We examine the impact of resource windfall on the standard of living both in the short-run and long-run, using a sample of 130 countries, 1963-2007. Then, we systematically investigate the effect of resource windfall on welfare in three different...

This issue focuses on the ongoing adjustment to cheaper oil and subdued economic activity for oil-producing countries, as well as the weak and fragile recovery in the Caucasus and Central Asia region. It also discusses global spillovers from China's...

This new volume in the 'Advances in Management Information Systems' series presents the latest cutting-edge knowledge in IT outsourcing. As part of the growing business trend to outsourcing various operations, IT outsourcing both determines the...

Selected Issues

Interest in the problems of underdeveloped economies has increased since the early 1950s, and is now a primary topic in university courses. When this book was originally published, it reflected a sense among some economists that current, orthodox...

This paper presents a stylized general equilibrium model of the Venezuelan economy. Themodel explains how the recent sharp fall in oil revenue combines with foreign exchangerationing to produce a steep rise in inflation. Counterintuitively, a...

As part of the Regional Project on Harmonizing External Sector Statistics (Proyecto Regional de Armonización de las Estadísticas del Sector Externo - PRAESE) of the Technical Assistance Center for Central America, Panama, and the Dominican Republic,...

Motivated by the tension first revealed during the global financial crisis between thedomestic and international financial stability obligations of central bank reserve managers,this paper offers some reflections along four main lines. First, the...

Without doubt, Cuba is facing its most serious economic challenge in nearly thirty-five years of revolutionary rule. There is consensus that as the official, centrally planned economy has faltered, ordinary citizens eke out a living only by engaging...

This paper provides a comprehensive, updated picture of energy subsidies at the global and regional levels. It focuses on the broad notion of post-tax energy subsidies, which arise when consumer prices are below supply costs plus a tax to reflect...

Bad Banks is a gripping account of the problems and scandals that continue to bedevil the world'apos;s banking system some eight years after the credit crunch. It follows the fortunes and misfortunes of individual banks, from RBS to Lloyds. It...

Superficial examination of aggregate gross cross-border capital inflow data suggests that therewas no substitution between portfolio inflows and bank loans in recent years. However, ournovel analysis of disaggregate inflows (both by types of...

Originally published in 1994, Teachers: Constructing a Future is designed for teachers, as well as those interested in the future of schooling and education. The book draws on sociological analysis, philosophical insights and aspects of political...

Near-term growth prospects are favorable, supported by strong tourism and private consumption, and a significantly improved fiscal position and external environment. The economy is operating close to potential. Growth is expected to decelerate if...

Covering the period from November 1918 to the restoration of the Gold Standard in the UK in April 1925, this book, originally published in 1947, sets out and explains the economic facts of the immediate post-war period. There are sections on...

This title was first published in 2003. Bringing together contemporary innovation pattern theories inspired by the two original patterns developed by Joseph A. Schumpeter, this book develops an innovative new model of long wave aggregate level...

Italian banks are burdened with high levels of nonperforming loans, the cleanup of which depends in important part on the efficiency of insolvency and enforcement processes. Traditionally, these processes in Italy have taken very long, hampering the...

Over the past 15 years, local money networks, which are essentially trading networks using a community-created currency, have emerged in countries as far apart as Argentina, Australia and New Zealand, Canada and the US, continental Europe and Japan....

Current images of sustainability are often designed to instil fear and force change, not because we believe in it, but because we fear the consequences of inaction. Moving away from negative portrayals of sustainability, this book identifies the...

A cyclical recovery is underway, with limited impact from the recent geopolitical tensions. Inflation has rebounded to around the Bank of Korea's 2-percent target, although it displayed some volatility. The current account surplus narrowed in 2017,...

The United States has a problem – a big problem. Due to costs associated with the massive bailout of financial institutions deemed 'too big to fail,' on-going armed conflicts, and a move towards socialism, another even bigger bubble is about to burst...

What explains public debt spikes since the end of WWII? To answer this question, this paperidentifies 179 debt spike episodes from 1945 to 2014 across advanced and developingcountries. We find that debt spikes are not rare events and their...

Economics is traditionally taken to be the social science concerned with the production, consumption, exchange, and distribution of wealth and commodities. Economists carefully track the comings and goings of the human household, whether written...

This title was first published in 2000:  The noble goals embodied in the Endangered Species Act are colliding with financial and social realities. Citizens increasingly face the costs of current policies, while initiatives which fail to respect...

This title was first published in 2000:  The noble goals embodied in the Endangered Species Act are colliding with financial and social realities. Citizens increasingly face the costs of current policies, while initiatives which fail to respect...

Inflation dynamics, as well as its interaction with unemployment, have been puzzling sincethe Global Financial Crisis (GFC). In this empirical paper, we use multivariate, possiblytime-varying, time-series models and show that changes in shocks are a...

This book examines the legal, financial, and institutional strategies available to the international oil and gas industry to protect against political and investment risk. It traces the historical development of these techniques and their application...

Economic players must often choose between several strategic options in a fierce competitive environment where interactions with competitors make decisions particularly complex. Game theory offers useful insights to choose an optimal decision or at...

Innovation, Entrepreneurship, Geography and Growth provides a timely, accessible review of our understanding of the complex links between innovation, entrepreneurship, geography and growth. Expert contributions provide a thorough roadmap of the...

Economics is traditionally taken to be the social science concerned with the production, consumption, exchange, and distribution of wealth and commodities. Economists carefully track the comings and goings of the human household, whether written...

From the inability of wealth to make us happier, to our catastrophic blindness to the credit crunch, Economyths reveals ten ways in which economics has failed us all. Forecasters predicted a prosperous year in 2008 for financial markets - in one...

Banks are usually better informed on the loans they originate than other financial intermediaries.As a result, securitized loans might be of lower credit quality than otherwise similar nonsecuritizedloans. We assess the effect of securitization...

Context. Australia has enjoyed a comparatively robust economic performance while adjusting to the end of the large mining boom of the 2000s. But the economy has not yet returned to full employment, and inflation is below its target range. Housing...

In recent years transaction costs economics have come to dominate the discussion of the nature and organization of firms. InTransaction Costs Economics and Beyond Michael Driscoll offers a critical exploration of transaction costs. He argues that...

Contrary to common belief, macroeconomics is not merely a theory of aggregates, and cannot be constructed from individual behaviour. Both nationally and internationally, there are economic laws that are logically independent of economic agents'apos;...

Selected Issues

In his foreword, the president of the World Bank, James D. Wolfensohn, states plainly and precisely the rationale for this volume. 'quot;Evaluation is a central aspect of any poverty reduction endeavor. Evaluation implies that we have adopted a...

We propose a stress testing framework of credit risk, which analyzes macro-financial linkages, generates consistent forecasts of macro-financial variables, and projects NPL on the basis of such forecasts. Economic contractions are generally...

This book is written for undergraduate students in Economics and in Political Science who want to learn about the political economics of redistributive policies. It provides a positive analysis of the political process behind the design and...

Most capital markets that have been established in developing economies like Africa have struggled to make progress over two decades down the line. Development of African Capital Markets explores why these markets have remained underdeveloped and...

Two types of currency in circulation models are identified: (1) a first generation derived fromthe theory of money demand and (2) a second generation aimed at producing daily forecastsof currency in circulation. In this paper, we transform the...

First Published in 1966. Routledge is an imprint of Taylor & Francis, an informa company.

We present and discuss a set of indicators to help assess countries' trade policies. The indicators relate to three policy areas - trade in goods, trade in services, and FDI. Given concerns about the direction of global trade policy, we also consider...

Low-income countries (LIDCs) are typically characterized by intermittent and very modest access to private external funding sources. Motivated by recent developments in private flows to LIDCs this paper makes two contributions: First, it constructs...