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The recent world economic crisis showed very clearly that financial crises and sovereign defaults are severe threats to economic and social prosperity. In addition, it became apparent that currency crises and banking crises often occur together and are closely related to sovereign debt crises and defaults. The present book contains new research on various important issues related to financial crises and sovereign default risk by leading experts in the field. The book discusses new modelling approaches to financial crises, defaults and their interdependencies. It also sheds light on the consequences of different sorts of crises for the trust in the institutions which are concerned with managing them. Moreover, it provides discussions of several institutional features of the EMU and the world financial system and in particular the risks inherent in these institutions. The book also includes interesting suggestions for solving crises and improving financial stability.
An authoritative reference work on the legal framework of European economic and monetary union, this book comprehensively analyses the legal foundations, institutions, and substantive legal issues in EU monetary integration.
Experimental Economics has experienced a steadily growing interest by economists during the last decade. This may not surprise since laboratory and field experiments obviously provide a further valuable source of empirical evidence of economic behavior besides statistics, econometrics, polls, interviews and simulations. In an overview of the recent developments in Experimental Economics, the present book concentrates on three central themes standing in the actual research focus: bargaining, cooperation and election markets. For each one of these topics the volume presents several state-of-the-art survey articles by experts in the field, accompanied by detailed comments. While the experimental approach sheds new light on the microeconomic standard topics of bargaining and cooperation, the election market approach as a new field may provide better forecasts for political elections - and for soccer World Championships.
An innovative, bipartisan and comprehensive account of why European economic integration has been in disarray and how to fix it.
This topical and engaging Handbook brings together cutting-edge research on the relationship between happiness and the natural environment. With interdisciplinary contributions from top scholars, it explores the role of happiness research as a new approach to environmental social science, illustrating the critical links between human wellbeing, happiness and the environment.
The present book describes the methodology to set up agent-based models and to study emerging patterns in complex adaptive systems resulting from multi-agent interaction. It offers the application of agent-based models in demography, social and economic sciences and environmental sciences. Examples include population dynamics, evolution of social norms, communication structures, patterns in eco-systems and socio-biology, natural resource management, spread of diseases and development processes. It presents and combines different approaches how to implement agent-based computational models and tools in an integrative manner that can be extended to other cases.
Examines the culture and conduct of six small and medium-sized enterprises (SMEs) in England and West Germany from 1945 to the late-1970s, drawing on numerous archives in Germany and Britain. This is the first book length study that examines the detailed histories of SMEs in a comparative, transnational manner. Emerging from this study is an evaluation of German and British varieties of capitalism in action, showing that they were not fixed or static, but rather have changed considerably as they evolved over time. The German companies studied formed part of the Mittelstand, the family-owned sector which is unique to German-speaking countries. This book explores whether the principles of a cl...
This issue focuses on recent experiences that holds lessons for when to tackle debt and when not to. Growth is picking up, and the IMF has been ratcheting up its forecasts. Government coffers are filling and, with more people at work, demand for public social support is receding. Research shows that the stimulatory effect of fiscal expansion is weak when the economy is close to capacity. Low-income economies may be at greatest risk. Traditionally, they borrowed from official creditors at below-market rates. Higher global rates could divert precious budget resources to debt servicing from crucial infrastructure projects and social services. Raising budget balances toward their medium-term targets can be achieved at little cost to economic activity. Growth-enhancing infrastructure investments and crucial social services such as health and education should be maintained. Well-designed fiscal policy can address inequality and stimulate growth.
Evaluating the myriad dimensions of how disasters can affect economic activity and decision-making, this cutting-edge Handbook presents a timely analysis of the conditions that reduce or exacerbate disaster impacts. Addressing developments in research on disaster economics, internationally recognized scholars combine theoretical considerations with empirical methods to expand and improve the field of disaster mitigation.
On a global scale, the central tool for responding to complex security challenges is public international law. This handbook provides a comprehensive and systematic overview of the relationship between international law and global security.