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This book examines selected actions and investments of the European Central Bank (ECB) from a climate and sustainability standpoint. Shedding new light on the topic from various angles – ethical, philosophical, political, economical and legal – it situates sustainability mainstreaming in the finance and investment field at all levels. The former ECB President Mario Draghi once said that he considered sustainable development and an intact environment to be human rights, and therefore enshrined in the EU Charter of Fundamental Rights. The acting ECB President Christine Lagarde added that the future path for the climate is uncertain, but it would remain within our power to influence it. However, with all that in mind the ECB's policy of buying assets as securities is often questionable. This volume analyzes these actions in connection with sustainability, and puts forward practical recommendations for improving the ECB's investment strategy on its way creating a sustainable financial market.

​In light of the handover from the European Central Bank President Mario Draghi to Christine Lagarde in November 2019, this book provides an in-depth analysis of the events which unfolded since the euro area sovereign debt crisis in 2010 up until today. The book focuses on the far-reaching implications of the last decade, shedding light on a wide spectrum of political, economic and financial aspects of the European poly-crises and how monetary policy reacted to these challenges. The book places particular emphasis on the tensions that the supranational central bank was subject to during this period, and on their outcomes in terms of the policies, their legitimacy, and their public reception. As such, this book will be relevant not only to understand the political implications of the past crisis but also, and foremost, in understanding'what is next'.

European central bank policy is already taking place today in an informal way. It comprises, in short, European exchange rate management and interest rate policy decisions within and without the European Monetary System (EMS). A focal point of such policy actions are the money market operating targets of European Central Banks. Those central bank policies appear to be dominated, however, by the Deutsche Bundesbank. This has caused recurring critical discussion of European asymmetries and German leadership in monetary stabilization pOlicies, before and after the EMS turbulences of September 1992. However, it should be pointed out that German dominance has increasingly evolved in a cooperative way, ever since the Committee of European Central Bank Governors began to meet regularly in 1964; the Basle-Nyborg accord of 1987 formed a further stage of cooperative efforts within the EMS. Presently, a small group of countries (including Benelux and Austria) generally follows, after prior'concertation', German monetary policy patterns. In this narrow sense, there exists a European central bank policy within a'Deutsche-Mark-Zone'. In a broader sense, European central bank policy is shaped, after proper consultation, by monetary cooperation between the larger EMS countries, but once again dominantly influenced by Germany; recent problems of highjnterest rates in France and elsewhere due to (relative) restrictive German monetary pOlicies are striking examples. German monetary dominance, in the narrow or broad sense, obviously creates, in the long-run, an untenable situation in the eyes of European partner countries.

David Howarth and Peter Loedel provide a theoretically inspired account of the creation, design and operation of the European Central Bank. Issues explored include the theoretical approaches to the ECB, the antecedents of European monetary authority, the different national perspectives on central bank independence, the complex organisation of the bank, the issues of accountability and the difficult first years of the ECB in operation.

Coming at a critical juncture for the euro, the book takes stock of the ECB's experience during its first ten years and discusses the way ahead. The articles are written by well-known experts in the field and provide the reader with a comprehensive overview of relevant policy issues, including the ECB's communication and its monetary strategy and instruments.

David Howarth and Peter Loedel provide a theoretically inspired account of the creation, design and operation of the European Central Bank. Issues explored include the theoretical approaches to the ECB, the antecedents of European monetary authority, the different national perspectives on central bank independence, the complex organization of the bank, the issues of accountability and the difficult first years of the ECB in operation.

Die Modellierung der Geldpolitik steht in traditionellen Modellen zum Geldangebot teilweise in bemerkenswertem Widerspruch zur geldpolitischen Realität in Europa. In diesem Buch werden Modelle zum Geldangebot der Banken vorgestellt, in denen die neue europäische Geldpolitik besser zur Geltung kommt. In Folge der flexiblen Geldmarktsteuerung der Europäische Zentralbank spielen Erwartungen und Unsicherheit über den zukünftigen Kurs der Geldpolitik eine besondere Rolle für das Geldangebot. Die empirischen Ergebnisse bestätigen die Modellimplikationen und zeigen am Beispiel der Bundesbank, wie die Europäische Zentralbank in der geldpolitischen Praxis die Erwartungen der Banken beeinflußt und somit auch auf diese Weise das Geldangebot bestimmt.

This book examines public debt hoarding within the Euro Area, which is one of the most complicated challenges regarding modern fiscal policy-making. The author offers an up-to-date analysis of the fiscal situations of Italy, Spain, Portugal, and Greece. The book describes key mechanisms of debt transmission, discusses the potential establishment of fiscal and debt union in the EU, identifies numerous implications, and connects the fiscal positions of the examined countries with the structural flaws of the Euro Area and the monetary policy of the European Central Bank. Moreover, the work presents an estimation of structural budget balances, including a comparison with the estimates of major international institutions such as the IMF, OECD, and European Commission. A separate chapter is devoted to analysing the fiscal policy determinants, using time series since the late 19th century, and the issue of fiscal policy efficiency. Finally, the work provides an overview of debt resolutionoptions. Overall, this book offers eight core chapters intended for the public, professional economists, and policymakers.

How did Europe get to monetary union in 1999 and how will EMU work out? Are the member countries starting in good shape and is the European Central Bank going to be a success? Should the UK enter EMU too, and if so when and how? This book provides a stocktaking of the process of European monetary integration as of early 1999 - at the start of European Monetary Union and twenty years after the creation of the European Monetary System. Based upon the first academic conference on the subject since the start of EMU by the Money, Macro and Finance Research Group and bringing together leading academics, researchers and policy-makers - including members of the European Central Bank - the book assesses recent experiences and evaluates likely future developments.

The long-term sustainability of the euro and the Economic and Monetary Union (EMU) depends heavily on their ability to attract widespread public support. The support shown for the euro throughout its first two decades has helped to shield it against populist attempts at the national level to dismantle the common currency. It has granted political legitimacy to the presidents of the European Central Bank to do “whatever it takes” whenever a serious crisis has threatened the viability of the euro.Public Support for the Euro is the second of two open-access volumes presenting a selection of the author's essays on Labor Productivity, Monetary Economics, and Political Economy. This second volume brings together eleven of the author's essays, selected with the aim of providing an overview of his research to date on public support for and the economics and political economy of the euro and EMU.

The euro area's framework for monetary policy implementation was introduced in 1999. Eleven years on, this volume examines the theoretical and historical underpinnings of the framework, how it has fared in practice, and what challenges it is likely to face in the future. The technology serving the implementation of monetary policy has historically been the exclusive preserve of a narrow group of specialists but the recent global financial crisis brought the issue into the public eye, as the supply of base money exploded while inflation risked turning into deflation. This book addresses all the aspects of monetary policy implementation, with particular emphasis on the European Central Bank and the euro, allowing a more informed assessment of a neglected, but important, aspect of economic life, and a better understanding of the exceptional developments brought about by the financial crisis. Written by the leading money market operators at the European Central Bank who were involved in creating and implementing the framework, and who are still managing monetary policy implementation at the Bank today, this book provides a rare insider account of how the framework has evolved, how it works in practice, and the challenges of monetary policy implementation going forward.

The ‘Troika'is a word that is scorched into the narrative of the EU's banking and economic crisis – a triumvirate constituted by the European Central Bank, the European Commission and the International Monetary Fund. The modus operandi of the Troika is defined by the authors of this book as ‘Troikanomics'. Ostensibly, the role of the Troika was to develop, coordinate and oversee the provision of conditional funding to support national governments in restructuring their economies. In fact, their power and influence extended far more widely. They enforced an unprecedentedly severe austerity programme of fiscal and structural adjustment through oppressive political oversight. Their practical impact was to impose on debtor countries in the EU periphery the single greatest economic and social dislocation in Europe's recent history, thus corroding their autonomous capacities and enfeebling their national sovereignty. The Troika's word was law in those countries where its writ ran – Greece, Ireland, Cyprus, and to a more limited extent, Spain. It was answerable only to a trio of unelected organisations, far removed from the consequences of its policies on the lives of citizens. Widespread socio-political reaction to Troikanomics gave shape to the anti-austerity movement across the EU, characterised by the centre as ‘Populism'. This book provides a timely response to the revisionist argument that there is no longer a ‘crisis'in Europe. In their innovative analysis, the authors argue that Troikanomics is a manifestation of a deeper existential crisis within the EU that encompasses the centralisation of power, Brexit, Europe's ominous militarisation and the progressive abandonment of its foundational values.

This book examines the Eurozone crisis in light of theoretical and empirical evidence. The first half explores specific theoretical contributions within a framework of growth theory models to examine the two major pillars of the European construction, the European Central Bank and the Maastricht Treaty, and seeks to explain why they are theoretically wrong. The second half presents results of counterfactual simulations using the Oxford Econometric model and estimates what the Eurozone has lost in terms of economic and social cost from 2002 to 2014 as a consequence of the super-evaluation of the Euro and the Maastricht Treaty parameters being mistakenly fixed and pursued. Finally, the author supports the urgent need to refund the European Union, up-dating The Maastricht Treaty and the ECB statute to build three concentric circles: the USE (United States of Europe), the EU (European Union), the EAFTDA (Europe/Africa Free Trade and Development Area).

This book takes a close look at macroeconomic imbalances within the Eurozone and explores the profound consequences the introduction of the European Monetary Union (EMU) has had on Euro area countries. Particular attention is given to balance of payments deficits and surpluses, and the profound difficulties of rebalancing the Euro area. Throughout the chapters, the author argues that the EMU has failed to support an optimal currency area with the correct institutional arrangements due to misunderstandings at a macroeconomic level. The author also sheds light on the stability pact and the resulting macroeconomic trap which has left a number of Eurozone countries with devastatingly high rates of unemployment. The book argues that by disregarding important macroeconomic imbalances, Euro-monetarists have derailed the entire Eurozone project to such an extent that it is at risk of falling apart. Key chapters discuss the establishment of the EMU from a Euro-realist perspective and the role of the European Central Bank in rebalancing financial markets. The concluding chapter looks ahead to the future of the Euro and proposes necessary institutional solutions to the macroeconomic problems it is currently facing. Scholars and students with an interest in the current economic disarray within the Eurozone will find this work thought-provoking and highly informative.

This volume sheds new light on economic developments in several countries of Southeast Europe. The European Union and especially the eurozone continue to experience rhythms of fiscal crisis, as can most clearly be seen in the debt crisis in the South Periphery. Despite the fact that several measures and decisions have been taken to deal with the crisis (banking union, liquidity support from the European Central Bank), proposals to reform Europe's strategic policy in order to find a way out of the crisis have been put forward.This book explores the respective roles that specific sectors, e.g. the agricultural sector, social capital, tax policies and labour immigration, can play in this regard. The importance of international economic relations (exports, imports, FDI, exchange rates) is analysed, in order to illustrate the nature of the economic developments and the major economic difficulties these countries face.

This book studies the coexistence of inflation and unemployment in a monetary union. The focus is on how to reduce the associated loss. The primary target of the European central bank is low inflation in Europe. The primary target of the German government is low unemployment in Germany. And the primary target of the French government is low unemployment in France. The European central bank has a quadratic loss function. The same applies to the German government and the French government. The key questions are: To what extent can the sequential process of monetary and fiscal decisions reduce the loss caused by inflation and unemployment? Is monetary and fiscal cooperation superior to the sequential process of monetary and fiscal decisions? The present book is part of a larger research project on European Monetary Union, see the references given at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association, at the International Conference on Macroeconomic Analysis, at the International Institute of Public Finance, and at the International Atlantic Economic Conference. Other parts were presented at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Göttingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macroeconomics in Freiburg, at the Research Seminar on Economics in Kassel, and at the Passau Workshop on International Economics.

Euro Crash is a unique analysis of the European Monetary Union, arguing that it was not sub-optimal currency areas or profligate government spending but instead fatal flaws in monetary design and an appalling series of policy mistakes by the European Central Bank that lead to the current and ongoing Eurozone crisis.

In 1999 a number of member states of the European Union will adopt a common currency. This change in the monetary system requires that a Eur­ opean Central Bank is set up and a common monetary policy is pursued. There is general agreement among those countries which are likely to join the common currency that price level stability has to be the ultimate objec­ tive of monetary po1icy. It is an open issue, however, what kind of policy is best suited for that purpose. The alternative strategies under discussion are a direct inflation targeting, an intermediate monetary targeting or a mixture of both. For these policy strategies a stable money demand relation is of cen­ tral importance. Therefore a workshop on Money Demand in Europe was organized at the Humboldt University in Berlin on October 10/11, 1997. This research conference brought together academic and central bank econo­ mists and econometricians predominantly from Europe to discuss issues on specification, estimation and, in particular, stability of money demand rela­ tions both in a single equation and in a systems framework. In this volume revised versions of the papers presented and discussed at the workshop are collected. The volume thereby gives an overview of money demand analysis in Europe on the eve of the introduction of the Euro in some European countries. It contributes to the discussion on a suitable monetary policy for the new European Central Bank.

Despite the success of policymakers and the European Central Bank in calming down financial markets since the summer of 2012, European leaders are still facing formidable challenges in making the single currency work in a complex environment. This book starts with a review of the necessary elements of a currency union and highlights the reasons why the system has run into its present troubles. It points to important policy recommendations to be drawn from a structural analysis of the currency union, achievements and failures of the currency union and ways to improve fiscal sustainability and arrive at stable macroeconomic performance for the union. It highlights the importance and the effectiveness of structural reforms that have to accompany fiscal consolidation and discusses the appropriate tools of crisis management and why a restructuring of the Eurozone is not the right step. Based on these considerations, a long-term target picture for the Eurozone as a part of the EU is outlined, providing a valuable contribution to a hopefully intense public debate in the coming years.

The Schuman 2012 Report on the State of the Union is both a reference and a tool. A reference: bringing together contributions from leading specialists, including an interview with Jean-Claude Trichet, former President of the European Central Bank. This Report proposes a novel analytical framework, so that everyone can form his/her opinion on a series of key questions: The European Union and the Crisis : between doubts and necessity Facing the Economic and Financial Crisis: strategy for growth and employment Europe and the New World (Im)balance A tool: with its thirty original colour maps it brings together essential information. The summary of political Europe: analysis of European elections 2011, calendar of the elections in 2012, political and economic representation of women in Europe, normative production of the Union in 2011, European Opinion in 2011 Europe in Figures: a new series of statistics and maps, covering all major current issues (growth, purchasing power, economic policy, demography, immigration, energy, environment, globalization, European policies,...). The key to understanding the European dynamic. Under the direction of T. Chopin and M. Foucher, the following people have contributed to this book: J-C. Trichet, J. P. Jouyet, M.Barnier, A. Lamassoure, C.Coelho, J. Bitterlich, J-P. Herteman, W. Martens, J-D. Giuliani, P.Hassner, C. de Boissieu, S.Hill, M.Lemoine, N.Gnesotto, L. Martinez, P. Joannin, S. de Corte, B.Aguilera-Barchet, C. Deloy, P-A. Molina, F. Lirzin, S. Paulo.

The creation of the European System of Central Banks (ESCB) and the start of the Euro in 1999 are historical marks for Europe. With the start of the new currency and the ECB the world economy also is facing a major structural change and new challenges. In a historical perspective the European Monetary Union has the unique feature that a common new institution, the ECB, has been created. This is in marked contrast to the Scandinavian and the Latin Monetary Union (France, Italy, Belgium th and Switzerland) in the late 19 century which was a period in which national central banks were created in order to stabilize the respective national financial systems. In the starting year 1999 the European Central Bank had favorable conditions in the sense that low inflation rates and an economic upswing had coincided; while this should contribute to a Euro appreciation in the long run the short term exchange rate developments were in marked contrast as the new currency lost about 115 of its value within 16 months; while exchange rate volatility has not been unusual in the 1980s the continued and strong fall ofthe Euro vis-a-vis the US dollar, the pound, the Swiss franc and the Yen has raised concerns. The strong initial fall of the Euro has created some problems in establishing the new currency as a strong contender for the US dollar. Moreover, there are some theoretical challenges since the portfolio model offers a rather different message than the purchasing power parity.

Euro Crash diagnoses the three fatal design flaws in EMU as constructed by the Maastricht Treaty and analyses future likely monetary scenarios for Europe, demonstrating how the best of these would be the creation of a new narrow monetary union between France and Germany founded on strict monetarist principle and without a European Central Bank.

Monetary policy in the Middle East and North African (MENA) countries remains an understudied area; this book fills an important gap by examining monetary policy frameworks and monetary policy strategies in the region. Building on the editors'earlier book, Monetary Policy and Central Banking in the Middle East and North Africa, which focused on central bank independence issues and on exchange rate regimes, this book emphasises monetary policy strategies. Part I contains an overview of the financial markets and institutions which condition the choice of monetary policy strategy in the countries of the region, followed by single-country studies on aspects of the monetary policy frameworks of Lebanon, Egypt, Jordan, the Palestinian Territory and Turkey. Part II includes analyses of the prospects for inflation targeting in Egypt, Morocco and Tunisia, of the monetary transmission mechanism in the Gulf Cooperation Council countries, of the relative advantages of inflation targeting and exchange rate fixity with reference to Egypt, of the problem of fiscal dominance in Egypt, and of the inflationary implications of exchange rate fixity for Saudi Arabia and Kuwait. The contributors are experts from universities inside and outside the MENA region, from central banks in the region and from outside institutions such as the European Central Bank and the International Monetary Fund.

This book studies the dynamics of monetary and fiscal interactions in the Euro Area. The policy makers are the European Central Bank and national governments. The primary target of the ECB is low inflation. And the primary target of a national government is low unemployment. However, there is a short-run trade-off between low inflation and low unemployment. Here the main focus is on sequential policy decisions. Another focus is on simultaneous and independent policy decisions. And a third focus is on policy cooperation. There are demand shocks, supply shocks, and mixed shocks. There are country-specific shocks and common shocks. The key question is: Given a shock, what are the dynamic characteristics of the resulting process?

This book studies the strategic policy interactions in a monetary union. The leading protagonists are the European Central Bank and national governments. The target of the ECB is low inflation in Europe. The targets of a national government are low unemployment and a low structural deficit. There are demand shocks, supply shocks, and mixed shocks. There are country-specific shocks and common shocks. This book develops a series of basic, intermediate, and more advanced models. Here the focus is on the Nash equilibrium. The key questions are: Given a shock, can policy interactions reduce the existing loss? And to what extent can they do so? Another topical issue is policy cooperation. To illustrate all of this there are a lot of numerical examples. The present book is part of a larger research project on European Monetary Union, see the references given at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association, at the International Conference on Macroeconomic Analysis, at the International Institute of Public Finance, and at the International Atlantic Economic Conference. Other parts were presented at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Göttingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macroeconomics in Freiburg, at the Research Seminar on Economics in Kassel, and at the Passau Workshop on International Economics.

The enlargement of the European Union towards the East from May 2004 has generated an increase of about 100 million inhabitants in the EU population, and has especially brought along major challenges and important opportunities both for the'new'countries and for the'old'member states. That is the main focus of this volume, which is divided into three sections. The first analyses the effects of the enlargement on the functioning of Community institutions, on the relations with the other Eastern European countries, and finally on regional and global economic dynamics; the second section analyses in detail the role of the monetary politics of the European Central Bank and the activities of the European Bank for Reconstruction and Development; and the third deals with the importance of the entrepreneurial class in ensuring the success of the transition process of the Eastern European economies.

This timely collection presents an authoritative overview of one of the three key currencies of the second half of the twentieth century, the German Mark. In his keynote essays, Charles A.E.Goodhart reflects on the future of the Euro against the background of the success story of the Deutsche Mark. His main concern is, whether fiscal policy in Euroland will be ready for action in case of an economic downturn. He also wonders whether the European Central Bank will be the same safeguard against inflation as the Bundesbank was. On the same issue of stability orientation Hans Tietmeyer reviews the fifty years lifetime of the German Mark pointing out that the Bundesbank will continue to have a say within the European Central Bank. In particular he emphasizes the vital part of the Deutsche Mark as cornerstone of the so-called Social Market Economy in postwar Germany. The volume will be of great interest to academics and practitioners alike.

This book studies the interactions between monetary and fiscal poUcies in the euro area. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on competition between the European central bank, the American central bank, the German government, and the French government. As to policy cooperation, the focus is on the same institutions. These are higher-dimensional issues. The pohcy targets are price stability and full employment. The policy makers follow co- turkey or gradualist strategies. The policy decisions are taken sequentially or simultaneously. Monetary and fiscal policies have spillover effects. Special features of this book are numerical simulations of policy competition and numerical solutions to policy cooperation. The present book is part of a larger research project on European Monetary Union, see the references at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association. Other parts were presented at the International Conference on Macroeconomic Analysis, at the International Institute of Public Finance, at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Gottingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macroeconomics in Freiburg, and at the Passau Workshop on International Economics.

This book studies the interactions between monetary and wage pohcies in the euro area. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on competition between the European central bank, the American central bank, the German labour union, and the French labour union. As to policy cooperation, the focus is on the same institutions. These are higher-dimensional issues. The policy targets are price stability and full employment. The policy makers follow co- turkey or gradualist strategies. The policy decisions are taken sequentially or simultaneously. Monetary and wage policies have spillover effects. Special features of this book are numerical simulations of policy competition and numerical solutions to policy cooperation. The present book is part of a larger research project on European Monetary Union, see the references at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association, at the International Conference on Macroeconomic Analysis, at the International Institute of Public Finance, and at the International Atlantic Economic Conference. Other parts were presented at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Gottingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macro­ economics in Freiburg, and at the Passau Workshop on International Economics.

This book makes a valuable, analytical contribution to recent debates on the ongoing institutional changes occurring within the European Union. It provides a comprehensive and diverse insight into a variety of areas, including in-depth studies of fiscal, monetary and voting issues, to help elucidate the current period of transitional change.The authors argue that a fiscal constitution is essential to help solve the deficits and debts that member countries face due to welfare state financing. Moreover, they believe that the successful implementation of a fiscal constitution is the key to a more coherent institutional setting for Europe as a whole. Although monetary institutions within the EU have already secured a degree of constitutional solution in the form of the euro, they warn that its stabilising power should not be overestimated: the European Central Bank has yet to experience financial crises like those faced by the Federal Reserve Bank. The authors move on to propose a new parliamentary design for Europe and assess the advantages for the elite of a small country to join the EU, compared to the population at large. This volume comprehensively explores the rapidly changing institutional configuration of the EU, employing both qualitative and quantitative approaches. It will be required reading for scholars of public choice, and those with an interest in political economy and EU integration. It is also an excellent sourcebook on European institutions and would provide useful complementary reading in a variety of undergraduate and postgraduate courses.

The second edition of this book (updated to February 24, 2024) presents a comprehensive evaluation of the strategy implemented by China to manage its modernization process. The author evaluates to what extent the economy has been developed, whether the imbalances due to the priority given to economic development have been corrected, and whether the improvements of science and technology have allowed China to develop world class high-tech sectors and a modern defence. Clearly, the end of the XX Century saw the fulfilment of Zhou En Lai ‘four modernizations', i.e. the acquisition of power resources that fulfilled Mao's proud 1949 statement: ‘we stood up', thereby projecting China into the international arena as a re-emerging world power. The author insists on the fundamental difference between American and Chinese ideologies as the main drivers of their foreign policy, i.e., the extreme rigidity of the former compared to the remarkable flexibility and adaptability of the latter. He further explains the consequences of the increasingly aggressive American foreign policy, i.e. the US pretence to act as the leader of the existential struggle between ‘democracy and dictatorship'. This posture reached its apex during the Ukrainian and the Middle East crises, that unveiled the irreversible decline of the West, and have become two formidable accelerators of the transition from the unipolar world ‘América made'to the multipolar world promoted by China, Russia and the BRICS.

This book offers an up-to-date and comprehensive picture of the Vietnamese economy which is the fast-growing economy in Southeast Asia. The country has invested heavily in education, health, and development infrastructure across the country. Progress in recent decades has been strong and Vietnam has attracted significant relocation and outsourcing of production from OECD countries. In recent years much of the withdrawn foreign direct investment from China is channeled to Vietnam. The state's development policy has created optimal conditions for further expansion of production, supply chain, education and finances. Investment in education, health, infrastructure, administration, and regulations is facilitating investment inflows, technology transfer and spillover to the growing national companies. The educated young population and disciplined labor force have provided a strong basis for the growth in the economy. The high level of productivity, improved quality of products, low and competitive cost of production, and more than 100 million people provide a strong base for a continued economic growth. This edited volume is written by the professional, young, educated, and active entrepreneurial generation with good insights into the features of the economy and its development potential. They provide an up-to-date view and empirical research-based picture of the recent trends in Vietnam's economic development. The target audience are educators, undergraduate and graduate students, domestic and foreign investors, government agencies, provincial and industrial sector decision-makers, trade partners, libraries, individual researchers, and professional and practitioners. This book helps to fill the gap in knowledge and inform development planners and investors about different sectors of the Vietnamese economy and its development potential.

This book, focusing on the Japanese economy mainly from the 1990s to the 2010s, examines the Japanese industrial and fiscal-monetary policies and evaluates its achievements and limits from a historical perspective. Although the period that was also referred to as the'lost decade (or two, three decades)'was marked by various policy discussions, there are still few studies that summarize them as a history. Another unique feature of this publication is that it includes the contributions not only from researchers, but also from those who are/were in a position close to the policy makers. By rethinking this era, many Japanese not just researchers and policy makers will be motivated to move toward a new era. Many of the chapters in the book are based on the primary sources not found elsewhere, including the interviews with policymakers and collection of policy documents, in addition to the authors'own analysis, views, and findings. They attempt to describe policymakers'struggles to exit from the long-term recession after the collapse of the bubble economy, seeking to get back on the trajectory for economic growth. The readers will gain new factual perceptions and discoveries from these historical contexts. The issues presented in this book will also contribute to the international understanding of policy efforts in Japan, which is facing a frontier with high uncertainty. Japan's experience and its challenges are common in many aspects to developed countries now and in the future.

This book provides an insider's account of how macroeconomic policies in the United States, Japan and major European countries were carried out and how the OECD and the author either as its senior official or a Japanese central banker dealt with international trade issues, protectionism, globalisation, regional integration and other related issues since the 1960s. Employing an informal tone, the author offers a critical review of the successes and failures of the economic policies followed by these countries in the international setting which prevailed during this period. This book will interest economists, international businesspersons, journalists and historians.

This book features a selection of papers presented at the 15th International Conference “Economies of the Balkan and Eastern European Countries” (EBEEC), held at the University of the Aegean in Chios, Greece, May 12-14, 2023. The EBEEC conference serves as an annual meeting of policy makers from Eastern European and Balkan countries as well as scientists. More than 300 researchers and students attended the conference and presented their work in parallel sessions.This volume deals with various aspects of economic growth, prosperity and (environmental, social and economic) sustainability of countries in the region in the context of globalization and digitalization. It also examines topics such as consumer behavior towards new products and services, human capital, teleworking, the food market, international trade and foreign direct investment. In turn, the book proposes frameworks and solutions to help countries deal with and manage the complex local and global environment.

This book aims to form part of the growing literature on the banking system in developing countries in its aim to show the levels of stability in the banking sector of small economies. Any banking system is vulnerable to economic distress but one supported by universal and commercial banks that are efficient, stable, and which enjoy sufficient market power is most likely to withstand economic turmoil. Such is the Philippines'Universal and Commercial Banking system, which displayed remarkable resilience to unprecedented economic shock. Using data from 2005 to 2019, the five chapters of this work delve into the industrial organization framework of the banking industry in the Philippines, offering researchers, graduate and undergraduate students, and academics the first comprehensive research on bank competition, concentration, efficiency and financial stability in the Philippines.

This Encyclopedia presents a comprehensive overview of international accounting. Top scholars in the field highlight key issues such as accounting standards, sustainability reporting, ethical standards, corporate governance, theories of regulation, and international institutions.With an examination of core concepts and definitions surrounding international accounting, including tax havens, money laundering, international auditing, and global accounting standards, it covers both key theories and current challenges in the field. Theories of regulation form a framework for entries to explain why governments intervene in markets in order to regulate economic activities, covering public interest theory, capture theory, rent-seeking theory, institutional theory, and regulatory competition theory. The Encyclopedia further looks at issues connected to globalization such as the benefits and costs of adopting international financial reporting standards, the major factors affecting international accounting practices, and the challenges of managing multinational corporations.Key Features:Entries divided into thematic sections for ease of referenceSummarizes trends of qualitative and quantitative research in international accountingIncludes commentaries on 167 cross-continent jurisdictions regarding the adoption of international financial reporting standardsOutlines the institutions linked to international accounting practices, including the IASB, IFAC, International Monetary Fund, and World Trade OrganisationThis Encyclopedia is an insightful read for accounting scholars, international accounting regulators, and practitioners in accounting, audit firms, and business.

Presenting essential research on contemporary foreign direct investment policies, this Handbook identifies the wide variety of global policy challenges linked to modern technological, geostrategic and entrepreneurial developments, from electoral uncertainties to rapid digitalization.This comprehensive Handbook adopts a novel, forward-thinking approach to international business policy by reflecting not only on current issues such as the prolonged economic impact of COVID-19, but also on likely future challenges and their potential solutions. Divided into three thematic parts, chapters investigate different types of public policy and how they can impact international business, examine how international business policy can impact a firm's strategy, and analyze the global challenges facing international business policies. Ultimately, this Handbook addresses the imperfect nature of current policies and asserts that challenges must be addressed on multiple jurisdictional levels.The Handbook of International Business Policy will be an excellent resource for academics and researchers focusing on economics, international business and innovation. Due to its practical implications for global industries, it will also be an important read for managers and policymakers.

International Business: Perspectives from Developed and Emerging Markets provides students with a balanced perspective on business in a global environment, exploring implications for multinational companies in developed and emerging markets. This is the first text of its kind to emphasize strategic decision-making as the cornerstone of its approach while focusing on emerging markets.Traditional topics, like foreign exchange markets and global competition, are contrasted with emerging operations, like Chinese market intervention and Islamic finance, to provide students with an understanding of successful business strategy. Readers learn to develop and implement these strategies across cultures and across economic, legal, and religious institutions in order to cope with competitive players in the global landscape. Application-based chapters open with reading goals and conclude with case studies and discussion questions to encourage a practical understanding of strategy.This third edition has been thoroughly updated to reflect the latest developments in the field, and includes a host of new features, including: Regular boxed features on responding to crises Regular boxed features on diversity and inclusion New chapter on international entrepreneurship With in-depth analyses and recommended strategies, this edition provides students of international business with the skills they need for success on the global stage. A companion website features an instructor's manual, test bank, PowerPoint slides, and useful links for instructors as well as practice quizzes, flashcards, and web resources for students.

This book takes stock of and analyses the direct and indirect effects of the war in Ukraine, the policy response to the shock across countries, as well as the potential medium-term economic and social implications and policy challenges. The last decade most Central and Eastern European (CEE) economies have been on a convergence path towards the EU average according to the main economic indicators. In 2022, however, the terrible war in Ukraine had major spillovers to the rest of the world, with the CEE economies being among the most exposed. The millions of refugees, the disruptions to energy supply, trade and supply chains, the surge in inflation, the tightening of global financial conditions, and elevated uncertainty created a radically new economic and social environment in these countries. The volume covers the economic effects of these challenges, the policy options available, and also those related to the eventual reconstruction of Ukraine, including the potential role of the CEE countries. Based on data and evidence-supported policy analysis, each chapter studies the impact of the shock on a particular area of the economy and makes general and country-specific policy recommendations. This makes this book a must-read for students, scholars, and researchers of economics and neighboring disciplines, as well as policy-makers interested in a better understading of the direct and indirect effects of the war in Ukraine on the CEE countries. The book is a sequel to the volume Emerging European Economies after the Pandemic, (Springer Nature, January 2022). Chapter'Economic Growth & Resilience'is available open access under a Creative Commons Attribution 4.0 International License via link.springer.com.

This volume presents new research and trends in applied economic research with special interest in advances in applied macroeconomics, microeconomics, financial economics, international economics, agricultural economics, health economics, marketing, and management. It features contributions presented at the 2023 International Conference on Applied Economics (ICOAE) held in Brno, Czech, Republic including country specific studies from 40 different countries. The contents of this volume is of interest to researchers, scholars, academics and policy makers within applied economics.

International Business: The New Realities connects to individuals facing a diverse and evolving economic environment fueled by the internet and multimedia sources. The authors speak to this group's reliance on technology, their drive towards achievement and helping their communities, and their desire to obtain job-relevant skills. As such, the 6th Edition features updated cases, examples and exercises that address their interests and issues. This includes the competitive job market; and diversity, equity, and inclusion in the workplace.

Today, globalisation has entered a critical phase of slowdown. The asymmetrical US-China relationship that has been the fundamental axis up to now has entered into crisis. The financial imperialism of the dollar proves to be increasingly burdensome and destabilizing. The rise of capitalist China is questioning US imperialist levy. This book offers a comprehensive analysis of the looming confrontation, while identifying potential points of no return in the intertwined dynamics of the world market, geopolitical configurations, and class relationships. Neither contender can give up the game. Will there be a de-globalisation? Is a multipolar order realistic? Are we facing a Chinese hegemonic challenge or rather first signs that hint at the potential for systemic disintegration?

Das Integrationsprojekt der Europäischen Union ist über seine wirtschaftlichen Erfolge noch nicht weit hinausgekommen, die ursprüngliche Idee einer politischen Union nach den Krisen des vergangenen Jahrzehnts in weite Ferne gerückt. Mit dem Angriffskrieg Russlands gegen die Ukraine ist eine Krise hinzugekommen, die Europa vor enorme innere und äußere Herausforderungen stellt und eine Neubewertung der geopolitischen sowie wirtschaftlichen Rahmenbedingungen der Europäischen Union erforderlich macht. Für die 2. Auflage wurden die Inhalte entsprechend überarbeitet und aktualisiert. Neu sind die beiden Kapitel über den Ukrainekrieg und dessen Einfluss auf die Bemühungen der Europäischen Union, die Energiekrise und den Klimawandel zu bewältigen.

From the 2008 global financial crisis and the Covid-19 pandemic, to Brexit and the ongoing Russia-Ukraine war, the past two decades have been a turbulent period for the global economy. Recognising that we are currently at a tipping point, Contemporary Issues in International Trade: Challenges and Opportunities provides a comprehensive overview of the changes in trade and capital flows currently in play across the globe. Topics of discussion include: Vertical specialization Impact of crises on trade Macroeconomic vulnerability in developing countries India's automotive and technological exports The influence of liberalization on India's manufacturing sector International insurance markets Protectionism Labour market impact of trade reforms Blockchain technology The influence of ‘fake news'on trading preferences Challenges in the globalisation of agriculture Correlations between trade and human development Reaching beyond the usual terrain of economic engagement, this edited collection confronts critical issues to demand urgent analytical attention and a harnessing of the economic potential at stake.

This book will take the reader on a journey through the economic thought of Europe, spanning from ancient Greece to the modern day. It explores the economic ideas of the 27 European Union countries, the United Kingdom and Norway, across history. By presenting 500 important quotes, the book offers a better understanding of Europe's economic landscape and serves as a guide that invites readers to explore in more detail the quoted sources. It displays the common socio-economic threads that bind European nations over millennia, transcending artificial divisions imposed by history. From ancient Greece to the reunification post-Berlin Wall, the book enables readers to explore the continuous European economic evolution. The book will appeal to students and scholars of economics, as well as a wider audience, interested in a better understanding of how quotes and economic ideas from the past shape a future with aspirations, such as for the freedom of enterprise, for a market economy based on competition, for the fight against corruption, for a fair distribution of wealth, and an economy at the service of mankind.

This book rigorously examines the air transport market liberalisation process on the African continent and presents key highlights, challenges, and impediments to embracing an “open skies” market environment in Africa. It focuses on the economic impact of air transport liberalisation, policy constraints, challenges of harmonisation, and regional economic integration and its impact on air transport development, employing a quantitative assessment based on the Air Transport Liberalisation Index (ALI) to evaluate how an open skies policy would change the competitive dynamics of air transport in Africa. Adopting a two-tier gravity model, the book explores how demand and route networks would be impacted by the deregulation of the air transport market. The book also applies a historical perspective by evaluating the initial ratification of the Yamoussoukro Declaration (1999), which acted as a catalyst for Africa's 2063 regional agenda, focused on establishing the Single African Air Transport Market (SAATM). The book also provides a comprehensive analysis of the African Continental Free Trade Area (AfCFTA), exploring its multifaceted impacts on Africa's single market from economic, regulatory, and sustainability perspectives. This includes an introduction to the AfCFTA, highlighting its inception as a major step towards continental economic integration aimed at enhancing intra-African trade, promoting sustainable development, and fostering industrial diversification. It then examines the capacity and competency building of African aviation personnel. Training gaps and skills are extensively evaluated to ensure that the African region is prepared for the “new” competitive equilibrium post SAATM. The book also raises critical questions regarding the status of the African air transport market. Firstly, with the introduction of an open skies policy in Africa, will the national flag carriers be able to compete under the new market dynamics? Will the SAATM become a game changer in paving the way for the privatisation of some of Africa's poor-performing airlines? Will the SAATM create a competitive market and a shift in airfares? How will policymakers deal with the excessive aviation taxes, fees and charges that make airfares in Africa the highest in the world? What will the economic benefits be for signatory states that embrace the SAATM? Will there be a significant growth trajectory in terms of air travel demand? This book is intended for researchers studying air transport economics in developing markets, graduate students with a primary focus on air transport development, senior policymakers and professionals at governmental agencies, and industry practitioners who want to expand their understanding of the dynamics shaping Africa's air transport landscape.

This book addresses the impact and implications of the COVID-19 pandemic, one of the most challenging public health risks to human wellbeing, on the economic activities and behaviors of Middle Eastern countries during and in the aftermath of the pandemic. It provides detailed examination of how the global and Middle Eastern economies incurred significant financial and economic damages, human losses, and hundreds of millions of people losing their jobs. The analysis of this book is entirely based on primary data and a mix of quantitative and qualitative research methods to accurately account for the effects of the pandemic on the economy, finance, and tourism. While providing in-depth analysis of the macro and micro economy at global and national levels, the book investigates the impact of the pandemic on human behavior including household and water consumptions in the GCC countries, as well as offering potential green strategies for sustainable recovery in the post-pandemic era. As well as explaining the negative effects of the pandemic on the tourism and hospitality industries, the book also offers some positive outcomes from the pandemic, most notably in the innovation and IT sector and creative approaches in banking practices and services to ensure financial stability and sufficient liquidity in the market. Readers, students, researchers, industry practitioners and policy makers will benefit from the new insights offered by a diverse group of senior researchers and experts from across the world.

The South African economy has largely performed below its potential. Although the size of the South African economy has significantly increased since 1994, its performance has lagged behind other comparable economies, and has even been overtaken by Nigeria as the largest economy in Africa. Unemployment, income inequality, and poverty have remained high since 1994. In the past decade, South African economic performance has been so poor that is has resulted in declining per capita incomes. In this study, Vusi Gumede and his co-authors offer a comprehensive analysis of the South African economy since 1994, dealing with many important issues, ranging from its history to its political travails in an effort to provide better understanding and find possible solutions to ensuring inclusive growth.