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The Microstructure of Foreign Exchange Markets
The foreign exchange market is the largest, fastest-growing financial market in the world. Yet conventional macroeconomic approaches do not explain why people trade foreign exchange. At the same time, they fail to explain the short-run determinants of the exchange rate. These nine innovative essays use a microstructure approach to analyze the workings of the foreign exchange market, with special emphasis on institutional aspects and the actual behavior of market participants. They examine the volume of transactions, heterogeneity of traders, the time of day and location of trading, the bid-ask spread, and the high level of exchange rate volatility that has puzzled many observers. They also consider the structure of the market, including such issues as nontransparency, asymmetric information, liquidity trading, the use of automated brokers, the relationship between spot and derivative markets, and the importance of systemic risk in the market. This timely volume will be essential reading for anyone interested in the economics of international finance.
The Welfare State System and Common Security
This book argues that the welfare state system should be adopted globally, not only for the purpose of achieving equality and justice within nations, but also for security between states. Using Finland, Sweden and Canada as case studies, it theorises that the welfare state system and the common security system, which are mutually reinforcing peace structures, should be utilised worldwide as the best method of attaining peace and prosperity. It demonstrates the feasibility of the welfare state in the past, whilst also showing how these historical experiences can be translated into socio-political action to address contemporary global challenges. Operating in the fields of political theory, international relations, and social philosophy, it will appeal to scholars and students of public policy, the welfare state, and sociology, as well as state policymakers.
Pathbreakers
This book concentrates on how small European countries coped with economic integration and disintegration during the twentieth century. Small countries had to adapt flexibly to the drastically changing conditions outside their borders. They had to find ways of maintaining their political autonomy notwithstanding their economic dependence, and they have been quite successful in accomplishing this difficult balancing act. The authors analyse how small countries responded to the challenges of the international system and describe the different policies and strategies pursued by governments, industries and firms. Originating from the XIII. Congress of the International Economic History Association (IEHA), the contributions to this volume offer new perspectives on a widely debated topic and contribute to a better understanding of the current process of globalisation in small and large countries. The volume is divided into three sections: I. Coping with Different Regimes for International Trade and Changing Competitiveness; II. From an Open World Economy to Economic Disintegration and Protectionism; III. Trade Liberalisation, European Integration and Deregulation.
Constructivism, Narrative and Foreign Policy Analysis
Building on constructivist approaches to international relations this book develops a narrative theory of identity, action and foreign policy, which is then applied to account for the evolution of Finnish foreign policy. The book adopts an innovative approach by showing how foreign policy orientations need to be seen as grounded in overlapping and competing sets of identity narratives that reappear in different forms through history. By emphasising the dynamism implicit within identity narratives the book not only challenges traditional rationalist materialist approaches to foreign policy analysis, but also the current tendency to depict the story of Finnish foreign policy, identity and history as one of a gradual move towards a Western location. Rather the book emphasises elements of multiplicity and contingency, whilst re-establishing foreign policy as a highly political process concerned with power and the right to define reality and national subjectivity.
New Research in Corporate Finance and Banking
In recent years, European financial economists have been brought together, via research projects and bubble01ces, by the Centre for Economic Policy Research (CEPR). These fruitful interactions have contributed to the development of financial economics in Europe, and have generated a strong flow of interesting writing---both theoretical and empirical---in the fields of financial markets and corporate finance.The chapters in this volume and its companion volume, "Financial Markets: A Reader", reflect the depth and breadth of the research interests of European scholars in financial economics. The chapters that appear in this volume further our understanding of the interaction between business cycle and financial imperfections, IPOs, takeover bids, and the interplay between banks and financial markets. The analysis presented in "Financial Markets" enhances our understanding of asset pricing, both in the context of perfect markets and in the context of market imperfections, such as asymmetric information. Together, these two volumes comprise an authoritative and invaluable reference tool for scholars and others working in the fields of finance, corporate finance, and monetary economics.
Mostly Uphill, Smiley
Ari Sihvola (born 1951) began his career at the Finnish Ministry for Foreign Affairs as a young civil servant in the 1970s. Over the years, Ari has played a key role in the development of public governance and the development of the skills of civil servants, especially in EU affairs and leadership. In addition to Finland and the European Commission, Ari's expertise has been utilised in many demanding international projects on four continents.
Walking the Highwire
Walking the Highwire tells the story of the Eurozone Crisis from the perspective of the former Vice-President of the European Commission who was responsible for Economic and Monetary Affairs in 2010-2014. It is a comprehensive European account that covers both events and decisions in Brussels and Frankfurt and in the member states, both in distressed countries and creditor states. It also provides an economic-political analysis of the crisis and its management, recognising that the Euro was created politically, and saved politically. Thoroughly researched and based on economic analysis of the time, reports on various meetings and the author's own speaking notes and diary, this book begins with a narrative of crisis management 2009-2012, before moving on to address the beginning of the recovery from 2013-2014. It concludes with the lessons learnt from the crisis and a programme for reform of the Eurozone in the 2020s, with contemporary policy relevance. This is an entertaining and engaging account which will be of interest to a wide audience: scholars and students, practitioners and commentators of the Eurozone.
The Crawling Band as an Exchange Rate Regime
This study examines in detail the experiences of three countries that have in recent years operated exchange rate systems of "crawling bands," similar in spirit to the target zones that the author has recommended in the past. Williamson compares the succcessful experiences of 3 countries that have operated crawling bands with 15 similar countries and concludes that the crawling band exchange-rate policy has been an important element in their success. The study includes a manual for managing crawling bands.
Reform Capacity and Macroeconomic Performance in the Nordic Countries
This volume examines whether the reform experiences in the Nordic economies offer some lessons for the design of the general fiscal framework in the wake of the financial crisis.
Unions, Employers, and Central Banks
Focuses on important political-economic changes in industrialized countries, namely unemployment and inequality.
