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International Macroeconomics
The international macroeconomics area has experienced substantial growth over the past decade. The goal of this volume is to present the most important developments in the international macroeconomics field in recent years. The literature in this area has evolved mainly in four directions that constitute the four parts of this book. In particular, Part I focuses on the purchasing power parity (PPP) puzzle, Part II presents papers that try to explain the behaviour of nominal and real exchange rates, Part III covers the financial crises, currency crises and contagion recent literature and, finally, the behaviour of exchange rates, inflation and output convergence in Central and Eastern European transition economies are considered in Part IV.
Five Years of an Enlarged EU
The Fifth Enlargement that took place in 2004 and 2007 was a milestone in the history of the European Union. Not only because of the large number of acceding countries but also because of their recent political and economic experience. Ten of them had undergone a profound transition from a totalitarian regime to democracy, and from a centrally planned economy to a market-based system. Most of them had income levels signi?cantly below those of the then EU-15. Now, 6 years later, we can clearly see that the process of European integration, both before and after 2004, was what enabled Europe to overcome the gaps between various parts of the continent. The enlargement made Europe a better and we...
Structural Change and Exchange Rate Dynamics
Structural change, economic growth and adequate exchange rate adjustment are key challenges in the context of EU eastern enlargement as are consistent macroeconomic policies. The authors focus on sectoral adjustment across industries in catching-up countries and explain changes in the composition of output – this includes new aspects of the Chenery model. They describe and analyze the spatial pattern of specialization and adjustment in many countries. Theoretical and empirical analysis of foreign direct investment, innovation and structural change shed new light on economic dynamics in Old Europe and New Europe. As regards exchange rate dynamics both traditional aspects (such as the Balassa-Samuelson effect) and new approaches to understanding exchange rate developments are presented. Links between exchange rate changes and innovation are particularly emphasized.
The Effectiveness and Efficiency of Public Spending
Recoge: 1. Introduction - 2. Concepts of efficiency and effectiveness of public performance - 3. How to measure efficiency and effectiveness - 4. The composition of expenditures: some stylised facts - 5. Efficiency and effectiveness of educational and R & D spending - Annex: Illustration of reform initiatives taken by Member States.
The Company States Keep
This book argues that investor risk in emerging markets hinges on the company a country keeps. When a country signs on to an economic agreement with states that are widely known to be stable, it looks less risky. Conversely, when a country joins a group with more unstable members, it looks more risky. Investors use the company a country keeps as a heuristic in evaluating that country's willingness to honor its sovereign debt obligations. This has important implications for the study of international cooperation as well as of sovereign risk and credibility at the domestic level.
Currency Boards in Retrospect and Prospect
Employing economic theory, cross-country empirical comparison and case studies, this work analyses the effect of currency boards on inflation, output growth and macroeconomic performance. The case studies come from Argentina, Estonia Lithuania, Bulgaria and Bosnia and Herzegovina.
EMU's Decentralized System of Fiscal Policy
Recoge: 1. Introduction - 2. The fiscal dominance case for the SGP - 3. What do national governments do with their fiscal policies? - 4. Mutual insurance via transfers - 5. Institutional requirements for a transer system - 6. Conclusions reform - 9. Conclusions.
When should new members from Central and Eastern Europe Join the Euro Area?
Thesis (M.A.) from the year 2003 in the subject Politics - Topic: European Union, grade: 2 (B), University of Hamburg (European College, Hamburg), language: English, abstract: After a decade of transition from communist regime with centrally planned economic system to democratic society with market economy and after several years of negotiations on the European Union membership, ten candidate countries from Central and Eastern Europe signed the accession treaties at summit in Athen in April 2003. If they conduct public referenda successfully and the present members states complete the ratification, they will become members states in May 2004. The membership in the European Union implies the ...
Stochastic Optimal Control, International Finance, and Debt Crises
This book focuses on the interaction between equilibrium real exchange rates, optimal external debt, endogenous optimal growth and current account balances, in a world of uncertainty. The theoretical parts result from interdisciplinary research between economics and applied mathematics. From the economic theory and the mathematics of stochastic optimal control the author derives benchmarks for the optimal debt and equilibrium real exchange rate in an environment where both thereturn on capital and the real rate of interest are stochastic variables. The theoretically derived equilibrium real exchange rate - the "natural real exchange rate" NATREX - is where the real exchange rate is heading. ...
Paul A. Samuelson
Samuelson is a key figure in economic thinking. This gathers the essential assessments of this important economist, and provides an unparalleled insight into his lasting impact on economics.
