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Titles - Economics


09/01/2017: Networks of International Trade and Investment [Hardback] by Sara Gorgoni, Alessia Amighini, Matthew Smith

Networks of International Trade and Investment [Hardback] 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)
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08/15/2017: Applied Economics for Development: Empirical Approaches to Selected Social and Economic Issues in Transition Economies [Hardback] by Hasan Arda Burhan, Mahmut Zortuk, Sema Behdioğlu, Mustafa Kemal Beşer, Yavuz Bozkurt, Eylam Acar, Noyan Aydın, Erkan Arı, Berna Hızarcı Beşer, Seyhat Bayrak Gezdim, Semih Karacan, Neslihan Çilesiz, Ayşegül Yıldız, Fadime Çelik, Hakan Acaroglu, Fazlı Yildiz, Ersin Nail Sagdic

Applied Economics for Development: Empirical Approaches to Selected Social and Economic Issues in Transition Economies [Hardback] 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.
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08/15/2017: Generational Interdependencies: The Social Implications for Welfare [Hardback] by Beverley A. Searle, Rory Coulter, Gabriel Amitsis, Sally Bould, Guiliana Costa, Roxana Eleta De Filippis, Tom Emery, Lars Gulbrandsen, Hans Sandlie, Andrea Schäfer, Gunther Schmaus, Adriana Soaita, Marco Tosi, Peter Williams, Caroline DeWilde, Christa Hubers

Generational Interdependencies: The Social Implications for Welfare [Hardback] 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.
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07/15/2017: Global Economy in Transition: the European Union and Beyond [Hardback] by Linda Winkler, Harold Codrington

Global Economy in Transition: the European Union and Beyond [Hardback] This volume covers various issues in global development and global economic transformation including factors affecting economies and development in the European Union (EU), the Ukraine, select countries in Africa, the Caribbean, the South Pacific as well as India and the United States. The global economy is in transition, from the 1990s' status quo to the “new normal” with heavy reliance on the internet, rapid communications, sophisticated payment systems, diminishing importance of size and distance and changing notions of the market. This volume discusses how this process is affecting economies across the globe and why an appreciation of it will help efforts by governmental bodies and the private sector to reassess societal relationships - both economic and political. This volume shows that challenges to policy-making and the achievement of social consensus on development issues are often quite similar in all countries, irrespective of size, geographical location, endowment and developmental status. The chapters speak to concerns that touch on a cross-section of issues which are driving transition and transformation at multiple levels. As a group, they compare economic factors across transnational economic or political associations (OECD, European Union, G20) or make comparisons across or within emerging markets or small states (BRICS, various African countries, the Caribbean, South Pacific). They include the presentation of a new model for transnational agreements, discussions of policies related to labor compensation and corporate governance, comparisons of nations across the world using indices of economic development and governance, an analysis of gender inequality in employment in the European Union, comparisons of tax burdens across the European Union and the USA, discussions of employee representation in corporate governance, and a look at grass-roots development and markets in developing economies. As a whole, in its breadth and cross-national perspective, the volume represents an important scholarly contribution to international economics.
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05/31/2017: Stock-Flow-Consistent Models and Institutional Variety [Hardback] by Romar Correa, Amelia Correa

Stock-Flow-Consistent Models and Institutional Variety [Hardback] Orthodox macroeconomics is founded on microeconomics. Heterodox economists either reject micro foundations or experiment with behavioural relationships without paying attention to the principles that generate them. The book takes off from Michal Kalecki’s aphorism about economics being a science that confused stocks and flows. Kalecki was famous for presiding over a marriage between Marx and Keynes and all three figure prominently in the volume. However, the first part of the title is a homage to Wynne Godley who pioneered stock-flow-consistent modeling in our times. The authors exploit lagged values of variables emerging from the definitions. Lags also emerge in so-called stock-flow norms connecting the aggregates. Some moving and shaking of identities and a difference or differential equation emerges. The requirements for stability of the dynamic systems are illuminating and the reader can stop at structure and history with the first half of the book. The conversation with orthodoxy begins with the second part. The equivalent equation systems of the first part throw up different pairs of characters whose happiness must be maximised over time. The price to pay through the solution process is the confrontation with many ugly expressions but the explicit calculations are undertaken repeatedly only to reassure students through drillwork that tedium is not the same as difficulty. The payoffs are that variable transitions in capitalism (the second part of the title) are captured from a small clutch of identities. The movements from backward agriculture to capitalism, from ‘golden age’ capitalism to ‘financialization’, are modeled. A separate chapter is devoted to Europe. The policy prescriptions of heterodox economics do not compare with the richness of critique and positive analysis. ‘Positive’ and ‘normative’ are one in this work, the combination of stock-flow norms along with ‘forgotten’ policy variables like the tax rate promising order and stability to economies.
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