Thomas D. Willett - Böcker

This book takes a global approach, with an emphasis on North and Latin America respectfully, by discussing one of today's most controversial topics in business; Dollarization. With the collapse of the former Soviet Union, and the formation of the Euro in Europe, many countries and debating whether or not a common currency is in their best interest. This intriguing volume brings together the leading participants in the current dollarization debates. Many advocate the notion of a common currency, while others feel that in doing so will create financial costs for all that take part, with the severity varying from country to country.

This book takes a global approach, with an emphasis on North and Latin America respectfully, by discussing one of today's most controversial topics in business; Dollarization. With the collapse of the former Soviet Union, and the formation of the Euro in Europe, many countries and debating whether or not a common currency is in their best interest. This intriguing volume brings together the leading participants in the current dollarization debates. Many advocate the notion of a common currency, while others feel that in doing so will create financial costs for all that take part, with the severity varying from country to country.

There has been fierce debate about the optimal sequencing of economic reforms in emerging market economies. Many economists argue that for market-oriented systems to operate effectively, a reasonable degree of monetary stability is necessary. Rampant inflation, a common challenge for emerging economies, greatly reduces the chances that market-oriented reforms will be successful. In this comprehensive volume, a group of policy-oriented economists from North America, Europe, and the former Soviet Union explore the causes of monetary instability in reforming economies and evaluate alternative institutional mechanisms designed to reduce inflationary pressures. Considering the latest theoretical and empirical research–as well as the experiences of former Communist countries, including Russia and the erstwhile Soviet republics–the contributors view inflation as a political issue and make a case for the creation of strong political institutions. They argue that although government actions that stimulate inflation tend to have low costs or even benefits in the sort run, they impose heavy costs on the economy in the longer term. Consequently, there is a strong need to develop institutional mechanisms to help ensure that decision makers place appropriate emphasis on the long-run consequences of policy actions.

This book explores the causes of monetary instability in reforming economies and evaluates alternative institutional mechanisms designed to reduce inflationary pressures. It views inflation as a political issue and make a case for the creation of strong political institutions.

The idea for this volume was conceived by Frederick Praeger, founder of Westview Press, who asked Roland Vaubel if he would put together a collection of chapters on the public choice approach to the study of international organizations. Vaubel felt it would be useful to have a coeditor from the United States, and Thomas D. Willett enthusiastically agreed to take on these duties.

This book focuses on the nature of the public choice approach and many of the types of issues it raises. It presents a number of specific applications of public choice theory to the analysis of major international and regional economic organizations.

Critics of globalization often portray neoliberalism as an extremist laissez-faire political-economic philosophy that rejects government any sort of government intervention in the domestic economy. Like most over-used terms, it is more complicated than this introductory sentence suggests. This volume seeks to move beyond these caricature depictions and definitions as well as the emotional rhetoric that has unfortunately dominated both the scholastic and political debate on neoliberalism and global market-oriented reform. This book emphasizes that there are in fact a variety of neoliberalisms that share a common emphasis on the role of the market. Beyond this however, its usages and applications appear much more varied according to the cultural, economic, political, and social context in which it is used.A host of eminent contributors, including Douglass C. North, Arthur T. Denzau, Thomas D. Willett, Mark Blyth, Colin Hay, Craig Parsons, and others provide a rigorous assessment of the significance of neoliberal ideas on economic policy. Through their detailed international case studies the contributors to this book show how varied its impact has in fact been and the result is a book that will stimulate further debate in this most controversial of subject matters.Ravi K. Roy is a Research Scholar at the Claremont Institute for Economic Policy Studies. Arthur T. Denzau is Professor of Economics at Claremont Graduate University. He is also a Research Associate at the Center for American Business at Washington University (St. Louis).Thomas D. Willett is Horton Professor of Economics at Claremont Graduate University. He is also Director of the Claremont Institute for Economic Policy Studies

Critics of globalization often portray neoliberalism as an extremist laissez-faire political-economic philosophy that rejects government any sort of government intervention in the domestic economy. Like most over-used terms, it is more complicated than this introductory sentence suggests. This volume seeks to move beyond these caricature depictions and definitions as well as the emotional rhetoric that has unfortunately dominated both the scholastic and political debate on neoliberalism and global market-oriented reform. This book emphasizes that there are in fact a variety of neoliberalisms that share a common emphasis on the role of the market. Beyond this however, its usages and applications appear much more varied according to the cultural, economic, political, and social context in which it is used.A host of eminent contributors, including Douglass C. North, Arthur T. Denzau, Thomas D. Willett, Mark Blyth, Colin Hay, Craig Parsons, and others provide a rigorous assessment of the significance of neoliberal ideas on economic policy. Through their detailed international case studies the contributors to this book show how varied its impact has in fact been and the result is a book that will stimulate further debate in this most controversial of subject matters.Ravi K. Roy is a Research Scholar at the Claremont Institute for Economic Policy Studies. Arthur T. Denzau is Professor of Economics at Claremont Graduate University. He is also a Research Associate at the Center for American Business at Washington University (St. Louis).Thomas D. Willett is Horton Professor of Economics at Claremont Graduate University. He is also Director of the Claremont Institute for Economic Policy Studies

Efficient market theory has made an important contribution to economic and financial analysis, but markets do not always behave according to the theory's predictions. The behavioral finance approach advocated in this Element is a complement to efficient market theory. The Element stresses the effects of perverse incentives, complexity, and uncertainty, as well as the roles of mental models or narrative and behavioral biases. It emphasizes limits to arbitrage, suggesting that international capital mobility is often far from perfect. It reviews popular models and considers alternatives in areas such as currency crises, exchange rates and the balance of payments, the international monetary trilemma, capital flow surges and sudden stops, and the discipline effects of international financial markets. The behavioral approach of the Element also helps to explain why governments often fail to undertake necessary policy adjustments in time to head off currency and financial crises.