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Author: Surjit S. Bhalla
Publisher: Peterson Institute
ISBN: 0881326518
Category : Business & Economics
Languages : en
Pages : 283
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Book Description
Experts have long questioned the effect of currency undervaluation on overall GDP growth. They have viewed the underlying basis for this policy--intervention in currency markets to keep the price of the home currency cheap--as doomed to failure on both theoretical and empirical grounds. Moreover, the view has been that overvalued currencies hurt economic growth but undervalued currencies cannot help in growth acceleration. A parallel belief has been that the real exchange rate--that is, a country's competitive ranking--cannot be affected by merely changing the nominal exchange rate. This view is grounded in the belief, and expectation, that inflation follows any devaluation of currency. Hence, the conclusion that the real exchange rate cannot be affected by policy. However, given China's remarkable performance in recent decades, this traditional view is being reexamined. China devalued its currency by large amounts in the 1980s and early 1990s; instead of inflation, it achieved high growth. Today, there is near-universal demand for China to significantly revalue its currency. This book examines the veracity of various propositions relating to currency misalignments, and their effect on various items of policy interest. The author subjects more than a century of global exchange rate management and growth outcomes to rigorous empirical analysis and demonstrates convincingly that a country can systematically devalue and yet prosper. The analysis helps in interpreting several phenomena, especially for the last three decades, which have witnessed high economic growth in developing countries, a widening of global imbalances, and a sharp increase in reserve accumulation, particularly among high-growth Asian economies. The book shows that these events are strongly linked via a consistent policy of currency undervaluation in Asian economies.
Author: Surjit S. Bhalla
Publisher: Peterson Institute
ISBN: 0881326518
Category : Business & Economics
Languages : en
Pages : 283
Get Book Here
Book Description
Experts have long questioned the effect of currency undervaluation on overall GDP growth. They have viewed the underlying basis for this policy--intervention in currency markets to keep the price of the home currency cheap--as doomed to failure on both theoretical and empirical grounds. Moreover, the view has been that overvalued currencies hurt economic growth but undervalued currencies cannot help in growth acceleration. A parallel belief has been that the real exchange rate--that is, a country's competitive ranking--cannot be affected by merely changing the nominal exchange rate. This view is grounded in the belief, and expectation, that inflation follows any devaluation of currency. Hence, the conclusion that the real exchange rate cannot be affected by policy. However, given China's remarkable performance in recent decades, this traditional view is being reexamined. China devalued its currency by large amounts in the 1980s and early 1990s; instead of inflation, it achieved high growth. Today, there is near-universal demand for China to significantly revalue its currency. This book examines the veracity of various propositions relating to currency misalignments, and their effect on various items of policy interest. The author subjects more than a century of global exchange rate management and growth outcomes to rigorous empirical analysis and demonstrates convincingly that a country can systematically devalue and yet prosper. The analysis helps in interpreting several phenomena, especially for the last three decades, which have witnessed high economic growth in developing countries, a widening of global imbalances, and a sharp increase in reserve accumulation, particularly among high-growth Asian economies. The book shows that these events are strongly linked via a consistent policy of currency undervaluation in Asian economies.
Author: Andre M. Perry
Publisher: Brookings Institution Press
ISBN: 0815737289
Category : Social Science
Languages : en
Pages : 271
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Book Description
The deliberate devaluation of Blacks and their communities has had very real, far-reaching, and negative economic and social effects. An enduring white supremacist myth claims brutal conditions in Black communities are mainly the result of Black people's collective choices and moral failings. “That's just how they are” or “there's really no excuse”: we've all heard those not so subtle digs. But there is nothing wrong with Black people that ending racism can't solve. We haven't known how much the country will gain by properly valuing homes and businesses, family structures, voters, and school districts in Black neighborhoods. And we need to know. Noted educator, journalist, and scholar Andre Perry takes readers on a tour of six Black-majority cities whose assets and strengths are undervalued. Perry begins in his hometown of Wilkinsburg, a small city east of Pittsburgh that, unlike its much larger neighbor, is struggling and failing to attract new jobs and industry. Bringing his own personal story of growing up in Black-majority Wilkinsburg, Perry also spotlights five others where he has deep connections: Detroit, Birmingham, New Orleans, Atlanta, and Washington, D.C. He provides an intimate look at the assets that should be of greater value to residents—and that can be if they demand it. Perry provides a new means of determining the value of Black communities. Rejecting policies shaped by flawed perspectives of the past and present, it gives fresh insights on the historical effects of racism and provides a new value paradigm to limit them in the future. Know Your Price demonstrates the worth of Black people's intrinsic personal strengths, real property, and traditional institutions. These assets are a means of empowerment and, as Perry argues in this provocative and very personal book, are what we need to know and understand to build Black prosperity.
Author: Robert J. Barro
Publisher: MIT Press
ISBN: 9780262522540
Category : Business & Economics
Languages : en
Pages : 164
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Book Description
Summarizes recent research from hundreds of empirical studies on economic growth across countries that have highlighted the correlation between growth and a variety of variables.
Author: Brian Domitrovic
Publisher: Simon and Schuster
ISBN: 1684516714
Category : History
Languages : en
Pages : 301
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Book Description
The history we can't afford to forget. At last, the definitive history of supply-side economics—an incredibly timely work that reveals the foundations of America's prosperity when those very foundations are under attack. In the riveting, groundbreaking book Econoclasts, historian Brian Domitrovic tells the remarkable story of the economists, journalists, Washington staffers, and (ultimately) politicians who showed America how to get out of the 1970s stagflation and ushered in an unprecedented quarter-century run of growth and opportunity. Based on the author's years of archival research, Econoclasts is a masterful narrative history in the tradition of Amity Shlaes's The Forgotten Man and John Steele Gordon's An Empire of Wealth.
Author: Theodore H. Moran
Publisher: Peterson Institute
ISBN: 0881325546
Category : China
Languages : en
Pages : 86
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Book Description
Author: Isabel Brown Crook
Publisher: Rowman & Littlefield
ISBN: 1442225750
Category : History
Languages : en
Pages : 337
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Book Description
This classic in the annals of village studies will be widely read and debated for what it reveals about China's rural dynamics as well as the nature of state power, markets, the military, social relations, and religion. Built on extraordinarily intimate and detailed research in a Sichuan village that Isabel Crook began in 1940, the book provides an unprecedented history of Chinese rural life during the war with Japan. It is an essential resource for all scholars of contemporary China.
Author: Vladimir Popov
Publisher: OUP Oxford
ISBN: 0191009601
Category : Business & Economics
Languages : en
Pages : 239
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Book Description
The rise of the West is often attributed the presence of certain features in Western countries from the 16th century that were absent in more traditional societies: the abolition of serfdom and Protestant ethics, the protection of property rights, and free universities. The problem with this reasoning is that, before the 16th century, there were many countries with social structures that possessed these same features that didn't experience rapid productivity growth. This book offers a new interpretation of the 'Great Divergence' and 'Great Convergence' stories. It explores how Western countries grew rich and why parts of the developing world (South and East Asia and the Middle East) did not catch up with the West from 1500 to 1950 but began to narrow the gap after 1950. It also examines why others (Latin America, South Africa, and Russia) were more successful at catching up from 1500 to 1950, but then experienced a slowdown in economic growth compared to other developing countries. Mixed Fortunes offers a novel interpretation of the rise of the West and of the subsequent development of 'the rest' and China and Russia, important examples of two groups of developing countries, are examined in greater detail.
Author: David South, Editor and Writer
Publisher: DSConsulting
ISBN:
Category : Business & Economics
Languages : en
Pages : 110
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Book Description
Launched in May 2011, the new global magazine Southern Innovator is about the people across the global South shaping our new world, eradicating poverty and working towards the achievement of the Millennium Development Goals (MDGs). They are the innovators. Issue 1 covered the theme of mobile phones and information technology. Issue 2 covered the theme of youth and entrepreneurship. Issue 3 covered the theme of agribusiness and food security. Issue 4 covered the theme of cities and urbanization. Issue 5 covers the theme of waste and recycling. Follow the magazine on Twitter @SouthSouth1. If you would like hard copies of the magazine for distribution, then please contact the United Nations Office for South-South Cooperation in New York, USA (www.southerninnovator.org). Learn about the Global South-South Development Expo here: www.southsouthexpo.org. Also contact us about opportunities to sponsor the magazine here:
[email protected]. Sponsors help us to print and distribute more copies.
Author: National Defense University (U S )
Publisher: Government Printing Office
ISBN:
Category : Business & Economics
Languages : en
Pages : 132
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Book Description
On August 24-25, 2010, the National Defense University held a conference titled “Economic Security: Neglected Dimension of National Security?” to explore the economic element of national power. This special collection of selected papers from the conference represents the view of several keynote speakers and participants in six panel discussions. It explores the complexity surrounding this subject and examines the major elements that, interacting as a system, define the economic component of national security.
Author: Martin Wolf
Publisher: Penguin UK
ISBN: 0718197976
Category : Business & Economics
Languages : en
Pages : 459
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Book Description
In The Shifts and the Shocks, Martin Wolf - one of the world's most influential economic commentators and author of Why Globalization Works - presents his controversial and highly original analysis of the economic course of the last seven years There have been many books that have sought to explain the causes and courses of the financial and economic crisis which began in 2007-8. The Shifts and the Shocks is not another detailed history of the crisis, but the most persuasive and complete account yet published of what the crisis should teach us us about modern economies and economics. The book identifies the origin of the crisis in the complex interaction between globalization, hugely destabilizing global imbalances and our dangerously fragile financial system. In the eurozone, these sources of instability were multiplied by the tragically defective architecture of the monetary union. It also shows how much of the orthodoxy that shaped monetary and financial policy before the crisis occurred was complacent and wrong. In doing so, it mercilessly reveals the failures of the financial, political and intellectual elites who ran the system. The book also examines what has been done to reform the financial and monetary systems since the worst of the crisis passed. 'Are we now on a sustainable course?' Wolf asks. 'The answer is no.' He explains with great clarity why 'further crises seem certain' and why the management of the eurozone in particular 'guarantees a huge political crisis at some point in the future.' Wolf provides far more ambitious and comprehensive plans for reform than any currently being implemented. Written with all the intellectual command and trenchant judgement that have made Martin Wolf one of the world's most influential economic commentators, The Shifts and the Shocks matches impressive analysis with no-holds-barred criticism and persuasive prescription for a more stable future. It is a book no-one with an interest in global affairs will want to neglect. MARTIN WOLF is Associate Editor and Chief Economics Commentator at the Financial Times, London. He is the recipient of many awards for financial journalism, for which he was also made a CBE in 2000. His previous books include Why Globalization Works and Fixing Global Finance. "We have been inundated with books about the 'financial' aspects of the crisis. There have also been many books about specific institutions or memoirs by retired policy-makers. We need something different. There are two dimensions of the crisis that have received surprisingly little treatment. One is the link between developments in the macro-economy and the behaviour of the financial sector. The other is the global dimension of the crisis. Both these lie at the heart of Martin Wolf's analysis of the causes of the crisis and of his proposals to reduce the risk of another crisis. For these two reasons this is an important book that will be influential. Most important of all, it is in my view the right analysis and remedy" Mervyn King "To think straight about the causes and solutions of the financial crisis we must reject orthodox assumptions that more finance and global financial integration are limitlessly beneficial. The Shifts and the Shocks does just that, providing an intellectually sparkling and vital account of why the crisis occurred, and of the radical reforms needed if we are to avoid a future repeat" Adair Turner "Martin Wolf is unsurpassed in the world of economic journalists. His superb book may be the best of all those spawned by the Great Recession. It is analytical and rigorous without ever succumbing to fatalism or complacency" Lawrence Summers
