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Central Banking, Monetary Policies, and the Implications for Transition Economies

Autor: Mario I. Blejer , Marko Skreb

Número de Páginas: 458

the adaptation of the institutional settings of monetary policy to deal with an emerging market economy had to be carried out in the midst of an unprecedented stabilization effort and, therefore, was particularly urgent and complicated. In many of the transition countries, the transformation effort implied not just changes in procedures but the establishment of a central bank from scratch, a process that involved an important effort, precisely at a time when the whole system was in serious turmoil. While the process of reforms is not yet completed in all the transition countries, an immense amount of progress has been achieved, and many of the transition countries face today monetary and central banking conditions that are close to those of Western economies. In this volume, we collect a number of important contributions that discuss the most burning aspects of the current debates on central banking and monetary policy and draw implications for the postsocialist transition economies. The various papers included in the volume deal with a broad set of related issues, which are highly relevant not just for transition economies but for other emerging markets and for advanced economies ...

Doing Money

Autor: Heiner Ganßmann

Número de Páginas: 202

This book puts in place the groundwork for an alternative theory of money in a sociological perspective, proceeding by way of a critique of existing theories.

The Structure of Financial Regulation

Autor: David Mayes , Geoffrey E. Wood

Número de Páginas: 286

This book examines the area of financial regulation in the banking sector. Editors Mayes and Wood bring together such acadmics as Charles Goodhart, Charles Calomiris and Kern Alexander whose expertise shines through this volume to provide a reference tool for researchers, students and bankers themselves which will prove invaluable.

Social Banks and the Future of Sustainable Finance

Autor: Olaf Weber , Sven Remer

Número de Páginas: 253

Social Banking describes a way of value-driven banking that has a positive social and ecological impact at its heart, as well as its own economic sustainability. Although it has a long and successful history, it has arguably never been more topical than it is now in the aftermath of the latest financial crisis. Most Social Banks came out of this crisis not only unscathed but much stronger and bigger than they were before. And contrary to their conventional peers, none of the Social Banks had to be bailed out with public funds. This increasingly attracts the interest not only of clients searching for safe and sensible ways to deposit their funds but also of conventional banks that begin to understand the potential of a more socially oriented approach towards banking. Social Banks and the Future of Sustainable Finance is the first book to deliver a comprehensive and detailed overview about the past, present and possible future of Social and Sustainable Banking for researchers, students and a professional audience. The authors are experts from research and practice and have bee involved in Social Banking for many years. Thus they combine state-of-the-art expertise with valuable...

Towards a Socioanalysis of Money, Finance and Capitalism

Autor: Susan Long , Burkard Sievers

Número de Páginas: 418

This book uses the discipline of socio-analysis to explore the meaning of money, markets and the broad financial world that so strongly affects our daily lives. The insight that the financial crisis ‘was essentially psychological in origin’ (Robert Shiller) and that the world of finance is broadly shaped if not determined by irrational often unconscious factors is not yet broadly shared. This book appears to be one of the first, if not the first contribution that explicitly focuses on what is beneath the surface of money, finance and capital. It invites the reader to explore the financial world in depth.

Risk, Risk Management and Regulation in the Banking Industry

Autor: Peter Pelzer

Número de Páginas: 234

This highly original book aims to broaden the discussion about risk, the management of risk and regulation, especially in the financial industry. By using terms of the philosopher Jacques Derrida, Peter Pelzer employs philosophical concepts to enrich the understanding of what risk is about and what is necessarily excluded in contemporary risk management.

Money, Uncertainty and Time

Autor: Giuseppe Fontana

Número de Páginas: 161

This excellent new book from one of the brightest young economists, Giuseppe Fontana, involves a compendium of issues surrounding uncertainty, money and time. Fontana shines a post Keynesian light onto statements and claims made by well-known neo-classical authors and as such leaves readers with an interesting and informative book to be read and re-read by all those scholars and students involved with monetary economics.

Exchange Rate Dynamics

Autor: Jean-olivier Hairault , Thepthida Sopraseuth

Número de Páginas: 320

This book builds upon the seminal work by Obsfeld and Rogoff, Foundations of International Macroeconomics and provides a coherent and modern framework for thinking about exchange rate dynamics.

New Paradigms in Financial Economics

Autor: Kazem Falahati

Número de Páginas: 226

This book aims to provide a new framework of economic analysis for understanding and predicting how the economy works in the real world. It does this by re-examining the implicit and explicit foundational assumptions, and inherent contradictions of the standard paradigm.

Monetary Policy Rule in Theory and Practice

Autor: Nicolas Barbaroux

Número de Páginas: 246

This new volume sheds new light on current monetary issues, in particular the debate on monetary policy making, by blending theoretical economic analysis, history of economics, and historical case studies. A discretionary monetary policy refers to cases in which the central bank is free to change its policy actions or key instruments when the need arises, whilst a monetary policy rule can be defined as a commitment from (independent) central banks to reach one or several objective(s) by way of systematic policy actions. This book uses case studies from France and Sweden, and places them in the context of Keynes’ argument from his 1923 ‘Tract on Monetary Reforms’, to support the argument that the use of discretionary practices within a monetary policy rule (such as in the Gold Standard era) is the best approach. This book takes an innovative approach in combining a theoretical analysis (mainly the work of New Neoclassical Synthesis throughout Woodford's model) a history of economic thought analysis (based on the monetary works from Wicksell, Cassel and Keynes) and an historical study of central bank practices both in France (based on Bank of France archives materials) and in...

International Tax Coordination

Autor: Martin Zagler

Número de Páginas: 221

The book combines interdisciplinary teams from business, economics, information science, law and political science to offer a unique and innovative interdisciplinary approach to the issue of international tax coordination.

Cultures of Expertise in Global Currency Markets

Autor: Leon Wansleben

Número de Páginas: 238

Notwithstanding financial crises, global foreign exchange markets have undergone a tremendous growth during the last two decades. Foreign exchange (FX) is often thought of as a site where economic actors exchange currencies for buying foreign goods or selling goods in foreign countries, but the FX markets are better understood as financial spheres, dominated by speculative actors. A key question is how this huge global speculative sphere has developed, and what maintains it. Thus far, global currency markets have been largely neglected by the new approaches to finance, and until now no study has existed to chart the interplay of their structural evolution and their shape as knowledge spheres. This new book offers a systematic study of FX markets from a knowledge sociological perspective, empirically focussing on analysts within these markets. It makes the argument that market structures are reflected in, and become stabilised by, distinct cultures of financial expertise. These cultures connect the actions and perceptions of loosely coupled, globally distributed market players, and establish shared sets of strategies of how to observe, valuate and invest. This highly original book...

Architects of the International Financial System

Autor: Anthony Endres

Número de Páginas: 305

Who were the great thinkers on international finance in the mid-twentieth century? What did they propose should be done to create a stable international financial order for promoting world trade and economic growth? This important book studies the ideas of some of the most innovative economists in the mid-twentieth century including three Nobel Laureates; great thinkers who helped shape the international financial system and the role of the World Bank and the International Monetary Fund. Covering the period from the late 1940s up until the collapse of the fixed US dollar-gold link in 1971, the impact of Hansen, Williams, Graham, Triffin, Simons, Viner, Friedman, Johnson, Mises, Rueff, Rist, Hayek, Heilperin and Röpke is assessed. This outstanding book will prove invaluable to students studying international economics, economic history and the history of economic thought.

A New Measure of Competition in the Financial Industry

Autor: Jacob Bikker , Michiel Van Leuvensteijn

Número de Páginas: 229

The 2008 credit crisis started with the failure of one large bank: Lehman Brothers. Since then the focus of both politicians and regulators has been on stabilising the economy and preventing future financial instability. At this juncture, we are at the last stage of future-proofing the financial sector by raising capital requirements and tightening financial regulation. Now the policy agenda needs to concentrate on transforming the banking sector into an engine for growth. Reviving competition in the banking sector after the state interventions of the past years is a key step in this process. This book introduces and explains a relatively new concept in competition measurement: the performance-conduct-structure (PCS) indicator. The key idea behind this measure is that a firm’s efficiency is more highly rewarded in terms of market share and profit, the stronger competitive pressure is. The book begins by explaining the financial market’s fundamental obstacles to competition presenting a brief survey of the complex relationship between financial stability and competition. The theoretical contributions of Hay and Liu and Boone provide the theoretical underpinning for the PCS...

Financial Systems in Troubled Waters

Autor: Alessandro Carretta , Gianluca Mattarocci

Número de Páginas: 393

This collection considers the financial crisis from a managerial perspective, focussing on the business implications for the financial industry. Topics examined include governance, information needs and strategy of financial intermediaries and investors. The contributions build on the existing literature and present some unique insights on governance, credit quality evaluation and performance measurement. In a fast growing or steady market, it is possible for even an inefficient financial system to satisfy investors’ and firms’ needs. However, the current financial crisis has brought into sharp relief the limits of the inefficient practices adopted by the market, and made clear the importance of developing more effective governance mechanisms, more detailed and complete information databases and new strategies. The crisis has also brought to the fore issues about the governance of financial intermediaries that had not been previously addressed. These include board diversity, internal monitoring procedures and the existence of interlocking directorates. More broadly, the financial crisis has radically altered the international framework, with an increasingly consolidated...

Central Banking Systems Compared

Autor: Emmanuel Apel

Número de Páginas: 238

This new study provides a comprehensive survey of the recently established European financial system in comparison to previous European systems and the US Federal Reserve. This well-written contribution to financial economics should be of interest to academics as well as professionals concerned with financial systems around the world.

Competition and Profitability in European Financial Services

Autor: Morten Balling , Frank Lierman , Andy Mullineux

Número de Páginas: 346

Financial services firms play a key role in the European economy. The efficiency and profitability of these firms and the competition among them have an impact on allocation of savings, financing of investment, economic growth, the stability of the financial system and the transmission of monetary policy. This collection of research contributions includes evaluations of trends in the European financial service industry and examinations of the driving forces of efficiency, competition and profitability of financial firms and institutions in Europe. The papers have been written by leading academics and researchers in the field, who specialize in strategic, systematic and policy issues related to the European financial services industry. This edited collection will be will be essential reading for students and academics but will also be of interest to financial practitioners and government officials interested in acquiring a deeper understanding of this complex issue.

Monetary Policy Over Fifty Years

Autor: Heinz Herrmann

Número de Páginas: 168

The contributions to this prestigious volume describe important developments in monetary economics and monetary policy during the past half century and to draw lessons from this for the future with chapters from Charles Goodhart and Olivier Blanchard.

Banking Crises, Liquidity, and Credit Lines

Autor: Gurbachan Singh

Número de Páginas: 273

The banking crises in 2007-10 are not exceptional. There have been many such crises in the past in both developed countries and emerging economies. A banking crisis can be related to solvency or liquidity (or both). This book focuses on banking crisis and liquidity. This book starts from basics and gradually builds up with very few technicalities. Though the analysis is primarily theoretical, we provide a historical background, a macroeconomic perspective, and policy implications for both closed and open economies.

Monetary Unions

Autor: Forrest Capie , Geoffrey E Wood

Número de Páginas: 209

The Economic and Monetary Union (EMU) has prompted much discussion. This book stands back and considers the relevant theory or what lessons might be drawn from other unions that have been formed as well as looking at EMU directly.

Fixing Financial Crises in the 21st Century

Autor: Andrew Haldane

Número de Páginas: 368

Financial crises have dogged the international monetary system over recent years. They have impoverished millions of people around the world, especially within developing countries. And they have called into question the very process of globalization. Yet there remains no intellectual consensus on how best to avert such crises, much less resolve th

Central Banking, Asset Prices and Financial Fragility

Autor: Éric Tymoigne

Número de Páginas: 337

In this book Tymoigne argues that financial stability should be the sole goal of central banks and suggests an alternative to the inflation targeting framework showing how interest-rate policy can help to solve some of the problems faced by central bankers.

Tax Systems and Tax Reforms in Latin America

Autor: Luigi Bernardi , Alberto Barreix , Anna Marenzi , Paola Profeta

Número de Páginas: 337

This book provides a comprehensive analysis of tax systems and tax reforms in a number of Latin American countries since the early 1990‘s, including Argentina and Brazil, Costa Rica and Mexico, Paraguay, Colombia, Chile and Uruguay. The authors present and discuss tax systems from a broad quantitative and historical perspective and describe the mai

Understanding Pensions

Autor: Martin Sullivan

Número de Páginas: 188

With birth rates falling at the same time that average age is rising in the developed world, the pensions time bomb is ticking louder than ever. Understanding how pensions work, their history, and their future is absolutely essential. This book thoroughly explains to readers the unique concepts and terminology which underpin pensions. Focusing firstly on the rationale for pensions and their evolution, before moving on to an explanation of the latest controversies regarding pensions. The glossary of pensions terminology in the final section of the book virtually ensures its place on many academic bookshelves. This timely volume is an extremely useful contribution to this important issue. Of use to policy-makers as much as to students and academics of finance and public policy, Understanding Pensions should prove to be a popular addition to the literature.

Monetary and Banking History

Autor: Geoffrey Wood , Terence Mills , Nicholas Crafts

Número de Páginas: 332

Forrest Capie is an eminent economic historian who has published extensively on a wide range of topics, with an emphasis on banking and monetary history, particularly in the nineteenth and twentieth centuries, but also in other areas such as tariffs and the interwar economy. He is a former editor of the Economic History Review, one of the leading academic journals in this discipline. Under the steely editorship of Geoffrey Wood, this book brings together a stellar line of of contributors - including Charles Goodhart, Harold James, Michael Bordo, Barry Eichengreen, Charles Calomiris, and Anna Schwartz. The book analyzes many of the mainstream themes in economic and financial history - monetary policy, international financial regulation, economic performance, exchange rate systems, international trade, banking and financial markets - where historical perspectives are considered important. The current wave of globalisation has stimulated interest in many of these areas as ‘lessons of history’ are sought. These themes also reflect the breadth of Capie’s work in terms of time periods and topics.

Money Doctors

Autor: Marc Flandreau

Número de Páginas: 329

This text brings together specialists from economics, history and political science including Harold James and Kenneth Moure. First providing a history of money doctors, the book then covers themes such as the IMF and policy advice, the Russian experience and contemporary money doctors.

Money and Payments in Theory and Practice

Autor: Sergio Rossi

Número de Páginas: 237

International in scope and written by a leading young Post-Keynesian economist, this book focuses on the working of money and payments in a multi-bank settlement system within which banks and non-bank financial institutions have been expanding their operations outside their countries of incorporation.Departing from conventionally held beliefs, Serg

Prediction Markets

Autor: Leighton Vaughan Williams

Número de Páginas: 325

How does one effectively aggregate disparate pieces of information that are spread among many different individuals? In other words, how does one best access the ‘wisdom of the crowd’? Prediction markets, which are essentially speculative markets created for the purpose of aggregating information and making predictions, offer the answer to this question. The effective use of these markets has the potential not only to help forecast future events on a national and international level, but also to assist companies, for example, in providing improved estimates of the potential market size for a new product idea or the launch date of new products and services. The markets have already been used to forecast uncertain outcomes ranging from influenza to the spread of infectious diseases, to the demand for hospital services, to the box office success of movies, climate change, vote shares and election outcomes, to the probability of meeting project deadlines. The insights gained also have many potentially valuable applications for public policy more generally. These markets offer substantial promise as a tool of information aggregation as well as forecasting, whether alone or as a...

New Approaches to Monetary Theory

Autor: Heiner Ganßmann

Número de Páginas: 291

Everybody uses money every day, but we rarely stop to think about how money works. In this book, scholars from different disciplines seek to answer that question; from historians to economists, sociologists, a philosopher and a physicist. Money works as a social construction because we have mutual expectations that support its use – despite the seeming irrationality of trading valuable things or doing strenuous work for pieces of paper or numbers in accounts. Recently, there has been a revival of interest in monetary theory, not least because the impacts of globalizing markets and of new communication and information technologies have changed the forms of money. The deep crisis of the financial system has demonstrated the importance of a functioning monetary system and although renewed interest in this has led to significant contributions in various fields, it remains true that no social science discipline on its own is sufficiently equipped to explain the basic workings of monetary systems, their rapid innovation and their effects on social, economic and political structures. The contributors to this book report on their latest research on the origins of money, on the nature of ...

Financial Geography

Autor: Risto Laulajainen

Número de Páginas: 532

This truly internationally-focused book is a readable, comprehensive guide to the economic geography of the world's financial centres that is as enjoyable to read as it is informative. All students and academics involved with economic geography as well as professionals in the banking and finance industries will find Financial Geography to be an ind

Financial Markets and the Macroeconomy

Autor: Carl Chiarella , Peter Flaschel , Reiner Franke , Willi Semmler

Número de Páginas: 613

The financial instability and its spillover to the real sector have become a great challenge to macro-economic theory. The book takes a Keynesian theoretical perspective, representing an attempt to revive what Keynes stressed in his General Theory, namely the role of the financial market in macroeconomic outcomes. Although this book is inspired and motivated by the Asian currency and financial crises in the years 1997-8 and the experiences of the currently evolving U.S. financial disruptions, it also focuses on reviving a modeling tradition that provides a theoretical framework that throws light on recent financial market episodes and disturbances and their macroeconomic effects. It brings to the forefront, as Keynes has suggested, the role of financial market stability for growth and macroeconomics. It criticizes theories that see economic disruptions and shocks rooted solely in the real side of the economy. It stresses the financial real interaction as the major source for macroeconomic instability and disruptions. This important new book from a group of Keynesian, but nonetheless technically oriented economists would be of most interest to specialists and graduate students in...

Taxation and Gender Equity

Autor: Caren Grown , Imraan Valodia

Número de Páginas: 349

Around the world, there are concerns that many tax codes are biased against women, and that contemporary tax reforms tend to increase the incidence of taxation on the poorest women while failing to generate enough revenue to fund the programs needed to improve these women's lives. Because taxes are the key source of revenue governments themselves raise, understanding the nature and composition of taxation and current tax reform efforts is key to reducing poverty, providing sufficient revenue for public expenditure, and achieving social justice. This is the first book to systematically examine gender and taxation within and across countries at different levels of development. It presents original research on the gender dimensions of personal income taxes, and value-added, excise, and fuel taxes in Argentina, Ghana, India, Mexico, Morocco, South Africa, Uganda and the United Kingdom. This book will be of interest to postgraduates and researchers studying Public Finance, International Economics, Development Studies, Gender Studies, and International Relations, among other disciplines.

New Perspectives on Emotions in Finance

Autor: Jocelyn Pixley

Número de Páginas: 258

This interdisciplinary volume from a leading international group of scholars offers coherent sociological answers as to how and in what respects finance is 'emotional'. Chapters offer sophisticated approaches to the current financial crisis, and the antecedents in cultural variations in institutions and organisational forms.

Bank Performance

Autor: Jacob Bikker , Jaap W.b. Bos

Número de Páginas: 173

Economic literature pays a great deal of attention to the performance of banks, expressed in terms of competition, concentration, efficiency, productivity and profitability. This book provides an all-embracing framework for the various existing theories in this area and illustrates these theories with practical applications. Evaluating a broad field of research, the book describes a profit maximizing bank and demonstrates how several widely-used models can be fitted into this framework. The authors also present an overview of the current major trends in banking and relate them to the assumptions of each model, thereby shedding light on the relevance, timeliness and shelf life of the various models. The results include a set of recommendations for a future research agenda. Offering a comprehensive analysis of bank performance, this book is useful for all of those undertaking research, or are interested, in areas such as banking, competition, supervision, monetary policy and financial stability.

Financial Market Risk

Autor: Cornelis Los

Número de Páginas: 483

This book covers the latest theories and empirical findings of financial risk, its measurement and management, and its applications in the world of finance.

Reforming the Governance of the Financial Sector

Autor: David G. Mayes , Geoffrey E. Wood

Número de Páginas: 322

This volume argues that good governance is crucial to the success of any regulatory regime, and explores how better governance of the financial sector can be achieved.

The New Palgrave Dictionary of Money and Finance

Autor: John Eatwell , Murray Milgate , Peter Newman

Número de Páginas: 869

The first reference work ever to be awarded the Eccles Prize for Excellence in Economic Writing from Columbia Business School. Continuing in the tradition of The New Palgrave , this 3-volume set provides an unparalleled guide to modern money, banking and finance. In over 1,000 substantial essays by leading academic and professional authorities, it provides the most comprehensive analysis available of contemporary theory and the fast-evolving global monetary and financial framework. In its scope and depth of coverage, it is indispensable for the academic and practitioner alike.

The Political and Economic Development of Modern Turkey

Autor: William Hale

Número de Páginas: 292

This book outlines the evolution of policy and the course of Turkey’s economic development since the foundation of Turkey’s republic in 1923. Turkey is a fast-developing country with, over the last seventy years, a radically transformed economic and social structure. The concept of planned development was first applied as long as fifty years ago, long before other such approaches in the region. Furthermore, Turkey’s post-war economic development has proceeded in a rare environment of a predominantly liberal, competitive political system. This book is the first comprehensive and up-to-date study of Turkish economic development and its relationship to political change. First published in 1981.

Politiques de developpement agricole. Concepts et experiences

Autor: Roger D. Norton

Número de Páginas: 656