Europa Economic Perspectives – serie

Japan has many unique strengths, but it also faces numerous challenges, many of which are related to population ageing. Rapid demographic change is projected to reduce Japan’s population by one-quarter by 2060 while increasing the share of elderly people from 29% of the total population to 38%, which would be the highest share among advanced countries. This book analyses the Japanese economy and the challenges it faces, and suggests policies to promote wellbeing, high living standards, fiscal sustainability, social inclusion and environmental sustainability. The book’s 24 chapters focus on key aspects of Japan’s economy, including the labour market, innovation, education, women in the workforce, corporate governance, small and medium-sized enterprises, the service sector, agriculture, fiscal and monetary policy, income distribution and policies to address climate change. The volume aims to increase understanding of Japan, the world’s third-largest economy and a key player in the global economy. It will assist policymakers and serve as a resource for academics and students of economics and public policy. As Japan is a front-runner in population ageing, the book’s analysis and policy recommendations are highly relevant to other countries that are, or soon will be, facing similar challenges.

From the clashes between Federalists and Republicans in the 1790s until today, partisan battles over taxing, spending, and public debt have shaped American political development. These battles were formerly constrained by fiscal norms that mandated balanced budgets and low debt. In his Farewell Address, President George Washington counseled the nation to "cherish public credit" by using "it as sparingly as possible".In the 1980s, however, tax cuts and spending increases created large structural deficits and much higher debt levels. With only a brief interruption in the late 1990s, deficit politics has been a mainstay ever since.Over this period, the Republican Party has passed large tax cuts but failed to retrench the large entitlement programs that continue to raise spending. Likewise, the Democratic Party has expanded the domestic role of government but has abandoned the broad-based taxation it supported in the 1990s. Funding their domestic agenda with matching revenues is now as unappealing for Democrats as entitlement cutbacks are for Republicans, contributing to the current stalemate of Republican tax policy, Democratic spending policy, and soaring deficits and debt. The economic risks this entails are serious, yet an end to the era of deficit politics is nowhere in sight.

While geopolitics has captured global attention, geoeconomics is the often hidden force that governs countries’ relationships. It is the economic psyche that shapes the new world order. Geoeconomics refers to the intersection of economic factors, relationships and conditions on global events. A country’s political and business alignments have an impact on individuals, companies and on future economic stability. This book assembles leading scholars and experts from around the world to advance current thinking on geoeconomics. It is a thorough and authoritative reference work on world economics that aims to shape strategy formulation in business and government for years to come by expanding understanding on the topic of geoeconomics, analyzing the implications of international geoeconomic events, and providing the reader with theoretical and practical approaches on the management of geoeconomics. Geoeconomic concepts in this book will prove timely and highly insightful to students, academics, executives, entrepreneurs, government officials, consultants and policymakers.

The Nordic-Baltic region has become highly integrated. The Nordic countries have been successful in balancing competitiveness and economic growth with social inclusiveness, while the Baltic States have grown economically but remain vulnerable with weak social systems and highly unequal income distribution. European Union (EU) membership and inter-linkages with the continental Nordic banking systems appear to have affected the 2008/09 crisis response of the Baltic States.In spite of their strengths, including their social systems, continental Nordic states are faced with a challenging mix of large, cross-border banks and highly indebted households at a time of rather weak global growth. The Baltic States are challenged by slow economic growth post-crisis, security concerns, and large-scale outward migration of the youngest and most highly educated people.It is now a decade since the Baltic States were hit by the global crisis. It is time to take stock of their progress and assess their relations with other countries in the region and with the EU. This book focuses on the Baltics and their Nordic partners pre- and post-crisis: successes, failures, lessons learned, and future challenges, examining and comparing the crisis response of these various small states that enjoy different income levels, operate different welfare and tax systems, and seek different levels of integration with the EU.

This volume examines and analyzes the current situation of, and the future prospects for, the Japanese economy, particularly in the context of inequality. The country's economy is facing the ageing and the shrinking of its population, both of which will reduce the potential growth rate, which has already become very low.By introducing a new policy framework, namely the `Equity-Growth-Small Government Impossible Triangle', based on reviewing, comparing and contrasting the policies of the United States, the Nordic economies and Japan, the book proposes a policy direction that could be pursued by Japan. If Japan wants to sustain growth while preventing inequality to widen and preserve an egalitarian society, there is no other choice but to further promote globalization and innovation and, at the same time, surrender preserving a small government by reforming itself to become a dynamic and resilient welfare state.The volume will be an invaluable resource for students, professionals and researchers with an interest in economics, inequality, the Japanese economy and comparative economic policies.

This volume engages with the roots, dimensions, and implications of foreign currency domination in states with a national currency. Referred to as unofficial dollarization in literature, this is a worldwide phenomenon among developing countries and has a long history.This monograph provides a political economic analysis of dollarization in Georgia and is structured around three themes: the genesis of dollarization (1991–2003), the persistence of dollarization (2003–12) and the politicization of dollarization (2012–19). The case of Georgia is especially representative of the post-socialist transition states, but also has wider applicability.A high level of dollarization is a significant barrier to economic growth, macroeconomic and political stability, functional monetary policy, as well as social welfare. The Covid-19 crisis and the increasing debt of developing countries in foreign currency exacerbate dollarization-related vulnerabilities for these economies.This book will be of interest to postgraduate students in global/comparative political economy, development economics or transition economies, researchers in monetary sovereignty, central banking, exchange rate policies, currency hierarchy, money, financialization, and policy makers in dollarized countries and global institutions.

This volume engages with the roots, dimensions, and implications of foreign currency domination in states with a national currency. Referred to as unofficial dollarization in literature, this is a worldwide phenomenon among developing countries and has a long history.This monograph provides a political economic analysis of dollarization in Georgia and is structured around three themes: the genesis of dollarization (1991–2003), the persistence of dollarization (2003–12) and the politicization of dollarization (2012–19). The case of Georgia is especially representative of the post-socialist transition states, but also has wider applicability.A high level of dollarization is a significant barrier to economic growth, macroeconomic and political stability, functional monetary policy, as well as social welfare. The Covid-19 crisis and the increasing debt of developing countries in foreign currency exacerbate dollarization-related vulnerabilities for these economies.This book will be of interest to postgraduate students in global/comparative political economy, development economics or transition economies, researchers in monetary sovereignty, central banking, exchange rate policies, currency hierarchy, money, financialization, and policy makers in dollarized countries and global institutions.

From the clashes between Federalists and Republicans in the 1790s until today, partisan battles over taxing, spending, and public debt have shaped American political development. These battles were formerly constrained by fiscal norms that mandated balanced budgets and low debt. In his Farewell Address, President George Washington counseled the nation to "cherish public credit" by using "it as sparingly as possible".In the 1980s, however, tax cuts and spending increases created large structural deficits and much higher debt levels. With only a brief interruption in the late 1990s, deficit politics has been a mainstay ever since.Over this period, the Republican Party has passed large tax cuts but failed to retrench the large entitlement programs that continue to raise spending. Likewise, the Democratic Party has expanded the domestic role of government but has abandoned the broad-based taxation it supported in the 1990s. Funding their domestic agenda with matching revenues is now as unappealing for Democrats as entitlement cutbacks are for Republicans, contributing to the current stalemate of Republican tax policy, Democratic spending policy, and soaring deficits and debt. The economic risks this entails are serious, yet an end to the era of deficit politics is nowhere in sight.

Japan has many unique strengths, but it also faces numerous challenges, many of which are related to population ageing. Rapid demographic change is projected to reduce Japan’s population by one-quarter by 2060 while increasing the share of elderly people from 29% of the total population to 38%, which would be the highest share among advanced countries. This book analyses the Japanese economy and the challenges it faces, and suggests policies to promote wellbeing, high living standards, fiscal sustainability, social inclusion and environmental sustainability. The book’s 24 chapters focus on key aspects of Japan’s economy, including the labour market, innovation, education, women in the workforce, corporate governance, small and medium-sized enterprises, the service sector, agriculture, fiscal and monetary policy, income distribution and policies to address climate change. The volume aims to increase understanding of Japan, the world’s third-largest economy and a key player in the global economy. It will assist policymakers and serve as a resource for academics and students of economics and public policy. As Japan is a front-runner in population ageing, the book’s analysis and policy recommendations are highly relevant to other countries that are, or soon will be, facing similar challenges.

This volume examines and analyzes the current situation of, and the future prospects for, the Japanese economy, particularly in the context of inequality. The country's economy is facing the ageing and the shrinking of its population, both of which will reduce the potential growth rate, which has already become very low.By introducing a new policy framework, namely the `Equity-Growth-Small Government Impossible Triangle', based on reviewing, comparing and contrasting the policies of the United States, the Nordic economies and Japan, the book proposes a policy direction that could be pursued by Japan. If Japan wants to sustain growth while preventing inequality to widen and preserve an egalitarian society, there is no other choice but to further promote globalization and innovation and, at the same time, surrender preserving a small government by reforming itself to become a dynamic and resilient welfare state.The volume will be an invaluable resource for students, professionals and researchers with an interest in economics, inequality, the Japanese economy and comparative economic policies.

This book presents a theoretical and empirical investigation of predatory raiding in Russia. Predatory raiding in Russia is the process of depriving lawful owners of their businesses and property with the help of criminal methods, including corruption, fraud, and violence, wrapped in the clothes of legality. The book argues that significant changes in value of corporations, property, and land in Russia incentivize predatory raiders. The appreciation of economic assets influences predatory raiders’ decision-making regarding the selection of potential targets for hostile takeovers. Unlike Western corporate raiders, who target weak companies in financial distress, Russian predatory raiders target primarily the most profitable, lucrative or economically promising companies, as well as private and public property, and land. Russian predatory raiders give clear preference to non-economic instruments for staging hostile takeovers. These comprise legal battles, corruption, fraud, intimidation and violence. Russian predatory raiders are distinctive for their frequent use of force, threat of force, or violence, as applied to businesses and property owners. This research relies on extensive video footage of violent hostile takeovers to draw inferences about the phenomenon of predatory raiding in Russia. In defining the perspective directions for the corporate predatory raiding movement and the anti-raiding campaign, the process of re-valuation of assets may be more important than the mass privatization of the 1990s.

This volume is a contribution to the debates surrounding international monetary reform. The author examines and analyses the workings of the International Monetary Fund (IMF) and suggests how the international monetary system could, through changes to the IMF, be reshaped and reformed.Chapters examine the Palais-Royal report, explain how the IMF could be granted unlimited bailout powers to confront a global crisis, propose an exchange-rate based mechanism by which the international community could discipline excessive imbalances, examine alternative possibilities for the supply of future reserves, advocate `enthronement of the Special Drawing Right’, and discuss the obstacles in the way of such an ambitious reform agenda.

The Economies of European Union Small Member and Candidate States deals with the small states and candidate states of the EU, with a focus on their economic structure and performance, and the impact of EU membership (past, actual and potential) on the economy. The small states to be covered are those with a population of 3 million or less, namely: Cyprus, Estonia, Iceland, Latvia, Lithuania, Luxembourg, Malta, Macedonia, Montenegro and Slovenia. This title adds to the literature on the EU, on regional integration generally and on small states. It delves into the special constraints of small economic size, and examines why and how the small states of Europe manage to compete, albeit not without difficulty, with the larger states in the block, where free trade prevails.The book answers the following research questions: What are the special economic development constraints faced by the small states of the EU? What policy options have been used by, or are available to, these small states to address these constraints? How can the economic resilience and competitiveness of these states be enhanced? Has EU membership been mostly advantageous for these small states? What are the economic prospects for these states as EU member states?The book is aimed primarily for students of EU affairs and of regional integration in general. It will also be useful for students of subjects relating to small states. It may also appeal to policy makers of small states, and to officials of international and regional organisations that have a constituency that includes small states.

This volume is a contribution to the debates surrounding international monetary reform. The author examines and analyses the workings of the International Monetary Fund (IMF) and suggests how the international monetary system could, through changes to the IMF, be reshaped and reformed.Chapters examine the Palais-Royal report, explain how the IMF could be granted unlimited bailout powers to confront a global crisis, propose an exchange-rate based mechanism by which the international community could discipline excessive imbalances, examine alternative possibilities for the supply of future reserves, advocate `enthronement of the Special Drawing Right’, and discuss the obstacles in the way of such an ambitious reform agenda.

The Economies of European Union Small Member and Candidate States deals with the small states and candidate states of the EU, with a focus on their economic structure and performance, and the impact of EU membership (past, actual and potential) on the economy. The small states to be covered are those with a population of 3 million or less, namely: Cyprus, Estonia, Iceland, Latvia, Lithuania, Luxembourg, Malta, Macedonia, Montenegro and Slovenia. This title adds to the literature on the EU, on regional integration generally and on small states. It delves into the special constraints of small economic size, and examines why and how the small states of Europe manage to compete, albeit not without difficulty, with the larger states in the block, where free trade prevails.The book answers the following research questions: What are the special economic development constraints faced by the small states of the EU? What policy options have been used by, or are available to, these small states to address these constraints? How can the economic resilience and competitiveness of these states be enhanced? Has EU membership been mostly advantageous for these small states? What are the economic prospects for these states as EU member states?The book is aimed primarily for students of EU affairs and of regional integration in general. It will also be useful for students of subjects relating to small states. It may also appeal to policy makers of small states, and to officials of international and regional organisations that have a constituency that includes small states.

While geopolitics has captured global attention, geoeconomics is the often hidden force that governs countries’ relationships. It is the economic psyche that shapes the new world order. Geoeconomics refers to the intersection of economic factors, relationships and conditions on global events. A country’s political and business alignments have an impact on individuals, companies and on future economic stability. This book assembles leading scholars and experts from around the world to advance current thinking on geoeconomics. It is a thorough and authoritative reference work on world economics that aims to shape strategy formulation in business and government for years to come by expanding understanding on the topic of geoeconomics, analyzing the implications of international geoeconomic events, and providing the reader with theoretical and practical approaches on the management of geoeconomics. Geoeconomic concepts in this book will prove timely and highly insightful to students, academics, executives, entrepreneurs, government officials, consultants and policymakers.