International economics Books

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 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 SynopsisChina has experienced dramatic growth and development in the past two decades of economic reform. Yet, since the Asian crisis, the growth rate has declined from its historically high levels and deep-rooted problems such as unemployment, income inequality, surplus rural labour and non-performing debt in state enterprises have resurfaced - all with the potential to undermine the sustainability of growth.China in the Global Economy focuses on the theme of twin transitions occurring in the Chinese economy: the transition from a centrally planned economic system to a market oriented one, and from an agrarian to a modern industrialised society. China's exporters face unprecedented competition in the world market and the flow of foreign direct investment has fallen restraining the growth of the domestic economy. These new challenges have fuelled debate on the perspective of the Chinese economy and its role in the global economy.The book covers developments in the macroeconomy, productivity and reform of state-owned enterprises, issues of international trade such as the management of the exchange rate, the pattern of exports and the development of e-commerce and problems in the agricultural sector and the environment.This important and highly topical book will be warmly welcomed by economists as well as academics and researchers involved with both Asian and globalisation studies.Trade Review'. . . this volume provides a good insight into the methodological questions of Chinese economic studies.' -- Doris Fischer, China Information'The work has . . . many interesting chapters . . . recommended for faculty library acquisition.' -- Malcolm Warner, Asia Pacific Business Reviews'Readers will be impressed by the quality of the papers. . . ' -- Ding Lu, The China JournalTable of ContentsContents: Part I: The Macroeconomy Part II: State-owned Enterprises Part III: International Trade Part IV: Agriculture Part V: Income Distribution and the Environment 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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Book SynopsisThe rise of the institutionalist and evolutionary approaches in economics has posed a serious intellectual challenge to the dominant neo-classical paradigm. This book draws together leading scholars in the fields of institutional and evolutionary economics who apply cutting-edge research to one of the most controversial issues of our day, namely, the role of the state.The authors offer a sound methodological guide to the research in this fast-evolving area of economics. They provide a firm theoretical foundation for the role of the state and review the history of policy making. They also use country studies to reinforce their approach, including the role of the state in the Asian Crisis, the current debate on state reform in Japan, public administration in Central and Eastern Europe and the practice of state reform in Brazil. This book will inspire readers to reassess their views on the role of the state and state reform.Table of ContentsContents: Introduction Part I: Theoretical Perspectives on the Role of the State, Institutions and Conventions 1. An Institutional Perspective on the Role of the State: Towards an Institutionalist Political Economy 2. Evolutionary Economics and the Economic Role of the State 3. Disorderly Coordination: The Limited Capacities of States and Markets 4. Conventions and Institutions: Rethinking Problems of State Reform, Governance and Policy 5. From Micro to Macro: The Concept of Emergence and the Role of Institutions Part II: Policy Perspectives 6. National Diversity and Global Capitalism 7. Gestalt Shift: From ‘Miracle’ to ‘Cronyism’ in the Asian Crisis 8. State Reform in the 1990s: Logic and Control Mechanisms 9. Blockage versus Continuance in Brazilian Industrialization 10. Central Banking, Democratic Governance and Political Authority: The Case of Brazil in a Comparative Perspective 11. Public Administration in Central and Eastern Europe: Considerations from the ‘State Science’ Approach Index

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Book SynopsisDue to financial market imperfections it is imperative to analyse the relationship between financial structure and the monetary policy transmission process in Europe to effectively design and implement European monetary policy.Focusing on the years 1980-1995 and providing empirical evidence for six European countries, namely Germany, France, Italy, the UK, Belgium and the Netherlands, the author discusses whether cross-country variations in financial structure have a systematic relationship with inter-country differences in the monetary transmission process. The analysis of this is invaluable as differences in financial structures across EMU countries may hamper the implementation of a common European monetary policy in the future. The conclusion is that some elements of the financial structure are clearly relevant and applicable for European monetary policy and the monetary transmission process in particular. This highly topical book will be of great interest to academics and professional economists in the field of financial, macro and monetary economics and the economics of European integration.Trade Review'I can fully recommend this book to those interested in the transmission process of monetary policy.' -- Harry Garretsen, De EconomistTable of ContentsContents: Introduction 1. Financial Structure: Theories and Stylized Facts for Six EU Countries 2. Credit and Asymmetric Effects of Monetary Policy in Six EU Countries: An Overview 3. Off-Balance-Sheet Activities in Europe: Empirical Evidence from Bank-Level Panel Data 4. Banks and Monetary Transmission in Europe: Empirical Evidence 5. Credit Channels in Europe: A Cross-Country Investigation 6. Consumption and External Finance Premium in Europe: An Empirical Analysis 7. Summary and Conclusions Bibliography Index

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Book SynopsisThis updated and fully revised second edition provides a comprehensive examination of issues of paramount importance for Southeast Asian economies including: the economic implications of the 1997 Asian crisis for both older and newer members of ASEAN the role of government and FDI in ASEAN economic growth and development trade patterns with the US, Japan and the EU and the economic implications of China's accession to the WTO for ASEAN countries the environmental consequences of industrialisation and growth the emergence of economic growth triangles and their contribution to ASEAN growth and regional cooperation the prospects and challenges of ASEAN economic cooperation before and after the crisis and the key challenges facing ASEAN member countries in the aftermath of the crisis. This is a timely and topical book. The Economies of Southeast Asia, Second Edition will continue to be a valuable and essential text for courses on Asian studies and economics, development economics and comparative economic systems in both the East and West.Trade Review'The book is well written and well structured, mixing country-specific analysis with cross-sectional analysis. It provides an extensive examination of issues of paramount importance for the South East Asian economies and, therefore, should interest academia and policymakers whose interests relate to regionalism and development in East Asia. The author has cleverly included useful suggestions for further reading at the end of each chapter, and a useful index at the end of the book. A paperback edition of over 300 pages costing £19.95 is not only value for money, but affordable as well.' -- Anthony Bende-Nabende, Asia Pacific Business Review'. . . for those seeking a fairly comprehensive mainstream account of the key issues faced by ASEAN (post-1997-98 financial crisis), this book nicely fills the order. Recommended for upper-division undergraduate through faculty collections.' -- S.J. Gabriel, Choice'This timely publication is essential reading for those wanting not only to understand the background to the 1997/98 Asian crisis but also to reach conclusions about the sustainability of recovery in Southeast Asia's economies. It is packed full of relevant detail on intra-regional trade and ASEANs wider trade and investment opportunities. In particular it will inform the important debate on whether regional economic blocs are building blocks or stumbling blocks toward global free trade.' -- Roger Sandilands, University of Strathclyde, UKAcclaim for the first edition:'. . . this book is a useful introduction to the complexities of the development of the Association of Southeast Asian Nations (ASEAN) economies within the context of the development of ASEAN itself.' -- Ahmad D. Habir, Pacific AffairsTable of ContentsContents: Preface An Overview Part I: ASEAN Economic Development and Cooperation Before the Crisis Part II: ASEAN External Economic Relations Part III: The 1997 Asian Crisis and its Aftermath Part IV: Future ASEAN Economic Cooperation and Challenges Appendix Bibliography Index

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Book SynopsisThis volume presents detailed analyses of the role and significance of Small and Medium sized Enterprises (SMEs) in the economies of East Asia. Various aspects of SME operations are studied, including: the role and significance of networking in the conduct of business the contribution of culture to business acumen and entrepreneurialism human resource development constraints and issues technology transfer processes the utilisation and application of information technology by SMEs the impact of electronic commerce the policy framework needed to stimulate the growth of the SME sector. A common framework is adopted between the different studies, enabling substantive lessons to be derived and policy measures to be identified.The Role of SMEs in National Economies in East Asia will be of interest to academics and researchers of industrial organisation, Asian economics and Asian studies as well as policymakers concerned with SME growth in the area.Trade Review'The book deserves to be read by those who take an interest in industrial development and SMEs in the region. It provides good basic reading before executing more in-depth study into a particular country or sector.' -- Henry Sandee, ASEAN Economic BulletinTable of ContentsContents: 1. East Asian SMEs: Contemporary Issues and Developments – An Overview 2. Profile of SMEs and SME Issues in East Asia 3. China’s SMEs: Their Evolution and Future Prospects in an Evolving Market Economy 4. The Limping Tiger: Problems in Transition for Small and Medium Sized Enterprises in Vietnam 5. SMEs and the New Economy: Philippine Manufacturing in the 1990s 6. Old Policy Challenges for a New Administration: SMEs in Indonesia 7. An Overview of the Macroeconomic Contribution of Small and Medium Enterprises in Malaysia 8. Policies for SME Recovery in Thailand 9. Promoting SMEs in Korea: Government Response to the Asian Financial Crisis 10. Government Policies and Programs for Small and Medium Enterprises in Taiwan 11. Small and Medium Sized Enterprises in Australia 12. Japan: The Role of SMEs in the Mature Economy 13. Small and Medium Sized Enterprises in New Zealand 14. Small and Medium Enterprises in Singapore and the New Economy Index

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Book SynopsisTo deal effectively with transboundary environmental problems such as climate change, it is important to have an idea of the model for an 'efficient' and 'fair' policy. An understanding of the strategic interactions involved in the international decision-making process is also essential. Carsten Helm uses rigorous theoretical reasoning and applications to address these issues. The first part of the book contains a normative analysis based on fair division theory and welfare theory. The empirical focus is on burden sharing in the climate change regime, for which a concrete proposal is derived. The book then extends the perspective by taking into account the self-interest of sovereign states. Using cooperative game theory the potential for Pareto efficient cooperation is analysed. Finally, Carsten Helm applies non-cooperative game theory to analyse issues such as environmental and welfare effects of emissions trading, the misuse of scientific uncertainties as a bargaining tool and the effects of discontinuities in environmental systems on cooperation. This highly topical book will be of great interest to economists and political and environmental scientists, as well as all those involved in the policy and decision making of international environmental agreements.Trade Review'Helm's book is impressive for its combination of rigorous theory in real world contexts . . . highly recommended.' -- David Pearce, Environmental and Resource EconomicsTable of ContentsContents: Preface 1. Introduction Part I: International Policy in the Fairness Mode 2. An Axiomatic Approach to Fair Burden Sharing 3. A Welfarist Approach to Fair Burden Sharing Part II: International Policy in the Cooperative Mode 4. Environmental Cooperation as a Coalitional Game Part III: International Policy in the Non-Cooperative Mode 5. International Emissions Trading and the Choice of Allowances 6. Cooperation Behind the Veil of Scientific Uncertainty 7. Dynamic Aspects and Threshold Effects 8. Outlook Bibliography Index

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Book SynopsisWhile integration in the modern world economy is quite different to its counterpart in the last century, national borders are still extremely significant as trade barriers, and the international discussion of globalisation is paramount. This volume centres on two broad themes: the desirability, or otherwise, of globalisation and the practical mechanics of, and prospects for, increased multinational international trade liberalisation.Progress on competition policy issues are discussed along with the future of financial institutions, national policies, the scope of possible future expansion of the World Trade Organisation (WTO), and its dispute-settlement mechanism in light of recent trans-Atlantic disputes.With a diversity of opinions from contributors prominent in fields ranging from business and academia through to Non Governmental Organisations (NGOs) such as the WTO and the British Commonwealth, this is a fascinating look at globalisation and trade. Both foreign policy and economics academics will find this book invaluable, along with policymakers and NGOs.Trade Review'The essays are well written and thought-provoking.' -- John McCallum, Journal of Economic Literature'The book is a useful addition to the literature on integration and globalisation. . . It does go some way to challenge stereotypical ideas and thus it deserves to be read more widely than by specialists in foreign affairs and economics.' -- Mia Mikic, New Zealand Economic Papers'Although the book is mainly concerned with trade issues, an interesting chapter by New Zealand's Alex Sundakov assesses the role played by the World Bank in the provision of international finance and economic surveillance in recent decades. Although he concludes that they still play a valuable role, he shows that their role has not always been benign. In all, students of international economic relations will find this a useful, informative and yet non-technical volume on the subject of the global economy, which provides a balanced presentation of differing opinions about the subject of globalisation and the issues that it presents for policymakers at the start of the twenty-first century.' -- Nigel Grimwade, The Business Economics'A topical book that discusses the most important issues involved in proposals for further globalisation. Competition policy and the future of financial institutions, national policies and proposals for expansion of the World Trade Organisation are all treated very clearly.' -- Aslib Book Guide'Will the globalisation of the world economy create a new kind of global society in the new millennium, or will the competitive pressures unleashed by globalisation undermine social cohesion altogether? If nation states disintegrate, will internet traders and non-governmental pressure groups create a new kind of international political economy? These are just some of the "big issues" addressed in a rigorous fashion by the distinguished contributors to this important book.' -- Mark Casson, University of Reading, UKTable of ContentsContents: 1. Globalisation and International Trade Liberalisation 2. The Global Economy 3. Is Globalisation Today Really Different from Globalisation a Hundred Years Ago? 4. Balanced Growth 5. It’s a Small World After All 6. Globalisation and New Zealand 7. Competition Policies 8. Link Issues and the New Round 9. Multilateralism and Minilateralism 10. Multilateralism and the WTO 11. The WTOs Dispute Settlement Mechanism 12. The Future of International Financial Institutions 13. Polanyi Revisited 14. Rapporteur’s Report Index Contributors: M.D. Bordo, R. Deane, B. Eichengreen, T. Groser, T. Hazledine, J.F. Helliwell, D.A. Irwin, J. Kelsey, P. Lane, D. McKinnon, A.I. Mendelowitz, M. Moore, M. Richardson, D. Robertson, A. Sundakov, K.M. Vautier

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Book SynopsisThe international character of today's most pressing environmental problems has become a key challenge for environmental policy making. As regulation by a supranational authority is not a realistic option at present, policymakers have to rely on decentralized approaches to the management of international environmental resources.This study combines two core dimensions of international environmental policy: the traditional search for cost-effective policy instruments and the creation of incentives for voluntary cooperation among sovereign nations. The analysis offers some clear-cut policy recommendations for the design of environmental treaties and for the further development of existing international institutions to protect the global environment.Table of ContentsContents: Preface 1. Introduction 2. International Environmental Problems 3. Cost-effectiveness 4. Incentive Compatibility 5. Enforcement and Side Payments 6. Financing Incremental Abatement Costs under Asymmetric Information 7. Institutions for the Global Environment 8. Summary and Outlook Appendix Bibliography Index

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Book SynopsisThe degree of international financial integration achieved by capital flows remains a matter of debate. Furthermore, it evolves over time as markets become more and less integrated. Policymakers want to have a precise knowledge of the extent and direction of international capital flows because such flows influence the incentives for tax evasion, international redistribution and the vulnerability of the economy to external shocks. These volumes bring together a comprehensive selection of classic and contemporary readings on international financial integration. First, there is a review of the literature on measuring cross-border capital mobility followed by formal tests of the degree of international financial integration. Second, there is an examination of what factors actually determine the extent of cross-border capital mobility, and hence international financial integration. This authoritative collection will be invaluable for both students and specialists.Trade Review'Market integration, in Europe and elsewhere, is reshaping financial markets at the national and world level, with far-reaching implications for macroeconomic activity, corporate choices and household behavior. By bringing together the best articles on this issue, this book provides an essential reference, that will be of great service to policymakers and researchers alike.' -- Marco Pagano, Universita di Salerno, ItalyTable of ContentsContents: Volume I Acknowledgements Introduction Sylvester C.W. Eijffinger and Jan J.G. Lemmen PART I DEVIATIONS FROM INTEREST RATE PARITY 1. Jeffrey A. Frankel (1992), ‘Measuring International Capital Mobility: A Review’ 2. Jeffrey A. Frankel and Alan T. MacArthur (1988), ‘Political vs. Currency Premia in International Real Interest Differentials: A Study of Forward Rates for 24 Countries’ 3. Michael Mussa and Morris Goldstein (1993), ‘The Integration of World Capital Markets’ 4. Sylvester C.W. Eijffinger and Jan J.G. Lemmen (1995), ‘Money Market Integration in Europe’ 5. Helen Popper (1993), ‘Long-term Covered Interest Parity: Evidence from Currency Swaps’ 6. Philippe Bacchetta (1996), ‘Capital Controls and the Political Discount: The Spanish Experience in the Late 1980s’ 7. Barry Eichengreen, James Tobin and Charles Wyplosz (1995), ‘Two Cases for Sand in the Wheels of International Finance’ 8. Peter Garber and Mark P. Taylor (1995), ‘Sand in the Wheels of Foreign Exchange Markets: A Sceptical Note’ 9. Peter B. Kenen (1995), ‘Capital Controls, the EMS and EMU’ 10. Sebastian Edwards (1999), ‘How Effective are Capital Controls?’ PART II CORRELATIONS BETWEEN SAVINGS AND INVESTMENT 11. Martin Feldstein and Charles Horioka (1980), ‘Domestic Saving and International Capital Flows’ 12. Martin Feldstein (1983), ‘Domestic Saving and International Capital Movements in the Long Run and the Short Run’ 13. Michael Dooley, Jeffrey Frankel and Donald J. Mathieson (1987), ‘International Capital Mobility: What Do Saving-Investment Correlations Tell Us?’ 14. Peter J. Montiel (1994), ‘Capital Mobility in Developing Countries: Some Measurement Issues and Empirical Estimates’ 15. Tamim A. Bayoumi and Andrew K. Rose (1993), ‘Domestic Savings and Intra-national Capital Flows’ 16. Jan J.G. Lemmen and Sylvester C.W. Eijffinger (1995), ‘The Quantity Approach to Financial Integration: The Feldstein-Horioka Criterion Revisited’ 17. W. Jos Jansen (1996), ‘Estimating Saving-Investment Correlations: Evidence for OECD Countries Based on an Error Correction Model’ 18. Robert Krol (1996), ‘International Capital Mobility: Evidence from Panel Data’ 19. Atish R. Ghosh (1995), ‘International Capital Mobility Amongst the Major Industrialised Countries: Too Little or Too Much?’ 20. Jerry Coakley, Farida Kulasi and Ron Smith (1998), ‘The Feldstein-Horioka Puzzle and Capital Mobility: A Review’ 21. Philip R. Lane and Gian Maria Milesi-Ferretti (2001), ‘The External Wealth of Nations: Measures of Foreign Assets and Liabilities for Industrial and Developing Countries’ Name Index Volume II Acknowledgements An introduction by the editors to both volumes appears in Volume I PART I CROSS-COUNTRY CONSUMPTION GROWTH CORRELATIONS 1. Maurice Obstfeld (1986), ‘Capital Mobility in the World Economy: Theory and Measurement’ 2. Maurice Obstfeld (1989), ‘How Integrated are World Capital Markets? Some New Tests’ 3. Maurice Obstfeld (1994), ‘Are Industrial-country Consumption Risks Globally Diversified?’ 4. Tamim Bayoumi and Ronald MacDonald (1995), ‘Consumption, Income, and International Capital Market Integration’ 5. J.J.G. Lemmen and S.C.W. Eijffinger (1998), ‘Financial Integration in Europe: Evidence from Euler Equation Tests’ 6. Eric van Wincoop (1994), ‘Welfare Gains from International Risksharing’ 7. Karen K. Lewis (1996), ‘What Can Explain the Apparent Lack of International Consumption Risk Sharing?’ 8. Bent E. Sørensen and Oved Yosha (1998), ‘International Risk Sharing and European Monetary Unification’ PART II DETERMINANTS 9. George M. von Furstenberg (1998), ‘From Worldwide Capital Mobility to International Financial Integration: A Review Essay’ 10. Gerald A. Epstein and Juliet B. Schor (1992), ‘Structural Determinants and Economic Effects of Capital Controls in OECD Countries’ 11. Alberto Alesina, Vittorio Grilli and Gian Maria Milesi-Ferretti (1994), ‘The Political Economy of Capital Controls’ 12. Gian Maria Milesi-Ferretti (1998), ‘Why Capital Controls? Theory and Evidence’ 13. Jan J.G. Lemmen and Sylvester C.W. Eijffinger (1996), ‘The Fundamental Determinants of Financial Integration in the European Union’ 14. Maurice Obstfeld (1998), ‘The Global Capital Market: Benefactor or Menace?’ 15. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert W. Vishny (1997), ‘Legal Determinants of External Finance’ 16. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert W. Vishny (1998), ‘Law and Finance’ 17. Richard Portes, Hélène Rey and Yonghyup Oh (2001), ‘Information and Capital Flows: The Determinants of Transactions in Financial Assets’ 18. Mark Stephens (2000), ‘Convergence in European Mortgage Systems Before and After EMU’ Name Index

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Book SynopsisHow does Ricardian specialisation affect economic development in relatively advanced countries? Keld Laursen, inspired by the myriad newly-emergent neoclassical/new industrial economics contributions, makes a detailed study of the role of specialisation and structural change in advanced economies. Until now, these theoretical contributions have not been subjected to a systematic empirical investigation.The three key questions are: Do countries converge or diverge in terms of their specialisation patterns over time? Can the role of technology explain the direction of national trade specialisation? What are the implications of international specialisation patterns (and their changes) for economic growth? This study will be of immense interest to postgraduates and researchers working on theories and practices of innovation, trade, and growth.Trade Review'. . . the econometric skill shown here indicates that these authors are in the best position to introduce into mainstream economics some of the issues which have for long been debated in science and technology policy studies.' -- Daniele Archibugi, Research Policy'By exploiting newly available data sources, Keld Laursen's pioneering research makes a major empirical contribution to our understanding of the links between technology, structural change and economic growth in the world's industrially advanced countries. It also gives much needed historical perspective for current debates about the "new, knowledge-based" economy.' -- The late Keith Pavitt, formerly of SPRU - Science and Technology Policy Research, University of Sussex, UKTable of ContentsContents: Part I: Introduction 1. The Theme 2. A Survey of the Theoretical Literature on Trade and Growth 3. A Comparison of Measures of International Specialisation Part II: The Development of International Specialisation Patterns 4. Structural Change in OECD Export Specialisation Patterns: De-specialisation and ‘Stickiness’ 5. Do Export and Technological Specialisation Patterns Co-evolve in Terms of Convergence or Divergence? Part III: The Determinants of International Trade Specialisation 6. Horizontal Diversification as a Determinant of Specialisation: The Case of Denmark and Pharmaceuticals 7. Do Inter-sectoral Linkages Matter for International Export Specialisation? Part IV: The Effects of International Specialisation 8. The Impact of Technological Opportunity on the Dynamics of Trade Performance 9. Does Specialisation Matter for Growth? 10. How Structural Change Differs, and Why it Matters (for Economic Growth) Part V: Conclusion 11. Retrospect and Prospect References Index

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Book SynopsisIn the post-industrial network economy, international gateway regions are becoming increasingly important. These gateway regions are the nodes (defined as a city or a city region) that act as saddle points between a region and the global economy. While gateway regions have existed ever since inter-regional trade was first practised, new non-trade networks, and the wider global economy, have made these regions more complex. The book includes discussions of infrastructure networks such as the internet and air transport, as well as networking activities such as long-distance scientific cooperation, financial networks and direct investments. The contributors have expertise in fields such as regional economics, economic geography, institutional economics and business administration.The book offers in-depth analysis of both existing and developing gateway regions in three sections: North America Asia-Pacific Europe Economists and researchers with an interest in regions, the knowledge economy and institutions will find this book of great value. It will also be of interest to economic geographers, regional planners and development agencies.Trade Review'. . . great value as an introduction to an important area of research given the current emphasis on new theories explaining the spatial structure of the world economy.' -- Roger Vickerman, University of Kent, UKTable of ContentsContents: Preface Part I: Gateways to the Continents and the World Part II: North American Gateway Regions Part III: Asia-Pacific Gateway Regions Part IV: European Gateway Regions Index

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Book SynopsisIntangible assets are of growing importance to corporate competitiveness and economic performance. They include R&D, human capital, innovation in products and in organisation, trademarks and patents, networking and software. This path-breaking book provides a theoretical and empirical analysis of intangible investment and its effect on public policy in Europe.The authors find that the growing importance of intangibles is transforming the direction of public policies in Europe, particularly industrial, R&D, competition and trade policies. They conclude that government policies must recognise the fact that intangible investment is becoming the key element in bringing about durable growth and accord at least the same priority to intangible factors as to physical investment.This work should be essential reading for students interested in this new field of economic analysis, national and international policymakers, and industrialists involved in the non-physical economy.Trade Review'The book as a whole is a compelling study that follows a coherent structure and that might be of great help in the design of new European policies that would take into account the assimilation of knowledge and the management of other intangibles as main sources of competitiveness. The theoretical framework is well supported by the amount of empirical studies, and it could be perfectly stated that the effort made in this book constitutes an essential contribution to this new research field.' -- Marta Olea de Cardenas, The European Accounting ReviewTable of ContentsContents: Preface Foreword Part I: Intangibles: A General Framework Part II: Intangibles: Impact on Sectors and Enterprises Part III: Intangibles: Analysis of Inputs Index

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Book SynopsisThe global system has seen sweeping changes in recent years and this has precipitated a revival of interest in the relationship between Europe and Asia. This book examines the extent and nature of the regional linkages between East Asia and the European Union. Issues discussed include: the reactions and approaches of both regions to the Asian Crisis postcolonialism and the balance of power in Europe-Asia Relations trade relations between Europe and Asia and the revival of the Silk Road the development of the role of Asia-Europe Meetings.This book assesses the role of divergent cultural expectations, intellectual traditions and political concerns in assessing ways to develop and consolidate the political-economic, social-institutional and political-cultural linkages between the two regions. This multi-disciplinary work will appeal to scholars of globalization and regional economics, international studies and Asian and European Studies. Trade Review'This edited volume offers an important and much-needed contribution to our understanding of the complex inter-regional relationships between two of the global system's most important economic, political and cultural sub-systems. . . It takes the reader down a relatively unexplored road and the various contributions offer high scholarship and a sharp insight into the complex and problematic relationship. The studies establish sufficient grounds for the development of an agenda for continuing research in the field. It has an evident appeal for policymakers, academics, students and a wider interested public and, quite appropriately, it is already becoming a standard reference on the subject.' -- Neil Renwick, European Foreign Affairs Review'This thoughtful and well-researched volume is to be welcomed for adding new dimensions and perspectives to what is still a comparatively understudied theme, the growing linkages between Europe and Asia. The contributors ably demonstrate not only that the two regions are increasingly intertwined economically, politically, socially, and culturally, but that the dynamics of these exchanges contribute crucially to the discourse over regionalism and its place in the global system. Itself the product of interregional collaboration, this collection contributes in a stimulating and timely manner to the expanding debate over regions and their place in the global system.' -- Brian Bridges, Lingnan University, Hong KongTable of ContentsContents: Preface Part I: Introduction Part II: Setting up the Debate Part III: Europe–Asia Linkages Part IV: The Politics of Economic Linkages Part V: Conclusion Index

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Book SynopsisThe last two decades have seen a number of important developments in exchange rate economics, with substantial contributions to both its theory and empirics. While our understanding of exchange rates has significantly improved, a number of challenges and open questions in the exchange rate debate still remain. In these two volumes, the editors have brought together a selection of key articles which are representative of recent developments in the exchange rate economics literature. This important collection is essential for academic economists and practitioners interested in understanding and participating in the exchange rate debate.Trade Review'Sarno and Taylor have created a book that is sure to be in the library of all serious scholars of exchange rates. The authors are to be commended for distilling such a fine collection of major works from the voluminous literature on the subject.' -- Michael Melvin, Arizona State University, USTable of ContentsContents: Volume I Acknowledgements Preface Lucio Sarno and Mark P. Taylor Introduction Lucio Sarno and Mark P. Taylor PART I GROUNDWORK 1. Mark P. Taylor (1995), ‘The Economics of Exchange Rates’ PART II EXCHANGE RATE THEORY 2. Bernard Dumas (1992), ‘Dynamic Equilibrium and the Real Exchange Rate in a Spatially Separated World’ 3. Maurice Obstfeld and Kenneth Rogoff (1995), ‘Exchange Rate Dynamics Redux’ 4. Maurice Obstfeld and Kenneth Rogoff (2000), ‘New Directions for Stochastic Open Economy Models’ 5. Philip R. Lane (2001), ‘The New Open Economy Macroeconomics: A Survey’ PART III EMPIRICAL EXCHANGE RATE MODELLING AND TESTING 6. Charles Engel and James D. Hamilton (1990), ‘Long Swings in the Dollar: Are They in the Data and Do Markets Know It?’ 7. Marianne Baxter (1994), ‘Real Exchange Rates and Real Interest Differentials: Have We Missed the Business-Cycle Relationship?’ 8. Richard Clarida and Jordi Gali (1994), ‘Sources of Real Exchange-Rate Fluctuations: How Important Are Nominal Shocks?’ 9. Martin Eichenbaum and Charles L. Evans (1995), ‘Some Empirical Evidence on the Effects of Shocks to Monetary Policy on Exchange Rates’ 10. Robert P. Flood and Andrew K. Rose (1995), ‘Fixing Exchange Rates: A Virtual Quest for Fundamentals’ 11. David H. Papell (1997), ‘Cointegration and Exchange Rate Dynamics’ 12. Mark P. Taylor and David A. Peel (2000), ‘Nonlinear Adjustment, Long-run Equilibrium and Exchange Rate Fundamentals’ PART IV TARGET ZONES 13. Paul R. Krugman (1991), ‘Target Zones and Exchange Rate Dynamics’ 14. Robert P. Flood and Peter M. Garber (1991), ‘The Linkage between Speculative Attack and Target Zone Models of Exchange Rates’ 15. Marcus Miller and Paul Weller (1991), ‘Exchange Rate Bands with Price Inertia’ 16. Giuseppe Bertola and Ricardo J. Caballero (1992), ‘Target Zones and Realignments’ 17. Bernard Dumas and Lars E.O. Svensson (1994), ‘How Long Do Unilateral Target Zones Last?’ 18. Matteo Iannizzotto and Mark P. Taylor (1999), ‘The Target Zone Model, Non-linearity and Mean Reversion: Is the Honeymoon Really Over?’ PART V CURRENCY CRISES 19. Paul Krugman (1979), ‘A Model of Balance-of-Payments Crises’ 20. Maurice Obstfeld (1994), ‘The Logic of Currency Crises’ 21. Maurice Obstfeld (1996), ‘Models of Currency Crises with Self-fulfilling Features’ 22. Olivier Jeanne (1997), ‘Are Currency Crises Self-fulfilling? A Test’ 23. Robert Flood and Nancy Marion (1999), ‘Perspectives on the Recent Currency Crisis Literature’ 24. Lucio Sarno and Mark P. Taylor (1999), ‘Moral Hazard, Asset Price Bubbles, Capital Flows, and the East Asian Crisis: The First Tests’ Name Index Volume II Acknowledgements A preface and introduction by the editors to both volumes appears in Volume I PART I FOREIGN EXCHANGE MARKET EFFICIENCY, INTEREST RATE PARITIES AND RISK PREMIA 1. Geert Bekaert and Robert J. Hodrick (1992), ‘Characterizing Predictable Components in Excess Returns on Equity and Foreign Exchange Markets’ 2. Graham Elliott and Takatoshi Ito (1999), ‘Heterogeneous Expectations and Tests of Efficiency in the Yen/Dollar Forward Exchange Rate Market’ 3. Weike Hai, Nelson C. Mark and Yangru Wu (1997), ‘Understanding Spot and Forward Exchange Rate Regressions’ 4. Nelson C. Mark and Yangru Wu (1998), ‘Rethinking Deviations from Uncovered Interest Parity: The Role of Covariance Risk and Noise’ PART II EXCHANGE RATE PREDICTABILITY 5. Francis X. Diebold and James M. Nason (1990), ‘Nonparametric Exchange Rate Prediction?’ 6. Richard M. Levich and Lee R. Thomas III (1993), ‘The Significance of Technical Trading-Rule Profits in the Foreign Exchange Market: A Bootstrap Approach’ 7. Nelson C. Mark (1995), ‘Exchange Rates and Fundamentals: Evidence on Long-Horizon Predictability’ 8. Richard H. Clarida and Mark P. Taylor (1997), ‘The Term Structure of Forward Exchange Premiums and the Forecastability of Spot Exchange Rates: Correcting the Errors’ 9. Nelson C. Mark and Doo-Yull Choi (1997), ‘Real Exchange-Rate Prediction over Long Horizons’ PART III PURCHASING POWER PARITY AND REAL EXCHANGE RATE BEHAVIOUR 10. Kenneth Rogoff (1996), ‘The Purchasing Power Parity Puzzle’ 11. Francis X. Diebold, Steven Husted and Mark Rush (1991), ‘Real Exchange Rates under the Gold Standard’ 12. Charles Engel and John H. Rogers (1996), ‘How Wide is the Border?’ 13. James R. Lothian and Mark P. Taylor (1996), ‘Real Exchange Rate Behavior: The Recent Float from the Perspective of the Past Two Centuries’ 14. Mark P. Taylor and Lucio Sarno (1998), ‘The Behavior of Real Exchange Rates during the Post-Bretton Woods Period’ 15. Matthew B. Canzoneri, Robert E. Cumby and Behzad Diba (1999), ‘Relative Labor Productivity and the Real Exchange Rate in the Long Run: Evidence for a Panel of OECD Countries’ 16. Charles Engel (1999), ‘Accounting for U.S. Real Exchange Rate Changes’ 17. Yin-Wong Cheung and Kon S. Lai (2000), ‘On Cross-Country Differences in the Persistence of Real Exchange Rates’ PART IV THE MICROSTRUCTURE OF THE FOREIGN EXCHANGE MARKET 18. Jeffrey A. Frankel and Kenneth A. Froot (1990), ‘Chartists, Fundamentalists, and Trading in the Foreign Exchange Market’ 19. Robert F. Engle, Takatoshi Ito and Wen-Ling Lin (1990), ‘Meteor Showers or Heat Waves? Heteroskedastic Intra-daily Volatility in the Foreign Exchange Market’ 20. Menzie Chinn and Jeffrey Frankel (1994), ‘Patterns in Exchange Rate Forecasts for Twenty-five Currencies’ 21. Hendrik Bessembinder (1994), ‘Bid-Ask Spreads in the Interbank Foreign Exchange Markets’ 22. Philippe Jorion (1995), ‘Predicting Volatility in the Foreign Exchange Market’ 23. Richard K. Lyons (1995), ‘Tests of Microstructural Hypotheses in the Foreign Exchange Market’ 24. Richard K. Lyons (1997), ‘A Simultaneous Trade Model of the Foreign Exchange Hot Potato’ 25. Takatoshi Ito, Richard K. Lyons and Michael T. Melvin (1998), ‘Is There Private Information in the FX Market? The Tokyo Experiment’ Name Index

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Book SynopsisThis book presents an authoritative collection of the most important papers previously published by leading scholars in the field of trade policy and its reform.Included are sections on early contributions to the theory of reform, world welfare and trade reform, and reform with quotas and tariffs.Table of ContentsContents Acknowledgements Introduction Carsten Kowalczyk PART I EARLY CONTRIBUTIONS TO THE THEORY OF REFORM 1. W.J. Corlett and D.C. Hague (1953–54), ‘Complementarity and the Excess Burden of Taxation’ 2. J.E. Meade (1955), ‘The Second-Best Arrangement for Trade Control: (2) The Partial Freeing of Trade’ 3. J.E. Meade (1955), ‘The Partial Freeing of Trade: (1) Unilateral Tariff Reductions’ 4. S.A. Ozga (1955), ‘An Essay in the Theory of Tariffs’ 5. Jaroslav Vanek (1965), ‘Global Gains from Restricted Trade in a Two-Country World’ PART II DISTORTIONS: INCOME EFFECTS AND SUBSTITUTABILITY 6. Edward Foster and Hugo Sonnenschein (1970), ‘Price Distortion and Economic Welfare’ 7. Michael Bruno (1972), ‘Market Distortions and Gradual Reform’ 8. P.J. Lloyd (1974), ‘A More General Theory of Price Distortions in Open Economies’ 9. Avinash Dixit (1975), ‘Welfare Effects of Tax and Price Changes’ 10. Takashi Fukushima (1981), ‘A Dynamic Quantity Adjustment Process in a Small Open Economy, and Welfare Effects of Tariff Changes’ PART III RESULTS ON REFORM AND NATIONAL WELFARE 11. Trent J. Bertrand and Jaroslav Vanek (1971), ‘The Theory of Tariffs, Taxes, and Subsidies: Some Aspects of the Second Best’ 12. Tatsuo Hatta (1977), ‘A Recommendation for a Better Tariff Structure’ 13. Takashi Fukushima (1979), ‘Tariff Structure, Nontraded Goods and Theory of Piecemeal Policy Recommendations’ 14. John C. Beghin and Larry S. Karp (1992), ‘Piecemeal Trade Reform in Presence of Producer-Specific Domestic Subsidies’ 15. Ramón López and Arvind Panagariya (1992), ‘On the Theory of Piecemeal Tariff Reform: The Case of Pure Imported Intermediate Inputs’ PART IV WORLD WELFARE AND TRADE REFORM 16. Jaroslav Vanek (1964), ‘Unilateral Trade Liberalization and Global World Income’ 17. Tatsuo Hatta and Takashi Fukushima (1979), ‘The Welfare Effect of Tariff Rate Reductions in a Many Country World’ 18. Carsten Kowalczyk (1989), ‘Trade Negotiations and World Welfare’ 19. Takashi Fukushima and Namdoo Kim (1989), ‘Welfare Improving Tariff Changes’ 20. Michael Keen (1989), ‘Multilateral Tax and Tariff Reform’ PART V COALITIONS, WELFARE, AND TRADE REFORM 21. J.E. Meade (1955), ‘The Partial Freeing of Trade: (2) Discriminatory and Preferential Tariff Reductions’ 22. Carsten Kowalczyk (2000), ‘Welfare and Integration’ PART VI QUOTAS, TARIFFS, AND REFORM 23. W. Max Corden and Rodney E. Falvey (1985): ‘Quotas and the Second Best’ 24. Rodney E. Falvey (1988), ‘Tariffs, Quotas and Piecemeal Policy Reform’ 25. James E. Anderson and J. Peter Neary (1992), ‘Trade Reform with Quotas, Partial Rent Retention, and Tariffs’ PART VII REFORM WITH GOVERNMENT PRODUCTION AND REVENUE 26. Kenzo Abe (1992), ‘Tariff Reform in a Small Open Economy with Public Production’ 27. Rod Falvey (1994), ‘Revenue Enhancing Tariff Reform’ PART VIII REFORM IN MULTI-HOUSEHOLD ECONOMIES 28. Roger Guesnerie (1977), ‘On the Direction of Tax Reform’ 29. W.E. Diewert (1978), ‘Optimal Tax Perturbations’ 30. John A. Weymark (1979), ‘A Reconciliation of Recent Results in Optimal Taxation Theory’ 31. W.E. Diewert, A.H. Turunen-Red, and A.D. Woodland (1989), ‘Productivity- and Pareto-Improving Changes in Taxes and Tariffs’ 32. Arja H. Turunen-Red and Alan D. Woodland (1991), ‘Strict Pareto- Improving Multilateral Reforms of Tariffs’ Name 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 SynopsisConcerns about European prospects for competitiveness, jobs and growth are high on the European Union agenda and regulatory reform, both at national and EU levels, is widely recognised as a crucial tool for improving the performance of European companies. Despite the single market, selective sectoral regulatory reform and certain reforms at the national level, regulation in Europe still tends to discourage new entrants, impede new production methods and inhibit the exit of existing competitors. It often increases costs without providing compensatory benefits, reduces operational flexibility and distorts capital expenditure, creating obstacles to innovation. The authors in this book argue that regulatory reform can, more often than not, help improve the competitiveness of companies while generating net growth effects for the European Union as a whole.In this book, the authors discuss the horizontal issues involved in regulatory reform. Following an extended introduction by the editors, two general chapters address regulation and growth, and the regulatory burdens and failures in Europe. Other chapters deal with national competition policy, state aid, EU environmental policy, reforms in product markets, labour market reforms, the regulatory environment of small and new firms, and the current, insufficient EU reforms to improve regulatory quality. Throughout the book the authors aim to demonstrate how the market can function more efficiently and offer policy recommendations to show how regulatory reform can improve competitiveness at the firm level as well as performance at the industry, national and EU levels.Table of ContentsContents: Preface 1. Introduction: Aims, Structure and Overview 2. Growth and Regulation 3. Regulation in Europe: Justified Burden or Costly Failure? 4. National Competition Policies 5. State Aid in Context 6. Environmental Policy Reform in the EU 7. Reforming Product Regulation in the EU: A Painstaking, Iterative Two-Level Game 8. The Economic Impact of Product Liability: Lessons from the US and the EU Experience 9. Regulation and Labour Market Performance 10. Deregulation and Labour Market Reforms: The Role of the Social Partners 11. Market Structure Dynamics and Economic Growth 12. Better EU Regulatory Quality: Assessing Current Initiatives and New Proposals

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Book SynopsisConcerns about European prospects for competitiveness, jobs and growth are high on the European Union agenda and regulatory reform, both at national and EU levels, is widely recognised as a crucial tool for improving the performance of European companies. Despite the single market, selective sectoral regulatory reform and certain reforms at the national level, regulation in Europe still tends to discourage new entrants, impede new production methods and inhibit the exit of existing competitors. It often increases costs without providing compensatory benefits, reduces operational flexibility and distorts capital expenditure, creating obstacles to innovation. The authors in this book argue that regulatory reform can, more often than not, help improve the competitiveness of companies while generating net growth effects for the European Union as a whole.In this second volume, the authors discuss the vertical issues involved in regulatory reform. The authors describe in detail the regulatory reforms which are needed or have been initiated in nine major industrial sectors, including automobiles, textiles and clothing, retail trade, chemicals, banking, road transport, telecoms, electricity and (scheduled) air transport.In the companion volume, Regulatory Reform and Competitiveness in Europe, 1: Horizontal Issues, the authors address regulation and growth, and the regulatory burdens and failures in Europe. The book also deals with national competition policy, state aids, EU environmental policy, reforms in product markets, labour market reforms, the regulatory environment of small and new firms, and the current, insufficient, EU reforms to improve regulatory quality.Table of ContentsContents: Preface 1. Introduction: Aims, Structure and Overview 2. Regulatory Reform for the Better Functioning of Markets: The Case of the Automobile Industry 3. Is the Suspect Guilty? Labour Market Effects of Trade Liberalisation in Textiles 4. Regulations and Retail Trade 5. The Chemical Industry and Regulation 6. Road Transport 7. Deregulation and Changes in the European Banking Industry 8. Regulation and Competition in Telecommunications 9. Regulatory Reform in the Electricity Industry 10. Some Structural Issues in Regulatory Reform and Market Functioning in the European Electricity Supply Industry 11. Air Transport Regulation in the EU

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Book SynopsisThe Political Economy of Monetary Union presents an important collection of the most influential articles covering different areas in this expanding field.The volume brings together both the classical articles which have laid the foundations for the theory of optimum currency and the resulting empirical literature. Further papers focus on the issues of fiscal policy, the design and operation of the central bank in a monetary union and the problems of transition to monetary union.This authoritative volume is essential reading for all scholars, students and practitioners interested in the issues relating to economic and monetary unification.Trade Review'The selection of readings prepared by Paul De Grauwe - himself an important contributor to the theory of monetary union - is a most timely and useful tool for teachers and students.' -- Giorgio Basevi, University of Bologna, ItalyTable of ContentsContents Acknowledgements Introduction Paul De Grauwe PART I THE THEORY OF OPTIMUM CURRENCY AREAS 1. Robert A. Mundell (1961), ‘A Theory of Optimum Currency Areas’ 2. Ronald I. McKinnon (1963), ‘Optimum Currency Areas’ 3. Peter B. Kenen (1969), ‘The Theory of Optimum Currency Areas: An Eclectic View’ 4. Paul Krugman (1993), ‘Lessons of Massachusetts for EMU’ 5. George S. Tavlas (1993) ‘The "New" Theory of Optimum Currency Areas’ 6. Tamim Bayoumi (1994), ‘A Formal Model of Optimum Currency Areas’ PART II EMPIRICAL ANALYSIS OF OPTIMUM CURRENCY AREAS 7. Tamim Bayoumi and Barry Eichengreen (1993), ‘Shocking Aspects of European Monetary Integration’ 8. Tamim Bayoumi and Barry Eichengreen (1997), ‘Ever Closer to Heaven? An Optimum-Currency-Area Index for European Countries’ 9. M.J. Artis and W. Zhang (1997), ‘International Business Cycles and the ERM: Is there a European Business Cycle?’ 10. Paul De Grauwe and Wim Vanhaverbeke (1993), ‘Is Europe an Optimum Currency Area?: Evidence from Regional Data’ 11. Jörg Decressin and Antonio Fatás (1995), ‘Regional Labour Market Dynamics in Europe’ 12. Charles Engel and John H. Rogers (1996), ‘How Wide is the Border?’ 13. Jeffrey A. Frankel and Andrew K. Rose (1998), ‘The Endogeneity of the Optimum Currency Area Criteria’ PART III FISCAL POLICIES IN A MONETARY UNION 14. Xavier Sala-i-Martín and Jeffrey Sachs (1992), ‘Fiscal Federalism and Optimum Currency Areas: Evidence for Europe from the United States’ 15. Jürgen von Hagen (1992), ‘Fiscal Arrangements in a Monetary Union. Evidence from the US’ 16. Willem Buiter, Giancarlo Corsetti and Nouriel Roubini (1993), ‘Excessive Deficits: Sense and Nonsense in the Treaty of Maastricht’ 17. Charles Wyplosz (1991), ‘Monetary Union and Fiscal Policy Discipline’ 18. Pierfederico Asdrubali, Bent E. Sørensen and Oved Yosha (1996), ‘Channels of Interstate Risk Sharing: United States 1963–1990’ PART IV THE CENTRAL BANK IN A MONETARY UNION 19. Jakob de Haan (1997), ‘The European Central Bank: Independence, Accountability and Strategy: A Review’ 20. Stephen G. Cecchetti (1999), ‘Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism’ 21. Rudi Dornbusch, Carlo Favero and Francesco Giavazzi (1998), ‘Immediate Challenges for the European Central Bank’ PART V ISSUES OF TRANSITION TO MONETARY UNION 22. David Begg, Francesco Giavazzi, Jürgen von Hagen and Charles Wyplosz (1997), EMU: Getting the End-game Right 23. Roland Vaubel (1990), ‘Currency Competition and European Monetary Integration’ 24. Friedrich A. Hayek (1984), ‘The Theory of Currency Competition. I.1 The Future Unit of Value’ Name Index

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Book SynopsisThis authoritative collection presents the most important published articles on barter and countertrade from early scepticism to the recent sophisticated theoretical models and empirical evidence.The papers selected focus upon the policy and managerial implications of barter and countertrade and explain the reasoning behind these arrangements in an environment characterized by transaction difficulties. They demonstrate that appropriately designed transactional governance is crucial for the efficiency of successful trading relationships between different parties.The Economics of Barter and Countertrade is a timely collection due to the resurgence of barter and countertrade following the Russian and Asian financial crises. It is an essential reference source for those with an interest in trade and international economic relations.Trade Review'Countertrade is a more common phenomenon than many people realise, especially in East-West and North-South trade. Yet, superficially, countertrade is inefficient in comparison to monetary trade. The paradox of how an apparently inefficient trading mechanism can become so dominant attracted increasing theoretical interest in the 1970s and 1980s. The editors of this volume were amongst the intellectual leaders in the field. The literature on countertrade is quite diffuse, and the editors have performed a major service by bringing together the important contribution in a single volume. This will be an important source of reference for many years to come.' -- Mark Casson, University of Reading, UK'Mirus and Yeung have been pioneers in showing that countertrade is economically efficient. Here, a surprisingly large literature supports their insight. The papers use aspects of transaction cost economics to examine the efficiency aspects of countertrade.' -- Alan M. Rugman, University of Reading, UKTable of ContentsContents: Acknowledgements Introduction Rolf Mirus and Bernard Yeung PART I COUNTERTRADE: FORMS AND CHALLENGE OF THE CONVENTIONAL WISDOM 1. Robert E. Weigand (1980), ‘Barters and Buy-backs: Let Western Firms Beware!’ 2. Rolf Mirus and Bernard Yeung (1987), ‘Countertrade and Foreign Exchange Shortages: A Preliminary Assessment’ 3. Jean-François Hennart (1990), excerpt from ‘Some Empirical Dimensions of Countertrade’ PART II COUNTERTRADE AS SOLUTION TO TRANSACTIONAL DIFFICULTIES: EARLY ANALYTICAL LITERATURE 4. Peter Murrell (1982), ‘Product Quality, Market Signaling and the Development of East–West Trade’ 5. Bruce Kogut (1986), ‘On Designing Contracts to Guarantee Enforceability: Theory and Evidence from East–West Trade’ 6. Rolf Mirus and Bernard Yeung (1986), ‘Economic Incentives for Countertrade’ 7. Jean-François Hennart (1989), ‘The Transaction-cost Rationale for Countertrade’ PART III THE LITERATURE IN THE NINETIES: DOUBLE MORAL HAZARD, HOSTAGE EXCHANGE, AND QUANTITY STIPULATION 8. Dalia Marin and Monika Schnitzer (1995), ‘Tying Trade Flows: A Theory of Countertrade with Evidence’ 9. Dalia Marin and Monika Schnitzer (1998), ‘Economic Incentives and International Trade’ 10. Raissa Chan and Michael Hoy (1991), ‘East–West Joint Ventures and Buyback Contracts’ 11. Chong J. Choi and Daniel Maldoom (1992), ‘A Simple Model of Buybacks’ PART IV RISK SHARING 12. Erwin Amann and Dalia Marin (1994), ‘Risk-sharing in International Trade: An Analysis of Countertrade’ PART V PRICE DISCRIMINATION 13. Richard E. Caves (1974), ‘The Economics of Reciprocity: Theory and Evidence on Bilateral Trading Arrangements’ 14. Ellen Magenheim and Peter Murrell (1988), ‘How to Haggle and to Stay Firm: Barter as Hidden Price Discrimination’ 15. Richard E. Caves and Dalia Marin (1992), ‘Countertrade Transactions: Theory and Evidence’ PART VI POLICY IMPLICATIONS 16. Abla M. Abdel-Latif and Jeffrey B. Nugent (1994), ‘Countertrade as Trade Creation and Trade Diversion’ 17. Abla M. Abdel-Latif and Jeffrey B. Nugent (1993), ‘Countertrade, Licensing and Direct Foreign Investment: Comparative Effects on LDCS and MNES’ 18. Tore Ellingsen and Lars A. Stole (1996), ‘Mandated Countertrade as a Strategic Commitment’ PART VII MANAGERIAL ASPECTS 19. C.W. Neale, D. Shipley and P. Sercu (1992), ‘Motives for and the Management of Countertrade in Domestic Markets’ 20. Rolf Mirus and Bernard Yeung (1989), ‘Buy-back and Technology Transfer -Some Theoretical Considerations’ PART VIII DOMESTIC BARTER IN THE ABSENCE OF CREDIBLE FIAT MONEY 21. Joseph A. Ritter (1995), ‘The Transition from Barter to Fiat Money’ 22. Steve Williamson and Randall Wright (1994), ‘Barter and Monetary Exchange Under Private Information’ PART IX CONCLUSION 23. Rolf Mirus and Bernard Yeung (1993), ‘Why Countertrade? An Economic Perspective’ Name Index

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