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Subject: Economics

Political Corruption in a World in Transition

1st edition / ISBN: 978-1-62273-332-3
April 2019
Availability: Forthcoming

This book argues that the mainstream definitions of corruption, and the key expectations they embed concerning the relationship between corruption, democracy, and the process of democratization, require reexamination. Even critics, who did not take the stable institutions and legal clarity of veteran democracies as a cure-all, assumed that the process of widening the influence on government decision making and implementation allows non-elites to defend their interests, define the acceptable sources and uses of wealth, and demand government accountability. This had proved correct, especially insofar as ‘petty corruption’ is involved. But the assumption that corruption necessarily involves the evasion of democratic principles and a ‘market approach’ in which the corrupt seek to maximize profit do not exhaust the possible incentives for corruption, the types of behaviors involved (for obvious reasons, the tendency in the literature is to focus on bribery), or the range of situations that ‘permit’ corruption in democracies. In the effort to identify some of the problems that require recognition, and to offer a more exhaustive alternative, the chapters in this book focus on corruption in democratic settings (including NGOs and the United Nations which were largely so far ignored), while focusing mainly on behaviors other than bribery.

Networks of International Trade and Investment

Understanding globalization through the lens of network analysis
1st edition / ISBN: 978-1-62273-065-0
March 2018
Availability: Forthcoming

The globalisation of industries in recent decades has led to a fundamental change in the way in which production is structured: products are no longer manufactured in their entirety in a single location. Integration of global trade has been accompanied by disintegration of production. This disintegration, or rather fragmentation, of production has resulted in a shift-change in patterns of international trade and investment, with a rise in trade of intermediate goods and a rise in FDI activity. In addition, multinational enterprises (MNEs) play a more focal role in this reorganisation of production, spreading out their manufacturing and supply chain activities globally, resulting in an increase in FDI and intra-firm trade. This international fragmentation of production challenges our ability to understand the international economy. Global value chains is one leading theoretical approach encompassing and trying to make sense of these changes, but scholars point to several limitations of it, most prominently the difficulty of aggregating from firm-level observations to national-level. A crucial aspect is that these changes in trade and FDI patterns have resulted in a more interconnected world economy. Understanding the interdependencies between entities involved in the fragmented production process is essential in order to understand the way production is organised today. Traditional methods and statistical approaches are insufficient to address this challenge. This edited book makes a case for the use of network analysis alongside existing techniques in answering burning questions in the areas of international business and economics, such as whether trade has become more global or regional, and to what extent emerging economies challenge the role of traditional producers in specific industries. The book looks at how the approach and methodologies of network analysis can contribute in explaining international business and economics phenomena, in particular related to international trade and investment. It will provide a comprehensive but accessible explanation of the applications of network analysis applications and some of the most recent methodological advances that can contribute to research in the area of international trade and investment. (provisional and subject to change)

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.

Generational Interdependencies: The Social Implications for Welfare

1st edition / ISBN: 978-1-62273-186-2
January 2018
Availability: In stock

The issue of generational transfers is growing in importance. Populations are ageing, placing an increasing burden on provision of pensions, health care and other welfare services. In many nations the imbalance between a growing, older generation, supported by a shrinking younger generation, has fuelled debates about intergenerational justice. The key argument being that political and institutional developments over the last century have been to the advantage of older generations at the expense of current younger and future generations. But this only addresses half of the story, neglecting the flows of resources, through private, family channels. One key response to the growing fiscal problem of ageing societies has been to focus responsibility on self-funding and familial support. The growth of asset values, particularly housing, which are concentrated among the elderly, underpin such strategies. But this exposes new risks as potentially extractable resources are determined by wider fluctuations in the economy, and housing markets in particular. Clearly, these cohort effects, and responses to them, play out differently in different national developmental settings, depending on long-run patterns of economic, social and demographic change. This collection address these issues and provides original insights across different international contexts. The collection focusses on financial and non-financial transfers, generational interdependencies, and the role of labour and housing markets in welfare support, set against the changing economic landscape following the Great Financial Crisis of 2007. Although institutional and national differences exist the key emerging issues are the same: the financial and welfare challenges of supporting aging in societies; inequalities in the availability of assets across individuals, families and nations; and the extent to which private asset accumulation can support families over the life course. Drawing from examples across European countries, this collection will nonetheless be relevant to researchers and policy makers in other nations addressing the complexities of providing welfare across the life course in the face of restricted financial resources.

Financial Innovation: Theories, Models and Regulation

1st edition / ISBN: 978-1-62273-317-0
January 2018
Availability: In stock

Financial innovation is a regular feature of the global financial system. Financial innovation results in greater economic efficiency over time. In the process of creating a new financial product, besides basic theory of financial management, a financial engineer needs to acquire knowledge of optimization and financial modeling techniques. Modern financial innovation is underpinned by a rich literature including the seminal studies by Levich (1985), Smith, Smithson, and Wilford (1990), Verghese (1990), Merton (1992), Levine (1997), John D Finnerty (2002), Tufano (2003) and Draghi (2008), among many others. This book corresponds to the need to provide an integrated study on financial innovation and the economic regulatory mechanism. A key part of financial innovation covered in the book is the process of creating innovative financial securities and derivative pricing that offers new pay-offs to investors. The book also covers a selection of empirical studies corroborating financial innovation theories. It also exposes myths surrounding performance evaluation models. This book is presented in six chapters. The first chapter outlines important considerations on the application of financial innovation theories. The second chapter presents the theories that underpin financial innovation practice. The third chapter focuses on use of technology for financial modeling. The fourth chapter identifies the relationship between financial innovation and the wider economic system. The fifth chapter discusses the place of financial innovation in the global financial system. The sixth and final chapter presents a comparative analysis of India and the United States.