International economics Books

Book SynopsisThis insightful book offers a comprehensive analysis of how macroeconomics can steer development and reduce poverty. It untangles how developing countries can apply effective economic policies in spite of the challenges they face. With an aim to design a macroeconomic strategy which would provide a stable and long-term growth plan, Basil Oberholzer explores the multiple constraints which prevent developing countries from reducing poverty. The author reveals how countries' scope of action is strongly limited by international economic dynamics, including current account imbalances, capital flight, foreign debt accumulation, and exchange rate fluctuations. His detailed examination of how international payments take place within the current monetary structure also illuminates fundamental flaws that are harmful for developing countries. Applying a newly developed monetary macroeconomic model, Oberholzer suggests a reform of countries' international payments as a solution to these key problems. This book will prove to be a valuable resource for students and scholars of development economics and macroeconomics. Its analysis of how appropriate macroeconomic strategies can be established, pragmatic policy recommendations, and explanation of critical macroeconomic constraints will also be beneficial for policy-makers in progressive governments.Trade Review'This book provides an outstanding analysis explaining the major reasons of poverty and how to solve the latter in developing economies through relevant policy reforms. Oberholzer elaborates his analysis on macroeconomic grounds and offers a variety of tools that each developing country may implement successfully, independently of what other countries or institutions will do in this regard. The reader will be impressed by the depth, clarity and soundness of the author's investigation. Scholars and policy makers in development economics will find this book extremely useful.' -- Sergio Rossi, University of Fribourg, Switzerland'This is a fresh, clear and very relevant look at the macroeconomic issues and constraints faced by open developing economies. The proposal for international monetary reform that could address some of these problems is intriguing and will make you think.' -- Jayati Ghosh, Jawaharlal Nehru University, IndiaTable of ContentsContents: Introduction 1. Several Central Debates in Development Macroeconomics 2. Key Principles of Macroeconomics 3. Giving Space to the Public Sector 4. The Domestic Economy and the Rest of the World 5. A Reform to Remove the External Constraint 6. Macroeconomic Strategies to Guide the Economy Conclusion References Index

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Book SynopsisThis book addresses the problems of Latin America, through two of the most important features of the post-Bretton Woods economic order, large corporations and weak financial markets. In turn, it shows that their impact on economic growth and development is feeble and short-lived. This resulted in income concentration and an extremely unequal distribution of wealth in the region. As a result, large corporations and financial markets became central institutions in developing economies. In this context, Latin American countries globalized their economies, modifying their productive and financial structures and strengthening large corporation and non- financial structures.This economic order was a failure, as it was unable to achieve development in Latin America; large capital corporations either re-primarized their productive activity or developed an organization based on assembly manufacture, and, as such, financial markets remained underdeveloped because large corporations did not operate through domestic financial markets.In this book, the effects of these trends are analyzed in regional and country studies, while the impact of the 2008 Great Financial Crisis on Latin American economies are also considered.Researchers and students, especially those interested in a Post-Keynesian or heterodox view of the region, will find these studies illuminating.Trade Review‘This volume provides a useful collection of chapters on the overseas financing of corporates in different Latin American countries that is responsible for both instability and stagnation in the real sectors of these economies. The book, with its rich research material, provides useful input for future research, by academics as well as policy makers.’ -- Sunanda Sen, Review of Political Economy‘Cross-border capital movements and the operations of corporations have major effects on the economic and social paths of developing and emerging economies. This wide-ranging collection of insightful essays brings us knowledge and understanding of the many important dimensions by which globalised financialisation has dominated Latin American economies.’ -- Malcolm Sawyer, Emeritus Professor of Economics, University of Leeds, UKTable of ContentsContents: Introduction: the issues at stake 1 Noemi Levy-Orlik, Jorge Alonso Bustamante-Torres and Louis-Philippe Rochon PART I POST CRISIS NEW CAPITAL MOVEMENT TREND 1 Financial geography and the ‘social reality of finance’: aspatial or ‘real space’ analyses of financial crises? 9 Gary Dymski and Nicole Cerpa Vielma 2 The transmission mechanism of financial crisis to developing countries: why the ‘global financial crisis’ wasn’t global 24 Jan Toporowski 3 Foreign direct investment, inequality, and macroeconomic stability on the eve of the COVID-19 crisis 38 Hanna Szymborska 4 Pension funds and domestic debt markets in emerging economies 55 Jennifer Churchill, Bruno Bonizzi and Annina Kaltenbrunner 5 The distribution of dividends of multinational banks operating in Latin America 72 Mimoza Shabani 6 The unique development of non-financial corporations in Latin America 89 Noemi Levy-Orlik and Jorge Alonso Bustamante-Torres PART II NON-FINANCIAL CORPORATIONS AND ECONOMIC GROWTH 7 Capital flows, the role of non-financial corporations and their macroeconomic implications: an analysis of the case of Chile 107 Esteban Pérez-Caldentey and Nicole Favreau-Negront 8 Foreign direct investment in the Mexican steel industry 120 Samuel Ortiz-Velásquez 9 Excess international liquidity and corporate financing in Mexico: reflections from USA monetary policy of quantitative easing 140 Ximena Echenique-Romero 10 Foreign direct investment in Latin America: effects on growth and development, 1996‒2017 158 Marcelo Varela-Enríquez and Gustavo Adrián Salazar PART III CAPITAL MOVEMENT AND ECONOMIC PATTERNS 11 Latin American international integration and global value chains: what changed after the 2008 global financial crisis 175 Juan Pablo Painceira and Alexis Saludjian 12 From “downpour of investments” to debt crisis: the case of Argentina 2015‒2019 193 Cecilia Allami, Pablo Bortz and Alan Cibils 13 The hegemony of big corporations and the internationalization of capital: a stagnation model with restricted democracy 204 Gonzalo Cómbita-Mora and Álvaro Martín Moreno-Rivas 14 Extractive capitalism: transnational miners and Andean peasants in Peru 222 Alejandro Garay-Huamán Index

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Book SynopsisThis volume presents thirteen chapters prepared by senior researchers and former policy makers on key policy issues confronting China and the West. They focus on the role of the state in economic development, trade issues and the part played by innovation, digitalization and leadership.In a challenging and rapidly changing world, the book aims to provide not only authoritative analyses and perspectives, but to stimulate further thinking and debates about the common future. Each chapter is in the form of a short policy brief.China and the West is aimed for policy makers, business leaders, academics and students.Trade Review'A timely and thought-provoking evaluation of the key policy dilemmas in China and the West. This edited volume, with contributions from leading academics, advances our understanding of topics as diverse as ''murky'' protection, sustainability, artificial intelligence, and local government evaluation.' -- Saul Estrin, London School of Economics, UKTable of ContentsContents: 1 Introduction 1 Jan Svejnar and Justin Yifu Lin PART I RECENT POLICIES AND PERFORMANCE 2 Path to prosperity: China’s transition to market economy in the last four decades 5 Justin Yifu Lin 3 China’s performance and prospects in the world economy 14 Jan Svejnar 4 The role of the state in economic growth 20 Jacob Lew 5 Reflections on the global financial crisis: a comparison of US and China policies 29 Frank Song 6 Policies for structural reform in China: domestic rebalancing for strong sustainable and inclusive growth within and beyond China 39 Ehtisham Ahmad, Isabella Neuweg, Nicholas Stern and Chunping Xie PART II TRADE, TENSIONS AND DIVISION OF LABOR 7 The potential for cooperation and competition in international trade: recent trade growth and driving factors – a perspective on current global trade tensions 60 Robert Koopman 8 Overview of China–US Economic Disputes in 2018 69 Feng Lu 9 The metabolic nature of changing world order 93 Ping Chen 10 India and China in the context of rising trade tensions in the global economy 112 Arvind Panagariya PART III DIGITALIZATION AND LEADERSHIP 11 The role of innovation and the digital economy: new opportunities and challenges for Chinese, US and European economic policy 120 Edmund Phelps 12 The digitalisation of Europe’s economy 125 Debora Revoltella, Philipp Brutscher and Tessa Bending 13 Prospects for China’s drive for innovation: From the perspective of demographics 135 Jianzhang Liang 14 Evaluation of local leaders in China 148 Chong-En Bai and Eric Maskin Index

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Book SynopsisThe Research Handbook of Financial Markets carefully discusses the histories and current states of the most important financial markets and institutions, as well as explicitly underscoring open questions that need study. By describing the institutional structure of different markets and highlighting recent changes within them, it accurately highlights their evolving nature. Taking the perspective that finance and macroeconomics are intertwined, this illuminating Research Handbook brings together prominent experts to investigate key market interactions. Chapters act as self-contained case studies of particular markets, allowing for a thorough individual examination of each. Ultimately, they offer a holistic understanding of financial markets and the current state of research. Academics and researchers in economics and finance curious about developments within financial regulation and banking will find this comprehensive Handbook to be hugely valuable. Market participants will additionally find it to be a useful reference, along with regulators seeking to mitigate financial instability.Trade Review‘Refet Gürkaynak and Jonathan Wright put together a comprehensive and thorough collection of chapters written by the best professionals. It is a gem and must-read for anybody who wants to take a deep dive into understanding the nuts and bolts of central banking, financial intermediaries, money, capital and derivatives markets.’ -- Eric Ghysels, University of North Carolina at Chapel Hill, US‘This book provides a comprehensive guide to modern financial markets and institutions, including historical context as well as the macroeconomic role of each element of the system. In clarity, rigor and depth, it far surpasses any previous efforts to explain how the international financial system actually works.’ -- Kenneth S. Rogoff, Harvard University, US‘Over the past decade, central banks have conducted monetary policy by intervening heavily in financial markets through a flurry of unconventional measures. This book brings together the wisdom from researchers with innate knowledge of the inner workings of financial markets. A must read for all those interested in how financial markets will evolve as central banks will unwind unconventional policies in the years to come.’ -- Luc Laeven, Director General, Research Department, European Central BankTable of ContentsContents: Introduction to the Research Handbook of Financial Markets 1 Refet S. Gürkaynak and Jonathan H. Wright PART I CENTRAL BANKING 1 The Federal Reserve balance sheet 6 Kristopher Dawsey, William B. English and Brian Sack 2 The balance sheet of the Eurosystem 33 Oreste Tristani 3 The Bank of Japan’s balance sheet 56 Kosuke Aoki 4 Central bank lending 79 Brian Madigan and William Nelson 5 The workings of liquidity lines between central banks 102 Saleem Bahaj and Ricardo Reis PART II INTERMEDIARIES 6 Banks 126 Refet S. Gürkaynak, Jonathan H. Wright and Egon Zakrajšek 7 Non-bank financial intermediaries and financial stability 147 Sirio Aramonte, Andreas Schrimpf and Hyun Song Shin 8 Government agencies: Fannie Mae and Freddie Mac 171 Gillian Burgess, Wayne Passmore and Shane M. Sherlund 9 Money market funds 194 Antoine Bouveret, Antoine Martin and Patrick E. McCabe PART III MONEY MARKETS 10 The federal funds market, pre- and post-2008 220 Eric T. Swanson 11 The repo market 237 Benjamin Munyan 12 The foreign exchange market 253 Alain Chaboud, Dagfinn Rime and Vladyslav Sushko PART IV CAPITAL MARKETS 13 The Treasury and when-issued markets 277 J. Benson Durham and Roberto Perli 14 The municipal bond market 301 Daniel Bergstresser 15 Mortgage-backed securities 331 Andreas Fuster, David Lucca and James Vickery 16 Equity trading 358 Caroline Fohlin 17 Sovereign debt 378 Leonardo Martinez, Francisco Roch, Francisco Roldán and Jeromin Zettelmeyer PART V DERIVATIVE MARKETS 18 Interest rate swaps 407 Bin Wei and Vivian Z. Yue 19 Credit default swaps 429 Antulio N. Bomfim 20 Foreign exchange swaps and cross-currency swaps 451 Angelo Ranaldo 21 Inflation hedging products 470 Stefania D’Amico and Thomas B. King 22 Futures and options 490 Refet S. Gürkaynak and Jonathan H. Wright Index 509

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Book SynopsisBeginning with the 2008 global crisis in the United States, and particularly after the COVID-19 pandemic shook economies around the world, academics, practitioners, and other experts have become increasingly sensitised to the potential for financial and economic fragility to result in a systemic breakdown. Presenting a synopsis of lessons learnt from financial crises arising out of the 19th, 20th and 21st centuries, each entry examines a unique past issue to help to develop future outcomes, operating as a touchstone for further research.This Encyclopedia is vital for those who wish to learn from the past in preparation for economic turbulence ahead. With wide coverage of causes, events and outcomes, it offers an insightful sample of financial crises in various regions and times throughout modern history.This authoritative work will be incredibly useful for students and scholars of finance management, policy and economics.Key Features: Over 100 entries written by experts in the field International scope with entries on financial crises around the world, covering six continents A plethora of entries on terms and phenomena to better understand the financial crisis history and literature Trade Review‘The literature on financial crises is as rich and dramatic as financial crises themselves. Scholars of the subject – specialists and neophytes alike – are lucky to now have definitive introductions to its various aspects all in one place. We are indebted to Sara Hsu and colleagues for providing this essential reference.’ -- Barry Eichengreen, University of California, Berkeley, US‘The Elgar Encyclopedia of Financial Crises, edited by Professor Sara Hsu is a fascinating “little shop of horrors” of financial mismanagement, poor judgement, and greed gone wild from Finland to the Philippines and just about everywhere in between. Written by knowledgeable scholars from around the globe, this authoritative Encyclopedia should be the “go to” source for students, scholars and policy makers who want to understand the amazing variety of financial follies perpetrated over the decades in places near and far.’ -- Gerald Epstein, University of Massachusetts Amherst, USTable of ContentsContents: Preface xii 1 2002 Uruguay banking crisis 1 Simone Selva 2 2008 Financial Crisis in the US 7 Sara Hsu and Brandon Dupont 3 A Classical-Keynesian approach to financial crises 11 Carlo Panico 4 A financial crisis as a form of VUCA (volatile, uncertain, complex, and ambiguous situation) 17 Tiia Vissak 5 A modern Greek tragedy: the crises of 2009–2015 21 Animesh Ghoshal 6 Argentina’s 1989 crisis 26 Hernán Eduardo Neyra and Andrés Ernesto Ferrari Haines 7 Asian financial crisis 31 Andrew Sheng 8 Assessing reserve management during economic crises: lessons from Indonesia and Nigeria 35 Phyllis Papadavid 9 Austrian School monetary explanation for the business cycle 43 Cameron M. Weber 10 Bank and corporate balance sheet vulnerabilities and currency crises 48 Manuel Duarte Rocha and Roberto Accioly Perrelli 11 Belgium’s crises in the pre-World War I era 51 Gertjan Verdickt 12 Bolivia—debt accumulation in the 1970s, hyperinflation in the 1980s 54 Gabriel Martinez 13 Canada and the global financial crisis 58 Ian Roberge 14 Canada’s asset-backed commercial paper crisis 62 Ian Roberge 15 Central banks 65 Nicolás Varela García 16 Changes in commodity prices as the factor triggering financial crises 70 Marek Dabrowski 17 Chile: the 1973 economic crisis and the military coup 76 Juan M. Padín 18 Chile’s 1981–83 crisis 78 Gabriel Martinez 19 Colombia during the financial crisis of the 1980s 84 Carlos Eduardo Hernández and Edwin López-Rivera 20 Colombia during the financial crisis of the late 1990s 88 Carlos Eduardo Hernández and Edwin López-Rivera 21 Colombia during the Great Depression 92 Carlos Eduardo Hernández and Edwin López-Rivera 22 Crisis prevention and resolution 95 Sara Hsu 23 Definition of banking crisis 98 Ali Ari 24 Determinants of banking crises 101 Ali Ari 25 Discovering business opportunities emerging from financial crises 105 Tiia Vissak 26 Early warning systems (EWS) of currency crises 108 Manuel Duarte Rocha and Roberto Accioly Perrelli 27 Ecuador’s 1999 triple financial crisis 111 Gabriel Martinez 28 Egypt’s currency and financial crisis 118 Simon Neaime and Isabelle Gaysset 29 Factors determining public debt sustainability 121 Marek Dabrowski 30 Financial crises and financial regulation: what relationship? 127 Lyubov Klapkiv and Faruk Ülgen 31 Financial crises in Spain after Bretton Woods: 1977 and 2008 crises 136 Concha Betrán and María A. Pons 32 Financial crises in the Ottoman Empire 141 Akif Berber 33 Financial crises in Turkey 146 Ali Ari 34 Financial crises, their forms, interrelations between them, and crises’ origins 151 Marek Dabrowski 35 Financial liberalization, the capital surge, and the 1994–1995 peso crisis 155 Juan Carlos Moreno-Brid and Joaquín Sánchez Gómez 36 Financial stability in the insurance sector: the case of the American International Group, AIG 157 Lyubov Klapkiv and Faruk Ülgen 37 Firms’ ways to deal with financial crises 162 Tiia Vissak 38 Fiscal policy and financial instability 165 John Lodewijks 39 Global capital flows and financial instability 168 John Lodewijks 40 Global imbalances and global recession 171 Ensar Yõlmaz 41 Global pandemic and stock market volatility of Asia-Pacific countries 176 Naji Mansour Nomran and Razali Haron 42 Great crises of the twentieth and twenty-first centuries: a Schumpeterian perspective 181 Faruk Ülgen and Lyubov Klapkiv 43 Hyman Minsky (1919–1996) 189 Brenda Spotton Visano 44 IMF and World Bank remedies for financial instability 191 John Lodewijks 45 Income inequality before the Great Depression and Global Recession 194 Ensar Yõlmaz 46 India’s balance of payments crises 199 Animesh Ghoshal 47 Inequality created by active monetary policy 204 Cameron M. Weber 48 Inflation 209 Nicolás Varela García 49 International banking regulation 214 Martina Metzger 50 Italy and the 1992 crisis of the European Monetary System 219 Roberto Di Quirico 51 Italy and the Eurozone crisis 222 Roberto Di Quirico 52 John Maynard Keynes (1883–1946) 226 Brenda Spotton Visano 53 Joseph Alois Schumpeter (1883–1950) 230 Brenda Spotton Visano 54 Lebanon’s perfect storm 232 Simon Neaime and Isabelle Gaysset 55 Liability dollarization 236 Gabriel Martinez 56 London and the exchange-rate crisis of 1931 240 Christopher Godden 57 London and the financial crisis of 1914 244 Christopher Godden Malaysian crisis 1985 248 Simone Selva 59 Marxian crisis theory 251 Deb Das 60 Monetary policy and financial stability in Africa during COVID-19 253 Phyllis Papadavid and Dirk Willem te Velde 61 Panic of 1857 256 William V. Rapp 62 Panic of 1907 260 William V. Rapp 63 Philippines banking crisis of 1981 264 Simone Selva 64 Portuguese banking crisis of 1876 267 Rita Martins de Sousa 65 Portuguese financial crisis of 1890/91 270 Rita Martins de Sousa 66 Recoveries from financial crises 275 Peter H. Bent 67 Southeast Asian crisis from a currency perspective 280 Martina Metzger 68 Spain’s crises in the interwar period: the Great Depression 284 Concha Betrán and María A. Pons 69 Spain’s crises in the second half of the nineteenth century (gold standard system) 289 Concha Betrán and María A. Pons 70 Systemic risk and credit risk 294 Victor A. Beker 71 Thailand 1997: the spark that started the fire 296 Gabriel Martinez 72 The 1893 bank crisis 303 Brandon Dupont 73 The 1931 banking crisis in Italy 307 Roberto Di Quirico 74 The 1935 Italian currency crisis 311 Roberto Di Quirico 75 The 1967 Indonesian banking crisis 314 Agusman Agusman 76 The 1997–1998 Korean financial crisis 317 Seung Jung Lee 77 The 1997–1998 financial crisis in Japan 320 Hiromichi Iwaki 78 The 1997/1998 Indonesian banking crisis 326 Agusman Agusman 79 The 1998 Russian debt crisis 330 Peter C. Earle 80 The 2001 Argentina financial crisis 332 Hernán Eduardo Neyra and Andrés Ernesto Ferrari Haines 81 The 2007 financial crisis in the United Kingdom 340 Seung Jung Lee 82 The 2008–2009 international financial crisis: influenza or minor cold in Mexico? 343 Juan Carlos Moreno-Brid and Joaquín Sánchez Gómez 83 The 2008/2009 financial crisis in Brazil 346 Rafael F. Schiozer and Paulo R. S. Terra 84 The Argentinean financial and debt crisis of 2019 351 Juan Santarcángelo 85 The banking crisis in Norway 1987–1993 354 Ola Honningdal Grytten 86 The Brazilian banking crisis of 1994/95 360 Rafael F. Schiozer and Paulo R. S. Terra 87 The Brazilian currency crisis of 1999 363 Rafael F. Schiozer and Paulo R. S. Terra 88 The Covid-19 crisis in Mexico (2020 …) 368 Juan Carlo Moreno-Brid and Joaquín Sánchez Gómez 89 The Credit-Anstalt crisis of 1931 372 Aurel Schubert 90 The debt crisis in Latin America in the 1980s 376 Juan Santarcángelo 91 The developing country debt crisis of the 1980s 379 Harald Sander 92 The Euro Crisis 383 Harald Sander 93 The financial crisis in Japan in the 1920s 389 Hiromichi Iwaki 94 The Finnish banking crisis of the 1930s 394 Karlo Kauko 95 The Finnish banking crisis of the 1990s 397 Karlo Kauko 96 The Great Depression in Norway 402 Ola Honningdal Grytten 97 The Great Depression in the United States 406 Charles Bartlett 98 The Icelandic banking crisis of 2008 413 Karlo Kauko 99 The impacts of financial crises on firms’ exports 417 Tiia Vissak 100 The Irish financial crisis of 2007–2010 420 Aurel Schubert 101 The lost decade and the 1982 debt crisis in Mexico 424 Juan Carlos Moreno-Brid and Joaquín Sánchez Gómez 102 The Norwegian monetary crisis in the mid-1920s 426 Ola Honningdal Grytten 103 The “odious” route to a sovereign debt crisis in the Democratic Republic of Congo 431 Mohit Arora 104 The period of the 1930s in the Portuguese economy 436 Rita Martins de Sousa 105 The post-war depression in Norway in the early 1920s 440 Ola Honningdal Grytten 106 The special period in Cuba 444 Peter C. Earle 107 The US savings and loan crisis 446 James R. Barth, Yanfei Sun and Min Gu 108 Tobin Tax and capital controls 452 John Lodewijks 109 Too big to fail 455 Victor A. Beker 110 Tulip mania 1637 and other crises in the Netherlands 458 Simone Selva 111 US financial crises and growing federal oversight of banking 463 James R. Barth and Stephen Matteo Miller Index 473

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Book SynopsisThis original book examines how investment theory and regulatory constraints are linked to the professional processes of portfolio investments, and how the principles of Islam as defined by sharia fit into these processes. It also explores the measures required to create and grow a global Islamic asset management industry.Established on a foundation of Modern Portfolio Theory, the book extends the theory to include asset management based on sharia. Chapters also consider how ethical investing is quickly becoming the driving force of the $100 trillion asset management industry. Taking a practical approach, John A. Sandwick, M. Kabir Hassan and Pablo Collazzo compare conventional and sharia portfolio performance and risk through measurement tools commonly used in asset management, including Sharpe ratio, standard deviation, Value at Risk, annualized mean return, and correlation. They map conventional portfolio construction and optimization, then reproduce the same processes with real-world, sharia-compliant portfolios.This book will be critical reading for scholars and students of Islamic economics and finance, Islamic studies, and financial regulation. Considering Islamic asset management as a unique function of Islamic finance, this book will also be a useful resource for practitioners and finance professionals.Trade Review’It is a timely guide to further contribute to this heavily debated claim that Islamic investments perform better in adverse economic situations. This is an excellent book as a guide on performance of Islamic finance investments versus conventional portfolios and fills the gaps on performance of Islamic asset management in the real markets. It is an excellent reference for scholars, practitioners and researchers in Islamic finance markets.’- Shamsher Mohamad, International Centre for Education in Islamic Finance, MalaysiaTable of ContentsContents: Foreword by Zeti Aziz Preface Introduction to A Guide to Islamic Asset Management 1. Literature review, research gap, industry and theoretical summaries 2. Research design and finding data 3. Results, relevance and limitations 4. Empirical analysis, research design and methodology 5. Discussion of findings 6. Implications for theory and practice 7. Limitations, and future research Annex: survey questions for major asset management banks References Index

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Book SynopsisThis timely book presents an in-depth investigation of who benefits from European financial market regulatory measures and how decision-makers and stakeholders are held politically and administratively accountable. The extensive study illustrates the full range of the actors involved in key regulatory processes such as the regulation of high-frequency trading and the activities of central-clearing counterparties.Chapters outline how politicians, regulators and market players are linked in various political and administrative accountability mechanisms. Providing analysis of how the accountability channels are linked to policy content, contributors ask whether specific regulatory objectives and results give rise to the mobilising of accountability mechanisms. Regulating Finance in Europe critically examines the implementation of major EU legislative packages in financial regulation (MiFID II and CMU), offering a unique empirical insight into how different modes of accountability in financial market regulation are linked with different policy effects.This comprehensive yet accessible book will be an invaluable read for politicians and practitioners working in finance as well as academics in EU politics and policies. It will also provide a useful resource for undergraduate and postgraduate students of political science, law and economics.Trade Review‘This book will be of great interest to scholars examining European financial sector governance from legal, sociological, and political science perspectives. The authors have crafted a lucid, insightful, and convincing analysis of procedural and substantive accountability channels and mechanisms in European financial sector governance. They further shed light on who controls decision-making and whether sufficiently robust accountability channels and mechanisms have been put in place in key areas of European securities regulation, such as the governance of high-frequency trading (HFT), central counterparties (CCPs) under the European Market Infrastructure Regulation (EMIR), the Markets in Financial Instruments Directive (MiFID) II, over the counter (OTC) derivatives, and Fintech.’ -- Aneta Spendzharova, Maastricht University, the Netherlands‘This book is a remarkable exploration of present-day European financial markets. It addresses crucial questions about how regulators, policymakers and financial organizations are held accountable through various “accountability mechanisms”. Adrienne Héritier, Johannes Karremans and colleagues insightfully open the black box of European financial markets to reveal their activities and regulatory dynamics to the wider public. This book is an important work for everyone who is interested in the democratic governance of modern-day finance and its algorithmic/quantitative complexities.’ -- Andrea Lagna, Loughborough University, UKTable of ContentsContents: Preface ix Acknowledgments xi List of abbreviations xii 1 Introduction: Regulating finance in Europe: policy effects and political accountability 1 Adrienne Héritier and Johannes Karremans 2 Accountability mechanisms in the governance of high-frequency trading under MiFID II 16 Johannes Karremans and Magnus G. Schoeller 3 Policy effects and accountability: unbundling research and execution under MiFiD II 38 Promitheas Peridis and Adrienne Héritier 4 Critical infrastructure (CCPs): political accountability and the policy effects of EMIR 71 Agnieszka Smoleńska and Adrienne Héritier 5 Fighting for Fintech: competition, regulation and accountability in a Europe of financial innovation 101 Joseph Ganderson 6 Benchmark administrators as gatekeepers: accountability and policy effects 126 Agnieszka Smoleńska and Promitheas Peridis 7 The “quiet politics” of hybrid accountability mechanisms: watering down regulation through expertise? 155 Johannes Karremans 8 Conclusion: procedural and substantive accountability in European financial regulation 176 Johannes Karremans and Adrienne Héritier Index

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Book SynopsisTourism in the Mediterranean Sea: An Italian Perspective is the product of a collaborative group of experts in the field of tourism. Academics, whose research focuses on regional tourism system governance, alongside several experts from the tourism sector, contributed to the volume with distinct issues related to the tourism industry. The growth of the Mediterranean Seas tourism system relates to the issue of tourist destination, brand protection, and public communication. The purpose of this book is to define a method of governance to improve regional and territorial tourism policies and to redesign tourist supply of the tourist destination with the goal of social and economic growth of the Mediterranean area. Tourism is rebuilding a vision associated with paths, visits to villages, heritage, tradition, and typical food and wine. Moreover, travellers will also tend to choose the tourist destinations that offer health guarantees. This book, with an innovative and cross-disciplinary approach, is well suited to public decision-makers, university students, and sector experts to build a model of tourism that is able to understand the new opportunities that come from national and international markets in the Mediterranean area.Table of ContentsChapter 1 Tourism for All: Economic Opportunities and Territorial Constraints for Sustainable Development; Carmen BizzarriChapter 2. Archaeological Research, Dissemination of Knowledge, and Touristic Valorization in a Multi-Layered City: The Example of Taormina, Sicily; Lorenzo Campagna Chapter 3. The Role of Sustainability for the Tourism Recovery in Italy; Federico Massimo Ceschin and Carmen Bizzarri Chapter 4. A New Sustainable Way ... Together: The Ancient Routes in Sicily; Davide Comunale and Fabrizio Ferreri Chapter 5. Religious Tourism and Sustainability: From Devotion to Spiritual Experience; Alessandro Cugini Chapter 6. Place Awareness and Community Tourism: The Case of Sambuca di Sicilia; Fabrizio Ferreri Chapter 7. Tourism Competitiveness in Mediterranean Countries: A Quantitative Approach; Romana Gargano Chapter 8. Consuming Gastronomy While Traveling: What Do Tourist Want? Roberta Garibaldi, Matthew J. Stone, and Andrea Pozzi Chapter 9. Tourism Planning and Resilience Strategies in Inner Areas: Communities in Action in the Madonie Area; Maurizio Giannone Chapter 10. Tourism, Economic Growth and Sustainability in the Mediterranean Region; Filippo Grasso and Daniele Schilirò Chapter 11. Responsibility and Sustainability in International Hotel Chains; Graziano Hermann Chapter 12. Sustainable Accommodation in a Fragile Tourist Destination: The Matera Case; Nicolaia Iaffaldano, Sonia Ferrari, and Giovanni Padula Chapter 13. For a Responsible, Sustainable and Inclusive Tourism; Bernadette Lo Bianco Chapter 14. Roots Tourism: Opportunities for the Territories Deriving from Identity Journeys of Italian Emigrants; Tiziana Nicotera Chapter 15. Eco-Sustainable Routes and Religious Tourism: An Opportunity for Local Development. The Case Study of Sicilian Routes; Giuseppe Notarstefano and Susanna Gristina Chapter 16. Transport and Tourism Relationship; Francesca Pellegrino Chapter 17. Connecting Locals and Visitors: The Case of Street Food; Manuela Pilato, Marco Platania, and Seraphin Hugues Chapter 18. Tourism, Transport and Sustainability; Francesca Pellegrino Chapter 19. The Economic Resilience of the Urban Destination in Sicily (Italy); Platania Marco Chapter 20. Italy's Island Systems: Competitiveness in the Mediterranean Context; Giovanni Ruggieri and Patrizia Calò

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Book SynopsisForeign Exchange Constraint and Developing Economies addresses the complex nature of foreign exchange constraint for macroeconomic and social development. The book collects expertise and perspectives from a diverse set of contributions. Using a combination of innovative theoretical and empirical approaches, the book suggests several analytical frameworks to help advance academic research and policy work on foreign exchange and sustainable development.Chapters explore how trends in exchange rates, currency dynamics and international capital markets impact development models of primarily small open economies. The problems of global capital flows affected by the COVID-19 pandemic are also reviewed. The book presents analyses of both country-level and regional patterns and discusses broader implications for emerging markets. Exploring urgent questions for academic and policy agendas, this will be an important read for economists and researchers working on the topics of economic development, international economics, open economy, exchange rate management, sovereign debt, central banking, and monetary policy. Applied economists and policymakers will also find this a meaningful resource.Trade Review‘Most emerging and developing economies face a persistent foreign exchange gap. Holding foreign exchange reserves, even in large amounts, does not eradicate the gap that essentially produces persistently foreign exchange constrained economies. This book is a very helpful collection of chapters that elucidates the various manifestations for the foreign exchange constraint. It covers a wide number of important topics such as capital flows, foreign debt, exchange rate policy, the role of MNCs, financial crisis, and others. The collection will be very helpful to researchers and policymakers.’ -- Tarron Khemraj, New College of Florida, US‘With the Ukraine crisis fueling inflation, rising interest rates and soaring debt-burdens, this timely volume brings together diverse approaches spanning theoretical models, empirical investigations, and policy analyses to address the challenges posed by volatile capital flows, deteriorating exchange-rates and the impact of COVID-19 to EMDCs in a world in flux.’ -- Ramaa Vasudevan, Colorado State University, US‘The chapters in Professor Gevorkyan’s edited book are a reminder that the external constraint is essentially a foreign exchange one, and that the post-Bretton Woods institutions are ill designed to help developing countries cope with the volatility of international capital flows. This is a timely and relevant collection of papers that should be required reading for all the experts in international financial issues.’ -- Matías Vernengo, Bucknell University, Pennsylvania, US‘After more than 2 decades of work in developing countries, realizing the many ways conventional modern macroeconomics education misses the main challenges that are actually faced by their policymakers, I am delighted to see the relevant topics for growth and macroeconomic stability in developing economies make a comeback. Aleksandr Gevorkyan and the authors that joined him in this fine treatment of the issues need to be congratulated and encouraged to continue deepening this most-relevant research and policy analysis program.’ -- João Farinha Fernandes, Asian Development BankTable of ContentsForeword by Barry Eichengreen Preface and acknowledgements PART I: CAPITAL MARKETS 1. Foreign exchange constraint and select developing economies: insights from the Caucasus and Central Asia Aleksandr V. Gevorkyan 2. Domestic sovereign yields puzzle in 2020: falling yields amid a large fiscal shock in emerging markets Hayk Avetisyan, Viacheslav Ilin, and Dmitry Yakovlev 3. Wealth composition, valuation effect and upstream capital flows Uthman M. Baqais 4. Non-financial corporations as financial intermediaries and their macroeconomic implications: an empirical analysis for Latin America Claudia de Camino, Esteban Pérez Caldentey and Cecilia Vera PART II: CURRENCY AND EXCHANGE RATE 5. Currency relationships over time: a network analysis and case study of Mexico Georgia Bush, Serafin Martínez-Jaramillo, Luis O. L. Escobar-Farfán and Erwin Flores-Tamés 6. On the limits of real exchange-rate targeting under foreign exchange constraint Eduardo F. Bastian 7. Optimal foreign exchange reserves in small open economies: the case of the Caribbean Dave Seerattan 8. Two sides of a currency crisis in emerging economies: economic and behavioural side of currency risk derivatives Elżbieta Kubińska, Joanna Wyrobek, Łukasz Faryj and Anna Macko 9. Real exchange rate, demand growth and labour productivity: a growth model of cumulative and circular causation Hugo C. Iasco-Pereira, Fabrício J. Missio, Frederico G. Jayme Jr and Douglas Alencar PART III: COVID-19 AND OPEN ECONOMY 10. Capital flows and emerging market economies since the global financial crisis Otaviano Canuto 11. The Lebanese banking crisis: an exploration of the impaired banking system Samar Issa Index

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Book SynopsisEmerging markets are increasingly facing significant challenges, from a slowdown in productivity, rising debt, and trade tensions to the adverse effects of proliferating global uncertainty on domestic financial systems. This incisive Handbook examines the ongoing dynamics of global financial markets and institutions within the context of such rising uncertainty and provides a comprehensive overview of innovative models in banking and finance.Chapters investigate the implications of the COVID-19 pandemic on health and economic activities, as well as other global factors such as geopolitical shifts, digital transformation, and climate change. This expansive range of perspectives demonstrates how emerging market policymakers have been forced to rethink their banking and financial industries to spur sustainable and inclusive growth. Global in scope, the Handbook features contributions from more than 70 experts, offering key insights into new developments in banking and finance, and considering how emerging markets might overcome the pandemic, shape the new normal, and foster economic sustainability.This ambitious Handbook will be an essential read for regulators and policy analysts who will benefit from its innovative perspectives on advancing governance of banking and finance sectors in emerging markets. Its exploration of forthcoming directions for research will be of special interest to academics and research scholars in related fields.Trade Review‘Duc Khuong Nguyen offers a multifaceted collection of research on emerging markets that is a must-read for scholars and investors alike. It is one of the most comprehensive books on emerging markets finance and will impress the readers with its fresh perspectives.’ -- Rose Liao, Rutgers University, US‘It was ample time this Handbook was made available to professional investors and financial actors in emerging markets. Congratulations to Duc Khuong Nguyen for gathering such an expert crowd to help us navigate the new emerging world: post global financial crisis, post Covid, post China and BRICS take off, but also aligned with the sustainable development goals and the climate agenda. This is the compass we needed to sail the ocean ahead of us!’ -- Bertrand Badré, Blue like an Orange Sustainable Capital, FranceTable of ContentsContents: Preface xxviii PART I FINANCIAL MARKETS, INSTITUTIONS AND MONEY 1 Booms, bubbles, blow-outs: exploring patterns in China’s credit expansion 2 Ron McIver, Lei Xu and Shiao-Lan Chou 2 Mutual fund investing in the Chinese A-share market 32 Yeguang Chi and Xiao Qiao 3 Liquidity and ex-dividend behavior in emerging markets 51 Daniel Dupuis 4 Asset-based valuation: a modified discounted cash flow approach 70 Rafael Yanushevsky, Daniel Yanushevsky and Camilla Yanushevsky 5 Financial integration in Asia: some empirical evidence 83 An Thi Thuy Duong and Clemens Kool 6 Application of the neural F-Score in Latin American stock markets 104 Lidia Loban, Cristina Ortiz and Luis Vicente 7 Market-liquidity risk modeling and reinforcement machine learning algorithms under extreme market outlooks: applications to emerging markets 115 Mazin A.M. Al Janabi 8 The components of bid–ask spread on the Warsaw Stock Exchange 131 Paweł Miłobędzki and Sabina Nowak PART II BANKING PROFITABILITY, EFFICIENCY AND STABILITY 9 Bank profitability in the euro area: the asymmetric effect of common supervision 153 Ioanna Avgeri, Yiannis Dendramis and Helen Louri 10 The journey of a thousand miles: a decade of the impact of foreign shareholders on the performance of Chinese commercial banks 176 Constantin Gurdgiev and Li Jiaqi 11 The determinants of commercial banks’ profitability in the South-Eastern Europe region: a system GMM approach 200 Francesco Guidi 12 Determinants of commercial banks’ performance in Mozambique 218 Antonio Samagaio, Pedro Verga Matos and Isidora Manjate 13 Impact of information and communication technology on banking efficiency: the Vietnamese experience 238 Thanh Ngo and Tu Le 14 Competition, efficiency and stability in Islamic and conventional banking systems: an emerging market perspective 254 Md. Nurul Kabir and Andrew C. Worthington 15 Central bank independence, macroprudential policies and financial stability in the Mauritian context 274 Manisha Chuttoor, Dinesh Ramdhony and Boopen Seetanah PART III TOWARDS FINANCIAL RESILIENCE AND SUSTAINABILITY 16 Sustainable investing in emerging markets 298 Andreas Gruener 17 ESG issues in emerging markets and the role of banks 321 Thankom Arun, Claudia Girardone and Stefano Piser. 18 Corporate social responsibility disclosure and cost efficiency of Islamic banks: evidence from GCC countries 345 Anas Mohammad Hussein Al-Jbour, Lei Xu, Damien Wallace and Guodong Yuan 19 Credit risk management and practices in Islamic and conventional banks: an emerging market perspective 366 Mahfod Aldoseri and Andrew C. Worthington 20 Stakes and challenges in the development of impact investing in emerging markets: the case of Asia 378 Emmanuelle Dubocage and Evelyne Rousselet 21 Consumer financial spinning and market stress factors in emerging markets 394 Olivier Mesly 22 Analyst coverage of emerging market IPOs and legal environment 419 Romain Boissin PART IV INNOVATIVE MODELS IN BANKING AND FINANCE 23 The role of BigTech in emerging markets 433 Silvio Andrae 24 The digital revolution in financial services: new business models and talent challenges 464 Sylvie St-Onge, Michel Magnan and Catherine Vincent 25 Ethics and trust on Fintech platforms from an emerging markets perspective 479 Oliver Vasquez and Leire San-Jose 26 Challenges and opportunities for crowdfunding in emerging markets: an ethical perspective 492 Johan Bouglet, Ghislaine Garmilis and Olivier Joffre 27 Rationalizing the Takaful organizational form with institutional theory 506 Maryam Alhalboni, Muhammed Shahid Ebrahim and Wahyu Jatmiko 28 Artificial intelligence in an emerging portfolio manager: the case of Evovest 523 Sylvie St-Onge, Catherine Vincent and Michel Magnan PART V EMERGING TRENDS 29 Emerging green finance hubs in Asia: regulatory initiatives for ESG investing and green bond development by the Four Tigers 539 Artie W. Ng 30 Enhancing sustainability reporting and greening the finance system: institutionalization and practices in China’s banking sector 553 Shidi Dong, Lei Xu and Ron McIver 31 Cross-border banking in EMDEs: trends, scale, and policy implications 573 Erik Feyen, Norbert Fiess, Ata Can Bertay and Igor Zuccardi Huertas 32 The Swiss banking experience and lessons learned for emerging markets: the roles of digitalization and sustainability 597 Carlo Raimondo and Patrick Coggi 33 Financial development of CEE markets and the evolving role of foreign-owned multinational banks 619 Victoria Geyfman 34 Key rate pass-through to deposit rates: experience from the pandemic era 634 Henry Penikas 35 Inflation targeting and fiscal discipline in selected emerging economies 651 Milojko Arsić, Zorica Mladenović and Aleksandra Nojković PART VI NEW PERSPECTIVES 36 The role of financial surveys for economic research and policy making in emerging markets 676 Sof.a Gallardo and Carlos Madeira 37 Emerging regions in the era of negative real interest rates: twenty years of convergence towards the US? 687 Max Gillman 38 The Indonesian banking sector during the COVID-19 pandemic 710 Sahminan Sahminan 39 Bank finance and alternative instruments in capital-intensive sectors: the case of global shipping 731 Theodore Syriopoulos 40 The Russian financial sector: opportunities in an unstable environment and sanctions 763 Vasily Tkachev, Vadim Grishchenko and Karl Summanen 41 Conflict, contention and cooperation in China’s new model of financial intermediation monitoring 793 W. Travis Selmier II Index 811

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Book Synopsis2019 marked the 40th anniversary of the publication of Anthony P. Thirlwall's classic paper that laid out what became known as Thirlwall''s law. This article introduced and provided empirical evidence in favor of the proposition that the long-run rate of growth of an economy compatible with balance-of-payments equilibrium can be approximated by the simple rule of the ratio of the growth of exports to the income elasticity of demand for imports.Thirlwall's law provides a theoretical underpinning for several of the arguments traditionally espoused by the heterodox followers of Keynes. In addition, Thirlwall's law can also be viewed as a guide to policy-making. It has spurred a rich research agenda at both the theoretical and empirical levels. Theoretically the core model has been extended to include the different components of the current account of the balance of payments. Empirically, it has withstood the test of time and has been corroborated, with perhaps a few exceptions, for a variety of developed and developing countries under different historical contexts and different periods of time.This re-release of the special issue of the Review of Keynesian Economics brings together experts and researchers to present the latest developments and debates on Thirlwall's law. Students, economists and policy makers will find this volume enlightening.Table of ContentsContents: Symposium: Thirlwall’s Law at 40 Thirlwall’s law at 40 1 Esteban Pérez Caldentey and Matías Vernengo Why Thirlwall’s law is not a tautology: more on the debate over the law 3 J.S.L. McCombie Endogenous growth, capital accumulation and Thirlwall’s dynamics: the case of Latin America 18 Ignacio Perrotini-Hernández and Juan Alberto Vázquez-Muñoz Thirlwall’s law and the terms of trade: a parsimonious extension of the balance-of-payments-constrained growth model 37 Esteban Pérez Caldentey and Juan Carlos Moreno-Brid Thirlwall’s law, external debt sustainability, and the balance-ofpayments- constrained level and growth rates of output 60 Gustavo Bhering, Franklin Serrano and Fabio Freitas Growth transitions and the balance-of-payments constraint 72 Excellent Mhlongo and Kevin S. Nell New Structuralism and the balance-of-payments constraint 91 Gabriel Porcile and Giuliano Toshiro Yajima Is Indonesia’s growth rate balance-of-payments-constrained? A timevarying estimation approach 111 Jesus Felipe, Matteo Lanzafame and Gemma Estrada Thoughts on balance-of-payments-constrained growth after 40 years 128 A.P. Thirlwall

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Book SynopsisProviding an authoritative yet accessible introduction to the Asian Development Bank (ADB), this comprehensive Companion offers a detailed examination of the ADB’s objectives, policies, development outcomes, strengths and weaknesses, areas for reform, and challenges going forward.M. G.Quibria and Albab Akanda’s enlightening Companion is a significant addition to the literature on the ADB, delivering in-depth assessments of its operations to date and succinctly summarising its future priorities. Chapters provide state-of-the-art contributions from leading scholars on various themes such as the ADB’s approach to an increasingly multipolar world, the role of the ADB in supporting developing member countries, agricultural transformation in developing Asia and the challenges and opportunities represented by megacities in developing Asia. Crucially, the Companion advances the sound knowledge of the ADB’s history, its current methods of operation and its position in the global economy.This stimulating and forward-looking Companion will be essential reading for students, scholars and academics interested in Asian development, international economic development and international relations. It will also be a vital resource for international policymakers, diplomats, practitioners and think tank staff.Trade Review‘I strongly recommend this book for anyone interested in Asian development and, in particular, the ADB. It provides an authoritative yet accessible introduction to the ADB—its objectives, policies, development outcomes, strengths, weaknesses, areas for reforms, and challenges going forward including state-of-the-art reviews of current debates on various ADB-related issues in the context of ongoing deliberations on development assistance, international political economy, and good governance.’ -- Jere R. Behrman, University of Pennsylvania, US‘It was once thought that the mandate of the ADB was to reduce poverty. Since the Asian Miracle reduced poverty, did it reduce the need for the ADB? The establishment of the Asian Infrastructure Investment Bank, “One Belt One Road” initiative, and enormous demand for infrastructure investment, among other things, have completely changed the economic and political milieu facing the ADB. This book covers many topics of interest for all of us who are concerned with the present state and future of Asia and the ADB.’ -- Keijiro Otsuka, Kobe University, Japan‘The Elgar Companion to the Asian Development Bank is a comprehensive guide that delves into the history, achievements, challenges, and prospects of the Asian Development Bank (ADB). Distinguished scholars and experts explore various dimensions of the ADB's role in the Asia-Pacific region, including its response to a changing world, its support for member countries' development, its contributions to economic and social progress, and its recommendations for reforms. The book provides a critical assessment of the ADB's strengths and weaknesses within the global economic landscape. It is an essential resource for those interested in Asian development, international economic development, and international relations.’ -- Arvind Panagariya, Columbia University, US‘This book on the Asian Development Bank (ADB) is a welcome compendium of treatises and reflections crafted by former professional senior officials coming from Asia.’ -- Ernesto Pernia, University of the Philippines, Philippines‘The Asian Development Bank is the premier international development finance institution for the Asia-Pacific region. It recently celebrated its first 50 years by commissioning both an official history and an authoritative examination of these countries’ socio-economic development. This Companion by retired senior officials of the Bank provides further rich insights into this fascinating and diverse region.’ -- Hal Hill, Australian National University, AustraliaTable of ContentsContents Preface xii Acknowledgments xv 1 Asian Development Bank and the Belt and Road Initiative: challenges and opportunities 1 Xianbai Ji and Pradumna B. Rana 2 The Asian Infrastructure Investment Bank: a complement or a substitute for the Asian Development Bank? 11 M. G. Quibria 3 Organizing the Asian Development Bank: challenges and opportunities in an increasingly multipolar world 21 Stephen P. Groff 4 Improving professional expertise: key to enhancing the Asian Development Bank’s development effectiveness 33 Cedric Saldanha 5 Economic research at Asian Development Bank: a retrospective 43 Ramesh B. Adhikari 6 Averting economic crisis in developing Asia through economic surveillance: the role of the Asian Development Bank 56 Juzhong Zhuang 7 Climate disasters in Asia and the Pacific: the role of the Asian Development Bank in mitigation and adaptation 66 Vinod Thomas 8 Post-pandemic developing Asia: an agenda for the Asian Development Bank 78 Shiladitya Chatterjee 9 Symbiosis of trade and regional cooperation in Asia and the Pacific: the role of the Asian Development Bank 91 Douglas H. Brooks 10 The role of the Asian Development Bank in fostering regional integration through cross-border transport connectivity 101 Jayant Menon 11 Assessing the role of mega infrastructure initiatives and the Asian Development Bank in financing Asian infrastructure 116 Ganeshan Wignaraja and Marco Gatti 12 From governance to performance in Asia-Pacific 131 Clay G. Wescott 13 Poverty in developing Asia and the Asian Development Bank 144 Mohiuddin Alamgir 14 Agricultural transformation and food security in developing Asia: past successes, present challenges, and future policy options 157 M. G. Quibria 15 Megacities in developing Asia: challenges and opportunities 167 Syed Abu Hasnath 16 Environmental and social impact assessment: revisiting the theme 177 Armando Balloffet and Albab Akanda 17 The Asian Development Bank’s accountability mechanism: shifts in the accountability landscape 187 Suresh Nanwani 18 The Asian Development Bank’s environment program: challenges and directions 199 Prodipto Ghosh 19 The evolution of the Asian Development Bank’s relations with civil society 213 Bart W. Édes 20 Improving the Asian Development Bank’s education sector service delivery 226 William Loxley 21 Advancing gender equality and women’s empowerment in Asia beyond the Covid-19 pandemic – challenges and opportunities for the Asian Development Bank 236 Eugenia McGill 22 The Asian Development Bank’s energy sector operations in the twenty-first century 249 Dan Millison 23 The private sector challenge for the Asian Development Bank: some reflections 263 K. A. S. Murshid 24 Promoting ICT in developing Asia: the road ahead 275 Raja M. Mitra 25 The Asian Development Bank and the Pacific Islands 288 Xianbin Yao

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Book SynopsisAsia has shown the world what success in economic development looks like. From the amazing transformations of Japan, the Republic of Korea, and the other ‘tigers’ in the early 70s, to the more recent takeoffs of the People’s Republic of China (PRC), India, and the leading economies in Southeast Asia, the region has prospered at a startling pace. Technologies were adopted, productivity raised, and export markets conquered. Billions were lifted out of poverty. What was once a backwater is now a global engine of growth.That roaring progress was, however, fueled by a lesser-known factor: borrowing. Governments, corporations, and households financed their path to prosperity with debt—lots of debt. Today, the volume of debt hanging over Asian economies is huge, in both absolute and relative terms. It was growing fast before the pandemic and is projected to grow even faster because of it. Demography is bound to make matters worse in the long term. How sustainable is this? What should policy makers do to keep Asia’s finances stable? Should markets worry? These are the core questions of this book. Through a collection of chapters by renowned experts, a diagnosis of Asia’s debt accumulation is offered. The approach is both country- and issue-driven, so both idiosyncratic and common elements can be identified. Matters like Japan’s social insurance promises, the PRC’s state-owned enterprises, the Pacific islands’ aid dependency, and the saving habits of households in the Republic of Korea are dissected. As are trends that are present across countries, such as population aging, shrinking fiscal space, and contingent liabilities. This allows for a deeper understanding of what makes borrowing sustainable—or not. And it leads directly into policy recommendations, especially those involving the use of new financial instruments.The final product is a book whose comprehensiveness and practicality are unprecedented in the field. It will be equally invaluable for governments, investors, and scholars in Asia and beyond.Trade Review‘This is an important book, for at least three very different reasons. First, it provides an excellent, and very recent, analysis of debt accumulation in a region whose financial stability matters to the entire world. Second, it explains in an easy-to-understand way the role that borrowing has in the behavior of governments, corporations, and households. And, third, it introduces the reader to new and powerful financial instruments that can benefit not just lenders and borrowers but society as a whole. A must read.’ -- Allan Rosenbaum, Florida International University, US and President of the American Society for Public AdministrationTable of ContentsContents: Foreword by Yasuyuki Sawada ix Overview and synthesis 1 Benno Ferrarini, Marcelo M. Giugale, and Juan J. Pradelli PART I A DIAGNOSIS OF ASIA’S DEBT 1 Debt in Asia: anatomy, evolution, and prospects 31 Juan Pablo Paladino and Juan J. Pradelli 2 Japan’s public debt sustainability before and after COVID-19 66 Jérémie Cohen-Setton and Keita Oikawa 3 People’s Republic of China: features and recent evolution of corporate debt 87 Ninghua Zhong and Mi Xie 4 Asia’s lower-income countries: concessional public debt, concessional rescues 108 Nicolas Depetris-Chauvin 5 Pacific Islands’ debt: financing post-COVID-19 recovery amid precarious sustainability 136 Roland Rajah and Alexandre Dayant 6 Subnational debt: developing a sustainable market 167 Lili Liu 7 Asia’s corporate debt: assessing its role in financial vulnerability 188 Hernán D. Seoane 8 Household debt: supply-driven sugar rushes 214 Maria Teresa Punzi PART II THE RISKS BEHIND ASIA’S DEBT 9 Fiscal uncertainty: the thankless task of forecasting Asia’s fiscal accounts 239 Ugo Panizza 10 Fiscal space: Asia’s fiscal safety net has shrunk 269 Andrea F. Presbitero 11 Contingent liabilities: monitoring exposures that are difficult to measure 299 Timothy C. Irwin 12 Debt generators: the case of energy subsidies 317 Klaus Enders 13 Population aging and debt 342 Sang-Hyop Lee, Andrew Mason, and Donghyun Park PART III WHAT NEXT? POLICIES TO KEEP ASIA’S DEBT SUSTAINABLE 14 Debt management capacity: a tale of three Asias 367 Phillip Anderson 15 Fiscal insurance: a new tool of fiscal stability 389 Luis de la Plaza 16 Thematic bonds to diversify fiscal sources 409 Farah Imrana Hussain Index 426

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Book SynopsisElgar Research Agendas outline the future of research in a given area. Leading scholars are given the space to explore their subject in provocative ways, and map out the potential directions of travel. They are relevant but also visionary.With contributions from an international range of experts, this cutting-edge Research Agenda collates the most important and emerging research in the field to map out the new directions and promising paths ahead for the international political economy (IPE).Probing the most promising lines of research on the crucial inter-connections of globalization and socioeconomic inequality, the book opens with an investigation into our understanding of how externally generated financial, health, and migration crises affect political economic systems worldwide. Chapters explore fundamental changes in the nature of IPE, including those driven by technology, power transitions, the geography of trade, new foreign aid channels, and economic espionage. Rethinking the future research agenda for IPE, the book concludes by challenging the underlying ideas and perspectives that shape the thinking and scholarship of the field.Countering the deep-rooted western, white-male orientation of traditional IPE research with the alternative perspectives of decolonial and feminist ecological thinkers, this innovative Research Agenda will prove invaluable to students, scholars and policymakers concerned with the future of the international political economy.Trade Review‘How can international political economy scholarship contribute to solving the existential challenges confronting humanity? This critically important question is the focus of the contributions in this ambitious volume. Pursuing the proposed research agenda will do much to revitalize and redirect IPE research to provide pertinent answers.’ -- Bernard Hoekman, European University Institute, Italy‘The timing of this book could not be better. There has been much debate recently about “gaps” in the agenda of international political economy. Deese and his colleagues deliver an excellent survey of key emerging areas of research that can be expected to help shape IPE scholarship in coming years.’ -- Benjamin J. Cohen, University of California, Santa Barbara, USTable of ContentsContents: Preface ix PART I INTRODUCTION Introduction to A Research Agenda for International Political Economy: New Directions & Promising Paths 3 David A. Deese PART II HOW AND WHY GLOBALIZATION INTERCONNECTS WITH SOCIO-ECONOMIC INEQUALITY WITHIN STATES 1 Globalization and income inequality 21 Eunyoung Ha 2 Away from the Global North: new directions in the politics of trade 39 Ida Bastiaens and Evgeny Postnikov 3 Turning out or turning away: international political economy effects on political participation 53 Celeste Beesley and Ida Bastiaens PART III IPE IN A CRISIS-DRIVEN WORLD: MITIGATING AND MANAGING EXTERNALLY INDUCED CRISES 4 International political economy and the study of financial crises 71 Puspa D. Amri 5 The political economy of One Health: implications for crisis governance research 89 John Connolly 6 Migration management and international political economy 103 Nicholas R. Micinski PART IV IPE IN TRANSITION 7 Geotech: converging technology, markets, and politics in international political economy 119 Mark Abdollahian and Zining Yang 8 From Chimerica to decoupling: US-China trade war and failed neoliberalism 141 Wei Liang 9 Cyber economic espionage: a framework for future research 159 William Akoto 10 Technology and the new geography of trade politics 171 Gary Winslett 11 The political economy of local aid: a new research agenda 183 Emily Scott PART V RESETTING THE IPE RESEARCH AGENDA 12 Feminist theory in international political economy 201 Corinna Dengler and Hanna Völkle 13 Decolonizing labor, land, and the Global South 215 Aaron Schneider Index

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Book SynopsisThis comprehensive Companion analyses the relevance of the OECD as a transnational policy maker, idea broker and standard setter. Bringing together diverse disciplines and methodologies, it establishes the influence of the OECD on modern understandings of governance.Through scholarly reviews and original empirical analyses, this Companion covers the evolution and structure of the OECD, its role in transnational policy making and its domestic impact. It consolidates work from disciplines including economics, social policy, history, international relations and legal studies to critically analyse the concepts, methods and tools of governance in global policy making. Contributors explore the comparative impact of the OECD in developed and developing countries, the OECD’s work in various policy sectors and emerging issues on the OECD’s agenda such as governance reform, cyber-security and sustainability. Ultimately, the Companion advances inter-disciplinary knowledge of the OECD’s methods of governance and position in global politics.Providing in-depth insight on the structure and impact of the OECD, The Elgar Companion to the OECD will be an authoritative and original reference text for scholars and students of global governance, international relations, political economy and public policy. It will also be essential reading for practitioners seeking to better understand modern global governance and public policy.Trade Review‘The Elgar Companion to the OECD provides a comprehensive scholarly overview of one of our most important, yet relatively understudied, international organisations. The editors, De Francesco and Radaelli, have provided us with a great public good in assembling a stellar cast of contributors to discuss various dimensions of the OECD’s work and politics. This includes the organisation’s claims to expertise, its relationship to other international organisations, how it conducts peer review and fosters benchmarking, and how it draws on a network of regulators. The contributors also provide a range of policy-focused chapters, including on education, environment and taxation, among others. To identify not only how policies are made but received, the book provides a range of cases on the reception of OECD ideas, frames and policies. It also identifies emerging issues, such as cybersecurity and the SDGs, that will prompt the OECD to adapt further. This is an excellent contribution for all those interested in international organisations, the crafting of economic policy and key mechanisms of change in the international political economy.’ -- Leonard Seabrooke, Copenhagen Business School, Denmark, and Norwegian Institute of International Affairs, Norway‘The OECD represents one of the most policy-consequential and therefore frequently studied international organisations. Yet the scholarly debate on its policy consequences has been fragmented. With this masterfully edited volume, Fabrizio De Francesco and Claudio Radaelli make an important step forward in integrating the different literatures and producing accumulative knowledge.’ -- Jale Tosun, Heidelberg University, GermanyTable of ContentsContents: 1 Introduction to the Elgar Companion to the OECD 1 Fabrizio De Francesco and Claudio M. Radaelli PART I DISCIPLINES 2 The historical transformations of the OECD 9 Matthieu Leimgruber and Matthias Schmelzer 3 International political economy 23 Alice Chessé and Amy Verdun 4 Corporate consensus and the OECD’s human rights mechanism 37 Stefanie Khoury and David Whyte 5 The politics of the OECD 50 Magdaléna Hadjiisky 6 Public management 67 Denita Cepiku and Marco Amici PART II MECHANISMS AND TOOLS OF GOVERNANCE 7 The OECD as an international bureaucracy 81 Martin Marcussen and Jarle Trondal 8 The OECD in the ecosystem of international organization 95 Diane Stone 9 Peer reviews 105 Thomas Conzelmann 10 Indicators and benchmarking 116 Matthias Kranke 11 The network of economic regulators 126 Francesca Pia Vantaggiato PART III POLICY SECTORS 12 Development assistance and cooperation 137 Joren Verschaeve 13 Education 146 Sotiria Grek and Bob Lingard 14 Environment 154 Markku Lehtonen 15 Regulation 166 Fabrizio De Francesco and Claudio M. Radaelli 16 International taxation 173 Fayçal Ait Abdellouhab and Claudio M. Radaelli 17 Economic policy 184 George Papaconstantinou PART IV THE IMPACT ON DOMESTIC POLICIES 18 Australia: Varieties of policy impacts 198 Peter Carroll 19 Mexico: From the diffusion of ideas to the making of policy changes 208 Fabiola Perales-Fernández and Mauricio I. Dussauge-Laguna 20 Brazil: Cooperation, policy transfer and resistance 220 Osmany Porto de Oliveira 21 Kazakhstan: In search of international legitimacy 231 Colin Knox and Saltanat Janenova PART V EMERGING ISSUES 22 Public governance 245 Leslie A. Pal 23 Good governance 255 B. Guy Peters 24 Cyber security 265 Anthony J. S. Craig 25 Sustainable development 278 Ulrike Zeigermann Index

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Book SynopsisCommodities are basic goods used in commerce and are most often used as inputs in the production of other semi-finished or finished materials. They are very important products in our lives today and constitute non-negligible sources of income for many countries. This book serves as a guide to the marketing of these goods and provides scholars and commodity market participants with useful concepts, tools and guidelines to better organize and operate commodities exchanges.Issouf Soumaré explains in detail commodities exchanges, from conceptualization of the exchange to its operationalization. He describes the architecture of a typical commodities exchange, looking at its trading and clearing functions, the warehouse receipt system and the regulatory framework. The book also presents practices of commodities exchanges around the world and discusses commodity products and instruments traded on these exchanges, their pricing and usage. This book is very useful and timely, as many emerging countries are setting up commodities exchanges.Academics interested in commodities and their marketing as well as industry professionals such as commodity traders, commodity exporters, risk managers, clearing officers, market makers, commodity producers, agricultural cooperatives, commodity processors, bankers, warehouse operators, and regulators will find this a useful reference.Trade Review‘This is an important and timely book. Many developing countries are establishing commodity exchanges and there are high hopes on using these market structures to improve the efficiency of the agricultural markets. This book provides a very comprehensive view of the question of commodity markets – across the world and across time. It is a valuable addition to the literature and policy makers, academics and students will discover a wealth of knowledge and information in this great book.’ -- Yaw Nyarko, New York University, New York City, USTable of ContentsContents: Preface PART I COMMODITIES MARKETS 1. Commodities: definition, classification and markets 2. Renewable commodities 3. Non-renewable commodities PART II COMMODITIES EXCHANGE: ECOSYSTEM AND ORGANIZATION 4. Commodities exchanges around the world 5. Economic value of commodities exchanges 6. Commodities exchange architecture 7. Warehouse receipt system, commodity storage and product quality control 8. Stakeholders and key participants in a commodities exchange PART III COMMODITIES EXCHANGE: MARKETS, INSTRUMENTS AND FINANCING MECHANISMS 9. Commodity spot and physical markets 10. Commodity forward and futures markets 11. Commodity derivatives markets 12. Financing mechanisms for the agricultural sector and sovereign funds PART IV COMMODITIES EXCHANGE: CLEARING, RISK MANAGEMENT, GOVERNANCE AND REGULATION 13. Clearing house and central counterparty (CCP) 14. Risk management 15. Governance and regulatory issues 16. Useful guidelines for a successful commodities exchange Index

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Book Synopsis'Monetary policy is not just a matter of optimal stabilization policy; it is also fundamentally a matter of politics. But while this observation is commonplace, it is not adequately incorporated into economists' reasoning and analysis. Gerald Epstein's work represents perhaps the most prominent exception to this last rule. Reading him provides a salutary reminder that we need to pay closer attention to this political aspect when thinking about central banks and what they do.' - Barry Eichengreen, University of California, Berkeley, US Central banks are among the most powerful government economic institutions in the world. This volume explores the economic and political contours of the struggle for influence over the policies of central banks such as the Federal Reserve, and the implications of this struggle for economic performance and the distribution of wealth and power in society. Written over several decades by Gerald Epstein and co-authors, these works explore why central banks do what they do, and how they could better operate. Epstein shows that central banks are a contested terrain over which major economic and political groups fight for control; and demonstrates that though in the US and most other countries, private bankers have the upper-hand in this political struggle, they don t always win. Graduate students, faculty and advanced undergraduates in economics, political science and sociology who are interested in central banking and finance as well as specialists who focus on central banking will find greater understanding of central banks through The Political Economy of Central Banking.Trade Review'For decades Jerry Epstein has been shattering myths around central banking and forcing us to think differently about this institution. This invaluable collection brings together his path breaking work on the subject. A careful reading of the book makes it impossible to sustain the argument that central banks stand above politics and that they have served the public good through a single minded focus on inflation. The book arrives at precisely the right time, i.e., when we desperately need new ideas about how to remake our economic institutions so that they work for all.' --Ilene Grabel, University of Denver, US and author of When Things Don't Fall Apart: Global Financial Governance and Developmental Finance in an Age of Productive Incoherence'Central Bankers, and the Federal Reserve in particular, has been portrayed as a group of technocrats working to serve in the public interest. Through insightful analytical and empirical analyses, Jerry Epstein shows that in reality the Fed can act like a Wizard of Oz. Epstein's hard work pulls back the curtain for us all to see how Central Banking really works, and proposes concrete reform regarding how it can be the engine of an economy that promotes stability, growth and prosperity.' --Kevin P. Gallagher, Boston University, US'Professor Gerald Epstein has been a pioneer in extending political and class conflict considerations to the analysis of central banks and monetary policy. With regard to macroeconomics, he was one of the first to introduce the critical distinction between industrial and financial capital. With regard to monetary policy, he has been a leader in framing central banking as a politically contested space. That frame makes a mockery of mainstream claims that central banks can be politically neutral. Instead, they are riddled with the preferences and beliefs of those in control. This collection of his papers is both a tribute to Professor Epstein and an essential reference.' --Thomas Palley, independent economistTable of ContentsContents: Introduction Gerald Epstein PART I FINANCE, MACROECONOMIC POLICY AND CENTRAL BANKING: FROM VOLCKER TO TRUMP 1 ‘Domestic Stagflation and Monetary Policy: The Federal Reserve and the Hidden Election’, in Thomas Ferguson and Joel Rogers (eds), The Hidden Election: Politics and Economics in the 1980 Presidential Campaign , New York, NY, USA: Pantheon Books, 1981, 141–95 2 ‘Federal Reserve Behavior and the Limits of Monetary Policy in the Current Economic Crisis’, in Robert Cherry, Christine D’Onofrio, Cigdem Kurdas, Thomas R. Michl, Fred Moseley and Michele I. Naples (eds), The Imperiled Economy: Book I: Macroeconomics from a Left Perspective , Chapter 23, New York, NY, USA: The Union for Radical Political Economics, 1987, 247–55, references 3 ‘Trumponomics: Should We Just Say “No”?’, Challenge , 60 (2), 2017, 104–21 PART II CAPITALISTS, WORKERS AND WALL STREET: THE FIGHT FOR THE FEDERAL RESERVE 4 ‘Federal Reserve Politics and Monetary Instability’, in Alan Stone and Edward J. Harpham (eds), The Political Economy of Public Policy , Chapter 9, Beverly Hills, CA, USA: Sage Publications, 1982, 211–40 5 ‘The Federal Reserve–Treasury Accord and the Construction of the Postwar Monetary Regime in the United States’, with Juliet B. Schor, Social Concept , 7 (1), July, 1995, 7–48 6 ‘Monetary Policy, Loan Liquidation, and Industrial Conflict: The Federal Reserve and the Open Market Operations of 1932’, with Thomas Ferguson, Journal of Economic History , XLIV (4), December, 1984, 957–83 7 ‘Corporate Profitability as a Determinant of Restrictive Monetary Policy: Estimates for the Postwar United States’, with Juliet B. Schor, in Thomas Mayer (ed.), The Political Economy of American Monetary Policy , Chapter 4, New York, NY, USA: Cambridge University Press, 1990, 51–63 PART III THE POLITICAL ECONOMY OF CENTRAL BANKING: ANALYTICAL AND EMPIRICAL PERSPECTIVES 8 ‘Contested Terrain’, in Louis-Philippe Rochon and Sergio Rossi (eds), The Encyclopedia of Central Banking , Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing Ltd, 2015, 105–7 9 ‘Macropolicy in the Rise and Fall of the Golden Age’, with Juliet B. Schor, in Stephen A. Marglin and Juliet B. Schor (eds), The Golden Age of Capitalism: Reinterpreting the Postwar Experience , Chapter 3, Oxford, UK: Clarendon Press, 1990, 126–52, references 10 ‘Political Economy and Comparative Central Banking’, Review of Radical Political Economics , 24 (1), March, 1992, 1–30 11 ‘A Political Economy Model of Comparative Central Banking’, in Gary Dymski and Robert Pollin (eds), New Perspectives in Monetary Macroeconomics: Explorations in the Tradition of Hyman P. Minsky , Chapter 9, Ann Arbor, MI, USA: The University of Michigan Press, 1994, 231–77 12 ‘Profit Squeeze, Rentier Squeeze and Macroeconomic Policy Under Fixed and Flexible Exchange Rates’, Economies et Sociétés , 25 (3), November/December, 1991, 219–57 13 ‘The Rise of Rentier Incomes in OECD Countries: Financialization, Central Bank Policy and Labor Solidarity’, with Arjun Jayadev, in Gerald A. Epstein (ed.), Financialization and the World Economy , Chapter 3, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing Ltd, 2005, 46–74 PART IV INFLATION TARGETING VS. DEVELOPMENTAL CENTRAL BANKING 14 ‘Financialization, Rentier Interests and Central Bank Policy’, 2002, 1–43 15 ‘Central Banks as Agents of Economic Development’, in Ha-Joon Chang (ed.), Institutional Change and Economic Development , Chapter 6, New York, NY, USA: United Nations University Press and London, UK: Anthem Press, 2007, 95–113 16 ‘Developmental Central Banking: Winning the Future by Updating a Page from the Past’, Review of Keynesian Economics , 1 (3), Autumn, 2013, 273–87 17 ‘Achieving Coherence Between Macroeconomic and Development Objectives’, in Joseph E. Stiglitz and Martin Guzman (eds), Contemporary Issues in Macroeconomics: Lessons from The Crisis and Beyond , IEA Conference Volume 155-II , Chapter 11, Basingstoke, UK and New York, NY, USA, Palgrave Macmillan, 2016, 148–59 PART V THE FEDERAL RESERVE AND THE GREAT FINANCIAL CRISIS OF 2007–2008 18 ‘Have Large Scale Asset Purchases Increased Bank Profits?’, with Juan Antonio Montecino, Institute for New Economic Thinking (INET) Working Paper No. 5 , December, 2014, 1–25 19 ‘The Political Economy of QE and the Fed: Who Gained, Who Lost and Why Did it End?’, with Juan Antonio Montecino, Political Economy Research Institute (PERI) Working Paper Number 408 , November, 2015, 1–25 20 ‘The Impact of Quantitative Easing on Income Inequality in the United States’, November, 2018 PART VI REFORMING THE FEDERAL RESERVE 21 ‘Statement on Monetary Policy’, Testimony Prepared for the House Committee on Banking, Finance, and Urban Affairs , July 19th, 1983, 1–11 22 ‘A Debate with Robert Pollin: Should Congress Control the Federal Reserve?’, with Robert Pollin, Dollars & Sense , 136 , May, 1988, 12–17, 22 23 ‘Reforming the Federal Reserve for the 21st Century’, 2018 Index

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Book SynopsisEconomics is business, and politics is power. In this insightful book, David Reisman explores the interaction between authority and exchange in a global village where individual nation states - once the pinnacle of political organisation - increasingly depend on each other for their material well-being. Taking a transnational and impartial perspective, the author builds a comprehensive and intricate narrative. He dissects the emergence of the contemporary global economy and explains its impact on the sovereignty and strength of nations. Reisman explores the ways in which liberals, socialists and nationalists can reach a viable consensus in a new social order where the national interest must be the global interest as well. Offering authoritative, integrated and critical guidance to a topic that is of ever greater importance, this book is crucial reading for students of global political economy and international politics.Trade Review'Global Political Economy is sweeping in its coverage of the major sub-areas of IPE, as well as its treatment of leading contributions to the field. The analysis of the three leading theories and nine sub-areas is probing, thoughtful and impressively balanced. This book will be useful for intermediate and advanced undergraduate courses, graduate students, and public officials at all levels of governance.' --David Deese, Boston College, US'In a crowded textbook market, Reisman's Global Political Economy stands out for its fresh heterodox perspective. Building outward from more conventional analytical approaches, Reisman offers unique insights into the interactions between economics and politics on the world stage. Accessible in style, the book is both instructive and provocative.' --Benjamin J. Cohen, University of California, Santa Barbara, USTable of ContentsContents: 1. A global political economy 2. Science and ideology 3. The National Interest 4. The Hegemon 5. Goods and Services 6. Regions and Blocs 7. The Developing Countries 8. Development and Trade 9. The Multinational Enterprise 10. International Liquidity 11. Money without Borders Bibliography Index

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Book SynopsisCOVID-19 and other recent crises have proved the need to review the state-of-play and implement robust institutional frameworks in the complex, heterogenous and decentralised European supervisory architecture. This insightful book outlines what can be done to innovate the current set-up in the face of pressing issues such as climate change, BigTech and crypto assets.Revisiting the debate on financial sector oversight in Europe, a range of highly acclaimed international academics and influential policymakers discuss the scope of institutional arrangements. Chapters examine how the architecture of European financial supervision currently works, analysing the trends in banking supervision design and the influence that recent financial and economic crises have exerted. Providing a rare insight into the role that central banks play in the supervisory set-up, their accountability and democratic legitimacy, the book also considers the ways that macro- and micro-prudential and monetary policies interact. Gleaning lessons from the FinTech revolution and the COVID-19 crisis, the book ultimately concludes by seeking a path for optimal architecture for European financial supervision.With invaluable industry insights, this cutting-edge book will prove vital to academics in the field of financial economics and financial regulation, alongside policymakers looking to transform their current supervisory architecture.Trade Review‘This volume provides a comprehensive and indispensable opportunity to take stock of the achievements and challenges of European banking supervision after the momentous reforms of the early 2010s, and on the related debates about financial supervisory architecture. While the complexity may at times appear dizzying, it is an important story whose policy lessons have relevance well beyond the boundaries of the euro area and European Union.’ -- Nicolas Véron, Bruegel, Belgium and the Peterson Institute for International Economics, USTable of ContentsContents: 1 Introduction to Central Banks and Supervisory Architecture in Europe 1 Robert Holzmann and Fernando Restoy PART I TRENDS IN EUROPEAN BANKING SUPERVISION DESIGN 2 The puzzle of Europe’s banking union: progress and missing pieces 14 Thorsten Beck 3 Supervisory architecture in the EU: where should we go from here? 21 Fernando Restoy 4 The architecture of supervision and prudential policy 34 Angela Maddaloni and Alessandro Scopelliti 5 Trends in European banking supervision design: is there a path to an optimal architecture for financial supervision in the EU? 49 Luís Silva Morais PART II THE ROLE OF CENTRAL BANKS (I): ASPECTS OF MONETARY AND MACROPRUDENTIAL POLICY INTERACTION 6 Can macroprudential tools ensure financial stability? 62 Anne Epaulard 7 The interaction of monetary and financial tasks in different central bank structures 71 Aerdt Houben, Jan Kakes and Annelie Petersen 8 Monetary and macroprudential policies: a troubled marriage 83 Phurichai Rungcharoenkitkul 9 The architecture of macroprudential policy: delegation and coordination 96 Charles Bean 10 Governance of financial sector policies in an era of climate change 108 Daniel C. Hardy PART III THE ROLE OF CENTRAL BANKS (II): MICROPRUDENTIAL SUPERVISION AND FINANCIAL STABILITY 11 Entrusting central banks with microprudential supervision: implications for financial stability 122 Anca Maria Podpiera 12 Is this time different? Synergies between ECB’s tasks 135 Karin Hobelsberger, Christoffer Kok and Francesco Paolo Mongelli 13 Money, supervision, and financial stability: a money-credit constitution entrusted to independent but constrained central banks 156 Paul Tucker 14 Politicians, central banks and macroprudential supervision 170 Donato Masciandaro PART IV THE FINTECH REVOLUTION: IMPLICATIONS FOR OPTIMAL SUPERVISORY ARCHITECTURE 15 Regulating and supervising BigTech in finance 181 José Manuel González-Páramo 16 The emerging autonomy–stability choice for stablecoins 194 Maarten R. C. van Oordt PART V LESSONS FROM THE COVID-19 CRISIS FOR THE OPTIMAL SUPERVISORY ARCHITECTURE 17 Some lessons from COVID-19 for the EU financial framework 206 Ignazio Angeloni 18 Central banks as emergency actors: implications for governance arrangements 218 David Archer Index

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Book SynopsisThis volume presents thirteen chapters prepared by senior researchers and former policy makers on key policy issues confronting China and the West. They focus on the role of the state in economic development, trade issues and the part played by innovation, digitalization and leadership.In a challenging and rapidly changing world, the book aims to provide not only authoritative analyses and perspectives, but to stimulate further thinking and debates about the common future. Each chapter is in the form of a short policy brief.China and the West is aimed for policy makers, business leaders, academics and students.Trade Review'A timely and thought-provoking evaluation of the key policy dilemmas in China and the West. This edited volume, with contributions from leading academics, advances our understanding of topics as diverse as ''murky'' protection, sustainability, artificial intelligence, and local government evaluation.' -- Saul Estrin, London School of Economics, UKTable of ContentsContents: 1 Introduction 1 Jan Svejnar and Justin Yifu Lin PART I RECENT POLICIES AND PERFORMANCE 2 Path to prosperity: China’s transition to market economy in the last four decades 5 Justin Yifu Lin 3 China’s performance and prospects in the world economy 14 Jan Svejnar 4 The role of the state in economic growth 20 Jacob Lew 5 Reflections on the global financial crisis: a comparison of US and China policies 29 Frank Song 6 Policies for structural reform in China: domestic rebalancing for strong sustainable and inclusive growth within and beyond China 39 Ehtisham Ahmad, Isabella Neuweg, Nicholas Stern and Chunping Xie PART II TRADE, TENSIONS AND DIVISION OF LABOR 7 The potential for cooperation and competition in international trade: recent trade growth and driving factors – a perspective on current global trade tensions 60 Robert Koopman 8 Overview of China–US Economic Disputes in 2018 69 Feng Lu 9 The metabolic nature of changing world order 93 Ping Chen 10 India and China in the context of rising trade tensions in the global economy 112 Arvind Panagariya PART III DIGITALIZATION AND LEADERSHIP 11 The role of innovation and the digital economy: new opportunities and challenges for Chinese, US and European economic policy 120 Edmund Phelps 12 The digitalisation of Europe’s economy 125 Debora Revoltella, Philipp Brutscher and Tessa Bending 13 Prospects for China’s drive for innovation: From the perspective of demographics 135 Jianzhang Liang 14 Evaluation of local leaders in China 148 Chong-En Bai and Eric Maskin Index

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Book SynopsisThis timely book explores the measurement and consequences of financialisation, as well as its driving forces, to take a fresh look at reconciling the twin concepts of financialisation and financial development. Imad Moosa provides a critical review of these two separate strands – the individual measures of economic development and financialisation – on the grounds that they are inadequate to represent a multi-dimensional process.Introducing a new composite measure encompassing the means of payment and asset ownership as well as conventional indicators, Moosa expertly investigates the economic, political and social consequences of financialisation. Identifying the driving forces of financialisation, he concludes that there is a requirement to reverse the current trend using more than just legislation and regulation to secure a sound and stable economy. This innovative book will be a fascinating and informative read for academics and research students of financial economics, regulation and economic sociology. Policy makers and politicians engaged in financial regulation will find the suggested insights into achieving future financial stability thought-provoking.Trade Review‘People in the finance industry have long advocated the benefits of financialisation. However, the detrimental effects that the other productive sectors in an economy wither away are often overlooked. This book presents the ugly and detrimental consequences of financialisation – something that is rarely discussed in the financial world. For any person interested in finance, this book is essential reading.’ -- George Tawadros, Winona State University, US‘With the ongoing decline of neoliberalism and the massive economic inequality it has produced, this highly accessible book is absolutely timely. It is compulsory reading for policy makers and all those demanding more government control over the running of economies and a reduction in the burgeoning artificial practice of making money out of money.’ -- Greg Bailey, La Trobe University, Australia‘Imad A. Moosa comprehensively addresses the “financialisation” literature and financialisation in practice – its history, incidence, causes and effects, ranging over grand narrative to fine detail, commanding technical and discursive contributions, and the economic and the social. It is a compelling starting point for anyone concerned with the defining characteristic of our age.’ -- Ben Fine, SOAS, University of London, UKTable of ContentsContents: Preface 1. Conceptual issues and preliminary observations 2. Financial development: concept and measurement 3. The economic effects of financial development 4. From financial development to financialisation 5. The driving forces of financialisation 6. Financialisation, neoliberalism and globalisation 7. Financialisation, financial instability and financial crises 8. The economic effects of financialisation 9. The political and social effects of financialisation 10. Epilogue References Index

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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