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This book focuses on the impact of financial liberalisation and globalisation on economic growth and inequality worldwide over the past quarter century. It places a particular emphasis on the first fourteen years of this century. It begins by exploring certain assumptions developed as a result of early works in the field, providing a critical review of some of the most important academic works published over the past twenty years. It then goes on to present a comparative measurement of the economic performance of key countries for which data is available in the World Bank database, including G-10 countries, EU countries, and fastest growing countries like China, India, and small-open oil-producing economies.
This book explores the key economic issues facing Southeastern Europe and Bosnia and Herzegovina, within the context of the serious challenges that the global economy has faced in recent years. The book combines rigorous analysis of the issues faced by the region with a constructive approach to identifying solutions for a positive future trajectory. The book starts by exploring the economic challenges facing the world economy both before and during the global economic crisis. The second part of the volume focuses on south-eastern Europe, and especially on the Western Balkans, assessing the best ways of achieving a positive economic future for small open economies in the region. The final part of the volume examines the economic challenges in Bosnia and Herzegovina. The final section examines the economic challenges in Bosnia and Herzegovina, arguing that it is most useful to view the country within the context of the regional and global economies. The book will be extremely useful for scholars working on European Economics, transition economics, and the global economy and the financial crisis.
This book scrutinizes global financial flows and stocks, both financial assets and liabilities and their impact on the global balance of economic power, especially as they affect the largest and fastest-growing countries in both the developed and the developing world. It shows how financial flows can promote economic growth and financial capital can serve as a tool for higher growth rates in emerging market economies, but also that the huge amounts of financial capital currently being spent in advanced countries to promote economic growth has produced at best very modest improvements and in some cases negative results. The book opens with an analysis of global capital flows and their concentration. It then offers an analysis of rates of relative economic growth (or decline). The final section deals with the (decreasing) economic efficiency of financial flows and the (un)sustainability of economic growth, especially during the past eight years of economic recovery. Tackling one of the most serious problems in the global economy today, this book will be of interest to academics, researchers, and students of capital markets, financial crisis, and financial economics.
One of the most challenging issues for the current state of global economy is a highly uneven distribution of global financial assets and liabilities. Drawing on extensive data, this book analyses the new global divisions in economic and financial inequality across the globe in the first two decades of this century. After outlining the context of the global financial system in the aftermath of the Global Financial Crisis of 2008/2009, this book provides a detailed examination of the data on economic and financial inequality, analysing growth rates relative to financial liabilities and assets for all countries where data is available. The central issues in understanding the financial and envi...
This book describes the international context and some of the factors that have weakened the influence of Keynesian economic thought. It illustrates economic responses offered by the new Keynesian school and the alternative perspective on the global crisis presented by the monetary circuit theory, with a special emphasis on Minsky’s financial instability hypothesis. The authors present a commentary on Keynes’s General Theory with an emphasis on his theory of the scarcity of capital, his analysis of the change in the structure of costs, and straightforward recommendation for a policy marked by very low interest, which he felt was needed to maintain full employment. Additionally, the book discusses major changes in the cost structure of globally active companies, resulting from the extremely intense international capital flows over the last three decades. The authors point out the need to redefine the open economy macroeconomics model, switching it from a world consisting of two major developed open economies to one consisting of two major open economies, one of which is developed and the other is developing.
This edited volume explores and evaluates the roles of corruption in post-conflict peacebuilding. The problem of corruption has become increasingly important in war to peace transitions, eroding confidence in new democratic institutions, undermining economic development, diverting scarce public resources, and reducing the delivery of vital social services. Conflict-affected countries offer an ideal environment for pervasive corruption. Their weak administrative institutions and fragile legal and judicial systems mean that they lack the capacity to effectively investigate and punish corrupt behaviour. In addition, the sudden inflow of donor aid into post-conflict countries and the desire of p...
Developing and ‘transition’ economies face myriad challenges in their attempts to achieve and maintain political stability and foster the economic growth essential for national security, the social well-being of current citizens and sustainable environments for future generations. Governments in the Western Balkans have striven to achieve all of the above, and this volume assesses the nature of their experiences as well as the level of their success in doing so. Featuring detailed case studies of public policy reforms in the region as well as comparative analysis on a range of indicators, the book analyzes the role of key players in setting the political agenda as well as implementing po...
The 1990s saw a constant increase in international peace missions, predominantly led by the United Nations, whose mandates were more and more extended to implement societal and political transformations in post-conflict societies. However, in many cases these missions did not meet the high expectations and did not acquire a sufficient legitimacy on the local level. Written by leading experts in the field, this edited volume brings together ‘liberal’ and ‘post-liberal’ approaches to peacebuilding. Besides challenging dominant peacebuilding paradigms, the book scrutinizes how far key concepts of post-liberal peacebuilding offer sound categories and new perspectives to reframe peacebuil...