Mr Simon Summers's Books

Wittgenstein among the Sciences

Wittgensteinian Investigations into the 'Scientific Method'

By: Dr Rupert Read,Mr Simon Summers

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Wittgenstein among the Sciences

Wittgensteinian Investigations into the 'Scientific Method'

By: Dr Rupert Read,Mr Simon Summers

Engaging with the question of the extent to which the so-called human, economic or social sciences are actually sciences, this book moves away from the search for a criterion or definition that will allow us to sharply distinguish the scientific from the non-scientific. Instead, the book favours the pursuit of clarity with regard to the various enterprises undertaken by human beings, with a view to dissolving the felt need for such a demarcation. In other words, Read pursues a 'therapeutic' approach to the issue of the status and nature of these subjects. Discussing the work of Kuhn, Winch and Wittgenstein in relation to fundamental question of methodology, 'Wittgenstein among the Sciences' undertakes an examination of the nature of (natural) science itself, in the light of which a series of successive cases of putatively scientific disciplines are analysed. A novel and significant contribution to social science methodology and the philosophy of science and 'the human sciences', this book will be of interest to social scientists and philosophers, as well as to psychiatrists, economists and cognitive scientists.

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256

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Ashgate Publishing, Ltd.

Published Date

ISBN 10

1409495280

ISBN 13

9781409495284

Macrofinancial Linkages

Trends, Crises, and Policies

By: Mr.Christopher W. Crowe,Mr.Simon Johnson,Mr.Jonathan David Ostry,Mr.Jeronimo Zettelmeyer

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Macrofinancial Linkages

Trends, Crises, and Policies

By: Mr.Christopher W. Crowe,Mr.Simon Johnson,Mr.Jonathan David Ostry,Mr.Jeronimo Zettelmeyer

Macrofinancial linkages have long been at the core of the IMF's mandate to oversee the stability of the global financial system. With the advent of the economic crisis, the Fund has drawn on this research in order to contribute to critical debates on the nature of appropriate policy responses at both the national and multilateral levels. The current juncture offers a good opportunity to take stock of this body of research by IMF staff and to share it with a wider audience, particularly since few collections have been published in this area. This volume brings together some of the best writing by IMF economists on macrofinancial issues, and highlights the issues and approaches that have guided IMF thinking in an area that makes up an increasingly important component of the IMF's overall remit. The chapters in the volume fit into three broad themes: financial crises and boom-bust cycles; financial integration, financial liberalization, and economic performance; and policy issues relating to macroeconomic policy and the corporate and financial sectors-including domestic and external financial liberalization.

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617

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International Monetary Fund

Published Date

ISBN 10

1589069390

ISBN 13

9781589069398

How Informative Are Real Time Output Gap Estimates in Europe?

By: Mr.Alvar Kangur,Koralai Kirabaeva,Jean-Marc Natal,Simon Voigts

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How Informative Are Real Time Output Gap Estimates in Europe?

By: Mr.Alvar Kangur,Koralai Kirabaeva,Jean-Marc Natal,Simon Voigts

We study the properties of the IMF-WEO estimates of real-time output gaps for countries in the euro area as well as the determinants of their revisions over 1994-2017. The analysis shows that staff typically saw economies as operating below their potential. In real time, output gaps tend to have large and negative averages that are largely revised away in later vintages. Most of the mis-measurement in real time can be explained by the difficulty in predicting recessions and by overestimation of the economy’s potential capacity. We also find, in line with earlier literature, that real-time output gaps are not useful for predicting inflation. In addition, countries where slack (and potential growth) is overestimated to a larger extent primary fiscal balances tend to be lower and public debt ratios are higher and increase faster than projected. Previous research suggests that national authorities’ real-time output gaps suffer from a similar bias. To the extent these estimates play a role in calibrating fiscal policy, over-optimism about long-term growth could contribute to excessive deficits and debt buildup.

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International Monetary Fund

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ISBN 10

1513512544

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9781513512549

Volatility and Comovement in a Globalized World Economy

An Empirical Exploration

By: Mr.Ayhan Kose,Mr.Eswar Prasad,Mr.Marco Terrones

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Volatility and Comovement in a Globalized World Economy

An Empirical Exploration

By: Mr.Ayhan Kose,Mr.Eswar Prasad,Mr.Marco Terrones

This paper analyzes the evolution of volatility and cross-country comovement in output, consumption, and investment fluctuations using two distinct datasets. The results suggest that there has been a significant decline in the volatility of business cycle fluctuations and a slight increase in the degree of cyclical comovement among industrialized countries over time. However, for emerging market economies, financial globalization appears to have been associated, on average, with an increase in macroeconomic volatility as well as declines in the degree of comovement of output and consumption growth with their corresponding world aggregates.

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International Monetary Fund

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ISBN 10

1451875878

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9781451875874

Aftershocks of Monetary Unification

Hysteresis with a Financial Twist

By: Mr.Tamim Bayoumi,Mr.Barry J. Eichengreen

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Aftershocks of Monetary Unification

Hysteresis with a Financial Twist

By: Mr.Tamim Bayoumi,Mr.Barry J. Eichengreen

Once upon a time, in the 1990s, it was widely agreed that neither Europe nor the United States was an optimum currency area, although moderating this concern was the finding that it was possible to distinguish a regional core and periphery (Bayoumi and Eichengreen, 1993). Revisiting these issues, we find that the United States is remains closer to an optimum currency area than the Euro Area. More intriguingly, the Euro Area shows striking changes in correlations and responses which we interpret as reflecting hysteresis with a financial twist, in which the financial system causes aggregate supply and demand shocks to reinforce each other. An implication is that the Euro Area needs vigorous, coordinated regulation of its banking and financial systems by a single supervisor—that monetary union without banking union will not work.

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International Monetary Fund

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ISBN 10

1475586914

ISBN 13

9781475586916

Exchange Rate Assessment

Extension of the Macroeconomic Balance Approach

By: Mr.Hamid Faruqee,Mr.Peter Isard

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Exchange Rate Assessment

Extension of the Macroeconomic Balance Approach

By: Mr.Hamid Faruqee,Mr.Peter Isard

The IMF's internal analysis of exchange rate issues has been guided by, and limited by, the conceptual and empirical frameworks that have emerged from the collective research of the economics profession. The research has provided several general approaches that are useful for assessing whether countries exchange rates seem broadly appropriate. One involves the calculation of purchasing power-party (PPP) measure or international competitiveness indicators. A second, known as the macroeconomic balance framework, focuses on the extent to which prevailing exchange rates and policies are consistent with simultaneous internal and external equilibrium over the medium run. Some recent extensions of the macroeconomic balance approach and the manner in which it is applied by the IMF staff are described in this paper.

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International Monetary Fund

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ISBN 10

1557757313

ISBN 13

9781557757319

The Global Economic Recovery 10 Years After the 2008 Financial Crisis

By: Ms.Wenjie Chen,Mr.Mico Mrkaic,Mr.Malhar S Nabar

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The Global Economic Recovery 10 Years After the 2008 Financial Crisis

By: Ms.Wenjie Chen,Mr.Mico Mrkaic,Mr.Malhar S Nabar

This paper takes stock of the global economic recovery a decade after the 2008 financial crisis. Output losses after the crisis appear to be persistent, irrespective of whether a country suffered a banking crisis in 2007–08. Sluggish investment was a key channel through which these losses registered, accompanied by long-lasting capital and total factor productivity shortfalls relative to precrisis trends. Policy choices preceding the crisis and in its immediate aftermath influenced postcrisis variation in output. Underscoring the importance of macroprudential policies and effective supervision, countries with greater financial vulnerabilities in the precrisis years suffered larger output losses after the crisis. Countries with stronger precrisis fiscal positions and those with more flexible exchange rate regimes experienced smaller losses. Unprecedented and exceptional policy actions taken after the crisis helped mitigate countries’ postcrisis output losses.

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International Monetary Fund

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ISBN 10

1498311687

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9781498311687

Quasi-Fiscal Implications of Central Bank Crisis Interventions

By: John Hooley,Mr. Ashraf Khan,Claney Lattie,Istvan Mak,Ms. Natalia Salazar,Amanda Sayegh,Mr. Peter Stella

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Quasi-Fiscal Implications of Central Bank Crisis Interventions

By: John Hooley,Mr. Ashraf Khan,Claney Lattie,Istvan Mak,Ms. Natalia Salazar,Amanda Sayegh,Mr. Peter Stella

We develop a stylized balance sheet framework to help identify ‘quasi-fiscal’ components of central bank crisis interventions and show how sources of fiscal risk are created from both the new claims and how they are funded. Combining central bank balance sheet data with survey evidence from intervention announcements, we document the risks to the public sector balance sheet from central banks’ interventions in response to the Covid-19 crisis, including non-conventional lending to the financial and non-financial sectors and large-scale purchases of government securities. Case study analysis indicates that management of fiscal risks from central bank crisis interventions varies greatly across countries, although several good practices can be identified.

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International Monetary Fund

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ISBN 13

9798400241185

Resource Windfalls, Optimal Public Investment and Redistribution

The Role of Total Factor Productivity and Administrative Capacity

By: Mr.Rabah Arezki,Mr.Arnaud Dupuy,Mr.Alan H. Gelb

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Resource Windfalls, Optimal Public Investment and Redistribution

The Role of Total Factor Productivity and Administrative Capacity

By: Mr.Rabah Arezki,Mr.Arnaud Dupuy,Mr.Alan H. Gelb

This paper studies the optimal public investment decisions in countries experiencing a resource windfall. To do so, we use an augmented version of the Permanent Income framework with public investment faced with adjustment costs capturing the associated administrative capacity as well as government direct transfers. A key assumption is that those adjustment costs rise with the size of the resource windfall. The main results from the analytical model are threefold. First, a larger resource windfall commands a lower level of public capital but a higher level of redistribution through transfers. Second, weaker administrative capacity lowers the increase in optimal public capital following a resource windfall. Third, higher total factor productivity in the non-resource sector reduces the degree of des-investment in public capital commanded by weaker administrative capacity. We further extend our basic model to allow for "investing in investing" - that is public investment in administrative capacity - by endogenizing the adjustment cost in public investment. Results from the numerical simulations suggest, among other things, that a higher initial stock of public administrative "know how" leads to a higher level of optimal public investment following a resource windfall. Implications for policy are discussed.

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International Monetary Fund

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ISBN 10

1475505507

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9781475505504

Primary Science: Knowledge and Understanding

By: Mr Graham A Peacock,Debbie Wright,Mr Rob Johnsey,Professor John Sharp

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Primary Science: Knowledge and Understanding

By: Mr Graham A Peacock,Debbie Wright,Mr Rob Johnsey,Professor John Sharp

The essential subject knowledge text for primary science. Secure subject knowledge and understanding is the foundation of confident, creative and effective teaching. The 5th edition of this popular text has a number of new features including a new self assessment section and M level extension boxes to provide further challenge in all chapters. References to the 2007 QTS Standards and the Early Years Foundation Stage are also included. With full coverage of the science curriculum, and updated research summaries reflecting the latest thinking, this text is written to help trainee primary teachers develop and consolidate their knowledge of science.

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242

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SAGE

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ISBN 10

0857250833

ISBN 13

9780857250834

Central Bank Independence and Inflation in Latin America—Through the Lens of History

By: Mr. Luis Ignacio Jácome,Samuel Pienknagura

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Central Bank Independence and Inflation in Latin America—Through the Lens of History

By: Mr. Luis Ignacio Jácome,Samuel Pienknagura

We study the link between central bank independence and inflation by providing narrative and empiricial evidence based on Latin America’s experience over the past 100 years. We present a novel historical dataset of central bank independence for 17 Latin American countries and recount the rocky journey traveled by Latin America to achieve central bank independence and price stability. After their creation as independent institutions, central bank independence was eroded in the 1930s at the time of the Great Depression and following the abandonement of the gold exchange standard. Then, by the 1940s, central banks turned into de facto development banks under the aegis of governments, sawing the seeds for high inflation. It took the high inflation episodes of the 1970s and 1980s and the associated major decline in real income, and growing social discontent, to grant central banks political and operational independence to focus on fighting inflation starting in the 1990s. The empirical evidence confirms the strong negative association between central bank independence and inflation and finds that improvements in independence result in a steady decline in inflation. It also shows that high levels of central bank independence are associated with reductions in the likelihood of high inflation episodes, especially when accompanied by reductions in central bank financing to the central government.

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International Monetary Fund

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ISBN 13

9798400219030

Smart Trust

Creating Prosperity, Energy, and Joy in a Low-Trust World

By: Stephen M. R. Covey,Greg Link,Rebecca R. Merrill

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Smart Trust

Creating Prosperity, Energy, and Joy in a Low-Trust World

By: Stephen M. R. Covey,Greg Link,Rebecca R. Merrill

Unleash the hidden power of trust and change lives and impact organization with proven, patented techniques. In a compelling and reader-friendly style, Stephen M.R. Covey and long-time business partner Greg Link share enlightening principles from people and organizations that are achieving unprecedented prosperity from high-trust relationships and--even more inspiring--also attaining elevated levels of energy and joy. With penetrating insights about the world's most successful leaders and organizations, the authors lay out a practical and actionable formula that makes trust a performance multiplier for leaders, teams, organizations, and even countries. They show why trust is fast becoming the most consequential life and leadership skill of our time--a career-critical competency required to navigate and compete in this perilous twenty-first-century interdependent, global economy. Covey and Link teach how to cut through traditional either/or thinking to extend Smart Trust, enabling you to exercise sound judgment in a low-trust world by minimizing risk and maximizing possibilities."--Publisher description.

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322

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Simon and Schuster

Published Date

ISBN 10

1451651457

ISBN 13

9781451651454

Trust and Inspire

How Truly Great Leaders Unleash Greatness in Others

By: Stephen M.R. Covey

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Trust and Inspire

How Truly Great Leaders Unleash Greatness in Others

By: Stephen M.R. Covey

From the bestselling author of The Speed of Trust and Smart Trust, a revolutionary new way to lead. Stephen M. R. Covey has made it his life's work to understand trust in leadership and organizations. In his newest and most transformative book, Trust and Inspire, he makes the compelling argument that even though our world has changed drastically, our leadership style has not. Most organizations, teams, schools, and families today still operate from a model of "command and control," focusing on hierarchies and compliance from people. But because of the changing nature of the world, the workforce, work itself, and the choices we have for where and how to work and live, these old rules of leadership no longer apply. Covey's solution is simple, yet bold: a shift from this "command and control" model to a leadership style of "trust and inspire." Covey challenges our beliefs about people and leadership that have been deeply engrained in management approaches for decades. Trust and Inspire is a new way of leading that starts with the belief that people are creative, collaborative, and full of potential. People with this kind of leader are inspired to become the best version of themselves and to produce their best work. People don't want to be managed; they want to be led. Trust and Inspire is the solution to the future of work: where a dispersed workforce will be the norm, necessitating trust and collaboration across time zones, cultures, personalities, and technology. Trust and Inspire calls for a radical shift in the way we lead in the 21st century, and Covey shows us how.

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368

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Simon and Schuster

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ISBN 10

198214372X

ISBN 13

9781982143725

Advancing the Frontiers of Monetary Policy

By: Tobias Adrian,Mr.Douglas Laxton,Mr.Maurice Obstfeld

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Advancing the Frontiers of Monetary Policy

By: Tobias Adrian,Mr.Douglas Laxton,Mr.Maurice Obstfeld

Inflation-forecast targeting is state of the art for monetary policy. This book explores first principles, including managing short-term policy trade-offs. The book also outlines efficient operational procedures and reviews the experiences of Canada, the Czech Republic, and India. The analysis highlights the need for assertive policies and maximum transparency.

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297

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International Monetary Fund

Published Date

ISBN 10

1484344480

ISBN 13

9781484344484

UniteDead Kingdom 2

By: Mr Stuart Irving

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UniteDead Kingdom 2

By: Mr Stuart Irving

What do you do when you strive to be better ... but the world around you goes from bad to worse? A sequel to UniteDead Kingdom, the sage continues where we left off, in 2030, with the remains of the group of would-be heroes trying to reverse the UK's zombification. They meet new friends and have to overcome their differences in order to stay alive. They also encounter dangerous enemies, who test their trust and will to live. Revenge drives them on a new journey and threatens to destroy them, all the while trying to keep their secrets - and a multitude of snarling teeth - at bay.

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156

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eBookIt.com

Published Date

ISBN 10

1456630199

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9781456630195

Central Bank Balance Sheet Policies and Spillovers to Emerging Markets

By: Mr.Manmohan Singh,Haobin Wang

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Central Bank Balance Sheet Policies and Spillovers to Emerging Markets

By: Mr.Manmohan Singh,Haobin Wang

We develop a theoretical model that shows that in the near future, the monetary policies of some key central banks in advanced economies (AEs) will have two dimensions—changes in short-term policy rates and balance sheet adjustments. This will affect emerging market economies (EMs), especially those with a pegged exchange rate, as these EMs primarily use a single monetary policy tool, i.e., the short-term policy rate. We show that changes in policy rates and balance sheet adjustments in AEs may differ in their respective financial spillovers to pegged EMs. Thus, it will be difficult for EMs to mitigate different types of spillovers with a single monetary policy tool. In that context, we use the model to show how EMs might use additional tools—capital controls and/or macro-prudential policy—to complement their monetary policy and financial stability toolkit. We also discuss how balance sheet adjustments that affect long-term interest rates may percolate to influence short-term interest rates via financial plumbing.

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International Monetary Fund

Published Date

ISBN 10

1484313232

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9781484313237

Supply-Side Tax Policy

Its Relevance to Developing Countries

By: Mr.Liam P. Ebrill,Mr.George A. Mackenzie,Mr.Parthasarathi Shome,Mr.Ved P. Gandhi,Mr.Luis A. Manas Anton,Jitendra R. Modi,Mr.Fernando J. Sanchez-Ugarte

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Supply-Side Tax Policy

Its Relevance to Developing Countries

By: Mr.Liam P. Ebrill,Mr.George A. Mackenzie,Mr.Parthasarathi Shome,Mr.Ved P. Gandhi,Mr.Luis A. Manas Anton,Jitendra R. Modi,Mr.Fernando J. Sanchez-Ugarte

Written by Ved P. Gandhi, Liam P. Ebrill, George A. Mackenzie, Luis Mañas-Antón, Jitendra R. Modi, Somchai Richupan, Fernando Sanchez-Ugarte, and Parthasarathi Shome, this book contains 12 articles. It examines the relevance to developing countries of the tax policy recommendations of supply-side economists and attempts to delineate policy guidelines to ensure that fiscal management enhances rather than inhibits growth and efficiency in the wider economy.

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404

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International Monetary Fund

Published Date

ISBN 10

0939934914

ISBN 13

9780939934911

Some Alternative Monetary Facts

By: Mr.Peter Stella,Mr.Manmohan Singh,Apoorv Bhargava

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Some Alternative Monetary Facts

By: Mr.Peter Stella,Mr.Manmohan Singh,Apoorv Bhargava

In this paper, we discuss the modern history of monetarism and its alternatives, as well as the changing empirical relationship of various measures of money and inflation. After demonstrating that previous naïve correlations between money and inflation as established in the 20th century literature have largely disappeared, we explain why this cannot be taken as support for an increased reliance on permanent monetary finance. Rather, we argue that rapid technological innovation in payments systems—both public and private—including in global pledged collateral markets, portends a declining demand for central bank liabilities.

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International Monetary Fund

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ISBN 10

1513566423

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9781513566429

The Stock Market Channel of Monetary Policy

By: Mr.Ralph Chami,Mr.Thomas F. Cosimano,Connel Fullenkamp

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The Stock Market Channel of Monetary Policy

By: Mr.Ralph Chami,Mr.Thomas F. Cosimano,Connel Fullenkamp

This paper argues that the stock market is an important channel of monetary policy. Monetary policy affects real economic activity because inflation levies a property tax on stocks in addition to an income tax on dividend payments. Inflation thus taxes stocks more heavily than it does bonds. Households alter their required rate of return as inflation changes, and firms adjust production in order to satisfy their shareholders’ demands. As the stock market channel grows in importance, the appropriate intermediate target for the central bank is the price level, with price stability being the ultimate goal.

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International Monetary Fund

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ISBN 10

145184395X

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9781451843958

A Primer on Managing Sovereign Debt-Portfolio Risks

By: Thordur Jonasson,Mr.Michael G. Papaioannou

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A Primer on Managing Sovereign Debt-Portfolio Risks

By: Thordur Jonasson,Mr.Michael G. Papaioannou

This paper provides an overview of sovereign debt portfolio risks and discusses various liability management operations (LMOs) and instruments used by public debt managers to mitigate these risks. Debt management strategies analyzed in the context of helping reach debt portfolio targets and attain desired portfolio structures. Also, the paper outlines how LMOs could be integrated into a debt management strategy and serve as policy tools to reduce potential debt portfolio vulnerabilities. Further, the paper presents operational issues faced by debt managers, including the need to develop a risk management framework, interactions of debt management with fiscal policy, monetary policy, and financial stability, as well as efficient government bond markets.

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133

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International Monetary Fund

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ISBN 10

1484350545

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9781484350546

Capital Markets and Financial Intermediation in The Baltics

By: Niamh Sheridan,Mr.Alfred Schipke,Ms.Susan Mary George,Mr.Christian H. Beddies

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Capital Markets and Financial Intermediation in The Baltics

By: Niamh Sheridan,Mr.Alfred Schipke,Ms.Susan Mary George,Mr.Christian H. Beddies

In just over a decade after independence, the three Baltic countries, Estonia, Latvia, and Lithuania, have transformed themselves into fully functioning, small open-market economies that will be joining the European Union. Capital Markets and Financial Intermediation in The Baltics analyzes the financial systems of the three countries and discusses some of their unique characteristics. The study also examines current distortions of the systems and discusses whether or not the Baltics should move from an almost exclusively bank-based system to one that relies more on capital markets. In the process, it addresses issues of corporate governance and regional integration.

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International Monetary Fund

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ISBN 10

1589062728

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9781589062726

Tourism Specialization and Economic Development

Evidence from the UNESCO World Heritage List

By: Mr.Rabah Arezki,Reda Cherif,John M. Piotrowski

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Tourism Specialization and Economic Development

Evidence from the UNESCO World Heritage List

By: Mr.Rabah Arezki,Reda Cherif,John M. Piotrowski

The present paper investigates whether tourism specialization is a viable strategy for development. We estimate standard growth equations augmented with a variable measuring tourism specialization using instrumental variables techniques for a large cross-section of countries for the period 1980-2002. We introduce an instrument for tourism based on the UNESCO World Heritage List. We find that there is a positive relationship between the extent of tourism specialization and economic growth. An increase of one standard deviation in the share of tourism in exports leads to about 0.5 percentage point in additional annual growth, everything else being constant. Our result holds against a large array of robustness checks.

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International Monetary Fund

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ISBN 10

1451873239

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9781451873238

Crises, Contagion, and the Closed

End Country Fund Puzzle

By: Mr.Angel J. Ubide,Mr.Eduardo Levy Yeyati

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Crises, Contagion, and the Closed

End Country Fund Puzzle

By: Mr.Angel J. Ubide,Mr.Eduardo Levy Yeyati

This paper analyzes the behavior of closed-end country fund discounts, including evidence from the Mexican and East Asian crises. We find that the ratio of fund prices to their fundamental value increases dramatically during a crisis, an anomaly that we denote the “closed-end country fund puzzle.” Our results show that the puzzle relates directly to the fact that international investors are less (more) sensitive to changes in local (global) market conditions than domestic investors. This asymmetry implies that foreign participation in local markets can both help dampen a crisis in the originating country, and amplify the contagion to noncrisis countries.

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International Monetary Fund

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ISBN 10

1451856318

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9781451856316

The Real Exchange Rate and Growth Revisited

The Washington Consensus Strikes Back?

By: Yanliang Miao,Mr.Andrew Berg

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The Real Exchange Rate and Growth Revisited

The Washington Consensus Strikes Back?

By: Yanliang Miao,Mr.Andrew Berg

There is good reason and much evidence to suggest that the real exchange rate matters for economic growth, but why? The "Washington Consensus" (WC) view holds that real exchange rate misalignment implies macroeconomic imbalances that are themselves bad for growth. In contrast, Rodrik (2008) argues that undervaluation relative to purchasing power parity is good for growth because it promotes the otherwise inefficiently small tradable sector. Our main result is that WC and the Rodrik views of the role of misalignment in growth are observationally equivalent for the main growth regressions he reports. There is an identification problem: Determinants of misalignment are also likely to be independent drivers of growth, and these types of growth regressions are hard-pressed to disentangle the different channels. However, we confirm that not only are overvaluations bad but undervaluations are also good for growth, a result squarely consistent with the Rodrik story but one that requires some gymnastics from the WC viewpoint.

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International Monetary Fund

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ISBN 10

1451963750

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9781451963755

The Macroeconomics of HIV/AIDS

By: Mr.Markus Haacker

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The Macroeconomics of HIV/AIDS

By: Mr.Markus Haacker

This paper analyzes the macroeconomics of HIV/AIDS. The paper highlights that the mortality and morbidity associated with AIDS make it unlike most other types of sickness and disease. The paper describes the most common approaches used in accounting for growth in the context of an HIV/AIDS epidemic. The impact of HIV/AIDS on education and the accumulation of human capital is discussed. The paper also discusses the impact of HIV/AIDS on the public sector, and elaborates certain demographic events specific to the HIV/AIDS pandemic.

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368

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International Monetary Fund

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ISBN 10

1589063600

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9781589063600

Monetary Finance: Do Not Touch, Or Handle with Care?

By: Mr. Itai Agur,Mr. Damien Capelle,Mr. Giovanni Dell'Ariccia,Mr. Damiano Sandri

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Monetary Finance: Do Not Touch, Or Handle with Care?

By: Mr. Itai Agur,Mr. Damien Capelle,Mr. Giovanni Dell'Ariccia,Mr. Damiano Sandri

This paper reviews the theoretical arguments in favor and against MF and presents an empirical assessment of the risks that it may pose for inflation.

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International Monetary Fund

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ISBN 10

1513592548

ISBN 13

9781513592541

The Eastern Caribbean Economic and Currency Union

Macroeconomics and Financial Systems

By: Mr.Alfred Schipke,Aliona Cebotari,Ms.Nita Thacker

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The Eastern Caribbean Economic and Currency Union

Macroeconomics and Financial Systems

By: Mr.Alfred Schipke,Aliona Cebotari,Ms.Nita Thacker

The Eastern Caribbean Economic and Currency Union (OECS/ECCU) is one of four currency unions in the world. As in other parts of the world in the aftermath of the global economic and financial crisis, the region is at a crossroads, facing the major challenges of creating jobs, making growth more inclusive, reforming the banking system, and managing volatility, while grappling with high public debt and persistent low economic growth. Policymakers have the critical task of implementing strong reforms to strengthen the monetary union while also laying the foundation for accelerating growth. This Handbook provides a comprehensive analysis of the key issues in the OECS/ECCU, including its organization and economic and financial sector linkages, and provides policy recommendations to foster economic growth.

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546

Publisher

International Monetary Fund

Published Date

ISBN 10

1616352655

ISBN 13

9781616352653

What’s In a Name? That Which We Call Capital Controls

By: Mr.Atish R. Ghosh,MissMahvash Qureshi

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What’s In a Name? That Which We Call Capital Controls

By: Mr.Atish R. Ghosh,MissMahvash Qureshi

This paper investigates why controls on capital inflows have a bad name, and evoke such visceral opposition, by tracing how capital controls have been used and perceived, since the late nineteenth century. While advanced countries often employed capital controls to tame speculative inflows during the last century, we conjecture that several factors undermined their subsequent use as prudential tools. First, it appears that inflow controls became inextricably linked with outflow controls. The latter have typically been more pervasive, more stringent, and more linked to autocratic regimes, failed macroeconomic policies, and financial crisis—inflow controls are thus damned by this “guilt by association.” Second, capital account restrictions often tend to be associated with current account restrictions. As countries aspired to achieve greater trade integration, capital controls came to be viewed as incompatible with free trade. Third, as policy activism of the 1970s gave way to the free market ideology of the 1980s and 1990s, the use of capital controls, even on inflows and for prudential purposes, fell into disrepute.

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International Monetary Fund

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ISBN 10

1498332838

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9781498332835

Hong Kong SAR

Meeting the Challenges of Integration with the Mainland

By: Mr.William Lee,Mr.Jorge A. Chan-Lau,Ms.Dora M. Iakova,Papa M'B. P. N'Diaye,Ms.Tao Wang,Ida Liu,Ms.Hong Liang,Mr.Eswar Prasad

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Hong Kong SAR

Meeting the Challenges of Integration with the Mainland

By: Mr.William Lee,Mr.Jorge A. Chan-Lau,Ms.Dora M. Iakova,Papa M'B. P. N'Diaye,Ms.Tao Wang,Ida Liu,Ms.Hong Liang,Mr.Eswar Prasad

This Occasional Paper provides an overview of the main challenges facing Hong Kong SAR as it continues to become more closely integrated with the mainland of China. Section I provides an overview of recent macroeconomic developments and the main policy issues in Hong Kong SAR. Section II examines various aspects of the ongoing integration with the mainland, and the associated implications for the structure of the economy, and for macroeconomic and structural policies. Section III examines the medium-term fiscal outlook under different policy scenarios and discusses alternative policy options to restore fiscal balance. Section IV reviews recent developments in the real estate sector and their macroeconomic impacts. Section V presents an econome tric analysis of deflation and its determinants. Section VI examines the factors behind, and the implications of, rising wage inequality in Hong Kong SAR. Section VII presents an overview of recent developments in the financial sector and provides an assessment of Hong Kong SAR’s prospects as an international financial center.

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International Monetary Fund

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ISBN 10

1589062949

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9781589062948

The East African Community

Prospects for Sustained Growth

By: Ms.Catherine McAuliffe,Ms.Sweta Chaman Saxena,Mr.Masafumi Yabara

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The East African Community

Prospects for Sustained Growth

By: Ms.Catherine McAuliffe,Ms.Sweta Chaman Saxena,Mr.Masafumi Yabara

The East African Community (EAC) has been among the fastest growing regions in sub-Saharan Africa in the past decade or so. Nonetheless, the recent growth path will not be enough to achieve middle-income status and substantial poverty reduction by the end of the decade—the ambition of most countries in the region. This paper builds on methodologies established in the growth literature to identify a group of countries that achieved growth accelerations and sustained growth to use as benchmarks to evaluate the prospects, and potential constraints, for EAC countries to translate their recent growth upturn into sustained high growth. We find that EAC countries compare favorably to the group of sustained growth countries—macroeconomic and government stability, favorable business climate, and strong institutions—but important differences remain. EAC countries have a smaller share of exports, lower degree of financial deepening, lower levels of domestic savings, higher reliance on donor aid, and limited physical infrastructure and human capital. Policy choices to address some of these shortcomings could make a difference in whether the EAC follows the path of sustained growth or follows other countries where growth upturns later fizzled out.

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International Monetary Fund

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ISBN 10

1475539428

ISBN 13

9781475539424

Many Rivers to Cross

Of Good Running Water, Native Trout, and the Remains Of Wilderness

By: M.r. Montgomery

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Many Rivers to Cross

Of Good Running Water, Native Trout, and the Remains Of Wilderness

By: M.r. Montgomery

As an angler in search of wild trout and an urban dweller in search of the wild frontier, Montgomery has traveled to magical places where the water runs clear and the trout are abundant--and to landscapes threatened by tourists, developers, and even grazing cows. His book is at once a quirky, lively fishing journal and a lyrical ode to our vanishing wilderness. Line drawings.

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260

Publisher

Simon and Schuster

Published Date

ISBN 10

0684818299

ISBN 13

9780684818290

Malaysia

From Crisis to Recovery

By: Mr.Yougesh Khatri,Mr.Il Houng Lee,Mrs.O. Liu,Ms.Kanitta Meesook,Ms.Natalia T. Tamirisa

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Malaysia

From Crisis to Recovery

By: Mr.Yougesh Khatri,Mr.Il Houng Lee,Mrs.O. Liu,Ms.Kanitta Meesook,Ms.Natalia T. Tamirisa

This paper discusses how Malaysia can better protect itself from future shocks and avoid another crisis while it seeks to regain its position as one of the fastest growing economies in the world. To these ends, its strategy should include continued structural reforms to achieve healthy balance sheets of the banking and corporate sectors; further deregulation to promote competition and efficiency; and consistent macroeconomic policies to maintain financial stability and sustainable fiscal and external positions. Malaysia's economic structure and performance were relatively strong prior to the crisis. Malaysia’s initial low level of short-term external debt enabled it to maintain foreign reserves at a reasonably high level, and this contributed to relatively robust external and domestic confidence early on in the crisis. As a consequence of financial vigilance exercised through prudential regulation of capital movements, the exposure of the financial and corporate systems was contained. Stock market capitalization in Malaysia grew to an extremely high level prior to the crisis, reflecting both the fast expansion of the capital market and liberal capital account regime.

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116

Publisher

International Monetary Fund

Published Date

ISBN 10

1589060474

ISBN 13

9781589060470

The Speed of Trust

The One Thing that Changes Everything

By: Stephen M. R. Covey

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The Speed of Trust

The One Thing that Changes Everything

By: Stephen M. R. Covey

From Stephen R. Covey's eldest son come a revolutionary book that will guide business leaders, public figures and their organizations towards unprecedented productivity and satisfaction. Trust, says Stephen M. R. Covey, is the very basis of the 21st century's global economy, but its power is generally overlooked and misunderstood. Covey shows you how to inspire immediate trust in everyone you encounter - colleagues, constituents, the marketplace - allowing you to forego the time-killing and energy-draining check and balance bureaucracies that are so often relied upon in lieu of actual trust.

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499

Publisher

Simon and Schuster

Published Date

ISBN 10

1847396224

ISBN 13

9781847396228

Reaping the Benefits of Financial Globalization

By: Mr.Ayhan Kose,Mr.Julian Di Giovanni,Mr.Andre Faria,Mr.Martin Schindler,Mr.Giovanni Dell'Ariccia,Mr.Paolo Mauro,Mr.Jonathan David Ostry,Mr.Marco Terrones

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Reaping the Benefits of Financial Globalization

By: Mr.Ayhan Kose,Mr.Julian Di Giovanni,Mr.Andre Faria,Mr.Martin Schindler,Mr.Giovanni Dell'Ariccia,Mr.Paolo Mauro,Mr.Jonathan David Ostry,Mr.Marco Terrones

Financial globalization has increased dramatically over the past three decades, particularly for advanced economies, while emerging market and developing countries experienced more moderate increases. Divergences across countries stem from different capital control regimes, and factors such as institutional quality and domestic financial development. Although, in principle, financial globalization should enhance international risk sharing, reduce macroeconomic volatility, and foster economic growth, in practice its effects are less clear-cut. This paper envisages a gradual and orderly sequencing of external financial liberalization and complementary reforms in macroeconomic policy framework as essential components of a successful liberalization strategy.

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International Monetary Fund

Published Date

ISBN 10

1589067487

ISBN 13

9781589067486

Book's by Mr Simon Summers

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