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The Fall of the Celtic Tiger
  • Language: en
  • Pages: 339

The Fall of the Celtic Tiger

Examines how the Celtic Tiger, an economy that was hailed as one of the most successful in history, fell into a macroeconomic abyss necessitating an unheard of bail-out. A highly-readable account of the unprecedented near collapse of the Irish economy, it covers property market bubbles, regulatory incompetency, and disastrous economic policies.

Doctor Donovan's Bequest
  • Language: en
  • Pages: 248

Doctor Donovan's Bequest

Donal Donovan was a GP in Slagthorpe during the decade when the 1950s metamorphosed into the Sixties. His archive includes stories based on the antics of local doctors and their patients. Written before accountants took over the world, these tales celebrated the triumph of humanity over efficiency. This book contains a selection of these tales.

Register of Retired Commissioned and Warrant Officers, Regular and Reserve, of the United States Navy
  • Language: en
  • Pages: 832
Coordinating Stabilization and Structural Reform
  • Language: en
  • Pages: 286

Coordinating Stabilization and Structural Reform

This seminar volume, edited by Richard C. Barth, Alan R. Roe, and Chorng-Huey Wong, presents an overview of the links between structural and macroeconomic policies that were addressed in an IMF Institute seminar held in Washington, D.C., in 1993. The most important areas of structural reform are covered: the price system, tax and expenditure policy, exchange rate management, external trade, public enterprises, the financial sector, and social safety nets. Four case studies are presented: China, Poland, Argentina, and the Gambia.

Research Handbook on State Aid in the Banking Sector
  • Language: en
  • Pages: 627

Research Handbook on State Aid in the Banking Sector

The Research Handbook on State Aid in the Banking Sector brings together experts in state aid and in financial regulation, drawn from legal academia, legal practice, economics, and from the EU and EEA institutions to shed light on this relationship. The editors and expert contributors do this by elucidating key concepts that underpin the application of state aid law to banks, and by considering specific aspects of the interface between state aid and financial regulation. The Handbook's analysis is complemented by a number of key country-based case studies, and by a concluding section which takes stock of the Banking Union’s package of legislative/regulatory reforms and reflects on the possible future role of state aid in this sector.

Money and the Economy
  • Language: en
  • Pages: 352

Money and the Economy

This book provides a comprehensive and systematic introduction to the problem of the definition of money and investigates the gains that can be achieved by a rigorous use of microeconomic- and aggregation-theoretic foundations in the construction of monetary aggregates. It provides readers with key aspects of monetary economics and macroeconomics, including monetary aggregation, demand systems, flexible functional forms, long-run monetary neutrality, the welfare cost of inflation, and nonlinear chaotic dynamics. This book offers the following conclusions: the simple-sum approach to monetary aggregation and log-linear money demand functions, currently used by central banks, are inappropriate ...

Tangled Governance
  • Language: en
  • Pages: 316

Tangled Governance

Tangled Governance addresses the institutions that were deployed to fight the euro crisis, re-establish financial stability, and prevent contagion beyond Europe. The author addresses why European leaders chose to include the IMF and provides a detailed account of the decisions of the institutions that make up the 'Troika' (the European Commission, ECB, and IMF). He explains the institutions' negotiating strategies, the outcomes of their interaction, and the effectiveness of their cooperation. The book also explores the strategies of the member states, including Germany and the United States, with respect to the institutions and the advantages they sought in directing them to work together. T...

A General Equilibrium Approach to Interenterprise Arrears in Transition Economies with Application to Russia
  • Language: en
  • Pages: 30

A General Equilibrium Approach to Interenterprise Arrears in Transition Economies with Application to Russia

This paper presents a general equilibrium model of interenterprise arrears, characterized by n-stage production technology with random productivity shocks. The model shows that large interenterprise arrears in transition economies may reflect substantial business risks in those countries and that rapid privatization and commercialization may contribute to a huge initial accumulation of trade credits and arrears. The paper also suggests that administrative measures aimed at immediate reduction of IEA such as imposition of prepayments and penalty charges, would not be as effective as partial equilibrium frameworks suggest. Consequently, a fundamental solution should be sought instead in reducing business risks or improving enterprise information. Finally, the paper discusses the relevance of the model to Russian experience in 1993 and 1994.

Formulation of Exchange Rate Policies in Adjustment Programs
  • Language: en
  • Pages: 396

Formulation of Exchange Rate Policies in Adjustment Programs

The role of exchange rate policy in economic adjustment has been widely studied and is the subject of numerous theoretical and empirical papers produced in the Fund and elsewhere.

The Monetary Geography of Africa
  • Language: en
  • Pages: 248

The Monetary Geography of Africa

Africa is working toward the goal of creating a common currency that would serve as a symbol of African unity. The advantages of a common currency include lower transaction costs, increased stability, and greater insulation of central banks from pressures to provide monetary financing. Disadvantages relate to asymmetries among countries, especially in their terms of trade and in the degree of fiscal discipline. More disciplined countries will not want to form a union with countries whose excessive spending puts upward pressure on the central bank's monetary expansion. In T he Monetary Geography of Africa, Paul Masson and Catherine Pattillo review the history of monetary arrangements on the c...