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This open access book gives a concise introduction to the practical implementation of monetary policy by modern central banks. It describes the conventional instruments used in advanced economies and the unconventional instruments that have been widely adopted since the financial crisis of 2007–2008. Illuminating the role of central banks in ensuring financial stability and as last resort lenders, it also offers an overview of the international monetary framework. A flow-of-funds framework is used throughout to capture this essential dimension in a consistent and unifying manner, providing a unique and accessible resource on central banking and monetary policy, and its integration with financial stability. Addressed to professionals as well as bachelors and masters students of economics, this book is suitable for a course on economic policy. Useful prerequisites include at least a general idea of the economic institutions of an economy, and knowledge of macroeconomics and monetary economics, but readers need not be familiar with any specific macroeconomic models.
Morocco has made substantial progress in increasing inclusive growth over the past decade, but additional efforts in terms of growth-enhancing structural reforms are needed. Preserving economic efficiency and fostering growth while strengthening inclusiveness remains a priority. This paper describes the fuel subsidy system in Morocco, introduces an organizing framework to illustrate the trade-offs involved in meeting various economic and social objectives when considering subsidy reform, and highlights some lessons from the international experience in implementing subsidy reforms that may be pertinent to the case of Morocco.
"Americans work three jobs just to make ends meet, and unemployment is low only because so many people are in jail." That’s what most European (and many American) pundits believe. While the U.S. economy may create more growth, Europeans think they are better off when it comes to job security, income equality, and other factors. But does European-style "comfy capitalism" really deliver better results than American “cowboy capitalism”? Olaf Gersemann, a German reporter who came to America, checked the facts and discovered that the common perception in Europe and elsewhere of America's economic model is either wrong or misleading. The greater market freedoms in the United States create a more flexible, adaptable, and prosperous system than the declining welfare states of Europe. Contrary to what one might expect, continental Europe’s welfare states provide no meaningful advantage compared with America. In clear and accessible terms, Gersemann separates the economic myths from the reality. Cowboy Capitalism is a provocative and devastating rebuttal to the stereotypes promoted by the likes of Paul Krugman and Michael Moore.
In Germany's Economic Renaissance, veteran European correspondent Jack Ewing of The International New York Times explains how a country with some of the highest labor and energy costs in the world beat the odds to become the third-largest exporter of manufactured goods, after China and the United States. Men and women who manage German companies both big and small explain how any company can behave like a multinational, as well as the secrets of conquering the high end of the market where quality is more important than price. Both informative and entertaining, filled with rich character studies, this book is essential reading for everyone wondering how to bring factories - and the jobs they provide - back to American shores.
Energy subsidies have wide-ranging economic consequences. While aimed at protecting consumers, subsidies aggravate fiscal imbalances, crowd-out priority public spending, and depress private investment, including in the energy sector. Subsidies also distort resource allocation by encouraging excessive energy consumption, artificially promoting capital-intensive industries, reducing incentives for investment in renewable energy, and accelerating the depletion of natural resources. Most subsidy benefits are captured by higher-income households, reinforcing inequality. Even future generations are affected through the damaging effects of increased energy consumption on global warming. This paper provides: (i) the most comprehensive estimates of energy subsidies currently available for 176 countries; and (ii) an analysis of ?how to do energy subsidy reform, drawing on insights from 22 country case studies undertaken by IMF staff and analyses carried out by other institutions.
The Kyrgyz Republic has made good progress under the three-year Poverty Reduction Growth Facility arrangement. Executive Directors welcomed the strong macroeconomic performance and low inflation. They appreciated the fiscal consolidation by containing expenditure growth and improving tax collection. They welcomed the prudent monetary and strong exchange rate policies. They stressed the need to press ahead with privatization, restructure the power sector, and strengthen the financial system. They commended the successful completion of the third review under the Poverty Reduction and Growth Facility (PRGF) arrangement, and approved a waiver.
1. 1 Die Bedeutung lokaler Demokratie Kommunen sind Der Begriff „Kommune“ heißt wörtlich aus dem Lateinischen übersetzt Geme- eigenständige - de, allerdings werden mit diesem Begriff sowohl die Gemeinden, die kreisfreien bietskörperschaften Städte, die kreisangehörigen Städte als auch die Landkreise bezeichnet. Juristisch sind die Kommunen Körperschaften des öffentlichen Rechtes. Im Rahmen der föderalstaatlichen Ordnung der Bundesrepublik sind sie als Träger der grund- setzlich garantierten kommunalen Selbstverwaltung (Art. 28, Abs. 2 GG) eine eigene Ebene im Verwaltungsaufbau. In ihrem Gebiet sind sie grundsätzlich die Träger der gesamten örtlichen öffentlichen Verwaltun...
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The division of labour results in transactions. The need for transactions can in turn provoke coordination and cooperation failures. The competitive solution to such failures is the implementation of specific rules and regulations with a view towards minimizing unnecessary frictions in the exchange process. This view on the design of economic organizations has become widely acknowledged. However, applied institutional economics is still in its infancy and this work is an attempt to extend its frontier. The object of analysis is the exceptional rules and regulations of the foreign exchange market. In the absence of a comprehensive institutional economic theory of this particular organization, it is argued that the foreign exchange market structure helps market participants select their trading partners carefully in an international environment that by nature lacks a comprehensive legal framework for contract enforcement.
Economists occupy leading positions in many different sectors including central and private banks, multinational corporations, the state and the media, as well as serving as policy consultants on everything from health to the environment and security. Power and Influence of Economists explores the interconnected relationship between power, knowledge and influence which has led economics to be both a source and beneficiary of widespread power and influence. The contributors to this book explore the complex and diverse methods and channels that economists have used to exert and expand their influence from different disciplinary and national perspectives. Four different analytical views on the ...