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A wide-flung archipelago lying between the Pacific and Indian Oceans, Indonesia is the world's most populous Islamic country. For over two thousand years it was a crossroads on the major trading route between China and India, but it was not brought together into a single entity until the Dutch extended their rule throughout the Netherlands East Indies in the early part of the 20th century. Declaring its independence from the Dutch in 1945, the Republic of Indonesia was ruled by only two regimes over the next half century Throughout the years the country has continued to be dogged by an inefficient bureaucracy and by perpetual problems of corruption. However, since 2004 Indonesia has successf...
This pioneering volume traces the history of the region which became Indonesia, from early times to the present day, in over three hundred specially drawn full-colour maps with detailed accompanying text. In doing so, the Atlas brings fresh life to the fascinating and tangled history of this immense archipelago. Beginning with the geographical and ecological forces which have shaped the physical form of the archipelago, the Historical Atlas of Indonesia goes on to chart early human migration and the changing distribution of ethnic groups. It traces the kaleidoscopic pattern of states in early Indonesia and their gradual incorporation into the Netherlands Indies and eventually into the Republic of Indonesia.
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This book is an anthology of Ahmad Tohari’s fifteen short-stories that had appeared in countless newspapers between 1983 and 1997. Like his novels, his short-stories always have distinct characteristics. He always portrays the lives of the poor people or the low working class, with all their pain and struggles. Ahmad Tohari knew their lives well. As a result, he was able to weave the stories with a touching sympathy and empathy that can enrich the readers’ mind.
The global financial crisis and its aftermath saw boom-bust cycles in cross-border capital flows of astounding magnitude. Issues of capital account liberalization and the imposition of capital controls are back in the headlines, and on researchers' agendas. This comprehensive and timely volume is the first collection of influential papers by leading scholars in the field that is representative of the various debates on this topic, and illustrative of how thinking and research have evolved.
Two striking facts about international capital flows in emerging economies motivate this paper: (1) Governments hold large amounts of international reserves, for which they obtain a return lower than their borrowing cost. (2) Purchases of domestic assets by nonresidents and purchases of foreign assets by residents are both procyclical and collapse during crises. We propose a dynamic model of endogenous default that can account for these facts. The government faces a trade-off between the benefits of keeping reserves as a buffer against rollover risk and the cost of having larger gross debt positions. Long-duration bonds, the countercyclical default premium, and sudden stops are important for the quantitative success of the model.
Policymakers have relied on a wide range of policy tools to cope with capital flow shocks. And yet, the effects and interaction of these policies remain under debate, as does the motivation for using them. In this paper, quantile local projections are used to estimate the entire distribution of future policy responses to portfolio flow shocks for 20 emerging markets and understand the variety of policy choices across the sample. To assuage endogeneity concerns, estimates rely on the fact that global capital flows are exogenous from the viewpoint of any one of these countries. The paper finds that: (i) policy responses to capital flow shocks are heterogeneous across countries, fat-tailed—â€...
Pakistan is unlike most other countries in the emerging world. It is one of the two nations – the other being the state of Israel – founded on the basis of religion. Although it was created to provide a homeland for the Muslim community of British India, in its original form it was able to accommodate only about half of the people of Islamic faith who lived in the subcontinent. Pakistan’s birth in 1947 resulted in one of the largest movements of people in human history when some 14 million people left their homes, with 8 million Muslims leaving India for what is now Pakistan and 6 million Hindus and Sikhs moving in the opposite direction. This was the first large-scale incidence of ethnic cleansing the world was to witness. --
The workhorse open-economy macro model suggests that capital inflows are contractionary because they appreciate the currency and reduce net exports. Emerging market policy makers however believe that inflows lead to credit booms and rising output, and the evidence appears to go their way. To reconcile theory and reality, we extend the set of assets included in the Mundell-Fleming model to include both bonds and non-bonds. At a given policy rate, inflows may decrease the rate on non-bonds, reducing the cost of financial intermediation, potentially offsetting the contractionary impact of appreciation. We explore the implications theoretically and empirically, and find support for the key predictions in the data.