The economy of Bosnia and Herzegovina (BiH) continues to recover. Growth was3.2 percent in 2015, despite fiscal consolidation forced by financing constraints, and isexpected to be at about the same level this year. External and internal imbalances...

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...

The income velocity of money-an inverse measure of the demand for money balances-is the ratio of the money value of income to the average money stock that the public (excluding banks) holds in a given period. Why the magnitude of that ratio has...

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,...

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...

The latest editions of introductory texts are becoming easier and easier. At the same time, macroeconomic models used by central banks in their simulations (the so-called Dynamic Stochastic General Equilibrium Models, DSGE) are increasingly...

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...

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,...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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....

As America'apos;s most dysfunctional big city, Detroit faces urban decay, population losses, fractured neighborhoods with impoverished households, an uneducated, unskilled workforce, too few jobs, a shrinking tax base, budgetary shortfalls, and...

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...

According to the standard position of the economic mainstream, the efficient production of so-called public goods, including law and defense, requires the use of territorial monopolies of coercive force. Two arguments are put forward for this...

As America'apos;s most dysfunctional big city, Detroit faces urban decay, population losses, fractured neighborhoods with impoverished households, an uneducated, unskilled workforce, too few jobs, a shrinking tax base, budgetary shortfalls, and...

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...

In 2009, the United Kingdom changed from a worldwide to a territorial tax system, abolishingdividend taxes on foreign repatriation from many low-tax countries. This paper assesses thecausal effect of territorial taxation on real investments, using a...

The economy is recovering after Cyclone Winston struck in February 2016. GDP growth is estimated to have rebounded to 3.8 percent in 2017 from 0.4 percent in 2016. It is projected to reach 3.5 percent in 2018 and stabilize at 3-3.5 percent in the...

Selected Issues

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...

The Central Bank of Morocco has been working on developing a Forecasting and Policy Analysis System (FPAS) to support a gradual move toward a more flexible exchange rate regime and the eventual adoption of a full-fledged inflation-targeting (IT)...

Selected Issues

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...

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...

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...

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...

This paper discusses Grenada's Fifth Review Under the Extended Credit Facility (ECF), Request for Modification of Performance Criteria, and Financing Assurances review. Overall program implementation remains solid. All quantitative performance...

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...

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...

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

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...

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...

The relevance of recording and assessing countries' capital flow management measures iswell-recognized, but very few studies have focused on low-income developing countries(LIDCs). A key constraint is the lack of an appropriate index to measure the...

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...

There is a widespread perception that trust and social capital have declined in United States as well asother advanced economies, while income inequality has tended to increase. While previous research hasnoted that measured trust declines as...

This paper presents estimates of potential output for all Central American economies. Our findings are that potential output growth has declined in recent years in most economies of Central America. Lower capital accumulation and TFP growth are...

This new text provides a rigorous analysis of real estate markets. Three main sections cover:microeconomics of property markets the macroeconomics of commercial property the financial economics of propertyGlobal empirical examples illustrate the...