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This book breaks new ground in research on the RMB's offshore market by addressing the myths, hypes and realities surrounding the rise of the Chinese Yuan. It is the first book to address the rise of the Renminbi by focusing on the structural factors behind it and drawing on the global, regional and domestic developments affecting its development.

This book presents the theoretical framework for the evolution of the international monetary system and the internationalization of the RMB. Combining theoretical research and empirical study, it then provides an in-depth analysis of the relevant issues from multiple perspectives based on this framework. Written by former chief economist at the Bank of China, this book explains the “two-step strategy” from the capital account opening to the full convertibility of the RMB, it also analyzes the status and functions of the HK offshore financial market in internationalizing the RMB.

This is the first book to collect academic studies examining issues related to the potential internationalization of the Renminbi. It considers policy implications, documents the rising regional importance of the Renminbi and discusses key issues in the increasing use of the Renminbi in international trade and finance.

China's economic achievements laid solid foundations for RMB's international standing. By the end of 2022, China accounted for 18.6% of the global economy and 14.4% of world exports.However, there is a huge gap between the yuan's growing prominence and its global use. RMB remains underutilized compared to the U.S. dollar. This book attempts to fill this gap from the view of the systemic importance of the RMB exchange rate, an angle that could be easily overlooked. We argue that pricing is too important to be relegated to an afterthought. The change of RMB exchange rate could have a systemic impact on the global financial system. Furthermore, we present substantial evidence that RMB is gaining importance globally and regionally as an anchor currency and safe-haven currency, indicating that RMB is becoming systemically important despite its relatively limited international use.It is important to understand in depth that the force that has helped fuel China's rapid economic growth over the past few decades has been globalization and that market reform and opening up are the pillars of RMB internationalization. Currently, the new trends of anti-globalization and de-financialization have emerged. The global monetary and financial system must be reframed according to the financial needs of socially sustainable activities to prevent systemic instability and system-wide economic/social catastrophes. Against this backdrop, further internationalization of RMB should serve the real sectors in high-quality economic development.

With its per capita income surpassing US$10,000, China has now drawn up ambitious plans to further lift its income to the level of developed countries. Yet various constraints need to be overcome if China is to build on the achievements of the last 40 years and further boost its growth potential. Besides these constraints, the year 2020 saw human societies hit heavily by the COVID-19 pandemic and the global economy caught off guard and dipped into recessions caused by lockdown measures for controlling the spread of the pandemic. Nations around the world have experienced grave loss of human life and lockdown measures have knocked economies from their normal growth trajectories. Even as the pandemic continues to unfold, all signs point to China as being the first major economy to have emerged out of the crisis. But many questions remain. Has the Chinese economy emerged from the pandemic crisis relatively unscathed? What are the long-term prospects for its economy? This year's Update book, China's Challenges in Moving towards a High-income Economy, explores the challenges faced by the Chinese economy in the transition towards a high-income economy, including agricultural development, finance and fiscal system reform, RMB internationalisation, trends in urbanisation, as well as topics related to innovation, corporate sector development and market competition. China's growth experience has been full of exciting changes and important lessons for reform and structural changes, and this year's China Update is again the way to gain insights into these.

What is China's rightful place on the world stage? Will the world remain unipolar as signs of American decline appear to be mounting? How can China maintain a harmonious relationship with its neighbors? What does China intend to do with the new power and influence that appears to be at its disposal? In light of emergent post-2008 economic realities, how should China adjust its foreign economic relations? This volume, the first of its kind, gathers a collection of translations of influential essays, talks, and papers on Chinese foreign policy, national security, and foreign economic relations written by Chinese elites. Many papers have also served as propositions for policy prescriptions to China's leaders, the vast majority of which have to date only been available in Chinese.

The offshore currency market is a foundation of offshore bond market, helping well-established corporations in global financing. Following the global financial tsunami in 2008 and European debt crisis in 2009-2011, this book aims to document the latest issues, challenges, trends and thoughts relating to offshore currency markets in Asia.

Bachelorarbeit aus dem Jahr 2014 im Fachbereich VWL - Internationale Wirtschaftsbeziehungen, Note: 1,3, Martin-Luther-Universität Halle-Wittenberg, Sprache: Deutsch, Abstract: Die Arbeit untersucht die währungspolitischen Entwicklungen Chinas und deren Auswirkungen, mit Hilfe dessen sie den Aufstieg zu einer Wirtschaftsmacht in kürzester Zeit bewerkstelligte und in Begriff ist, die USA, in einem mittelfristigen Zeitraum, als größte Ökonomie der Welt abzulösen. Unter Verwendung der dokumentaranalytischen Methodik wird im Folgenden gezeigt, wie die Volksrepublik China über dreieinhalb Jahrzehnte währungspolitische Wendepunkte durchlief. Zudem wird aufgezeigt, dass sich ihre Strategien mehrfach änderten, um sich unter den kontrolliert aufbrechenden, sozialistischen Strukturen im Welthandel zu integrieren. Dabei setzte der Staatsrat nach den Öffnungsreformen 1978 auf eine Wechselkursfixierung über dem Marktniveau, sowie strengen Konvertibilitätseinschränkungen, um die chinesische Ökonomie dem internationalen Wettbewerb sukzessiv und kontrolliert auszusetzen. Durch stetige Wechselkursanpassungen der People's Bank of China, passte sich die Leistungsfähigkeit Chinas bis 1994 an internationale Verhältnisse an, sodass der Außenhandel und insbesondere der Export an Bedeutung gewannen. Mit einer Paritätssetzung zum US-Dollar zwischen 1997 und 2005, entgegnete die Volksrepublik China einer ab 1994 einsetzenden Verteuerung des Renminbi, um einer exportorientierten Wachstumsstrategie zu folgen und sich global als Handelsnation zu etablieren. Seit 2005 kündigt die Kommunistische Partei Chinas an, bspw. durch die Flexibilisierung der Wechselkursfixierung, die Exportorientierung zu lockern und neue Wachstumsstrategien zu erarbeiten, um ihrer Verantwortung als mittlerweile bedeutende Ökonomie für den Welthandel gerecht zu werden. Seit der Weltwirtschaftskrise 2008 intensiviert die Volksrepublik ihre Bestrebungen und drängt auf eine Internationalisierung des Renminbi. Zukünftig wird der Schwerpunkt darin liegen, den Wechselkurs und die Konvertibilität freizugeben, sowie sich mit neuen Wachstumsstrategien in weiteren Sektoren des Welthandels zu integrieren. Mit Wachstumsraten von weiterhin über sieben Prozent, wird China mittelfristig jedoch die USA als größte Ökonomie der Welt ablösen.

This book collects expert opinions, research, and risk assessments from within the Chinese financial policy establishment on prospects for the internationalization of the renminbi as a reserve currency around the world. As China's economy diversifies in the acquisition of global assets, the renminbi may partially displace the dollar or yen as a reserve currency, with unpredictable and profound potential consequences. This book, presenting for the first time in English, the Chinese perspective on the internationalization of the Chinese currency will be of great value to central bankers, financiers, and students of international finance.

This book is the first comprehensive exploration of the impact Brexit might have on both Britain's and the EU's role in a rising East Asia. From the internationalization of the renminbi to Hong Kong's fraught political status quo, and from former British colonies exploring their place in the world to America's place in East Asia in the Trump era, the EU plays an influential role in Asia today. However, much of this derives from Britain's role and interests, even as Asian models were explicitly cited as models for post-Brexit Britain, particularly the Singaporean model. This book will be of value to scholars, policymakers, and journalists seeking to understand what role the EU and Britain will play in the Asian century.

From the former Financial Times Beijing bureau chief, a balanced and far-seeing analysis of the emerging competition between China and the United States that will dominate twenty-first-century world affairs—an inside account of Beijing's quest for influence and an explanation of how America can come out on top. The structure of global politics is shifting rapidly. After decades of rising, China has entered a new and critical phase where it seeks to turn its economic heft into global power. In this deeply informed book, Geoff Dyer makes a lucid and convincing argument that China and the United States are now embarking on a great power–style competition that will dominate the century. This contest will take place in every arena: from control of the seas, where China's new navy is trying to ease the United States out of Asia and reassert its traditional leadership, to rewriting the rules of the global economy, with attempts to turn the renminbi into the predominant international currency, toppling the dominance of the U.S. dollar. And by investing billions to send its media groups overseas, Beijing hopes to shift the global debate about democracy and individual rights. Eyeing the high ground of international politics, China is taking the first steps in an ambitious global agenda. Yet Dyer explains how China will struggle to unseat the United States. China's new ambitions are provoking intense anxiety, especially in Asia, while America's global influence has deep roots. If Washington can adjust to a world in which it is no longer dominant but still immensely powerful, it can withstand China's challenge. With keen insight based on a deep local knowledge—offering the reader visions of coastal Chinese beauty pageants and secret submarine bases, lockstep Beijing military parades and the neon media screens of Xinhua exported to New York City's Times Square—The Contest of the Century is essential reading at a time of great uncertainty about America's future, a road map for retaining a central role in the world.

As the financial crisis swept the Asia-Pacific, China seemed to be the one economy in the region which had been left “largely unaffected” for various reasons, including its strong economic and financial fundamentals as well as its strong political will to defend the Renminbi, which had so far firmly stood the ground. However, China's economy ended 1998 with only 7.8% growth, slightly falling short of its officially pledged target of 8%. Though China in 1998 was still rated as the best-performing economy in the region, its economic growth momentum had visibly slowed down. The Asian contagion had finally caught up with China.It is not certain if the Chinese economy is entering a slower growth era though, in the short run, China can boost economic growth by expanding domestic demand. Slower economic growth for the country will have significant negative effects on its economic reform programmes and social stability.

The Proceedings of the International Conference on Financial Management and the Digital Economy (ICFMDE 2023) offers an overview of research and insights into how financial management is evolving in the digital age.The book covers a broad spectrum from examining cryptocurrency trends to exploring fintech advancements. Topics also extend to digital transformation strategies, practical applications of blockchain technology, and the profound impact of digital innovations on financial markets. Through rigorous research and analysis, the proceedings offer valuable insights into the future trajectory of the global economy.Written for scholars, researchers, and industry professionals in finance, economics, and digital innovation, this collection provides valuable insights into the rapidly changing field of financial management. Readers will gain deep perspectives on how digitalization is reshaping financial landscapes worldwide.

This is the third edition of the widely respected text International Business, which offers a comprehensive yet critical overview of the phenomenon of globalisation and its impacts on key aspects of the business environment as it fundamentally alters corporate strategy. This updated edition covers the core international business topics and themes, including multinationals, internationalisation, and international market entry, as well as a new focus on risk, business models, and hyperglobalisation. With dedicated chapters on the role of non-market actors in international business, the book provides a multi-disciplinary worldview for readers. Featuring a wealth of case studies and pedagogy, the new edition examines the rise of India and China as well as growing levels of risk within the global system. The book looks at those developed economies which have been the core drivers behind the trend towards hyperglobalisation. The author explores and guides students through what this means for the study of international business. A comprehensive and engaging text, supplemented by online resources, this book is the ideal accompaniment to international and global business learning.

This book analyzes and summarizes the process and achievements of China's economic restructuring from 1978 to 2018, including the objectives of China's economic restructuring, the initial stage of market-oriented reform (1979–1984), the comprehensive development stage of market-oriented reform (1985–1992), and the initial establishment stage of market-oriented reform system (1993–2000). The book illustrates the achievements and significance of China's economic system reform during the stage of system improvement (2001–2011) and the stage of comprehensive deepening reform focusing on market-oriented reform (2012–2018). It has great international significance to summarize the experiences of China's economic restructuring, and it is conducive to continuing the reform and achieving the final victory of the reform.

This book explains the strong push for the security of digital currencies and the sustainability of global trade development. It studies multilateral international trade agreements such as Regional Comprehensive Economic Partnership Agreement. This book analyses and examines case studies from Asia and Europe presented from different trade agreements'policies. It focuses on the role of digital currencies as the tool for global trade development used by the biggest economies and international trade organisations such as WTO. It explores the strategies of the respective countries using digital currencies in international trade to gain economic advantage. It is beneficial for international finance students and professionals working in the banking sector.

This edited collection presents seventeen case studies focused on development banking in Africa at both the national and regional level. It discusses the political economy and key characteristics of these banks and sets them in broader multilateral, regional and sub-regional contexts. Bringing together contributions from scholars in banking and finance as well as development finance practitioners, the book assesses in-depth the corporate governance, business models, risk management practices, institutional contexts, and challenges and achievements of development banks in a range of countries, including Ghana, Nigeria, Côte d'Ivoire, Ethiopia, Rwanda, Kenya, Tunisia, Mauritius, Botswana, and Zimbabwe. It considers the major contributions of these banks so far, for example their impact on infrastructure development and trade, as well as setting out further policy implications and recommendations for further utilizing the potential of development banking in Africa. In addition, the book discusses comparative approaches in Asian development banks, regional banks and trade financing, regional case studies and the impact of development banking models on regional and sub-regional investments and economic development. This book will be valuable readers for scholars and practitioners interested in banking and finance, development economics and finance, African economics, and the sustainable development goals.

This book, a bestseller in China with over a million copies sold, depicts the role played by the Chinese government in China‘s economic development. It explains how the Chinese government has gradually established and improved market mechanisms while promoting economic growth. The book particularly points out that the Chinese government not only governs the economy through policy guidance but also directly participates in the process of urbanization and industrialization as part of the market. It also introduces the specific mechanisms of government involvement in economic activities, which forms a bridge between economic theory and the reality of China. This book, a winner of the Wenjin Book Award by the National Library of China, will be an invaluable reference for scholars seeking to understand China‘s economic policy and government system reform in the years to come.

Globalization: A Key Idea for Business and Society analyzes today's process of global integration. Globalization is seen as a complex phenomenon, the drivers of which are of a technological, institutional, cultural and, not least, political nature.The book includes a historical analysis of the rise, and fall, of the “first globalization” wave which took place between the end of the Napoleonic Wars and the Great War. The chapters focus on the measurement of the global integration process, on the in-depth analysis of the above mentioned “drivers”, and on some of the actors playing a relevant role in the process itself – multinational companies and governments as owners of global companies. The conclusion of the book provides a perspective on the current “globalization backlash”, its determinants and possible future alternative scenarios.This book is an ideal resource for students and practitioners interested in past, present and future globalization.

This book reviews China's strategic pathway over the last 1000 years and considers its prospects for ascending to high-income status by the end of the 21st century. It analyzes why, although China's chances of joining the global core are sound, they are not outstanding; in addition, it faces mounting challenges, internal and external alike. The argument is presented in the framework of dynamic-strategy theory, which is expounded here in novel form. This exposition includes a wide ranging survey of global history, with a focus on the development of the industrialisation paths of the major economies of today, including a detailed study of Japan's long-run strategic pathway. The book's closing section presents a scenario-based discussion of China's potential place in the world in 2100. The analysis implies that China's zenith is likely to be reached slightly before mid-century, after which its relative economic scale will likely decline. Beyond that generalfinding, the scenarios investigate the wide range of plausible outcomes that China may experience: a range that the author contends is much wider for China than for nations under-pinned by less complex political-economies. Given its scope, the book will appeal to scholars of history, economics, geopolitics and sinology, and to anyone interested in learning about China's economic prospects at a time of increasingly heated ideological and empirical debates.

Master the key marketing challenges and see how you can develop meaningful connections with your customers. Principles of Marketing, global edition, 19th edition by Kotler and Armstrong shows you how to create vibrant, interactive communities of consumers in today's fast-changing, increasingly digital and social marketplace. Ideal for students who study marketing courses, this textbook offers a comprehensive overview of the fundamental principles of marketing within an innovative customer-value framework, providing you with the knowledge and resources to create vibrant, interactive communities of consumers who make products and brands an integral part of their daily lives. This latest edition has been revised and enhanced to reflect the major trends impacting contemporary marketing, packed with stories illustrating how companies are using new digital technologies to maximise customer engagement and shape brand conversations, experiences and communities. Key features include: Both traditional and fast-changing trending topics that give you a well-rounded knowledge of marketing concepts, technologies and practices. End-of-Chapter Reviews, Discussion Questions, and Critical-Thinking Exercises that allow you to practice what you have learned. A sample marketing plan showing you how to apply important marketing planning concepts. End-of-chapter Company Cases that facilitate discussion of current issues and application of marketing concepts to company situations. Also available with MyLab®Marketing MyLab is the teaching and learning platform that empowers you to reach every student. By combining trusted author content with digital tools and a flexible platform, MyLabMarketing personalises the learning experience and improves results for each student. If you would like to purchase both the physical text and MyLab®Marketing, search for: 9781292449272 Principles of Marketing, Global Edition, 19th edition plus MyLab®Marketing with Pearson eText. Package consists of: 9781292449364 Principles of Marketing, Global Edition, 19th edition 9781292449371 Principles of Marketing, Global Edition, 19th edition MyLab®Marketing 9781292449388 Principles of Marketing, Global Edition, 19th edition MyLab®Marketing with Pearson eText MyLab®Marketing is not included. Students, if MyLab is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN. MyLab should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information. This title is a Pearson Global Edition. The Editorial team at Pearson has worked closely with educators around the world to include content, which is especially relevant to students outside the United States.

Multinational Business Finance trains the leaders of tomorrow's multinational enterprises to recognize and capitalize on the unique characteristics of global markets. Because the job of a manager is to make financial decisions that increase a firm's value, the authors have embedded real-world mini-cases throughout, applying chapter concepts to the types of situations managers of real multinational firms encounter. The 16th Edition attempts to capture the rapid evolution of our global marketplace. It takes a closer look at the types of organizations that permeate the widespread arena, competition and opportunities in emerging markets. It also examines how financial leadership can integrate the strategic and financial challenges that global businesses face today.

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.

A novel perspective on monetary and fiscal policy that views money as the equity capital of a nationA conventional economic theory, monetarism, holds that inflation is a monetary phenomenon driven by changes in the supply of money. Yet recent experience—including the aftermath of the financial crisis of 2008 and the economic development of China—contradict this basic prediction. In this book, leading economists Patrick Bolton and Haizhou Huang offer a novel perspective, viewing monetary economics through the lens of corporate finance. They propose a richer theory, where money can be seen as the equity capital of a nation, playing a similar role as stocks for a company. This innovative framework integrates the real and monetary sides of the economy, with a banking sector and debt at its core.In the financial world, companies issue new shares only if it results in some kind of value creation; this is a basic principle of corporate finance that Bolton and Huang argue can be applied to monetary economics. When the government increases the money supply to finance positive net value investments—when it prints money to keep the economy going—it increases output, not inflation. This is evidenced by the strong growth in GDP and money in China over the last four decades, and in the United States during World War II. The effect of increasing money supply, they argue, depends on how money enters the system and what the money buys. The principles outlined by Bolton and Huang shed new light on a range of issues, including inflation, monetary and fiscal policy, central banking, money and growth, and the international monetary system.

This textbook enables global business school lecturers to develop ethical decision-making skills for future business leaders and other institutional leaders. It uses an institutional governance approach based on institutional theory, behavioural economics, and information economics to elaborate on how ethical business decisions can be made. These skills are developed by applying ethical decision-making steps with reference to contemporary global issues. Chapters include short case studies related to State Governance, Governance of Economic Systems, Legal and Regulatory Institutional Governance, Business Firm Governance, Governance of Earth (greenhouse gas emissions), Governance of Product Safety and Advertising, Governance of Disruptive Technologies, and Emerging Governance Challenges.

This book is concerned with the varying responses of South American countries to the Belt and Road Initiative (BRI). Since Beijing launched the Belt and Road Initiative in 2013, 3/4 of countries in the world have engaged with China's arrangement of promoting global physical and digital connectivity. This still leaves a quarter of them that have refused China's offer so far or withdrawn. How do we account for why countries chose to join the BRI while others do not? Research on South American countries'responses to the BRI is scant, but the topic is pertinent. While the great-power competition and systemic rivalry have spoiled the appetite of European countries to intensify their ties with China, many developing countries seem to be rather interested. This book will interest scholars of international political economy, geopolitics, foreign policy and international development.

This open access book explores Asian approaches towards investment arbitration—a transnational procedure to resolve disputes between a foreign investor and a host state—setting it in the wider political economy and within domestic law contexts. It considers the extent to which significant states in Asia are, or could become, “rule makers” rather than “rule takers” regarding corruption and serious illegality in investor-state arbitration. Corruption and illegality in international investment are widely condemned in any society, but there remains a lack of consensus on the consequences, especially in investment arbitration. A core issue addressed is whether a foreign investor violating a host state's law should be awarded protection of its investment, as per its contract with the host state and/or the applicable investment or trade agreement between the home state and the host state. Some suggest such protection would be unnecessary as the investor committed a crime in the host state, while others attempt to establish an equilibrium between the investor and the host state. Others claim to protect investment, invoking the sanctity of promises made. The book starts with a deep dive into economic and legal issues in corruption and investment arbitration and then explores the situation and issues in major countries in the region in detail. It is a useful reference point for lawyers, economists, investors, and government officials who are seeking comprehensive and up-to-date information on anti-bribery rules in Asian investment treaties. It is of particular interest to students and researchers in economics, finance, and law, who are undertaking new research relating to the multifaceted impacts of corruption.

This open access book provokes critical thinking regarding the most ambitious Chinese project since the founding of the People's Republic of China, The Belt and Road Initiative (BRI). The book presents extensive quality research and original insights in assessing the status of China's outbound investment and construction projects under the BRI umbrella. Referring to case studies and projects of selected countries from Southeast Asia, Central Asia, and the Middle East, the author sheds new light on the issues and problems associated with the BRI's implementation and discusses both the readjustments and prospects for the BRI. Finally, this book demarcates the limits and potential of the world's second largest economy in pushing for the BRI, which is challenged by enormous domestic tensions and external pressures. It also identifies and analyzes potential new collaboration areas between the Belt and Road countries and China under the BRI framework in the context of the post-COVID-19 era. It provides an outstanding reference for academics, students, policymakers, and the business community working in areas of international affairs and Asian economics and development, particularly those interested in Sino-relations and Chinese power dynamics in the global world order.

Edward Ashbee examines the globalizing processes of the past thirty years and considers the extent to which there has been “deglobalization” or “slowbalization” and the reasons for these apparent shifts. The book looks at the original promise held out by globalizing trends which became fully evident at the same time as the dot.com economy became part of everyday life. The book then charts the backlash against “globalism” and the ways in which it became pronounced across much of Europe, North America and Asia. And it asks how far has that backlash, together with the 2008 financial crisis, the Covid-19 pandemic, and the rise of “techno-nationalism” led to a stalling or even reversal in globalizing processes. The analysis disaggregates the different trends that collectively constitute “globalization” and surveys competing perspectives on globalization and reviews the arguments of those who argue that the concept is either myth or hyperbole. The book reveals how globalization is being reconfigured in ways that weaken its former associations with neoliberalism and Americanization thereby laying the basis for a new economic and social settlement.

It is often assumed that deindustrialization is a bad thing, confined to the Global North, and caused by cheap imports from the Global South. Although not entirely incorrect, the truth is far more complicated. Ray Kiely argues that the current economic debate assumes too much in terms of causality around deindustrialization, which is better seen as a product of wider changes in contemporary global capitalism. Yet, evidence of a zero-sum game doesn't have to be very strong for this to have become an issue of deep politics, informing right-wing populism and contemporary geopolitical tensions (namely with China). A clearer understanding of the processes of deindustrialization can help in appreciating the political responses and movements across the Global North – and South – and enable us to find better responses to the processes themselves.

Amid a recent surge in arguments that the global economy has begun to'de-globalize,'a question has emerged: will globalization survive? In One from the Many: The Global Economy since 1850, Christopher M. Meissner argues that based on the long-run of history, globalization will not be easily vanquished. This brief introduction to the economic history of the global economy and the process of globalization since 1850 tracks and explains changes in international trade, migration, and capital flows over time. All key indicators of globalization rose between 1850 and 1914 during the first wave of globalization. Between 1918 and 1939 the global economy stagnated, suffering a momentous collapse during the Great Depression of the 1930s. After World War II, the global economy re-emerged and integration deepened. A long-run view suggests that rising integration and growth of global economy can generate economic benefits and raise welfare. Given these lessons, the global economy will almost surely survive and integration will continue to grow. However, globalization can only survive if humanity continues to recognize its common interests and the untapped potential of further integration. At the same time, the potential adverse effects of greater integration must be acknowledged, mitigated, and minimized. Meissner's brief history of the global economy offers economics, political science, and history students a new perspective on the history of its subject matter, with an eye on a future where globalization has the potential to persist as an integrative force.

This book bridges the existing gap between the theory and practices related to international finance. It discusses banking theories and operational procedures relating to the methods of payment with special reference to Letters of credit (LCs), like revolving LCs, back-to-back LCs, transferable LCs, and standby LCs, with specific applications of documentary discrepancies. Moreover, this book discusses merchanting trade, buyers'credit and supplier's credit, and bank guarantees with many practical caselets, linked to the applications of the International Chamber of Commerce (ICC) and other regulatory rules. It also examines the various roles of banks in financing international trade which are extensively discussed through several cases.This volume: Explains in-depth the intricacies and discrepancies relating to the documentation involved in international trade Presents in detail the various steps of executing an export or import deal, right from signing of the contract, managing pre-shipment credit, and booking a forward contract to hedge the exchange rate risk till the closing of the deal Gives a comprehensive account of all trade finance products with processes and procedures, rules, and regulations, and risks and mitigates Discusses the application of ICC rules through detailed case-lets, which helps an exporter take necessary actions when the payment is denied by a party overseas, or how an importer can simply deny the payment if there is documentary noncompliance Scrutinises different types of forex transactions, the regulatory framework within which they take place, and the associated risks and solutions Attempts to resolve the existing disparity in the understanding and interpretation of regulatory guidelines and the practices adopted by banks and corporate houses in implementing them. Accessibly written, this book will be useful to students, researchers, and teachers from the fields of management, business studies, international trade and treasury operations, finance, international banking, trade and commerce, and economics. This will also be an invaluable companion to the professionals working in export–import businesses, foreign exchange businesses, treasury front-office and back-office operations, bureaucrats, and public policymakers.

International Financial Management provides students with a foundation for analysis through a text that is well-organized, comprehensive, and provides up-to-date coverage of the topics. Like the first nine editions, it is written based on two tenets: emphasis on the basics and emphasis on a managerial perspective.The scope and content of international finance has been fast evolving due to cycles of deregulations and regulations of financial markets, product innovations, and technological advancements. As capital markets of the world are becoming more integrated, a solid understanding of international finance has become essential for astute corporate decision making. Reflecting the growing importance of international finance as a discipline, we have seen a sharp increase in the demand for experts in the area in both the corporate and academic worlds.International Financial Management discussion is written so that a self-contained treatment of each subject is presented in a user-friendly fashion. The text is intended for use at both the advanced undergraduate and MBA levels.

This comprehensive Handbook deftly examines key aspects of financial integration, providing an overview of contemporary research and new perspectives. Employing state-of-the-art econometric methods to obtain new empirical evidence, it will be critical for designing optimal policies, and appropriate investment and risk management strategies.Guglielmo Maria Caporale brings together a wide range of contributors with different approaches to measuring and dissecting financial integration to form an extensive analysis on the topic. Organised into six thematic sections, the Handbook first details new measures of financial integration, linkages across markets, and the role of the foreign exchange market and institutions. It goes on to address financial integration in the banking sector, European financial integration, and diverse policy issues that arise in this context, giving a comprehensive insight into an ever-expanding sector.With new perspectives and evidence on various dimensions of financial integration, this Handbook will be an indispensable resource for academics working in the field of international finance. Its investigation of policy and investment implications of the findings will also provide valuable insights for policy-makers and market participants.

This open access book analyzes the achievements and challenges of the Belt and Road Initiative (BRI) from the macro and industrial, real and financial, domestic and international perspectives, and explores the opportunities for future development and related public policy issues. It is a new research achievement of CICC Research and CICC Global Institute on major issues in China's new development stage. The year 2023 marks the tenth anniversary of the Belt and Road Initiative (BRI). Over the past decade, BRI has established more than 3,000 cooperation projects, galvanized nearly 1 trillion U.S. dollars of investment, created more than 420,000 jobs, and lifted nearly 40 million people out of poverty. BRI has made remarkable achievements in promoting connectivity and cooperative development between China and participating countries, and has been welcomed by the international community both as a public good and a cooperation platform. Compared with ten years ago, the global environment has undergone profound changes. COVID-19 epidemic has brought great impacts to the world, and the post-epidemic economic recovery is uneven, with some long-term scarring effects still emerging. New changes and constraints, such as geopolitical events, industry chain adjustment, and green transition, have also exerted far-reaching influences on the economic fundamentals and global governance. Under the new situation, international cooperation mechanisms, including BRI, are facing new problems and challenges, which need to be explored and solved in practice. This book is both academically rigorous and readable, and provides valuable references for public policy departments, enterprises, and financial institutions who seek to better understand the macro, financial and industrial trends of BRI.

This book presents an overview of the development of China-Europe express train in the broader context of BRI. It analyzes the benefits to the regions along the route from the safe, smooth and stable operation of the train in recent years, involving the strong impetus for building a new pattern of dual cycle development and driving the recovery of the economy in the post-pandemic era. Based on in-depth case studies of the operations in many regions, this book proposes measures in order to promote the high-quality development of China-Europe train: to improve infrastructure and enhance port capacity; to unify international standards and improve the efficiency of train customs clearance; to open up the European market and actively organize the return source of goods; to standardize government administrative intervention according to market orientation; to strengthen the construction of digital infrastructure with the focus on connectivity; to cultivate international logistics talentsand build a high-quality China-Europe express train talent team.

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?

Despite the growing consensus that the rise of China is transforming international relations, policy makers and scholars have not sufficiently addressed the geopolitical and geoeconomic implications of a new paradigm, especially since the Covid-19 pandemic and the Russo-Ukrainian war. This book fills this gap.This is an original and innovative book that investigates how a new modus vivendi between China and the United States in a post-globalized world requires more economic independence because of the distrust between G20 economies but heightened international cooperation, in order to avert a shift to nationalism and protectionism and to fight financial and climate crises.The book is divided into four parts. Part I investigates the specific features of Chinese and U.S. capitalisms; Part II argues that several flaws observed in the multilateral architecture since the early 2000s have caused global imbalances and increased misunderstanding and mistrust between the two superpowers; Part III analyzes how the China-U.S. rivalry has manifested in Asia, Latin America, and in terms of global development finance and finally, Part IV provides a blueprint for a successful and revamped international order. The book provides an ambitious interdisciplinary analysis of the future of multilateralism and globalization with contributions from economists, lawyers, and political scientists.Due to its multidisciplinary approach, the book will attract the interest of scholars and postgraduate students from wide ranging fields, as well as practitioners working in international organizations, policy makers and more generally educated lay readers interested in the topic.

The World Statistics Pocketbook is an annual compilation of key statistical indicators prepared by the United Nations Statistics Division of the Department of Economic and Social Affairs. The topics covered include: agriculture, balance of payments, education, energy, environment, food, gender, health, industrial production, information and communication, international finance, international tourism, international trade, labour, migration, national accounts, population and prices.

This book first analyzes the institutional changes and historical value orientations brought about by China's economic reforms and then explores the justice and progressiveness of changes in social production relations, as well as the uniqueness of economic growth and macro control in China's institutional changes. It further delves into the effectiveness and qualitative improvement during the growth process, including the evolution of structural height, the formation of structural benefits, and the improvement of factor productivity and input–output efficiency. Finally, the book dissects the systemic motivation of China's economic growth and development and proposes the requirements for systemic changes to achieve sustainable development. The main innovation of this book lies in revealing the basic driving factors of the debate on the justice of institutional change from the perspective of value theory, deepening the understanding of China's reform and development experience,and emphasizing the importance of economic growth structure efficiency and total factor efficiency.

This book offers a multidisciplinary redefinition of China's model of crony comprador capitalism. The author argues that this model emerged through the fusion of market Leninism and global capitalism in the early 1990s within the post-Cold War and post-Communist global context. While driving robust export-led growth, this approach hindered China's structural transformation and limited its ascent, ironically leading to the regime's accelerating totalitarian turn and the onset of a new Cold War. In line with the call for ‘Capitalism 3.0,'the book advocates Western decoupling from China and promoting the country's transition to a democratic developmental state, fostering a safer world for democracy over autocracy. It will be of interest to academics and policy-makers in a wide range of fields, including political economy, political studies, international relations, and economic history.

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.

The emergence of China as a great power is perhaps the most consequential development for the world in the 21st century. Yet, what the Western world sees in this development is largely through the prism of misinterpreted ideological dichotomy and misguided geopolitical rivalry. This book offers a deep look at the Chinese Communist Party and the nation it leads at conceptual, historic, and operational levels. If Thomas Kuhn's concept of paradigm shift can be used in the social sciences, then China would represent the most significant anomaly to the dominant liberal exemplar. For students of China and of politics in general, and for the Western political and commercial elites, if they were to read one book about China to grasp the nature and weight of the Chinese phenomenon, Party Life would be it.

The Asian Yearbook of International Economic Law (AYIEL) 2023 addresses the rapidly evolving field of international economic law with a special focus on Asia and the Pacific. This region has long been and remains a major engine of the world economy; at the same time, it is characterized by a host of economies with varying developmental levels, economic policies and legal jurisdictions. The AYIEL 2023 therefore focuses on international economic law, especially on security and industrial policy.

This book continues the discussion from Volume 1 on the general considerations regarding global changes and contemporary economic issues in Asian countries in real terms. It offers a collection of original conference papers from the annual international conferences on “Contemporary economic issues in Asian countries” (CEIAC Conference) commenced in 2022 in collaboration with CIFOR-ICRAF, Sungkyunkwan University (Korea), and Tamkang University (Taiwan). The theme of the CEIAC Conference 2022 deals with broad aspects of the contemporary economic issues in Asian countries. It covers topics such as economics and business (economic theory, national and international income distribution, macroeconomic policies, sectors of economy, productivity developments, financial market, business governance, bank financing, etc.), green economy and sustainable development (developing process, development policy, public policy, sustainable growth, green growth, etc.), and international tradeand investment (international trade theory, free trade agreements, tariffs, intellectual property, international law, etc.). The book would interest a wide array of professors, researchers, lecturers, students in fields of economics, consultants, and decision makers interested in the issues related to economic issues in Asia.

M&A transactions are significantly more complex processes than the mere purchase and sale of goods - SMEs can quickly find themselves in unfamiliar territory - especially when it comes to multi-layered activities with players from completely different cultures, especially from China, as Germany's largest foreign trade partner. The need for knowledge in practice is correspondingly great. This edited volume therefore brings together, on a theoretical basis, the practical knowledge needed for the successful planning, implementation and integration of German-Chinese corporate takeovers in the SME sector. After a compact presentation of the economic background, cultural aspects of negotiation and regulatory framework conditions, the course of corporate transactions and their German-Chinese peculiarities are dealt with in detail. The book concludes with a guide to the core aspects of such transactions and an exemplary presentation of case studies. In generally understandable language and well illustrated, the success factors as well as possible stumbling blocks are revealed. A clearly structured and cleverly formulated handbook that every player should have at hand.

Dieses Buch ist eine kurze Geschichte des chinesischen Vorgehens gegen die großen Technologieunternehmen des Landes, das im Jahr 2020 begann. Das Buch erörtert den politischen und wirtschaftlichen Kontext und zeigt die Grenzen der Macht des Staates auf. Da sich die Politik des'gemeinsamen Wohlstands'weiter entwickelt, wird dieses Buch ein unschätzbares Nachschlagewerk für Wirtschaftswissenschaftler sein, die sich entweder mit China, dem Internet und Big Tech oder beidem beschäftigen.

Ziel dieses Buches ist es, eine Bestandsaufnahme der von Paolo Urio seit 1997 durchgeführten Forschungsarbeiten über den Aufstieg des modernen China zu machen, wobei der Schwerpunkt auf dem strategischen öffentlichen Management liegt. Der Ausgangspunkt des Buches ist Chinas Wille, den Status einer Weltmacht wiederzuerlangen. Dieses Ziel ist von größter Bedeutung für das Verständnis der seit 1949 umgesetzten politischen Maßnahmen, ihrer Beweggründe, Inhalte und Folgen für die chinesische Gesellschaft und Wirtschaft sowie ihrer zeitlichen Abfolge, d. h. der zugrunde liegenden großen Strategie. Ausgehend von diesen Prämissen schlägt das Buch eine Analyse der Widersprüche vor, die sich in China seit 1949 herausgebildet haben, sowie der positiven und negativen Folgen der staatlichen Maßnahmen, die zur Überwindung dieser Ungleichgewichte ergriffen wurden, d.h. Der Ansehensverlust der Kommunistischen Partei am Ende der Mao-Ära, die Einführung von Marktmechanismen durch Deng und die daraus resultierenden Ungleichgewichte in der chinesischen Wirtschaft, Gesellschaft und Umwelt, die Politik der Wiederherstellung des Gleichgewichts in der Ära Hu Jintao und schließlich die durchsetzungsfähige Machtpolitik von Xi Jinping, sowohl auf nationaler Ebene, z. B. die Bekämpfung der Korruption, als auch auf internationaler Ebene, d. h. Chinas neue Rolle in der Welt, insbesondere als Konkurrent der Vereinigten Staaten.

From the pen of highly esteemed trade scholar Alan Sykes, this book presents a rigorous introduction to the law and economics of modern international trade agreements.With a bottom-up approach that requires neither a background in international trade law nor significant economics training, Sykes sets out to map and explain the complex dynamics of international trade agreements and institutions, synthesising legal analysis and cutting-edge economic research in order to present the reader with a sophisticated, holistic view of the field.Against the backdrop of the current impasse in both negotiation and dispute settlement at the World Trade Organisation, the book charts a clear path from the historical origins of trade law and the international system, to the current state of play, including unpacking the major areas of controversy. It exposits the economic theory of trade agreements, discusses the role of international trade law in domestic legal systems and analyzes the role of self-enforcement and formal dispute resolution mechanisms. It provides lucid and detailed analysis of the restrictions, exceptions, obligations and special measures that constitute the core building blocks of international trade rules, including the distinct features of international trade in services. With an international outlook, the book also addresses the role of China in the world trading system, looking at such issues as the credibility of market access commitments, China's industrial policies, “forced technology transfer” and currency manipulation.Providing an eloquent, thorough and technically astute overview of international trade agreements, this title will be invaluable to scholars and teachers of international trade across the disciplines of law, economics and political science.

This book is an annual research report on the cruise industry in China and throughout the world in 2021, contributed by Shanghai University of Engineering and Technology and Shanghai International Cruise Economic Research Center. This volume consists of four parts to discuss general and special topics on global and China's cruise industry covering respond to COVID-19, cruise tourism market, public health emergency mechanism. It offers an all-rounded perspective and a strong foresight, as well as systematic studies on China's cruise industry in the context of routine COVID-19 control and the new dual circulation development pattern. And as 2021 marks the beginning of the 14th FYP period when various plans for the cruise industry were rolled out to chart the course and strategic paths toward development for the cruise industry, it focuses also on developments in China's cruise industry.