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Series: Vernon Series in Economic Development Vernon Series in Economic Development

Intergenerational Responsibility in the 21st Century

1st edition / ISBN: 978-1-62273-102-2
January 2018
Availability: Forthcoming

Intergenerational responsibility is multi-faceted. This edited volume reflects intergenerational aspects in light of spatial, age and racial segregation, global warming, and the aging Western world population. Intergenerational global governance is addressed in the era of globalization and migration. The intergenerational glue, intergenerational crises resilience strategies and intergenerational responses to external shocks serve as innovative global responsibility implementation guidelines in the international arena. Fostering intergenerational harmony through intergenerational income mobility and intergenerational opportunities, environmental protection and sustainable development aids alleviate the most pressing contemporary challenges of humankind. Overall, this interdisciplinary and applied contribution to the scholarship on intergenerational responsibility supports the leadership and management of global governance agency in the private and public sectors.

Applied Economics for Development: Empirical Approaches to Selected Social and Economic Issues in Transition Economies

1st edition / ISBN: 978-1-62273-149-7
August 2017
Availability: In stock

Transition economies experience transformation of their economic system. Following the disintegration of the Soviet Union, a number of former socialist countries underwent transitions from central planning to a market economy. More generally, many rapidly growing economies undergo no less profound transformations of their economic systems. Contrary to common misconception, the transition process cannot be simply reduced to eliminating state intervention and liberalizing the economy. Economies under transition exhibit a unique set of policy challenges. Unlike developed market economies, missing markets or market failures abound. Economic transformation takes the form of rapidly evolving patterns of international trade and investment, industrial structure and consumption. These changes call for appropriate public policies. A continuing flow of investment hinges on suitable institutions, the provision of public infrastructure and other public goods. Adequate regulation can be central in ensuring that environmental resources are sustainably managed. And sophisticated production systems, call for corresponding social institutions in terms of education, health and welfare provisions. In all these cases, accurate empirical assessments are central to the design of effective policy. This book presents a selection of pressing economic and social issues in transition economies. Selected issues include the development of particular industrial sectors, the drivers and consequences of foreign direct investment, public finances, urbanization, social indicators, environmental policy and energy diversification. In each case an original empirical analysis is performed, using a variety of advanced quantitative methods, applied to recent data. The book will be of interest to economists studying transition economies, economic development or having a general interest in applied economics. It will be of particular interest to applied economists, policy analysts and policy makers in transition economies, concerned with the shape and direction of appropriate economic reforms.

Financial reforms, stabilization and development in 21st-century Turkey

1st edition / ISBN: 978-1-62273-168-8
December 2016
Availability: In stock

The central argument of this book is that while central bank independence can contribute to stabilization, inflation-targeting monetary policy is quite powerless in promoting economic development. The basic message is simple: Policy makers should not strive to achieve price stability at any cost, as stability in product markets does not necessarily translate into economic development. The recent experience of Turkey is illuminating and other developing countries, in particular those using inflation targeting monetary policy framework, can draw useful lessons from this experience. Early chapters summarize the deregulation process from 1980 to 2001. The Turkish Central Bank is placed at the center of the analysis as monetary policies have a significant impact both on stability and development. Although the 1994 and 2001 financial crises have been extensively studied elsewhere, they are nevertheless summarized to underscore the importance of central bank independence. Later chapters investigate the impact of an independent central bank on stabilization and development from 2001 onwards. Upon visiting the Turkish Central Bank's website, readers are greeted with the following statement: "The primary objective of the Bank is to achieve and maintain price stability." By the end of this book the reader should be able to assess the relative merits of a monetary policy that focuses on price stability, versus an alternative where price stability is accompanied by other objectives targeting development, for instance, monitoring also unemployment rates, which would undermine its independence to some degree. The study aims to provide a perspective on the need for such an alternative in line also with the vision of some international agencies on development, such as the UNCTAD and the ILO. This is the first book-length study examining the financial reforms Turkey undertook in its path towards EU accession. This unique work will be of interest to economists and other experts in financial history, (de)regulation, institutional economics and economic development, as well as a broad range of scholars interested in the dramatic transformation of Turkey's economy and society in the 21st century.