High quality, engaging content for students...ultimate flexibility for educators The seventh edition of this benchmark Australian text continues to offer students a comprehensive and relevant introduction to economics whilst offering educators the ability to customise and deliver content – your way. Economics 7th edition provides a streamlined approach to study and recognises the difficulties some students may face in comprehending key concepts. By leaving the more technical content and application until later, students can enjoy the more exciting policy material from the beginning and engage with the content early. Through compelling examples, clear explanations and the latest instructive on-line resources, the text draws students into the content and reinforces learning through practice and solving problems which are relevant to them. The authors train students to think about issues in the way real economists do, and learn how to explore difficult policy problems and make more informed decisions by offering a clear introduction to theory and applying the concepts to today’s events, news, and research.
America in the Economic World recognizes that necessities and jobs are the natural starting point for the study of economics. That leads to a review of how nations survive in the global economy, followed by a primer of basic concepts in economics and finance, and a study of American economic history. Author Michael Douglas Gilbert provides readers with the information needed to make their own decisions. Americans no longer have to rely on political grandstanding and over simplification. America in the Economic World warns of the excessive influence of ideology on public policy and discusses how the nation can overcome it. Economists and other social scientists will appreciate the refreshing new approach to traditional topics including jobs, necessities, deferred necessities, Medicare, social security, welfare, the Federal Reserve System, and the causes of the Great Recession. A surprising chapter on warfare provides insight into the impact of ideology on major policy decisions.
This paper, together with a technical companion paper, presents MAPMOD, a new IMF model designed to study vulnerabilities associated with excessive credit expansions, and to support macroprudential policy analysis. In MAPMOD, bank loans create purchasing power that facilitates adjustments in the real economy. But excessively large and risky loans can impair balance sheets and sow the seeds of a financial crisis. Banks respond to losses through higher spreads and rapid credit cutbacks, with adverse effects for the real economy. These features allow the model to capture the basic facts of both the pre-crisis and crisis phases of financial cycles.
What causes a financial crisis? Can financial crises be anticipated or even avoided? What can be done to lessen their impact? Should governments and international institutions intervene? Or should financial crises be left to run their course? In the aftermath of the Asian financial crisis, many blamed international institutions, corruption, governments, and flawed macro and microeconomic policies not only for causing the crisis but also unnecessarily lengthening and deepening it. Based on ten years of research, the authors develop a theoretical approach to analyzing financial crises. Beginning with a review of the history of financial crises and providing readers with the basic economic tools needed to understand the literature, the authors construct a series of increasingly sophisticated models. Throughout, the authors guide the reader through the existing theoretical and empirical literature while also building on their own theoretical approach. The text presents the modern theory of intermediation, introduces asset markets and the causes of asset price volatility, and discusses the interaction of banks and markets. The book also deals with more specialized topics, including optimal financial regulation, bubbles, and financial contagion.
Financial crises have become an all too common occurrence over the past twenty years, largely as a result of changes in finance brought about by increasing internationalization and integration. As domestic financial systems and economies have become more interlinked, weaknesses can significantly impact not only individual economies but also markets, financial intermediaries, and economies around the world. This volume addresses the twin objectives of financial development in the context of financial stability and the role of law in supporting both. Financial stability (frequently seen as the avoidance of financial crisis) has become an objective of both the international financial architecture and individual economies and central banks. At the same time, financial development is now seen to play an important role in economic growth. In both financial stability and financial development, law and related institutions have a central role.
Ever since the Great Recession, the global financial regulatory system has undergone significant changes. But have these changes been sufficient? Have they created a new problem of over-regulation? Is the system currently in a better position than in the pre-Recession years, or have we not adequately addressed the basic causes of the financial crisis and resulting Great Recession?These were the questions and issues addressed in the seventeenth annual international banking conference held at the Federal Reserve Bank of Chicago in November 2014. In collaboration with the Bank of England, the theme of the conference was to examine the state of the new global financial system as it has evolved in response to significant market changes and regulatory reforms triggered by the global financial crisis. The papers from that conference are collected in this volume, with contributions from an international array of government officials, regulators, industry practitioners and academics.
The preoccupation of financial theory with static, timeless, equilibrium analysis has given rise to an orthodoxy that avoids the problems of uncertainty in the world. This work establishes new perspectives from which contemporary financial theory can be evaluated. Echoing Keynes' observation that "Human decisions . . . cannot depend on strict mathematical expectation," Douglas Vickers explains why most decisions in economics and finance are not made under conditions to which the calculus of probability applies. The author proposes a "new realism" in financial theory that takes into account the uncertainty in personal and economic decisions. Both business firms and financial investors, he contends, acquire an important perspective on their alternatives by focusing on the transitional, disequilibrium processes in financial markets rather than on their sup posed equilibrium conditions. This involves for economic decisions an understanding of "time" as "historic" in a genuine operational sense rather than as merely a logical variable. The notion of probability should be replaced by that of possibility, the concept that the British economist G. L. S. Shackle has called "potential surprise." In Part I, Vickers' innovative approach leads to a careful study of the "false trading" that occurs in real and financial markets. Part II provides an exposition and an evaluation of the equilibrium theory of financial asset prices. The new analytical apparatus is applied in Part Ill to investment decision making in the firm and to the choice of financial asset portfolios, as well as to the questions of asset trading and changes in portfolio composition. A scholarly and constructive work, Financial Markets in the Capitalist Process will generate controversy among professionals and debate among students for many years to come.
Noted economist Douglas Vickers reexamines the relationship between economics and moral philosophy. That relationship, once very strong, is again the subject of increasing attention and discussion both within and beyond the academy. Vickers reestablishes the substantial bridges between ethical philosophy and economics. He addresses three main issues: first, the historical means by which economics has consciously surrendered its original association with ethical categories and criteria; second, the need to articulate the appropriate thoughtforms and vocabulary of ethical theory; and third, the illustration of areas in economics where ethical awareness is desirable and should be allowed to exert influence. This work is a major analysis which will be of considerable interest to economists, the business community, government regulators, and all concerned with economic decisionmaking in modern society.
Population growth and food supply have long been of central concern to economists. The World Food Economy examines the lessons of the past while assessing 21st century and future challenges, including food shortages, global hunger, and economic inequality. With the demand for food and the population growing at an unprecedented rate, this text provides students with a timely, relevant, and unique overview of the world of agricultural production. New coverage in the Second Edition explains how productivity has risen around the globe throughout the last century through technological advances and how consumers and producers in every part of the world--rich and poor alike--feel the effects of expanded global commodity trade, food aid, and national legislation in response to globalization.
Introduction to Urban Economics offers a complete and self-contained coverage of urban economics. This book analyzes the economic rationale and growth and development of cities, theory and empirical analysis of urban markets, and problems and policies of urban economies. This text is divided into inter- and intra-urban analysis. Discussions on inter-urban analysis comprise Chapters 1 to 3 that include an introduction to urban economics, economic history of urban areas, and economics of urban growth. The rest of the chapters that cover intra-urban analysis describe the theories of urban markets, empirical tests of the theories, and implications of the empirical findings for policy decisions. This publication is valuable to students with a background in economic principles.
Foundations of Supply-Side Economics: Theory and Evidence is composed of a series of papers containing both theoretical and empirical analyses of a set of issues in government fiscal policy. The type of analysis employed in the book is standard neoclassical economics, and this analysis is used to study the macroeconomic incentive effects of taxation. The book contains contributions that cover the analysis of the effects of taxes imposed purely for generating revenues; the process of capital formation; and an attempt to integrate supply-side analysis into a traditional macroeconomic framework. Reports on the empirical evidence on taxation and economic activity and the estimation of a small macroeconomic model of the United States for the postwar period; description of a method of calculating effective marginal tax rates on factor incomes using available U.S. data; and the estimation of the effect of fiscal policy on private investment in plant and equipment are presented as well. Economists will find the book highly insightful.
This is a print on demand edition of a hard to find publication. Reviewing CBO's recent analyses of the economic outlook and the potential impact on the economy of various fiscal policy options. It also adds to those analyses by quantifying the economic impact of extending some or all of the 2001 and 2003 tax cuts that are scheduled to expire in three months. CBO expects -- as do most private forecasters -- that the economic recovery will proceed at a modest pace during the next few years. Charts and tables.
Casino gambling has spread throughout the world, and continues to spread. As governments try to cope with fiscal pressures, legalized casinos offer a possible source of additional tax revenue. But casino gambling is often controversial, as some people have moral objections to gambling. In addition, a small percentage of the population may become pathological gamblers who may create significant social costs. The Economics of Casino Gambling is a comprehensive discussion of the social and economic costs and benefits of legalized gambling. It is the first comprehensive discussion of these issues available on the market.
The U.S. has just suffered through the most severe recession since the 1930s. The good news is that the economy appears to be starting to recover. In all likelihood the recovery will be dampened by a number of factors, including the continuing fragility of some financial markets and institutions; declining support from fiscal and monetary policy; and limited increases in households¿ spending because of slow income growth, lost wealth, and a large number of vacant houses. Real GDP will increase by 2.4 percent in 2011. Real GDP will accelerate after 2011. For 2012 through 2014, real GDP will increase by an average of 4.4 percent per year, which would close the gap between actual output and potential output by the end of 2014. Figures.
This accessible and provocative book explores whether getting 'unhooked' from economic growth to meet the needs of the environment is possible. Although giving the environment priority over growth may seem radical, the author argues that it can be accomplished using marketable emissions allowances, transferable development rights, and other tools popular with conventional economists. It can also be achieved by creating more interesting and environmentally friendly urban landscapes less beholden to the automobile. The key problem will be ensuring that everyone who wants employment can find it. This will require a transition to a shorter workweek, the wistful goal of many a harried worker. More leisure, a higher-quality environment, and more attractive cities and towns are the potential rewards of a less consumption-oriented society. Yet how can the power of special interests be overcome in the name of environmental conservation? This is the author's critical final question as he offers a clear path to a sustainable economic and environmental future.
Marine pollution causes significant damage to fisheries and other economically productive uses of the ocean. The value of that damage can be quantified by economists, but the meanings of those valuations and how they are derived are often obscure to noneconomists.Economic Losses from Marine Pollution brings a fuller understanding of the variety and extent of marine losses and how they are assessed to scientists, lawyers, and environmentalists by systematically identifying and classifying marine losses and relating them to models and methods of economic valuation. The authors use a step-by-step approach to show how economists have used these methods and how they approach the problem of assessing economic damage.The book begins by describing the importance of economic valuation of marine damages, the history of concern over marine pollution, and the development of economic methodologies to assess damage from it. Following that, the book: considers types of marine pollution and their effects on organisms, ecosystems, and humans, and the corresponding economic effects of those biological impacts introduces the economic principles and methods needed to understand and to assess economic damages expresses losses from water quality impairments in terms of economic value introduces the basic economic techniques that have been developed and used to measure changes in economic value discusses how to apply those economic techniques, and presents a variety of practical examples explores limitations and problems that can arise in such applied work.Economic Losses from Marine Pollution includes all of the relevant economic theory together with specific examples of how that theory has been and can be applied. It offers environmental professionals with little or no background in economics the basic economic tools needed to understand economic valuations of environmental damage, and represents a unique handbook for environmental and marine scientists, lawyers, economists, policy professionals, and anyone interested in issues of marine water quality.
Why do different countries have such different financial systems? Is one system better than the other? This text argues that the view that market-based systems are best is simplistic, and suggests that a more nuanced approach is necessary.
Franklin Allen and Douglas Gale assemble some of their key papers along with a five-chapter overview that not only synthesizes their work but provides a historical and institutional review and a discussion of alternative approaches as well.
This is the third of a series of papers that are being written as part of a larger project to estimate a small quarterly Global Projection Model (GPM). The GPM project is designed to improve the toolkit for studying both own-country and cross-country linkages. In this paper, we estimate a small quarterly projection model of the US, Euro Area, and Japanese economies that incorporates oil prices and allows us to trace out the effects of shocks to oil prices. The model is estimated with Bayesian techniques. We show how the model can be used to construct efficient baseline forecasts that incorporate judgment imposed on the near-term outlook.
Build a bulletproof portfolio with advice from a top market expert Doug Kass on the Market: A Life on TheStreetTM provides investment advice and guidance from one of the most renowned traders in the world. Author Doug Kass distills his years of experience as a hedge fund manager and infamous short seller to share the theory, technique, and intuition that built his reputation and his portfolio. Anecdotes about interactions with Wall Street's most famous names, including Buffett, Cramer, and Cooperman, highlight tricks of the trade, essential value investor insight, and the secrets to being a smart short. Doug Kass's reputation as a savvy investor is well-earned and widely recognized. His work on Wall Street gained him heavyweight status, and the friendship, the respect, and the ear of some of the biggest names in finance. As a CNBC regular and 2013 Buffet Bear, Kass is widely known as a trusted source of wisdom and profitable insight. In Doug Kass on the Market, readers learn valuable lessons that that will help them make smarter investment decisions. Kass lists the most important things to know when evaluating a possible long or short investment, and explains the things you're not doing to optimize your portfolio. Topics include: Going against the grain Data versus instinct Valuation, bubbles, and momentum Interest rates, inflation, and the Fed The book also describes how to short a stock properly without losing out and discusses the C-suite conversations that fund managers would never tell a lay shareholder. Kass's record proves the value of his acumen, and this book contains a comprehensive account of his talent and techniques. All investors deserve a chance at a more robust portfolio, and Doug Kass on the Market provides the information and guidance that can make that happen.
This paper presents a new version of MAPMOD (Mark II) to study the effectiveness of macroprudential regulations. We extend the original model by explicitly modeling the housing market. We show how household demand for housing, house prices, and bank mortgages are intertwined in what we call a deadly embrace. Without macroprudential policies, this deadly embrace naturally leads to housing boom and bust cycles, which can be very costly for the economy, as shown by the Global Financial Crisis of 2008-09.
This book explores the potential and problems of bank safety and efficiency arising from the rapidly growing area of cross-border banking in the form of branches or subsidiaries with primarily only national prudential regulation. There are likely to be differences in the treatment of the same bank operating in different countries or of different banks from different home countries operating in the same country with respect to deposit insurance provisions, declaration of insolvency, resolution of insolvencies, and lender of last resort protection. The book identifies these protection problems and discusses possible solutions, such as greater cross-border cooperation, harmonization and organizations. The contributors to this book include experts from different countries and from a wide range of affiliations, including academia, regulators, practitioners, and international organizations. Sample Chapter(s). Chapter 1: Cross-Border Banking Regulation OCo A WayForward: The European Case (68 KB). Contents: Special Addresses: Cross-Border Banking Regulation OCo A Way Forward: The European Case (Stefan Ingves); Remarks before the Conference on International Financial Instability (Sheila C Bair); Benign Financial Conditions, Asset Management, and Political Risks: Trying to Make Sense of Our Times (Raghuram G Rajan); International Financial Instability: Cross-Border Banking and National Regulation Chicago OCo Dinner Remarks (Jean Pierre Sabourin); Landscape of International Banking and Financial Crises: Current State of Cross-Border Banking (Dirk Schoenmaker & Christiaan van Laecke); Actual and Near-Miss Cross-Border Crises (Carl-Johan Lindgren); A Review of Financial Stability Reports (Sander Oosterloo, Jakob de Haan, & Richard Jong-A-Pin); Discussion of Landscape of International Banking and Financial Crises (Luc Laeven); Causes and Conditions for Cross-Border Instability Transmission and Threats to Stability: Cross-Border Contagion Links and Banking Problems in the Nordic Countries (Bent Vale); Currency Crises, (Hidden) Linkages, and Volume (Max Bruche, Jon Danielsson & Gabriele Galati); What Do We Know about the Performance and Risk of Hedge Funds? (Triphon Phumiwasana, Tong Li, James R Barth & Glenn Yago); Remarks on Causes and Conditions of Financial Instability Panel (Garry Schinasi); Prudential Supervision: Home Country versus Cross-Border Negative Externalities in Large Banking Organization Failures and How to Avoid Them (Robert A Eisenbeis); Conflicts between Home and Host Country Prudential Supervisors (Richard J Herring); Cross-Border Nonbank Risks and Regulatory Cooperation (Paul Wright); Challenges in Cross-Border Supervision and Regulation (Eric Rosengren); Government Safety Net: Bagehot and Coase Meet the Single European Market (V tor Gaspar); Banking in a Changing World: Issues and Questions in the Resolution of Cross-Border Banks (Michael Krimminger); International Banks, Cross-Border Guarantees, and Regulation (Andrew Powell & Giovanni Majnoni); Deposit Insurance, Bank Resolution, and Lender of Last Resort OCo Putting the Pieces Together (Thorsten Beck); Insolvency Resolution: Cross-Border Resolution of Banking Crises (Rosa Mar a Lastra); Bridge Banks and Too Big to Fail: Systemic Risk Exemption (David G Mayes); Prompt Corrective Action: Is There a Case for an International Banking Standard? (Mar a J Nieto & Larry D Wall); Insolvency Resolution: Key Issues Raised by the Papers (Peter G Brierley); Cross-Border Crisis Prevention: Public and Private Strategies: Supervisory Arrangements, LOLR, and Crisis Management in a Single European Banking Market (Arnoud W A Boot); Regulation and Crisis Prevention in the Evolving Global Market (David S Hoelscher & David C Parker); Derivatives Governance and Financial Stability (David Mengle); Cross-Border Crisis Prevention: Public and Private Strategies (Gerard Caprio, Jr.); Where to from Here: Policy Panel: Cross-Border Banking: Where to from Here? (Mutsuo Hatano); Remarks on Deposit Insurance Policy (Andrey Melnikov); The Importance of Planning for Large Bank Insolvencies (Arthur J Murton); Where to from Here: Policy Panel (Guy Saint-Pierre); Some Private-Sector Thoughts on Home/Host-Country Supervisory Issues (Lawrence R Uhlick). Readership: Academics and upper-level undergraduate or graduate students in the areas of financial institutions, banking, financial regulation, or international financial markets; financial regulators, policy-makers, and consultants.
Africa’s Social Cleavages and Democratization offers a comparative approach to African countries by providing an in-depth analysis of the impact of ethnicity and religion on both multiparty and post-multiparty eras. By applying different theoretical frameworks, Douglas Kimemia explores and analyzes how social cleavages have affected the growth of democracy in Africa. It is crucial to assess the relationship between democratic development and the impact of social cleavages, because multiparty politics have increased political competition, participation, transparency, and civic engagement in Africa. However, social divisions have significantly slowed the maturing of democracy, as these social cleavages have become polarizing factors, which are used by political elites for their own self-interest. As a result, politics of identity caused by competition of natural resources have led to increased conflicts and political instability in Africa. The social cleavages have also led to polarized party systems and caused adverse effects on democracy due to the highly polarized societies and political competition. Despite the many positive impacts, multiparty politics have increased the consciousness of ethnic and religious identities, leading to unhealthy political competition as evidenced by highly fragmented societies prone to conflicts and violence. Kimemia comprehensively examines different governing, electoral, and party systems in order to determine the different incentives and how social divisions shape them. This analysis helps to distinguish more permanent political structures from the merely epiphenomenal within the African political scene.
This will help us customize your experience to showcase the most relevant content to your age group
Please select from below
Login
Not registered?
Sign up
Already registered?
Success – Your message will goes here
We'd love to hear from you!
Thank you for visiting our website. Would you like to provide feedback on how we could improve your experience?
This site does not use any third party cookies with one exception — it uses cookies from Google to deliver its services and to analyze traffic.Learn More.