Download or read book Why Australia Prospered written by Ian W. McLean and published by Princeton University Press. This book was released on 2016-05-24 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the first comprehensive account of how Australia attained the world's highest living standards within a few decades of European settlement, and how the nation has sustained an enviable level of income to the present. Why Australia Prospered is a fascinating historical examination of how Australia cultivated and sustained economic growth and success. Beginning with the Aboriginal economy at the end of the eighteenth century, Ian McLean argues that Australia's remarkable prosperity across nearly two centuries was reached and maintained by several shifting factors. These included imperial policies, favorable demographic characteristics, natural resource abundance, institutional adaptability and innovation, and growth-enhancing policy responses to major economic shocks, such as war, depression, and resource discoveries. Natural resource abundance in Australia played a prominent role in some periods and faded during others, but overall, and contrary to the conventional view of economists, it was a blessing rather than a curse. McLean shows that Australia's location was not a hindrance when the international economy was centered in the North Atlantic, and became a positive influence following Asia's modernization. Participation in the world trading system, when it flourished, brought significant benefits, and during the interwar period when it did not, Australia's protection of domestic manufacturing did not significantly stall growth. McLean also considers how the country's notorious origins as a convict settlement positively influenced early productivity levels, and how British imperial policies enhanced prosperity during the colonial period. He looks at Australia's recent resource-based prosperity in historical perspective, and reveals striking elements of continuity that have underpinned the evolution of the country's economy since the nineteenth century.

Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.

Download or read book The Cambridge Economic History of Australia written by Simon Ville and published by Cambridge University Press. This book was released on 2014-10-08 with total page 710 pages. Available in PDF, EPUB and Kindle. Book excerpt: Australia's economic history is the story of the transformation of an indigenous economy and a small convict settlement into a nation of nearly 23 million people with advanced economic, social and political structures. It is a history of vast lands with rich, exploitable resources, of adversity in war, and of prosperity and nation building. It is also a history of human behaviour and the institutions created to harness and govern human endeavour. This account provides a systematic and comprehensive treatment of the nation's economic foundations, growth, resilience and future, in an engaging, contemporary narrative. It examines key themes such as the centrality of land and its usage, the role of migrant human capital, the tension between development and the environment, and Australia's interaction with the international economy. Written by a team of eminent economic historians, The Cambridge Economic History of Australia is the definitive study of Australia's economic past and present.

Download or read book Monetary Policy and Interest Rates written by Riccardo Rovelli and published by Palgrave Macmillan. This book was released on 1998-09-14 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: An authoritative examination for top international policymakers and academics conducting monetary policy arising from a conference organised by the Banca d'Italia. The yield curve - the relation among market interest rates of different maturities - is a key benchmark for evaluating investment strategies in the global financial market. To a growing extent, central banks use it to evaluate, explain to the public and monitor the results of policy decisions.

Download or read book Global Productivity written by Alistair Dieppe and published by World Bank Publications. This book was released on 2021-06-09 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic struck the global economy after a decade that featured a broad-based slowdown in productivity growth. Global Productivity: Trends, Drivers, and Policies presents the first comprehensive analysis of the evolution and drivers of productivity growth, examines the effects of COVID-19 on productivity, and discusses a wide range of policies needed to rekindle productivity growth. The book also provides a far-reaching data set of multiple measures of productivity for up to 164 advanced economies and emerging market and developing economies, and it introduces a new sectoral database of productivity. The World Bank has created an extraordinary book on productivity, covering a large group of countries and using a wide variety of data sources. There is an emphasis on emerging and developing economies, whereas the prior literature has concentrated on developed economies. The book seeks to understand growth patterns and quantify the role of (among other things) the reallocation of factors, technological change, and the impact of natural disasters, including the COVID-19 pandemic. This book is must-reading for specialists in emerging economies but also provides deep insights for anyone interested in economic growth and productivity. Martin Neil Baily Senior Fellow, The Brookings Institution Former Chair, U.S. President’s Council of Economic Advisers This is an important book at a critical time. As the book notes, global productivity growth had already been slowing prior to the COVID-19 pandemic and collapses with the pandemic. If we want an effective recovery, we have to understand what was driving these long-run trends. The book presents a novel global approach to examining the levels, growth rates, and drivers of productivity growth. For anyone wanting to understand or influence productivity growth, this is an essential read. Nicholas Bloom William D. Eberle Professor of Economics, Stanford University The COVID-19 pandemic hit a global economy that was already struggling with an adverse pre-existing condition—slow productivity growth. This extraordinarily valuable and timely book brings considerable new evidence that shows the broad-based, long-standing nature of the slowdown. It is comprehensive, with an exceptional focus on emerging market and developing economies. Importantly, it shows how severe disasters (of which COVID-19 is just the latest) typically harm productivity. There are no silver bullets, but the book suggests sensible strategies to improve growth prospects. John Fernald Schroders Chaired Professor of European Competitiveness and Reform and Professor of Economics, INSEAD

Download or read book The Power of Economic Ideas written by Alex Millmow and published by ANU E Press. This book was released on 2010-05-01 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economics, Keynes once wrote, can be a 'very dangerous science'. Sometimes, though, it can be moulded to further the common good though it might need a leap in mental outlook, a whole new zeitgeist to be able do do. This book is about a transformation in Australian economists' thought and ideas during the interwar period. It focuses upon the interplay between economic ideas, players and policy sometimes in the public arena. In a decade marked by depression, recovery and international political turbulence Australian economists moved from a classical orthodox economic position to that of a cautious Keynesianism by 1939. We look at how a small collective of economists tried to influence policy-making in the nineteen-thirties. Economists felt obliged to seek changes to the parameters as economic conditions altered but, more importantly, as their insights about economic management changed. There are three related themes that underscore this book. Firstly, the professionalisation of Australian economics took a gigantic leap in this period, aided in part, by the adverse circumstances confronting the economy but also by the aspirations economists held for their discipline. A second theme relates to the rather unflattering reputation foisted upon interwar economists after 1945. That transition underlies a third theme of this book, namely, how Australian economists were emboldened by Keynes's General Theory to confidently push for greater management of economic activity. By 1939 Australian economists conceptualized from a new theoretic framework and from one which they advanced comment and policy advice. This book therefore will rehabilitate the works of Australian interwar economists, arguing that they not only had an enviable international reputation but also facilitated the acceptance of Keynes¿s General Theory among policymakers before most of their counterparts elsewhere.

Download or read book Economic Growth and the Balance of Payments Constraint written by John McCombie and published by Springer. This book was released on 2016-07-27 with total page 646 pages. Available in PDF, EPUB and Kindle. Book excerpt: '... a well written book ... covering ... a vast amount of material ... well balanced between the theoretical and applied works. The authors are judicious and fair in providing a balanced treatment of the two alternative theories of growth performance: supply-oriented and demand-oriented. The book will serve as a guideline to researchers and policymakers ... as a textbook for upperdivision undergraduate and graduate courses.'- Kashi Nath Tiwari, Kennesaw State College This is the first book of its kind to argue in a consistent and comprehensive way the idea that a country's growth performance cannot be properly understood without reference to the performance of its tradeable goods sector and the strength of its balance of payments. It puts forward a demand orientated theory of why growth rates differ between countries where the major constraint on demand is the balance of payments. The book is critical of neoclassical growth analysis and provides an alternative theory of growth performance to the supply orientated approach of neoclassical theory. There are theoretical chapters comparing and contrasting neoclassical growth analysis with the new demand orientated approach, and empirical sections which apply the new model to regions and countries, including two case studies of the UK and Australia.

Download or read book Monetary Economics written by Keith Bain and published by Bloomsbury Publishing. This book was released on 2017-09-16 with total page 510 pages. Available in PDF, EPUB and Kindle. Book excerpt: This fully revised second edition of Bain and Howells' Monetary Economics provides an up-to-date examination of monetary policy as it is practised and the theory underlying it. The authors link the conduct of monetary policy to the IS/PC/MR model and extend this further through the addition of a simple model of the banking sector. They demonstrate why monetary policy is central to the management of a modern economy, showing how it might have lasting effects on real variables, and look at how the current economic crisis has weakened the ability of policymakers to influence aggregate demand through the structure of interest rates. The second edition: features a realistic account of the conduct of monetary policy when the money supply is endogenous provides a detailed and up-to-date account of the conduct of monetary policy and links this explicitly to a framework for teaching macroeconomics includes recent changes in money market operations and an examination of the problems posed for monetary policy by the recent financial crisis Monetary Economics is an ideal core textbook for advanced undergraduate modules in monetary economics and monetary theory and policy.

Download or read book Why Nations Fail written by Daron Acemoglu and published by Currency. This book was released on 2013-09-17 with total page 546 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brilliant and engagingly written, Why Nations Fail answers the question that has stumped the experts for centuries: Why are some nations rich and others poor, divided by wealth and poverty, health and sickness, food and famine? Is it culture, the weather, geography? Perhaps ignorance of what the right policies are? Simply, no. None of these factors is either definitive or destiny. Otherwise, how to explain why Botswana has become one of the fastest growing countries in the world, while other African nations, such as Zimbabwe, the Congo, and Sierra Leone, are mired in poverty and violence? Daron Acemoglu and James Robinson conclusively show that it is man-made political and economic institutions that underlie economic success (or lack of it). Korea, to take just one of their fascinating examples, is a remarkably homogeneous nation, yet the people of North Korea are among the poorest on earth while their brothers and sisters in South Korea are among the richest. The south forged a society that created incentives, rewarded innovation, and allowed everyone to participate in economic opportunities. The economic success thus spurred was sustained because the government became accountable and responsive to citizens and the great mass of people. Sadly, the people of the north have endured decades of famine, political repression, and very different economic institutions—with no end in sight. The differences between the Koreas is due to the politics that created these completely different institutional trajectories. Based on fifteen years of original research Acemoglu and Robinson marshall extraordinary historical evidence from the Roman Empire, the Mayan city-states, medieval Venice, the Soviet Union, Latin America, England, Europe, the United States, and Africa to build a new theory of political economy with great relevance for the big questions of today, including: - China has built an authoritarian growth machine. Will it continue to grow at such high speed and overwhelm the West? - Are America’s best days behind it? Are we moving from a virtuous circle in which efforts by elites to aggrandize power are resisted to a vicious one that enriches and empowers a small minority? - What is the most effective way to help move billions of people from the rut of poverty to prosperity? More philanthropy from the wealthy nations of the West? Or learning the hard-won lessons of Acemoglu and Robinson’s breakthrough ideas on the interplay between inclusive political and economic institutions? Why Nations Fail will change the way you look at—and understand—the world.

Download or read book Financial Inclusion in Asia and Beyond written by Tony Cavoli and published by Routledge. This book was released on 2021-03-04 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: The World Bank considers financial inclusion to be an enabler for at least 7 of the 17 United Nation’s sustainable development goals (SDGs). Financial inclusion, with its associated policy implications, is an important issue for ASEAN. This book examines the economic effects of financial inclusion. It explores issues surrounding measurement and impact of financial inclusion. The book looks at various, salient topics including measurement of financial inclusion, the impact of (various indicators of) financial inclusion on development outcomes and macroeconomic volatility using aggregate data, as well as the effects of financial inclusion on poverty and development outcomes using micro data.

Download or read book The Changing of Australian Manufacturing written by Colin Clark and published by . This book was released on 1996 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Inflation in Emerging and Developing Economies written by Jongrim Ha and published by World Bank Publications. This book was released on 2019-02-24 with total page 524 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first comprehensive study in the context of EMDEs that covers, in one consistent framework, the evolution and global and domestic drivers of inflation, the role of expectations, exchange rate pass-through and policy implications. In addition, the report analyzes inflation and monetary policy related challenges in LICs. The report documents three major findings: In First, EMDE disinflation over the past four decades was to a significant degree a result of favorable external developments, pointing to the risk of rising EMDE inflation if global inflation were to increase. In particular, the decline in EMDE inflation has been supported by broad-based global disinflation amid rapid international trade and financial integration and the disruption caused by the global financial crisis. While domestic factors continue to be the main drivers of short-term movements in EMDE inflation, the role of global factors has risen by one-half between the 1970s and the 2000s. On average, global shocks, especially oil price swings and global demand shocks have accounted for more than one-quarter of domestic inflation variatio--and more in countries with stronger global linkages and greater reliance on commodity imports. In LICs, global food and energy price shocks accounted for another 12 percent of core inflation variatio--half more than in advanced economies and one-fifth more than in non-LIC EMDEs. Second, inflation expectations continue to be less well-anchored in EMDEs than in advanced economies, although a move to inflation targeting and better fiscal frameworks has helped strengthen monetary policy credibility. Lower monetary policy credibility and exchange rate flexibility have also been associated with higher pass-through of exchange rate shocks into domestic inflation in the event of global shocks, which have accounted for half of EMDE exchange rate variation. Third, in part because of poorly anchored inflation expectations, the transmission of global commodity price shocks to domestic LIC inflation (combined with unintended consequences of other government policies) can have material implications for poverty: the global food price spikes in 2010-11 tipped roughly 8 million people into poverty.

Download or read book A Decade after the Global Recession written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-19 with total page 475 pages. Available in PDF, EPUB and Kindle. Book excerpt: This year marks the tenth anniversary of the 2009 global recession. Most emerging market and developing economies weathered the global recession relatively well, in part by using the sizable fiscal and monetary policy ammunition accumulated during prior years of strong growth. However, their growth prospects have weakened since then, and many now have less policy space. This study provides the first comprehensive stocktaking of the past decade from the perspective of emerging market and developing economies. Many of these economies have now become more vulnerable to economic shocks. The study discusses lessons from the global recession and policy options for these economies to strengthen growth and prepare for the possibility of another global downturn.

Download or read book Central Bank Digital Currency and Fintech in Asia written by Marlene Amstad and published by Asian Development Bank. This book was released on 2019-11-26 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a thorough introduction and historical overview of the principles and practices of digital currency and fintech in Asia. It covers the theory of central bank digital currency and examines regulatory aspects, economic digitalization, financial inclusion, and the role of SMEs. Selected case studies offer in-depth insights into recent fintech developments in major economies, including Australia; Hong Kong, China; Indonesia; Japan; the People's Republic of China; the Republic of Korea; and Thailand. The book also makes a valuable supplement for introductory courses on finance, governance, and economics, as it appeals to a broad range of readers, including university students, academics, finance practitioners, and policy makers.

Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.

Download or read book Monetary Policy Strategy written by Frederic S. Mishkin and published by MIT Press. This book was released on 2007 with total page 561 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book by a leading authority on monetary policy offers a unique view of the subject from the perspectives of both scholar and practitioner. Frederic Mishkin is not only an academic expert in the field but also a high-level policymaker. He is especially well positioned to discuss the changes in the conduct of monetary policy in recent years, in particular the turn to inflation targeting. Monetary Policy Strategydescribes his work over the last ten years, offering published papers, new introductory material, and a summing up, "Everything You Wanted to Know about Monetary Policy Strategy, But Were Afraid to Ask," which reflects on what we have learned about monetary policy over the last thirty years. Mishkin blends theory, econometric evidence, and extensive case studies of monetary policy in advanced and emerging market and transition economies. Throughout, his focus is on these key areas: the importance of price stability and a nominal anch fiscal and financial preconditions for achieving price stability; central bank independence as an additional precondition; central bank accountability; the rationale for inflation targeting; the optimal inflation target; central bank transparency and communication; and the role of asset prices in monetary policy.

Download or read book Global Trends 2040 written by National Intelligence Council and published by Cosimo Reports. This book was released on 2021-03 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.