. Wan, Jr. (1976), ‘An Elementary Proposition Concerning the Formation of Customs Unions’ 20. Paul Krugman (1991), ‘The Move Toward Free Trade Zones’ 21. Alan V. Deardorff and Robert M. Stern (1994), ‘Multilateral Trade Negotiations and Preferential Trading Arrangements’ 22. Eric W. Bond and Constantinos Syropoulos (1996), ‘The Size of Trading Blocs: Market Power and World Welfare Effects’ Part IV: Other Results A Customs Unions versus Free Trade Areas 23. John Kennan and Raymond Riezman (1990), ‘Optimal Tariff Equilibria With Customs Unions’ 24. Martin Richardson (1995), ‘Tariff Revenue Competition in a Free Trade Area’ B Integration and Sidepayments 25. Earl L. Grinols (1981), ‘An Extension of the Kemp-Wan Theorem on the Formation of Customs Unions’ 26. Carsten Kowalczyk and Tomas Sjöström (1994), ‘Bringing GATT into the Core’ C Integration and Growth 27. Richard E. Baldwin (1992), ‘Measurable Dynamic Gains from Trade’ 28. Joy Mazumdar (1996), ‘Do Static Gains from Trade Lead to Medium-Run Growth?’ 29. Gene M. Grossman and Elhanan Helpman (1990), ‘Comparative Advantage and Long-Run Growth’ 30. Luis A. Rivera-Batiz and Paul M. Romer (1991), ‘Economic Integration and Endogenous Growth’ Name Index

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Book SynopsisThe globalisation of the world economy is one of the major concepts of our time and is likely to influence thinking and policy making well into the 21st century. Although officially welcomed as a major contribution to world welfare it is held by many to be responsible for low wages and mass unemployment. This book questions the seemingly inevitable progress of globalisation and the role of the state as a powerless institution in a globalised economy. Issues discussed include: trade liberalisation and the role of the World Trade Organisation in providing global responses to global issues the globalisation of finance; in particular the integration of capital markets the role of EMU in limiting the social protection level in member states< the effect of globalisation on the structure of the modern nation-state a challenge to the conventional image of globalisation, which is viewed as being far less widespread than we are led to believe This book will be of interest to scholars of the international economics, international political economy and international finance.Trade Review'Each of the chapters is rigorous in its accumulation of evidence and thoughtful in its application of analysis.' -- Ben Rosamond, DemocratizationTable of ContentsContents: Globalisation and the Nation-State: An Introduction 1. Globalisation of International Trade and Investment 2. Globalisation of Financial Markets 3. Globalisation, Competitiveness, Unemployment and Social Protection Co-ordination 4. Reconstructing the Political in a Globalising World: States, Institutions, Actors and Governance 5. The Tyranny of Globalisation: Myth or Reality? Index

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Book SynopsisIn recent decades the world economy has been characterized by deepening and widening integration. Throughout this time, there have been concerns that this process may foster the geographical concentration of industries, a view substantiated by contributions to the new economic geography. In this book, Barbara Dluhosch opposes this position and presents an entirely different view of the consequences of globalization.Barbara Dluhosch carefully identifies and analyses the main pillars of the new economic geography. She then presents an essentially new approach focusing on the decline of communication costs, and introduces cost competition and technological choice, which have largely been neglected. In doing so, she arrives at fundamentally different conclusions and provides new insights into the consequences of regional integration and the process of globalization. Finally, the policy implications of this are critically evaluated by drawing on experiences of European economic integration.Trade Review'This is an important and readable book that deserves to make significant impact on the European economic development debate.' -- Robert J. Bennett, Progress in Human Geography'. . . this book reveals a considerable amount of thoroughness and synthesis most of the available knowledge on convergence versus divergence within Europe. It opens appealing research avenues and I hope it will stimulate fruitful discussions among rural development and regional scientists.' -- Yves Leon, European Review of Agricultural Economics'The book is a valuable contribution to the most important economic event of the new millennium. The book offers refreshingly new insight to the different dimensions of the problems from such integration and, therefore, it is a must for researchers and policymakers.' -- Pradosh Nath, Journal of Scientific and Industrial Research'Barbara Dluhosch calls into question the common wisdom - in vogue since the work of Helpman and Krugman - that economic integration always makes the big get better and the small go south. She arrays a number of powerful arguments, all with competition as a basic theme, that can reverse the centripetal force often presumed to dominate economic integration, even while remaining within an imperfect competition framework of analysis. Cost competition on the supply side drives firms to fragment production and spread these activities spatially, while increases in consumer choice raise effective elasticities on the demand side. The evidence presented on Europe is indeed supportive of the view that convergence, and not divergence, better characterizes economic integration there over the last three decades.' -- Michael Burda, Humboldt University of Berlin, Germany'This is an interesting and inspiring book. The main innovations of this study are the incorporation of the Lancastrian model of demand for commodity characteristics into the love-of-variety approach a la Dixit and Stiglitz and a non-conventional modelling of production technology. These modifications of existing models help to better understand and explain some of the phenomena that have been experienced in historical processes of integration. This study demonstrates possibilities to bridge existing gaps between traditional trade theory and the new economic geography . . . her approach is highly innovative, it produces new and interesting insights and paves a way for future research in this area.' -- Michael Rauscher, University of Rostock, GermanyTable of ContentsContents: Preface 1. Integration and Economic Development: Is History Destiny? 2. Stylised Facts on EU-wide Geographical Disparities 3. Centripetal Forces Dominating: The Home Market Effect 4. Centrifugal Forces Dominating: The Foreign Market Effect 5. EU Cohesion: A Matter of Income Distribution? 6. Reprise: History is not Destiny Bibliography Index

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Book SynopsisIn the second half of 1997 Thailand, Malaysia, Korea and Indonesia experienced a massive outflow of foreign capital - more than $100 billion. The effects of this rival the worst years of the Latin American debt crisis and the early years of the Great Depression.The Asian crisis demonstrates how interconnected the global economy has become, and this book is the first attempt, by an international group of experts, to understand the Asian financial crisis by taking into account the dynamics of private capital flows. The authors answer some of the most important questions relating to the Asian crisis, and seek to find solutions to prevent such crises occurring again, including: what caused the crisis in Asian countries? why did most analysts fail to anticipate the crisis? why were the effects so severe? what is the key to recovery in Asia and other crisis countries? what can be done to prevent such a crisis from occurring again? how can the international system deal with such circumstances more successfully? Private Capital Flows in the Age of Globalization will be invaluable to policymakers, investors and scholars working in the fields of money, finance and banking, Asian studies, development and international economics.Trade Review'This is a penetrating study that is of great value to a wide range of professionals in fields of money, finance and banking as well as fields of economics.' -- Aslib Book GuideTable of ContentsContents: Introduction Part I: The Asian Crisis in Perspective 1. Excess Competition, Moral Hazard and Industrial Trauma in Korea 1997–8 2. The Asian Financial Crisis in Perspective 3. The East Asian Financial Crisis 4. Latin America Confronting the Asian Crisis Part II: Debt Restructuring and Orderly Work-Outs 5. Exorcizing Asian Debt 6. At the Insolvency Masquerade, What Mask for the IMF? 7. Sovereign Rescues Part III: Moral Hazard and Systemic Risk 8. Systemic Risk, Moral Hazard and the International Lender of Last Resort 9. Dealing with Systemic Risk 10. Creditor Panic, Asset Bubbles and Sharks Index

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Book SynopsisThe formulation of a common European monetary policy offers an important challenge to policymakers both in Europe and around the globe. The analysis of monetary transmission mechanisms in Europe, and the US, provides insights of great importance as the institutional environment of monetary policy changes.Historically, it has been proved difficult to empirically establish the effects of monetary policy measures on the economy. This study of the monetary transmission mechanism pays close attention to the role of financial markets in the transmission process. The author analyses aspects of monetary transmission, such as interest rates and exchange rates, with evidence from several European countries including the Netherlands, UK and Germany as well as from the US. This research on monetary transmission greatly increases our understanding of the effect, or ineffectiveness, of monetary policy on economies in general.The author presents a comprehensive discussion of the outcomes of empirical research along with an extensive survey of the literature and a discussion of the methods used, since interest in the subject was renewed in the 1980s. This work will be invaluable to policymakers in central banks and government ministries as well as academic researchers and economists alike.Trade Review'I can fully recommend this book to those interested in the transmission process of monetary policy.'Table of ContentsContents: 1. Introduction 2. A Survey of the Literature 3. Monetary Policy in a Small Open Economy 4. Monetary Policy and Bank Lending in the Netherlands 5. Characteristics of the Dutch Credit Market 6. Monetary Transmission and Business Cycle Asymmetry 7. Asymmetric Effects of Monetary Policy 8. Summary and Conclusions A. Data B. Innovation Analysis References Index

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Book SynopsisPotential new entrants to the European Union from Central and Eastern European countries face many challenges to achieve financial convergence with the existing EU nations. Using detailed case studies from Bulgaria, the Czech Republic, Latvia, Lithuania and Poland and analysis of cross country data from these regions, Financial and Monetary Integration in the New Europe looks at the key issues for applicant countries as they negotiate the terms of their membership in the European Union.Of major concern to these countries is the financial sector and its implications for economic growth and the conduct of macroeconomic policy. The book examines, in particular, monetary and exchange rate policies, banking regulation and financial market efficiency. The overall impact of building a market driven financial system on economic development is also explored. This volume illustrates that overall, transition countries have made great strides in transformation to market economies and that most have experienced significant economic growth. However, there is still some institution building to be completed and outstanding policy issues to be resolved.Financial and Monetary Integration in the New Europe will be of great interest to EU and CEE policymakers and will prove useful reading to those concerned with EU expansion and CEE economic development.Table of ContentsContents Preface and acknowledgements 1 Financial integration between the EU and the economies of Central and Eastern Europe: an overview David G. Dickinson and Andrew W. Mullineux PART I MONETARY AND EXCHANGE RATE POLICY 2 Monetary policy and economic development in transitional economies Maxwell J. Fry 3 The Czech approach to inflation targeting Miroslav Hrncÿ’rÿ and Katerÿina Sÿm’dkov‡ 4 The link between FEER and fiscal policy in a transitional period: the case of the Czech economy Katerÿina Sÿm’dkov‡ 5 Interest rate policy and inflation behaviour in the Czech Republic: from exchange rate to inflation targeting Eric Girardin and Nicholas Horsewood 6 Latvia on the way to the European Union: economic policy convergence Inna Sÿteinbuka 7 Monetary policy prospects and Maastricht criteria in Lithuania before accession to the EU Salomeúja Jasinskaiteú, Dalia Vidickieneú and Rasa Melnikieneú 8 The currency board regime in Bulgaria and its sustainability Tatiana Houbenova 9 EMU convergence criteria and international flows of capital: the dilemmas for Polish macroeconomic policy Boguslaw Grabowski and Jerzy Pruski 10 The Asian financial crisis and lessons for CEE economies David G. Dickinson and Andrew W. Mullineux 11 Joining EMU as an irreversible investment David G. Dickinson and Jean-Baptiste Desquilbet PART II FINANCIAL SECTOR DEVELOPMENT 12 Financial stability and economic development in transitional economies Maxwell J. Fry 13 Payment systems and economic development in transitional economies Maxwell J. Fry 14 Mobilization of savings in transition countries: the case of Lithuania Dalia Vidickieneú, Salomeúja Jasinskaiteú and Rasa Melnikieneú 15 The Polish banking sector and EU regulations Andrzej Raczko 16 Banking sector restructuring and debt consolidation in the Czech Republic Roman Matousÿek 17 Market efficiency in transition economies: equity markets and EU accession Nicholas Horsewood and Douglas Sutherland 18 Risk and optimal interest margins: the case of commercial banks in Central Europe Daniel Goyeau, Alain Sauviat and Amine Tarazi 19 The impact of market structure and efficiency on bank profitability: an empirical analysis of banking industries in Central and Eastern Europe CŽline Gondat-Larralde and Laetitia Lepetit 20 Convergence between the financial systems of EU member states and applicant transition economies Victor Murinde, Juda Agung and Andrew W. Mullineux Index

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Book SynopsisJapanese overseas investment in real estate has been little analysed, until now, despite its economic scale and political impact. This unique book explores the political economy of Japanese foreign direct investment in real estate in the United States, Australia and other countries from the mid-1980s onwards.In the period between 1985 and 1994, there was a remarkable rise and decline in Japanese real estate investment abroad. The author explains that this experience was important because real estate investment became a focal point of international tension between Japan and other countries.What this book achieves is an understanding of the speed of the advance and the retreat of Japanese real estate FDI. The author also explains its principal causes as well as its impact on host economies and communities. It will be an important new reference source for political economists and international business scholars as well as for scholars of Japanese studies.Trade Review'After reading this book . . . readers will certainly gain a great amount of knowledge on the subject . . . this book certainly makes a significant contribution to our understanding of Japanese foreign investment in real estate in the 1980s and early 1990s. It is an indispensable source of information and insights for diligent students of the subject.' -- Masahiro Igarashi, Transnational Corporations'Farrell deepens our understanding by presenting well-organized empirical research.' -- Mariko Fujii, Journal of Japanese Studies'This is essential reading for understanding the phenomenon of the "bubble economy". Roger Farrell reveals all about the motivations, strategies and trends in Japanese real estate investment during the investment boom of the late 1980s and early 1990s. He cuts through the hype and gets to the essence of the problem: an absence of strategy and control, and lack of experience on the part of the investors, loose regulatory environments and the openness of the key target markets. It is a cautionary tale, well told.' -- Alan Rix, University of Queensland, Australia'Farrell's is the first comprehensive study. . . . It provides a detailed record of what happened and the costs of what happened. It will be invaluable to those in the business and also to those trying to understand Japan's economic policy problems and challenges today.' -- Peter Drysdale, Australian National University, AustraliaTable of ContentsContents: 1. The Emergence of Japanese Investment in Overseas Real Estate 2. Motivations and Determinants 3. Patterns of Investment 4. Organisation of Investment 5. Investor Motivations 6. Investor Strategies 7. Financial Determinants 8. Locational Determinants 9. The Regulatory Environment 10. Conclusion References Index

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Book SynopsisThe world of finance has been revolutionized in the last twenty years by factors such as the liberalization and subsequent integration of global financial markets and the advances in computing and communications technology. These important changes have led to a stream of financial innovations and theoretical breakthroughs in the area of pricing diverse financial instruments. More than ever before, we witness a process where international securities are traded in a global marketplace.This comprehensive collection encompasses the most recent contributions in the area of international securities. It includes the most important articles on current issues and future development in this key area of international finance. It will be an essential source of reference to researchers, students and practitioners alike.Table of ContentsContents: Volume I Acknowledgements Foreword Richard Roll Preface George Philippatos and Gregory Koutmos Introduction George Philippatos and Gregory Koutmos PART I INTERNATIONAL EQUITIES 1. Richard O. Michaud, Gary L. Bergstrom, Ronald D. Frashure and Brian K. Wolahan (1996), ‘Twenty Years of International Equity Investing’ 2. Giorgio De Santis and Bruno Gérard (1997), ‘International Asset Pricing and Portfolio Diversification with Time-Varying Risk’ 3. Gregory Koutmos (1992), ‘Asymmetric Volatility and Risk Return Tradeoff in Foreign Stock Markets’ 4. Richard Roll (1992), ‘Industrial Structure and the Comparative Behavior of International Stock Market Indices’ 5. Cheol S. Eun and S. Janakiramanan (1986), ‘A Model of International Asset Pricing with a Constraint on the Foreign Equity Ownership’ 6. Shinsuke Ikeda (1991), ‘Arbitrage Asset Pricing under Exchange Risk’ 7. Antonios Antoniou, Ian Garrett and Richard Priestley (1998), ‘Macroeconomic Variables as Common Pervasive Risk Factors and the Empirical Content of the Arbitrage Pricing Theory’ PART II INTERNATIONAL DIVERSIFICATION AND PORTFOLIO MANAGEMENT 8. Philippe Jorion and Leonid Roisenberg (1993), ‘Synthetic International Diversification’ 9. Cheol S. Eun, Richard Kolodny and Bruce G. Resnick (1991), ‘U.S.-based International Mutual Funds: A Performance Evaluation’ 10. Hiroshi Konno and Jing Li (1998), ‘Internationally Diversified Investment Using an Integrated Portfolio Model’ 11. Bing Liang (1999), ‘On the Performance of Hedge Funds’ 12. Richard Roll and Stephen A. Ross (1984), ‘The Arbitrage Pricing Theory Approach to Strategic Portfolio Planning’ PART III SECURITY CROSS LISTINGS AND MULTINATIONALS 13. Richard A. DeFusco, George C. Philippatos and Dosoung Choi (1988), ‘Risk, Return and International Investment by US Corporations’ 14. John Doukas and Nickolaos G. Travlos (1988), ‘The Effect of Corporate Multinationalism on Shareholders’ Wealth: Evidence from International Acquisitions’ 15. Anna D. Martin, Jeff Madura and Aigbe Akhigbe (1999), ‘Economic Exchange Rate Exposure of U.S.-Based MNCs Operating in Europe’ 16. Dennis T. Officer and J. Ronald Hoffmeister (1987), ‘ADRs: A Substitute for the Real Thing?’ 17. Leonard Rosenthal (1983), ‘An Empirical Test of the Efficiency of the ADR Market’ 18. Richard A. DeFusco, George C. Philippatos and Dosoung Choi (1990), ‘Differences in Factor Structures between U.S. Multinational and Domestic Corporations: Evidence from Bilinear Paradigm Tests’ 19. John S. Howe and Jeff Madura (1990), ‘The Impact of International Listings on Risk: Implications for Capital Market Integration’ 20. Shelly E. Webb, Dennis T. Officer and Bryan E. Boyd (1995), ‘An Examination of International Equity Markets Using American Depositary Receipts (ADRs)’ PART IV INTERNATIONAL FIXED INCOME SECURITIES 21. Gregory Koutmos (1996), ‘Time Varying Risk Premia in Eurocurrency Rates’ 22. Gikas A. Hardouvelis (1994), ‘The Term Structure Spread and Future Changes in Long and Short Rates in the G7 Countries: Is There a Puzzle?’ 23. Richard W. Kopcke and Ralph C. Kimball (1999), ‘Inflation-Indexed Bonds: The Dog That Didn't Bark’ 24. Charles Pigott (1993–1994), ‘International Interest Rate Convergence: A Survey of the Issues and Evidence’ 25. Peter Kugler (1990), ‘The Term Structure of Euro Interest Rates and Rational Expectations’ PART V FOREIGN EXCHANGE MARKETS 26. Craig S. Hakkio and Anne Sibert (1995), ‘The Foreign Exchange Risk Premium: Is It Real?’ 27. Bernard Dumas and Bruno Solnik (1995), ‘The World Price of Foreign Exchange Risk’ 28. Richard W. Kopcke (1999), ‘Currency Boards: Once and Future Monetary Regimes?’ 29. Christopher J. Neely (1994), ‘Realignments of Target Zone Exchange Rate Systems: What Do We Know?’ 30. Simon Wren-Lewis (1997), ‘The Choice of Exchange Rate Regime’ 31. Gregory Koutmos (1994), ‘Time Dependent Autocorrelation in EMS Exchange Rates’ 32. Jeffrey D. Sachs (1996), ‘Economic Transition and the Exchange-Rate Regime’ PART VI INTERNATIONAL BANKING 33. John D. Wagster (1996), ‘Impact of the 1988 Basle Accord on International Banks’ 34. Gary C. Zimmerman (1995), ‘Implementing the Single Banking Market in Europe’ 35. Fariborz Moshirian (1993), ‘Determinants of International Financial Services’ 36. Anthony Saunders (1999), ‘Consolidation and Universal Banking’ 37. Anjan V. Thakor (1999), ‘Information Technology and Financial Services Consolidation’ Name Index Volume II Acknowledgements A preface by the editors to both volumes appear in Volume I Introduction George Philippatos and Gregory Koutmos PART I GLOBALIZATION OF FINANCIAL MARKETS 1. Peter A. Abken (1991), ‘Globalization of Stock, Futures, and Options Markets’ 2. G.C. Philippatos, A. Christofi and P. Christofi (1983), ‘The Inter-Temporal Stability of International Stock Market Relationships: Another View’ 3. Steven L. Heston, K. Geert Rouwenhorst and Roberto E. Wessels (1995), ‘The Structure of International Stock Returns and the Integration of Capital Markets’ 4. Gregory Koutmos (1996), ‘Modeling the Dynamic Interdependence of Major European Stock Markets’ 5. François Longin and Bruno Solnik (1995), ‘Is the Correlation in International Equity Returns Constant: 1960–1990?’ 6. Bala Arshanapalli and John Doukas (1993), ‘International Stock Market Linkages: Evidence from the Pre- and Post-October 1987 Period’ 7. Philippe Jorion and William N. Goetzmann (1999), ‘Global Stock Markets in the Twentieth Century’ 8. M. Wayne Marr, John L. Trimble and Raj Varma (1991), ‘On the Integration of International Capital Markets: Evidence from Euroequity Offerings’ PART II INTERACTIONS OF FINANCIAL MARKETS AND PRICE DYNAMICS 9. George C. Philippatos, Efi Pilarinu and A.G. Malliaris (1993), ‘Chaotic Behavior in Prices of European Equity Markets: A Comparative Analysis of Major Economic Regions’ 10. Gregory Koutmos and G. Geoffrey Booth (1995), ‘Asymmetric Volatility Transmission in International Stock Markets’ 11. Johan Knif and Seppo Pynnönen (1999), ‘Local and Global Price Memory of International Stock Markets’ 12. Gregory Koutmos (1997), ‘Feedback Trading and the Autocorrelation Pattern of Stock Returns: Further Empirical Evidence’ 13. Robert F. Engle and Raul Susmel (1993), ‘Common Volatility in International Equity Markets’ PART III EMERGING MARKETS 14. John Mullin (1993), ‘Emerging Equity Markets in the Global Economy’ 15. Gregory Koutmos (1997), ‘Do Emerging and Developed Stock Markets Behave Alike? Evidence from Six Pasific Basin Stock Markets’ 16. Gregory Koutmos (1999), ‘Asymmetric Price and Volatility Adjustments in Emerging Asian Stock Markets’ 17. Richard A. DeFusco, John M. Geppert and George P. Tsetsekos (1996), ‘Long-Run Diversification Potential in Emerging Stock Markets’ 18. Claude B. Erb, Campbell R. Harvey and Tadas E. Viskanta (1999), ‘New Perspectives on Emerging Market Bonds’ 19. Geet Bekaert and Michael S. Urias (1999), ‘Is There a Free Lunch in Emerging Market Equities?’ 20. Vihang Errunza, Lemma W. Senbet and Ked Hogan (1998), ‘The Pricing of Country Funds from Emerging Markets: Theory and Evidence’ PART IV INTERNATIONAL DERIVATIVE SECURITIES 21. Tribhuvan N. Puri and George C. Philippatos (1993), ‘Equilibrium Pricing Functions of Foreign Exchange Forward, Futures, and Option Contracts’ 22. Darrell Duffie (1999), ‘Credit Swap Valuation’ 23. Lixin Wu, Yue Kuen Kwok and Hong Yu (1999), ‘Asian Options with the American Early Exercise Feature’ 24. Ajay Dravid, Matthew Richardson and Tong-sheng Sun (1994), ‘The Pricing of Dollar-Denominated Yen/DM Warrants’ 25. Merton H. Miller (1995), ‘Do We Really Need More Regulation of Financial Derivatives?’ PART V EUROPEAN MONETARY UNION AND IMPLICATIONS FOR FINANCIAL MARKETS 26. Stan Beckers (1999), ‘Investment Implications of a Single European Capital Market’ 27. Anil K. Kashyap and Jeremy C. Stein (1997), ‘The Role of Banks in Monetary Policy: A Survey with Implications for the European Monetary Union’ 28. Daniel Gros (1998), ‘EMU and Capital Markets: Big Bang or Glacier?’ PART VI INTERNATIONAL FINANCIAL CRISES 29. George C. Philippatos and K.G. Viswanathan (1991), ‘Brazilian Debt Crisis and Financial Markets: An Analysis of Major Economic Events Leading to the Brazilian Debt Moratorium’ 30. Richard Roll (1988), ‘The International Crash of October 1987’ 31. Merton H. Miller (1998), ‘The Current Southeast Asia Financial Crisis’ 32. Steven B. Kamin (1999), ‘The Current International Financial Crisis: How Much is New?’ 33. Joseph E. Stiglitz (1999), ‘Reforming the Global Economic Architecture: Lessons from Recent Crises’ Name Index

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Book SynopsisIn this important book, industrial and enterprise reform over the last decade in Eastern Europe is critically reviewed in light of increasing Eastern integration into the global economy. The authors argue for the further globalization of Eastern European enterprise networks as a condition for recovery and growth in the region. Empirical evidence is provided from five industrial sectors (car industry, telecommunication, shipbuilding, computers, software), including case studies and international comparisons.Trade Review'This welcome book examines the automotive industry, with case studies from the Czech Republic, Russia, and Hungary; shipbuilding, with the emphasis on Russia, East Germany, and Poland; food processing throughout the region; telecommunications, with case studies from Russia, Latvia, and Hungary; and computing, both software and hardware, with case studies from throughout the region.' -- Stephen Fortescue, Slavic ReviewThe topic is important and neglected and has major implications for the types of industrial policy that make any sense in transition countries. The clear message of this book is that protective science and technology policies would, for the most part, be a total waste of money. What is needed now is internationalization and a demand-driven approach, exactly the opposite of the former nationally based and supply-led systems existing under socialism.' -- Paul Hare, Heriot-Watt University Edinburgh, UK'Here is a book that goes beyond the abstractions and platitudes of conventional "transition economics" to look at what is really happening on the ground in the post-socialist countries of Eastern Europe . . . The Globalization of Industry and Innovation in Eastern Europe presents a provocative but richly documented assessment of the central dynamic issues facing the East European economies today.' -- David Dyker, SPRU - Science and Technology Policy Research, University of Sussex, UK'The book is important . . . it provides new empirical evidence and new ideas about the restructuring process in Central Eastern Europe. It should be useful to anybody interested in evolution of industry in the region and in the process of re-establishing links with the global economy.' -- Tomasz Mickiewicz, SSEES, University College London, UKTable of ContentsContents: 1. Introduction Part I: Conceptual Framework 2. An Evolutionary View of Post-socialist Restructuring 3. Enterprise Reform and Competition Analysis in the Post-socialist Context Part II: Empirical Analysis and Case Studies 4. The Reemergence of the Automotive Industry in Eastern Europe 5. Local, Regional and Global Production Networks 6. Eastern European Shipbuilding’s Cruise Towards World Markets 7. Food Processing in Western and Eastern Europe 8. Restructuring of the Telecommunications Sector in the West and the East and the Role of Science and Technology 9. Software 10. The Eastern European Computer Industry 11. Restructuring the Computer and Software Industries in Poland Part III: Summary and Outlook 12. Main Findings and Perspectives for Innovation Policies in Eastern Europe and the West Index

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Book SynopsisChina is both the world's most populous country and an important transition economy. It is also a major market for trade and investment. As such, this study of the trends, patterns, issues and problems of trade and investment in recent years is both vital and fascinating.Areas of discussion and analysis in this book include China's trade in a globalized economy, foreign investment after the Asia crisis, the WTO and regional economic development, along with discussion about the relationships with Hong Kong and Australia. Written by nationally and internationally respected experts on the Chinese economy, the book brings together a collection of timely and significant studies on China's trade and investment.The book will be essential reading for scholars of modern China, its economic development and the direction in which it will evolve in the 21st century. Important practical policy implications are reached for use by government, business and academics.Table of ContentsContents: 1. China’s Trade and Investment after the Asia Crisis: An Overview 2. China’s Trade in a Globalized Economy: Trends, Patterns and Future Policy 3. Foreign Investment in China after the Asia Crisis 4. China, the World Trade Organization and Regional Economic Cooperation 5. China’s Stock Market: Emergence, Development and Perspective 6. Hong Kong: Fundamentals of International Trade and Monetary Policy 7. Australia–China Trade after the Asia Crisis 8. China’s Recent Macroeconomic Developments and Policy with Implications for Trade 9. China’s Trade and Investment in the New Millennium Index

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Book SynopsisThis volume addresses important issues in economic theory and international trade with contributions from internationally renowned researchers - including some of Murray C. Kemp's many colleagues and former students.Economic Theory and International Trade begins with an examination of classical trade theory and welfare economics. It goes on to discuss international trade policy, including international trading agreements, taxation, tariffs and quotas. Attention then turns to the role of market structure in joint ventures, innovation, tariff policy and political economy. The final section is devoted to economic dynamics and international economics, with an emphasis on learning mechanisms, sustainable growth and immigration.This book will be indispensable to academics and graduate students in the area of international trade. Economic theorists and international trade specialists such as research units and researchers in government will also find this book of great interest.Table of ContentsContents: Introduction Publications of Murray C. Kemp from 1992 Part I: Classical Trade Theory 1. A New Approach to the Theory of International Trade under Increasing Returns: The Two-Commodities Case 2. On the Shape of Production Possibility Loci under Variable Returns to Scale: The n Commodity m Factor Case 3. A Second Correspondence Principle 4. The Welfare Economics of Encouraging More Births Part II: International Trade Policy 5. The Economic Significance of the GATT/WTO Rules 6. Are Special Economic Zones Desirable? 7. Redistributive Taxation in Closed and Open Economies 8. Unilateral Reforms of Trade and Environmental Policy 9. Quotas, Voluntary Export Restraints and Welfare Part III: Market Structure 10. International Joint Ventures, Moral Hazards and Technology Spillovers 11. The Innovation and Market Structure in General Equilibrium 12. Imperfect Substitutes and Strategic Trade Policies under Cournot Duopoly 13. Comparative Static Analysis for Cournot Oligopoly 14. Endogenous Timing and Welfare in the Game of Trade Policies under International Oligopoly 15. Politics and the Nature of Competition in Oligopolistic Markets Part IV: Economic Dynamics 16. Learning in a Generalised Dornbusch Model of Exchange Rate Dynamics 17. International Immigration, Non-Traded Goods and Economic Welfare in an Overlapping Generations Model 18. The Environment, Externalities and Sustainable Growth in an Overlapping Generations Model 19. Why Trade Matters to Development: A Learning Model 20. The Effects of Growth of its Trading Partners on Malaysia Index

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