An Imperfect Financial Union With Heterogeneous Regions
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| Author | : Filippo Balestrieri |
| Publisher | : International Monetary Fund |
| Total Pages | : 66 |
| Release | : 2018-09-11 |
| Genre | : Business & Economics |
| ISBN | : 1484376730 |
We analyze a union of financially-integrated yet politically-sovereign countries, where households in the Northern core of the union lend to those in the Southern periphery in a unified debt market subject to a borrowing constraint. This constraint generates sudden stops throughout the South, depresses the intra-union interest rate, and reduces Northern welfare below its unconstrained level, while having ambiguous effects on Southern welfare. During sudden stops, Pareto improvements can be achieved using North-to-South governmental loans if Southern governments have the capacity to commit to repay, or using a combination of Southern debt relief and budget-neutral taxes and subsidies if they do not. From the pre-crisis perspective, it is Pareto-improving to allow loans and debt relief to be negotiated in later sudden-stop periods as long as the regions in the union are sufficiently heterogeneous to begin with. We show that our results are robust to production and to limited financial openness of the union.
| Author | : Masahiro Kawai |
| Publisher | : Taylor & Francis |
| Total Pages | : 493 |
| Release | : 2004-08-02 |
| Genre | : Social Science |
| ISBN | : 1134351933 |
Gordon De Brouwer is an experienced Routledge author All contributors are leading researchers in the field and are mainly from Australia, Japan and Korea
| Author | : Sławomir Ireneusz Bukowski |
| Publisher | : Taylor & Francis |
| Total Pages | : 143 |
| Release | : 2019-11-21 |
| Genre | : Business & Economics |
| ISBN | : 0429577729 |
This book introduces readers to the world of international financial markets and their integration on a global and regional scale. The author presents the theoretical and practical issues concerning the processes of financial market integration, with a particular focus on the monetary union. The empirical research results are based on econometric modeling, thus simplifying them for a non-specialist audience, who can instead concentrate on the author’s conclusions, which comprise the results of these complicated research methods. The author outlines the role and functions of financial markets in the economy, in particular the relationship between financial intermediaries and financial markets and tackles the question of integration of new EU member countries’ financial markets within the eurozone. The integration of financial markets in an international context is inevitable, and the author argues that we must learn how to benefit from it from in terms of economic growth. This book will be a valuable resource for students of economics and finance, particularly those studying financial management and international business and finance, as well as professionals in these fields. Further, this book will be of interest to anyone looking to discover more about the problems of globalization and the integration of financial markets into the modern economy.
| Author | : Harald Badinger |
| Publisher | : Routledge |
| Total Pages | : 677 |
| Release | : 2015-10-05 |
| Genre | : Business & Economics |
| ISBN | : 1317751965 |
Routledge Handbook of the Economics of European Integration provides readers with a brief but comprehensive overview of topics related to the process of European integration in the post-World War II period. Its short chapters reflect the most up-to-date and concise research, written by a collective of experts on their own subjects. The aim of this book is twofold. Firstly, the text illustrates the broad and diverse range of issues associated with European integration, and lastly, the key approaches and findings are summarised. Since institutional integration in Europe is an ongoing process, with possibly frequent and sometimes rapid changes, the chapters are intended to focus on the key features of the economic analyses of these topics. A wide and diverse set of economic issues is of direct relevance for European integration. These topics cover various fields, ranging from the history of the European Economic and Monetary Union, EU Trade Policy and the stability of international trade, single market issues over fiscal, monetary and other policies, the crisis that faces the Euro area, and institutions such as EU Council of Ministers. Not surprisingly, many of these issues have also been analysed from a European perspective. This handbook is designed to provide students, researchers, the public and policy makers with ready and accessible knowledge of issues related to European integration and will provide the definitive overview of research in the area.
| Author | : Patrick A. Imam |
| Publisher | : International Monetary Fund |
| Total Pages | : 46 |
| Release | : 2013-10-22 |
| Genre | : Business & Economics |
| ISBN | : 1484348222 |
The financial system in the WAEMU remains largely bank-based. The banking sector comprises 106 banks and 13 financial institutions, which together hold more than 90 percent of the financial system’s assets (about 54 percent of GDP at end-2011). Five banks account for 50 percent of banking assets. The ownership structure of the sector is changing fast, with the rapid rise of foreign-owned (pan-African) banks. This contributes to higher competition but also rising heterogeneity in the banking system, with large and profitable cross-country groups competing with often weaker country-based (and sometime government-owned) banks. Nonbank financial institutions are developing quickly, notably insurance companies, but remain overall small. This paper presents a detailed analysis of the banking system.
| Author | : Deepak Mohanty |
| Publisher | : |
| Total Pages | : 516 |
| Release | : 2012 |
| Genre | : Business & Economics |
| ISBN | : |
Regional economy is of critical importance to achieve inclusive growth and to sustain growth momentum, and the essays in this collection focus on the growth and finance of various states in India. This volume, comprised of articles written by scholars at the Reserve Bank of India, stimulates further policy-oriented research and contributes to better policymaking. The book contends that the share of agriculture has shrunk across the states while the share of services has risen sharply, and that there is a need for action on agricultural growth, infrastructure development, and prioritization of expenditure toward social sectors to develop the quality of the labor force and promote well-being. Also included are a foreword by Duvvuri Subbarao and a preface by Subir Gokarn, the governor and deputy governor, respectively, of the Reserve Bank of India. Students, researchers, economists, bankers, and policymakers with special interest in India’s regional economy will find this a valuable and thought-provoking resource.
| Author | : Woosik Moon |
| Publisher | : Taylor & Francis |
| Total Pages | : 243 |
| Release | : 2017-07-05 |
| Genre | : Business & Economics |
| ISBN | : 1351905511 |
This book examines and compares the integration process in both Europe and Asia, and draws some possible lessons for East Asia from the European experience. The book embraces the political dimension of integration (peace and security), economic, trade and monetary aspects, as well as cultural aspects.
| Author | : Otmar Issing |
| Publisher | : Cambridge University Press |
| Total Pages | : 220 |
| Release | : 2001-07-26 |
| Genre | : Business & Economics |
| ISBN | : 9780521788885 |
A non-technical analysis of the monetary policy strategy, institutions and operational procedures of the Eurosystem, first published in 2001.
| Author | : Ludwig Schätzl |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 424 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 364257467X |
This book presents the findings of the extensive research progrannne funded by the Deutsche Forschungsgemeinschaft (German Research Council) and entitled 'Technological Change and Regional Development in Europe'. The goal of this programme was to carry out research by means of empirical surveys into the relationship between technological change and regional development. Over a period of six years, a total of 50 research projects have been undertaken in three phases, each lasting two years. This research programme has succeeded in actively involving leading German regional scientists from many universities as well as non-university research institutions. In addition, numerous research projects were carried out in close co-operation with internationally renowned partners. We should like to express our gratitude for the support provided by the Deutsche Forschungsgemeinschaft. Without their financial backing of the research programme, it would not have been possible to undertake such an ambitious project. Thanks also go to the contributors of this volume for their willingness to participate in our joint project. We wish in addition to acknowledge the contribution of Prof. Dr. Philip Cooke whose refereeing of the chapters has enhanced the quality of the work presented here. Finally, our thanks go to Angela Spence for her expert editorial assistance, linguistic editing and the preparation of the Index, and also Franco Vaio for taking care of the technical aspects and production of the final copy. Their combined efforts have been crucial for successfully bringing together contributions from so many different authors in a single volume.
| Author | : Robert Salais |
| Publisher | : Cambridge University Press |
| Total Pages | : 330 |
| Release | : 2005-01-13 |
| Genre | : Social Science |
| ISBN | : 1139442600 |
The social agenda of the European Union is shifting towards broad social initiatives that align social and economic objectives with the promotion of employment. This calls for an action framework that permits social dialogue and political deliberation to inform and complement legislative action at all levels. The debate, however, has been dominated by advocates of traditional welfare states. This book, to break out of this sterile stalemate, demonstrates how an employment-orientated social policy in Europe can develop from a new, different set of policy principles, specifically 'a capability approach'. Taking inspiration from the work of Amartya Sen, this book focuses on the effective freedom people need to achieve their goals in life and work. The result of ongoing collaboration between researchers and social actors, it will appeal to social scientists, students, policy-makers and all those concerned with the building of Europe.
