Macroeconomics Books

Book SynopsisAll managers face a business environment where international and macroeconomic phenomena matter. Understanding the genesis of financial and currency crises, stock market booms and busts, and social and labor unrest is a crucial aspect in making informed managerial decisions. Adverse macroeconomic phenomena can have a catastrophic impact on firm performance — witness the strong companies destroyed by the Mexican tequila crisis. Yet, at the same time, such episodes also create business opportunities — and not just for the hedge funds and speculators that profit from them. Managers that have and use a coherent framework for analyzing these phenomena will enjoy a competitive advantage.This book presents a series of case studies taught in the Harvard Business School course “Institutions, Macroeconomics, and the Global Economy.” The course addresses the opportunities created by the emergence of a global economy and proposes strategies for managing the risks that globalization entails.Table of Contents# Introduction and Conceptual Framework # Institutions: The Latin American Experience # Macroeconomics: The Dynamics of European Union # The Global Economy: Globalization Meets National Institutions

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Book SynopsisThis volume is a collection of published and unpublished papers that the author has written over the last two decades during part of his tenure at the International Monetary Fund, The South East Asian Central Banks Research and Training Center, and Singapore Management University. The policy-oriented book examines the links between macroeconomic policies and noninflationary, full-employment levels and growth rates of aggregate gross domestic product, with particular focus on the application in emerging markets of the tools of growth theory. Theoretically sound and grounded in practical wisdom, this book is an essential reading for economic, financial and developmental policymakers, professional economists, and undergraduate/graduate students in economics and social sciences.Table of ContentsStrategies for Financial Reforms; Managing Capital Flows; External Debt, Adjustment and Growth; Exports and Economic Development; Openness, Human Development and Fiscal Policies; Social and Political Factors in a Model of Endogenous Economic Growth and Distribution: An Application to the Philippines; Does Monetary Policy Matter for Long-run Growth?.

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Book SynopsisGeneral Equilibrium Theory studies the properties and operation of free market economies. The field is a response to a series of questions originally outlined by Leon Walras about the operation of markets and posed by Frank Hahn in the following way: ‘Does the pursuit of private interest, through a system of interconnected deregulated markets, lead not to chaos but to coherence — and if so, how is that achieved?’ This is always an apt question, but particularly so given the ‘Global Financial Crisis’ that emerged from the operation of market economies in the Americas and Europe in mid to late 2008.The answer that General Equilibrium Theory provides to the Walras-Hahn question is that, under certain conditions coherence is possible, while under certain other conditions chaos, in various forms, is likely to prevail. The conditionality of either outcome is not always well understood — neither by proponents of, or antagonists to, the ‘free market position’. Consequently, this book attempts to show something of what General Equilibrium Theory has to say about the wisdom or otherwise of always relying on ‘market forces’ to manage complex socio-economic systems.Table of ContentsThe General Equilibrium Vision; Existence of Equilibrium; Uniqueness of Equilibrium; Stability of Equilibrium; Optimality of Equilibrium; Comparative Statics; Empirical Evidence.

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Book SynopsisThis book provides an overview of the modern theory and empirics of business cycles. Written by one of the pioneering authors in this field, it examines the notion of a business cycle and discusses alternative approaches to modeling. Arguably, one of the most important debates in this literature has been the issue of “matching” a business cycle to the data. In their original contribution, Kydland and Prescott (1982) proposed the method of calibration as a way of examining the implications of a business cycle model; yet, even at its inception, this approach came under criticism from a variety of sources. This monograph will examine some of these criticisms and discuss alternative approaches that have been put forward. More generally, it will discuss what lies ahead for modern business cycle theory.Table of ContentsFacts; Models of Business Cycles; International Business Cycles; New Keynesian Models; Business Cycles in Emerging Market Economies; Matching the Model to the Data; Future Areas for Research;

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Book SynopsisTriggered by the US subprime mortgage crisis in 2007, the Financial Tsunami is the most serious global financial crisis since the Great Depression. This book studies financial stability in terms of its determining factors, causal mechanisms and institutional requirements. It aims at understanding how to construct a mechanism for maintaining long-term financial stability.The book focuses on economic analysis of the understanding what China can and should do to safeguard its economic and financial stability. In its assessment and discussion of financial stability in China, this book takes full account of China's specific conditions and constructs an index system for the country. It also reflects on the country's monetary policy, government functions and behavior, fluctuations in real estate prices, and financial security network design.The book contributes to better understanding of financial stability in transition economies. It proposes a systematic solution to financial instability in China and strategies for building a mechanism to maintain financial stability in the country.Table of ContentsFinancial Stability: Research Framework and Current Theories; Monetary Policy and Financial Stability: From the Perspective of Financial Accelerator; Government's Function and Financial Stability; Real Estate Price Fluctuation and Financial Stability; China's Financial Stability: Standards and Methods of Measurement; Financial Safety Net and Financial Stability;

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Book SynopsisThis book collects my scholarly research on the behavior of foreign exchange rates conducted over the past twenty-five years. The collection includes papers that study the behavior of exchange rates from the traditional macroeconomic and newer microstructure perspectives. The former perspective considers the linkages between the macro economy and currency prices in an effort to understand the behavior of exchange rates over quarters, years and decades. By contrast, the microstructure perspective considers how the details of currency trading affect how macroeconomic information becomes embedded in currency prices, a process which drives exchange-rates over intraday horizons. The book also contains papers with a hybrid perspective that consider the details of currency trading and macroeconomic linkages in an effort to understand exchange-rate dynamics across all horizons.

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Book SynopsisEconomic and social development is and will be the main task in the long run in China, and development is the basis and key to solve the problems faced. Although people have been criticising its limitations for reasons of one sort or another, no better alternative index has ever been put forward. GDP is still commonly used all over the world, not only as a fundamental and comprehensive indicator for economic analysis, but also as an important basis for many rules and evaluations. It is impossible to abolish GDP, but it is now the time to bid farewell to its worship.By saying goodbye to China's GDP worship, the role of GDP may be downplayed and restored to its original position. In modern China, in order to adhere to the essential guideline that development is the absolute principle, it is necessary to steadfastly undertake scientific development, pay more attention to the people, place more emphasis on comprehensive, concerted and sustainable development, give priority to the overall consideration of various aspects of development, and make more efforts to protect and improve people's livelihood and promote social equality and justice.In light of the spirit of scientific outlook on development, it is imperative to establish new concepts, an evaluation system and an assessment mechanism on economic and social development, especially to accelerate the transformation of the mode of economic development. It will be a profound change covering the entire process and various aspects of economic and social development. It is a requirement of the times, and also a choice to be made at such a new and historical starting point.Based on the outstanding research findings of many visionaries and the initial practices in some local areas in recent years, this book proposes to switch the focus to multi-dimensional and comprehensive indicators from GDP alone and establish a new economic and social evaluation system, that is, abandon the GDP-centred evaluation system or GDP worship and adopt a comprehensive evaluation system for economic and social development embodying the scientific outlook on development — the comprehensive development index (CDI).

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Book SynopsisThis book provides a systematic approach to analyzing macroeconomic developments, focusing on macroeconomic accounts, analysis, and the effects of selected policies on a nation's economy. The first part of the book describes the data, accounts, and analysis of the four main macroeconomic sectors — real, external, fiscal, and monetary — and discusses the accounting and economic relations among these sectors, using a flow of funds approach. Key indicators are presented for each sector and used to show how macroeconomic developments can be assessed and problems identified.The second part of the book discusses fiscal, monetary, and exchange rate policy and their economic implications. These policies, along with selected structural reforms, are compared along several dimensions and shown how they can be used, in various combinations or individually, to address a variety of macroeconomic difficulties.

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Book SynopsisThis book provides a comprehensive treatment of the important aspects of investment theory, security analysis, and portfolio selection, with a quantitative emphasis not to be found in most other investment texts.The statistical analysis framework of markets and institutions in the book meets the need for advanced undergraduates and graduate students in quantitative disciplines, who wish to apply their craft to the world of investments. In addition, entrepreneurs will find the volume to be especially useful. It also contains a clearly detailed explanation of many recent developments in portfolio and capital market theory as well as a thorough procedural discussion of security analysis. Professionals preparing for the CPA, CFA, and or CFP examinations will also benefit from a close scrutiny of the many problems following each chapter.The level of difficulty progresses through the textbook with more advanced treatment appearing in the latter sections of each chapter, and the last chapters of the volume.

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Book SynopsisHow does globalization in goods and asset markets alter the nature of economic recessions and the choices facing macroeconomic policy makers? This volume presents empirical and theoretical contributions of economist Paul Bergin to this vital question. By a number of metrics, including trade volume and price convergence, national goods markets have become more globally integrated over time. The same is true for asset markets, which today function more as a single global marketplace. Rigorous theoretical models are developed to explore how international integration in these markets provides channels by which shocks driving recession in one country can be transmitted to other countries. These theoretical concepts can shed light on the Great Recession of the last decade, which has been referred to as the first truly global recession. Theory is also brought to bear to explore how these international spillovers and the resulting international co-movement in recessions can create incentives for policy makers to coordinate their monetary and fiscal policies with each other, as they deal with the challenge of managing their national economies.

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Book SynopsisIn China, the government controls a large part of resources, such as land, energy, bank savings, and so on. This book studies the efficiency and fairness of resources allocation by governmental administration in China. The book states that it is neither fair nor efficient to allocate resources by the governmental administrations. These resources should be allocated by the market.The book analyzes the resources allocation by government administration in three key areas namely education, health care, and land. A quantitive analysis is developed for describing more precisely the situation of unfairness in fiscal resources allocation. This book also describes how ordinary people address the misposition of resources by governmental administrations by migrating from the provinces with less resources to the provinces with more resources in education or health care. Thus, the book concludes that the actual allocation of resources is determined by the interactions between ordinary people and the government.

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Book SynopsisThis book describes practical techniques to formulate multiannual macroeconomic projections for developing economies. The approach is broadly similar to that of well-known financial-programming “models”, but some of the material, including solution procedures for the external and fiscal projections and the external-debt projection methodology, is innovative. The basic aim of macroeconomic programming exercises is to determine whether a quantitatively specified macroeconomic and government-expenditure policy program would be “financially feasible” — that is, consistent over time with external and internal financing likely to be available. Exercises of the kind described here formulate national-, external-, fiscal-, and monetary-accounts projections, based on (i) assumed behavioral parameters; (ii) assumed “exogenous” world conditions and internal variables; (iii) programmed macroeconomic objectives such as real growth, inflation, and exchange-rate evolution; (iv) programmed real government expenditure; (v) an external-debt program; and (vi) data for the “base” year preceding the projection period. The projections include estimates of the external and internal financing the public sector and economy as a whole would require, which may be evaluated for feasibility. Among other applications, macroeconomic programming exercises may be used to help gauge the financial feasibility of development and poverty-reduction objectives (like the UN Millennium Development Goals), or to address external-debt “sustainability”.Table of ContentsOverview of the Projection Solution Procedure; Basic Programming Variables; Programming Variables: Non-Interest Government Expenditure Programs; Programming of External Debt and Internal Government Debt; National-Expenditure Accounts Projections; External-Accounts Projections; Fiscal-Accounts Projections; Monetary-Accounts Projections; Practical Programming and Projection Issues.

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Book SynopsisThe author of this book is the original proponent of China's exchange rate system reform announced in 2005. This book discusses:Through these discussions, the author hopes to share his knowledge on macroeconomic policy management accumulated over the past thirty five years. In particular, he would like to share his insights on macroeconomic policy management before, during and after an asset inflation era or a crisis period. He would also like to warn policy makers and financial investors on the likelihood of an asset bubble and then a crisis in economies outside the US. The author hopes this book could eventually stimulate the emergence of “macroeconomic policy management” as a new and important discipline in economics.While the focus of the book is on macroeconomic policy management, it also offers important lessons and strategies on share and property investments. Thus, economists, policy makers, central bank officials, economics students, business and finance professionals, individual investors and academia in other disciplines will find the book useful.Table of ContentsTheoretical Design and Actual Implementation of the Reform: Macroeconomic Conditions and Debate Before the Reform; Transitional, Medium-Term and Long-Term Designs of the Reform; Supplementary Measures that Could Help the Reform; First Stage Reforms During the Transitional Period; Second Stage Reforms; China's Economic Performance and Macroeconomic Risk After the Transitional Reform: Impacts of Capital Inflows and the Related Policy Measures; China's Foreign Reserves and External Trade: Some Misconceptions and Their Policy Implications; China's Stock Market Bubble and Her Lessons of Bubble Squeezing Strategies; China's Property Inflation and Its Solution; General Price Inflation in 2007; Global and Domestic Economic Slowdown in 2008-10: Role of Fiscal and Monetary Policies; Conclusions, Outlooks and Lessons: Risk of Rampant Asset Inflation and Big Cycle of Exchange Rate During the Recovery Period; The Chance of An Eventually Successful or Unsuccessful Exchange Rate System Reform in China; Lessons to Other Economies on Exchange Rate System Reform, Banking Reform, Asset Inflation and Avoidance of Economic Crises; China's Experience as Evidence to Economic Theories and Debates.

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Book SynopsisThis book presents the stylized facts on the important variables (output, inflation, money supply and interest rates, etc.) of the macro economy and uses them to differentiate how well particular economic theories perform or fail to do so. On the determination of aggregate demand, this book presents two approaches: the traditional IS-LM analysis under the assumption that the money supply is exogenous because the central bank uses its monetary policy to control it, and the emerging IS-IRT analysis under the assumption that the interest rate is the exogenous monetary policy variable set by the central bank to manipulate aggregate demand in the economy. The IS-IRT analysis is important for the macro analyses of many economies, yet is totally neglected in most textbooks on macroeconomics. The chapter on Paradigms in Economics introduces students to the heritage of ideas in macroeconomics, and the evolution of ideas and approaches over the last two centuries. It also provides the justification for the simultaneous relevance of both Classical ideas and Keynesian ones. The two growth theory chapters go beyond the Solow growth model to cover the broad evolution of growth from Malthus's theory to the present endogenous approaches, and the link between money supply, inflation and growth over very long periods.Table of ContentsIntroduction: Output, Money Supply and Inflation, Balance of Payments and Exchange Rates; Determinants of Aggregate Demand in the Open Economy Under an Interest Rate Target (IS-IRT Analysis) and a Money Supply Target (IS-LM Analysis); Output in the Long Run and the Short Run (Under Uncertainty, Expectations and Adjustment Costs); Actual Output, Disequilibrium and Interaction Among Markets; Unemployment and Inflation; Classical and Keynesian Paradigms in Economics; Selected Open Economy Topics: J Curve, IMF, Globalization and Dollarization; Classical Growth Theory; Advanced Topics in Growth Theory: Endogenous Technical Change and Financial Factors in Growth; Business Cycles and Economic Crisis; The Role of Credit in the Economy, and Its Contribution to Financial and Economic Crisis.

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Book SynopsisThis historically-based textbook on international finance and open-economy macroeconomics provides a complete course on the theory and policies that shaped our international financial system. Utilizing the 1944 Bretton Woods Conference as a unifying theme, the book covers all the standard topics of international finance, such as foreign exchange markets, balance of payments accounting, macroeconomic policy in an open economy, exchange rate crises, multinational enterprises, international banking, and the evolution of our international financial system. The detailed international financial theory is presented in a lively manner that reflects the close relationship between actual world events and the development of economic thought.The book also analyzes the causes of the 2008 international financial crisis and recession, encourages critical thinking about whether the current international financial system promotes human well-being, and concludes with a discussion on whether it is time to summon the world's financial leaders to another Bretton Woods Conference. In additional to providing students with a solid understanding of international finance and open-economy macroeconomics, the book is written in a reader-friendly style that makes it a good reference for anyone interested in the many fascinating issues related to our still-evolving global financial system and, more generally, our global economy.Table of ContentsBalance of Payments Accounting; Foreign Exchange Markets; Exchange Rates; Exchange Rate Hedging; Microstructure of Foreign Exchange Markets; Open-Economy Macroeconomics; Mundell-Fleming Model, Aggregate Demand-Aggregate Supply Model; Foreign Exchange Crises; Gold Standard; History of the International Financial System; Bretton Woods System; Euro; International Banking; Multinational Corporations; Alternative Exchange Rate Systems; International Financial Regulation.

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Book SynopsisIf you always thought that macroeconomics was too complex and theoretical to understand, this book is the perfect introduction to the subject. The Macroeconomic Environment of Business provides a clear understanding of the economy by focusing on core issues such as inflation, unemployment, interest rates, and economic growth. Each issue and topic is approached in a self-contained way and questions — such as how should one measure a macroeconomic concept; what makes it large or small; and why does the concept matter? — are put forth to readers who are new to the dynamic field of economics. With easy-to-understand explanations and interesting fun facts that link macroeconomics to real life, this book will also be a valuable resource for lecturers who wish to engage students in the study of macroeconomics.Table of ContentsNational Income and Product Accounts; Money and Banking; Inflation; Unemployment; Economic Growth; Interest Rates; Exchange Rates;

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Book SynopsisThis book is a state-of-the-art discussion of what has succeeded (and failed) in the design and implementation of projects and institutions to assist the poor in developing country economies. In Africa especially, far too many people are still living under conditions of extreme poverty. The goal of the book is twofold: (1) to identify and assess the key processes through which markets affect the livelihoods of the rural poor; and (2) to propose micro- and macro-level policies and innovations to address the problems of inclusion that arise. Featuring contributions from leading scholars and professionals in the field, this volume is timely to all those involved in designing innovative institutions that transfer capital and technologies to low-income countries facing the challenges of poverty alleviation and economic development.Table of ContentsHow Can Financial Markets and Biotechnology Help the Rural Poor? (R D Christy et al.); Financial Markets and the Poor: Financial Development and Growth: What Role Can Foreign Capital Play? (E Prasad); The Securitization of Microloans (V Bogan); A Vision for Scaling Microfinance: More than Dollars and Smarts (D Burand); Innovations in Index Insurance for the Poor in Low-Income Countries (J Skees); Biotechnology and the Poor: Overcoming Poverty Through Improved Agricultural Technology (R W Herdt); Agricultural Biotechnology in Latin America: Economic Benefits, Regional Capacity, and Policy Options (G Traxler); Biotechnology, Agriculture, and Food Security in Southern Africa: Strategic Policy Challenges and Opportunities (S W Omamo & K von Grebmer); Developing Country Options under TRIPS: Choices to Maximize Biotech Transfer (W Lesser & D Kolady); Foreign Direct Investment: What Matters to African Firms? The Relevance of Perceptions Data (A Gelb et al.); Making the Most out of FDI in Africa (N L W Wilson & M Diarrasouba).

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Book SynopsisIn the era of globalization and liberalization, the world is enjoying high growth as well as suffering from the ill-effects of unequal distribution of its economic outcomes. The activities of anti-government demonstrations in China and across the world via the Occupy Wall Street Movement highlight that inequality has become an international phenomenon. It is apparent in both poor countries under authoritarianism and rich countries governed by a democratic regime. Thus, inequality has become not only a hurdle to development but also a threat to social and political stability. The spread of the Jasmine Revolution across parts of North Africa and the Arab Spring are illustrative of what can happen under certain circumstances.This book confirms the inconsistencies between high growth and increasing inequality via a series of case studies across 11 countries, numerous regions, and OECD members. Many of the case studies draw upon original household surveys. Our findings indicate the seriousness of income inequality, explore factors that have caused the inequality and analyze their economic and social consequences.The book raises, and deals with, three key questions: (1) Can high growth reduce inequality gradually? (2) Can government intervention be effective in equalizing income distribution? (3) Is the income disparity an engine for, or an obstacle of, high growth?Table of ContentsGlobalization, Liberalization, Growth and Income Inequality: Inequality in China; Inequality in Hong Kong; Inequality in the USA; Inequality in India; Inequality in Germany; Inequality in Korea; Inequality in the UK; Inequality in Indonesia; Inequality in Thailand; Inequality in Singapore; Inequality in Japan; Factor Analysis on the Income Inequality: Informal Employment and Income Disparity; Educational Disparity and Income Disparity; Agricultural and Income Inequality; Housing Disparity and Income Inequality; Labor Migration and Income Disparity; Income Inequality and the Lewis Tuning Point; Income Inequality in OECD Countries.

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Book SynopsisThis book aims at assessing the potential impacts of China's macro economic, trade, exchange rate and reserve management policies for industrial structure and performance. It uses data analysis and econometric methods applied to recent Chinese data. It has a special focus on the performance of the Chinese economy both during and after the 2008 global financial crisis. The book will be of interest to researchers and practitioners in governmental and international agencies both in China and outside of the country.Table of ContentsThe 2008 Financial Crisis Impacts on China; How can the G20 Better Support Global Governance? A Chinese Perspective; The Chinese Savings Rate: Causes and Implications for Imbalances; Labor Market Reform, Income Inequality and Economic Growth in China; Institution, Identity and Consumption Heterogeneity: How Hukou Reduces China's Consumption?; What Accounts for China's Export Market Performance during the Financial Crisis; The Global Financial Crisis and China's Trade in Services: Impacts and Trade Policy Responses; How Much Did China's Exports Drop during the 2008-2009 Financial Crisis?; Employment versus Wage Adjustment and Revaluation of RMB; China's Sovereign Wealth Fund as Foreign Reserve Manager: Pre- and Post Crisis; On Industrial Performance during the Global Recession; Post-Crisis Infrastructure Investment and Economic Growth in China; The Effects of China's Stimulus Policies and Their Transmission Channels.

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Book SynopsisThe Japanese economy has experienced a structural deflationary gap since the mid-1970s. Although the gap was decreasing in the bubble period, the deflationary economy has become more serious since the bursting of the bubble. Accordingly, this book attempts to examine the causes of the Japanese deflationary economy, characterized as a structural deflation and discusses how to alleviate the prolonged slowdown in order to restore Japan to a trajectory of high economic growth, with a special focus on the function of income distribution. In addition, not only income distribution flows but also accumulation of assets and debts in the household sector are taken into account for improving the prolonged economic stagnation of Japan by employing an econometric analysis with modeling and forecasting techniques. Furthermore, this book makes a long-term forecast of the Japanese economy, up to the fiscal year 2030, with policy scenario simulations in order to capture the long-term growth path of the Japanese economy and to analyze the effects of alternative policies on the economy.Table of ContentsIntroduction; The Japanese Economy After the End of High-Growth Era; The Deflationary Economy of Japan; Causes of the Deflationary Economy; The Theoretical Model Framework; The Demand-Supply Integrated Econometric Model of Japan; Regression Analysis; Dynamic Simulation Tests; Long-Term Economic Forecasts up to FY2030; Concluding Remarks; Appendices: Macro-econometric Model of Japan; Variable List and Data Sources; Keynes Multiplier with Asset Effect in Theoretical Model; Unit Root Test with the Augmented Dickey - Fuller Test for the Other Major Variables: With Trend and Intercept.

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Book SynopsisPolicies affecting resource allocation across tradable sectors and those affecting the incentives to produce tradable activities are key determinants of macroeconomic balance and growth. Computable general equilibrium models have made significant contributions to both types of policies. With advancements in computing power and software, these models have become easy to implement and are now widespread. The question then is when and how to formulate them to avoid the ‘black box’ syndrome.This book seeks to address these issues through carefully selected essays that analyse how to model general equilibrium linkages in a single economy, across developing and developed economies, and across both micro and macro policies. Micro policies examined include tariffs quotas and VERs, the choice of taxes to maximize government revenue, migration and remittances, and the political economy of tariff setting. Applications on macro policies cover capital inflows, real exchange rate determination, and the modeling of the effects of adjustment policies on income distribution.The book provides insights on the development of a family of models for diverse policy choices, focusing on the ways to model the following: links between tradable and non-tradable activities, labor markets, and portfolio choices given limited capital mobility. Selected essays are all inspired by specific policy problems, including the adaptation to external shocks (i.e. oil), consequences of capital inflows, determinants of migration and associated remittances, the productivity of foreign aid, and rent-seeking activities under trade regimes with non-price trade restrictions. Examples in this book lay out the theoretical foundations, alongside a variety of applications, to help formulate coherent and transparent models for policy analysis. Archetype economies are extensively used to show how differences in economic structure influence the effects of policies. Graduate students and policy analysts interested in modeling will find this a useful compendium of studies.Table of ContentsCapturing Economy-Wide Linkages: A General Equilibrium Analysis of Foreign Exchange Shortages in a Developing Economy (K Dervis, J de Melo and S Robinson); Exchange-Rate-Based Disinflation, Wage Rigidity and Capital Inflows: Tradeoffs for Chile (J de Melo, T Condon and V Corbo); Product Differentiation and the Treatment of Foreign Trade in Computable General Equilibrium Models of Small Economies (J de Melo and S Robinson); Trade Policy and Resource Allocation in the Presence of Product Differentiation (J de Melo and S Robinson); Productivity and Externalities: Models of Export-led Growth (J de Melo and S Robinson); Computable General Equilibrium Models for Trade Policy Analysis in Developing Countries: A Survey (J de Melo); Productivity Growth, External Shocks and Capital Inflows in Chile During 1977 - 81: A General Equilibrium Analysis (T Condon, V Corbo and J de Melo); Adjustment and Income Distribution: A Counterfactual Analysis (F Bourguignon, W Branson and J de Melo); Archetype Economies: Modelling the Effects of Protection in a Dynamic Framework (J de Melo and K Dervis); Trade Adjustment Policies and Income Distribution in Three Archetype Developing Economies (J de Melo and S Robinson); Alternative Routes to Development (H Chenery, J Lewis, J de Melo and S Robinson); Distributional Effects of Adjustment Policies: Simulations for Archetype Economies in Africa and Latin America (F Bourguignon, J de Melo and A Suwa); Lobbying, Counterlobbying, and the Structure of Tariff Protection in Poor and Rich Countries (O Cadot, J de Melo and M Olarreaga); Globalisation and Migratory Pressures from Developing Countries: A Simulation Analysis (R Faini, J M Grether and J de Melo); General Equilibrium Aspects of Price and Non-Price Distortions: Distortions in the Factor Market: Some General Equilibrium Estimates (J de Melo); Industrial Organization Implications of QR Trade Regimes: Evidence and Welfare Costs (T Condon and J de Melo); Trade Policy and Industrial Organization: Evidence from Korea (J de Melo and D Roland-Holst); An Evaluation of Neutral Trade Policy Incentives Under Increasing Returns to Scale (J de Melo and D Roland-Holst); Welfare Costs of US Quotas in Textiles, Steel and Autos (J de Melo and D Tarr); VERs Under Imperfect Competition and Foreign Direct Investment: A Case Study of the U.S. Auto VER (J de Melo and D Tarr); Do Wage Distortions Justify Protection in the U.S. Auto and Steel Industries? (J de Melo and D Tarr); Revenue Raising Taxes: A General Equilibrium Evaluation of Alternative Taxation in U.S. Petroleum Industries (J de Melo, J Stanton and D Tarr); Market Access and Welfare Under Free Trade Agreements: Textiles under NAFTA (O Cadot, C Carrere, J de Melo and A Portugal-Perez).

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Book SynopsisThis book provides a comprehensive review of income inequality issues in the OECD in a cross-country setting. It presents a wealth of data and analysis on the formation of inequality and identifies groups of countries that share similar inequality patterns. It also reviews developments at the extremes of the income distribution, namely poverty, top incomes as well as the distribution of wealth. An important contribution of the book is the careful examination of the determinants of the income distribution, such as globalisation and technical progress as well as the effect of a wide range of economic policies that shape the distribution of income. These include in particular labour market regulations, household taxes and transfers as well as in-kind public services. It also sheds light on an under-researched issue: do policies aimed at boosting economic growth raise or reduce income inequality?Table of ContentsIntroduction; Mapping Inequality Across the OECD; The Distribution of Labour Income; Income Redistribution via Taxes and Transfers; Poverty; Top Incomes; The Distribution of Wealth; Conclusion: Growth-Enhancing Policies and Inequality.

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Book SynopsisChina has achieved remarkable economic success in the past three decades and has become the second-largest economy in the world after the United States. However, accompanying this rapid economic growth is an increasing income inequality. In recent years, China's income disparity has reached an alarming level, making it one of the countries with the most unequal income distribution in the world.The widening income gap is the root cause of many issues in contemporary China. How should China step up distribution system reform? How should China deepen the reforms to its fiscal and tax systems? Should the government increase wages to achieve the income multiplication plan? What is the fundamental measure to tackle income disparity issues in China? With in-depth analysis and empirical studies on these questions, this book provides comprehensive perspectives on China's income disparity issues that most international scholars are concerned about.Table of ContentsWidening Gap Between the Rich and the Poor; Lewis Turning Point; The Surplus Labor in China; Labor Shortage in China; The Regular Pattern for Industrial Transfer; The Expanding Consumption and Domestic Demand; How Long the High Savings Rate Sustains in China?; The Share of Labor Compensation in GDP; Gap Between Urban and Rural Areas; Minimum Wage Law; The Demographic Dividend; Tax Reform; To be Prepared for the Financial Crisis; The Populism Test in Latin American; The Lessons of Thai Red Shirts; To Narrow the Gap Between the Rich and the Poor.

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Book SynopsisNon-Tariff Barriers, Regionalism and Poverty is a collection of key articles in three important areas of applied international trade research: measuring non-tariff barriers and their effects, the consequences of regional trading arrangements, especially on the countries excluded from them, and the connection between international trade and poverty. Drawing from 30 years of research and experience, L Alan Winters illustrates the development of techniques of this field and his continued commitment to answering real policy questions at the times at which they are debated. The collection shows the ways in which economic and econometric analysis can be used to answer real-world problems rigorously in the area of international trade and trade policy. Readers will find that some of the research included is of current methodological relevance and some of more historical significance. This volume is invaluable to anyone who is keen on developing their knowledge on trade policy, regionalism or poverty — three pressing issues in today's globalized world.Table of ContentsIntroduction; Non-Tariff Barriers: The Extent of Industrial Countries' Non-Tariff Barriers to International Trade; Digging for Victory: Agricultural Policy and National Security; Labour Adjustment Costs and British Footwear Protection; Do Exporters Gain from VERs?; VERs and Expectations: Extensions and Evidence; Voluntary Export Restraints and Rationing: UK Leather Footwear Imports from Eastern Europe; Regionalism: Separability and the Specification of Foreign Trade Functions; British Imports of Manufactures and the Common Market; Trade and Economic Geography: The Impact of EEC Accession on the UK; Integration and the Rest of the World: The Irrelevance of the Kemp-Wan Theorem; How Regional Blocs Affect Excluded Countries: The Price Effects of MERCOSUR; Trade and Poverty: Trade Liberalisation and Economic Performance: An Overview; Trade Liberalisation and Poverty: The Evidence So Far; Trade, Trade Policy and Poverty: What Are The Links?; Why Isn't the Doha Development Agenda More Poverty Friendly?; Trade Liberalisation and Poverty Dynamics in Vietnam; Agricultural Trade Liberalisation and Poverty Dynamics in Three Developing Countries; Trade as Engine of Creative Destruction: The Mexican Experience with Chinese Competition.

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Book SynopsisSixteen countries across the world — including the United States and many European nations — have fallen into economic crises since the late 1990s. In The Limits of Fiscal, Monetary, and Trade Policies: International Comparisons and Solutions, Jonathan E Leightner convincingly argues that the fundamental cause of the global malaise is a surplus of savings. He provides compelling evidence (via statistical estimates) that fiscal, monetary, and trade policies cannot solve the resulting problems since their effectiveness has plummeted. Leightner also shows that the solution to the current global economic woes is a “consumption driven growth model” (which China advocates but has yet to fully implement) because when there is insufficient consumption, excess savings will remain idle, seek a return from rent or deception, or fund speculative bubbles.Table of ContentsThe Core Problem Underlying the Current Crisis; Other Hypotheses About the Crisis; How the Crisis Began, Is Continuing to Unfold, and Is Being Addressed in the USA, the UK, Japan, China, Brazil, Russia, Cyprus, Greece, Ireland, Italy, Portugal, and Spain; The Declining Effectiveness of Monetary policy; The Declining Effectiveness of Fiscal Policy; The Declining Effectiveness of Exchange Rate and Trade Policy; China's Role and Approach to the Crisis; Conclusion; Technical Appendix on the Statistical Technique Used.

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Book SynopsisJohn Maynard Keynes' response to the extreme distress of the early years of the Great Depression produced The General Theory, which represented an overhaul of the macroeconomics inherited by his generation. The economic upheaval (including the Great Recession) since 2008 raised serious doubts about the relevance of economics as it had come to be formulated and taught by the beginning of this century. While numerous books and articles have addressed the current distress of economies through contributions to specific parts of macroeconomics, none has offered an attractive alternative that represents a general overhaul of the macroeconomics inherited by the current generation. A Reformulation of Keynesian Economic does so, and provides a modern integrated version of macroeconomics for the modern economies as they function.This book's many insights and innovations include: discarding the classical concepts of the long run and the short run in favour of the behavioural concepts of the planning period (the long term) and the short term (the operating period); discarding the exogenous production function in favour of an endogenous one; distinguishing between the short-term and the long-term production functions; replacing the dynamic stochastic notional general equilibrium (DSGE) approach for the short term by a more general one that permits effective equilibrium and disequilibrium in specific markets; and, a reformulation of the financial sector analysis and of the Keynesian business cycle theory.This thoroughgoing revision of macroeconomics is must-read for macroeconomists, policymakers and graduate students. It can even be used as a textbook by instructors who question the inherited orthodoxy built around the DSGE model and are looking for an alternative formulation of macroeconomics.Table of ContentsIntroduction; The Reformulation of Macroeconomics - Main Elements; The Production Sector; The Labour Market; Aggregate Demand and Labour Supply; The Financial Sector; A Reformulation of the Expectations Hypothesis for Keynesian Economics; A Reformulation of the Keynesian Business Cycle Theory; Summary and Conclusions;

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Book SynopsisThis unique volume consists of studies on medium-run macroeconomics that deal with aggregate economic issues that do not easily fit into either short-run business cycles or long-term growth. This research area has emerged over last decade as a new and distinct field, and needs further explorations.The book includes theoretical as well as empirical studies that cover topics related to medium-run phenomena, such as ‘growth and fluctuations’, ‘wages and unemployment’, ‘financial instabilities’, ‘ firm size distributions and unbalanced growth’, ‘income inequality’, etc.. Every chapter includes new approach or new findings and will be invaluable to developments in this emerging area of research.Table of ContentsGrowth and Fluctuations in a Demand Constrained Economy: Medium-run Macro Dynamic Analysis; Wages and Unemployment in the Medium-run; Economic Growth and Unemployment; Theoretical Foundations of Okun's Law; Growth and Unemployment in an Open Economy; Macro Dynamic Analysis of Financial Instability; Dynamic Analysis of an Economy with a Zero Interest Rate Bound; Aggregate Elasticity of Substitution and Unbalanced Growth; The Evolution of the Firm Size Distributions and Economic Growth; Endogenous Skill Distribution, Productivity and Wage Inequality; Increases in Income Inequality and Non-regular Employment; Increases in Non-regular Employment and Asymmetric Labor Adjustments; Complementarity and Substitutability among Government Spending, Consumption and Labor; The Substitution and Income Effects of a Consumption Tax Rate Increase;

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Book SynopsisThis book discusses the formation of the current huge property bubbles in many Asian economies and the high likelihood of another Asian financial crisis due to the eventual bursting of these property bubbles. In particular, it explains:In view of the huge costs due to the macroeconomic policy mistakes in many developing economies and some advanced economies, this book recommends the development of a new economic discipline on macroeconomic management and rigorous selection procedures of key economic and monetary officials. If properly done, these would help pre-empt financial crises, currency crises and asset bubbles in the future.Table of ContentsThe Global Financial Tsunami; The European Debt Crisis; Impacts of the US Quantitative Easing; The Characteristics of Major Urban Property Markets in Asia; Characteristics of the Various Stages of an Asset Bubble; The Formation of Property Bubbles in some Asian economies since the Global Financial Tsunami; The Rise of Asian Share Prices since the Global Financial Tsunami; Lessons from the Surge in Property Prices and the Curbing Measures in Singapore; Lessons from the Property Bubble Formation in Hong Kong; The Likelihood of an Eventual Bursting of Asset Bubbles and then an Economic Crisis in Asia; Short-term Policy Recommendations; The Bubble Squeezing Strategy; Long-term Policy Recommendations; Some Important Lessons for Housing Policies in Asia; Some Important Lessons for Share and Property Investments; Some Important Lessons for Macroeconomic Policy Management;

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Book SynopsisThe economic theory of general equilibrium underpins the most important models used in economic theory in general and in its more specialized areas such as macroeconomics, international trade, environmental economics, growth theory, and developmental economics. In Foundations of the Theory of General Equilibrium, leading academic scholar, Yves Balasko offers a good introduction to the economic theory of general equilibrium and makes use of various mathematical tools as intuitive and easy as possible. The second half of the book addresses properties of the general equilibrium model that are still at the frontier of current research. These properties deal with the characterization of economies with a unique equilibrium and, more generally, with the relationships between the number of equilibria and the fundamentals of an economy.Table of ContentsConsumer Theory; Preferences; Demand Functions; Weak Axiom of Revealed Preferences; Slutsky Matrix; Equilibrium Manifold; Local and Global Structure; No-trade Equilibria; Path Connectedness; Natural Projection; Differentiability; Properness; Critical Equilibria; Singular and Regular Economies; Envelope Theory; Set of Singular Economies as an Envelope; Dual Approach to Equilibrium Analysis; Set of Price-income Equilibria; Uniqueness and Multiplicity of Equilibria;

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Book SynopsisWe live in an era of globalization: ever increasing international integration of goods, capital, and labor markets. The benefits and costs of increased trade and financial integration in the world today continue to be hotly debated. The reason globalization is controversial is that the impact of globalization is often nuanced, and theory reveals many possibilities. The impact of globalization on macroeconomic outcomes thus remains an empirical and quantitative question.Levchenko collects, in one volume, the results of a multi-year research program to build heterogeneous firm and sector models for the quantitative evaluation of globalization. The volume explores the impact of globalization on both welfare and macroeconomic fluctuations using these micro-founded quantitative models.Recent advances in international trade have built tractable theoretical models that can be implemented numerically and used to evaluate quantitatively the impact of a variety of phenomena. These models are global in scale — encompassing as many as 80 countries as well as multiple sectors — and at the same time feature rich micro-foundations of firm and technological heterogeneity. This combination means it is now possible to dramatically expand the set of questions that can be answered, in particular regarding the consequences of real-world heterogeneity present in the global economy, both at the firm and sector level.The book uses these frameworks to address the central questions about globalization around the world: the impacts of reductions in trade costs, long-run changes in comparative advantage, and migration of labor, among others. The book aims to provide a unifying perspective that merges traditional theory, econometric evaluation, and quantitative modeling. The running theme of this research program is that in order to understand the macroeconomic impact of globalization, it is essential to measure, and model, the microeconomic heterogeneity in the economy.Table of ContentsSectoral Heterogeneity: Ricardian Productivity Differences and the Gains from Trade (Andrei A Levchenko and Jing Zhang) The Global Welfare Impact of China: Trade Integration and Technological Change (Andrei A Levchenko, Julian di Giovanni and Jing Zhang) Comparative Advantage and the Welfare Impact of European Integration (Andrei A Levchenko and Jing Zhang) The Global Labor Market Impact of Emerging Giants: A Quantitative Assessment (Andrei A Levchenko and Jing Zhang) Space permitting: Comparative Advantage, Complexity, and Volatility (Andrei A Levchenko and Pravin Krishna); Firm Heterogeneity: Power Laws in Firm Size and Openness to Trade: Measurement and Implications (Andrei A Levchenko, Julian di Giovanni and Romain Ranciere) Firm Entry, Trade, and Welfare in Zipf's World (Andrei A Levchenko and Julian di Giovanni) Firms, Destinations, and Aggregate Fluctuations (Andrei A Levchenko, Julian di Giovanni and Isabelle Mejean) Country Size, International Trade, and Aggregate Fluctuations in Granular Economies (Andrei A Levchenko and Julian di Giovanni) Space permitting: A Global View of Cross-Border Migration (Andrei A Levchenko, Julian di Giovanni and Francesc Ortega);

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Book SynopsisBeyond Conventional Economics: Selected Works of E Ray Canterbery presents a collation of Canterbery's many contributions to economics. This volume marks the first time that his complete works have been presented, with the scope of the works ranging from microeconomics and macroeconomics to history of thought and methodology. If there is one theme that connects the contributions, it is Canterbery's long-abiding concern with the income and wealth distributions. They are front-and-center in his microeconomics, macroeconomics, history of thought, and even some of his theories of foreign exchange and speculation. Persona who appear in these pages include Abba Lerner, Harry Johnson, Hyman Minsky, Michal Kalecki, Pierro Sraffa, Kenneth Boulding, John Rawls, Robert Nozick, Alfred Eichner, Thorstein Veblen, John Kenneth Galbraith, Joan Robinson, Ayn Rand, Ronald Coase, Lester Thurow, Sven Arnt, and H Peter Gray. Canterbery's policy ideas still have relevance today, as some have been adopted worldwide. For example, in foreign exchange, his delayed peg has been utilitzed in countries that shy away from completely 'free' exchange rates. His criticism of monetary policy decision-making contributed to the idea of more frequent reporting on changes in the federal funds rate.

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Book SynopsisThe book includes selected papers of Morris Goldstein on the following topics in international macroeconomics: international trade, currency regimes, exchange rate policy, international policy coordination, banking, financial crises, financial regulation, IMF policies, and China's exchange rate policy. Some of the papers are empirical in nature, while others address key policy issues in international macroeconomics. Many of the papers are co-authored with other well-known international economists, including Jacob Frenkel, Mohsin Khan, Nicholas Lardy, Peter Montiel, Michael Mussa, Carmen Reinhart, and Philip Turner, among others. Taken as a group, the papers should give the reader a good picture of many of the most important issues in international macroeconomics over the past 35 years.

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Book SynopsisThe COVID-19 pandemic, geopolitical tensions and US-China trade disputes, and the Russia-Ukraine war have increased the risk of global value chain (GVC) disruptions and forced firms to strengthen resilience in their supply chains and operations.MNCs have diversified suppliers, established new production sites, and shifted production closer to consumers. ASEAN countries are becoming increasingly attractive destinations for foreign investors.This paper gauges the position of ASEAN in GVCs and assesses the risks and opportunities of GVC reconfiguration for ASEAN countries. ASEAN countries are increasing their participation in GVCs and raising domestic value-added. The relocation of production sites from China to ASEAN countries could enhance their participation in GVCs. Should MNCs increase the concentration of supplier and buyer markets, ASEAN countries could become more vulnerable to external shocks.

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Book SynopsisWhile the South China Sea dispute remains Vietnam's top security concern, the country also confronts a variety of growing non-traditional threats, such as illegal fishing, maritime violence, smuggling, ecological degradation and climate change.These issues adversely affect Vietnam's external relations, socio-economic development, marine ecosystems and political stability, while engendering and exacerbating regional tensions.In response, at the national level, Vietnam has focused on building a blue economy and strengthening its law enforcement capacity.At the international level, Vietnam has participated in a variety of bilateral and multilateral cooperative mechanisms. However, these efforts have been impeded by internal and external factors, such as corruption, inadequate capacity and lack of budget, as well as ASEAN's institutional limitations and sovereignty sensitivities.

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Book SynopsisThis book provides an intensive review of the economic competitiveness of the Singapore economy and identifies the strategies which will allow the economy to retain its competitive advantage in an increasingly globalised economic environment in future years. It is a timely exercise in view of the fact that the international trading and investment climate has liberalised considerably, and the regional economies are achieving remarkable economic growth and development which begin to challenge Singapore's competitive edge as a regional transportation hub, international financial centre and a primary regional centre for technology and education.Table of ContentsThe macroeconomic perspectives of competitiveness, K.Y. Tan and M.H. Ton; technological policy and national competitiveness, L. Loh; maintaining Singapore as a major shipping and air transport hub, A. Chin and J. Tongzon; upgrading Singapore's manufacturing industry, P.K. Wong; the construction industry - restructuring for competitiveness, M.H. Toh; maintaining competitiveness in new age tourism, P.P. Wong; strategies for financial sector development, G.H. Lim; entrepreneurship and SMEs in the Singaporean context, B. Bjerke; globalization and the social fabric on competitiveness, K.C. Ho; human resource management for the new competitive environment, W. Koh.

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Book SynopsisThis book provides an intensive review of the economic competitiveness of the Singapore economy and identifies the strategies which will allow the economy to retain its competitive advantage in an increasingly globalised economic environment in future years. It is a timely exercise in view of the fact that the international trading and investment climate has liberalised considerably, and the regional economies are achieving remarkable economic growth and development which begin to challenge Singapore's competitive edge as a regional transportation hub, international financial centre and a primary regional centre for technology and education.Table of ContentsThe macroeconomic perspectives of competitiveness, K.Y. Tan and M.H. Ton; technological policy and national competitiveness, L. Loh; maintaining Singapore as a major shipping and air transport hub, A. Chin and J. Tongzon; upgrading Singapore's manufacturing industry, P.K. Wong; the construction industry - restructuring for competitiveness, M.H. Toh; maintaining competitiveness in new age tourism, P.P. Wong; strategies for financial sector development, G.H. Lim; entrepreneurship and SMEs in the Singaporean context, B. Bjerke; globalization and the social fabric on competitiveness, K.C. Ho; human resource management for the new competitive environment, W. Koh.

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