The global financial crisis experience shone a spotlight on the dangers of financial systems that have grown too big too fast. This note reexamines financial deepening, focusing on what emerging markets can learn from the advanced economy experience. It finds that gains for growth and stability from financial deepening remain large for most emerging markets, but there are limits on size and speed. When financial deepening outpaces the strength of the supervisory framework, it leads to exce...

Now you'll know what to say atthe right time in any situationESL specialist Natalie Gast knows from her experiencethat the workplace presents some unique situations. Inthis book she presents scenarios, business slang, andother linguistic issues that typical language texts don’tgo into--for example, how to break the ice with smalltalk or ask for clarification. These hundreds of phrases will help younot only survive but thrive in your chosen field.

In this compelling set of interviews, the intellectual discusses contemporary threats to democracy, from economic inequality to the Trump presidency.In wide-ranging discussions with David Barsamian, his longtime interlocutor, Noam Chomsky asks us to consider "the world we are leaving to our grandchildren": one imperiled by climate change and the growing potential for nuclear war. If the current system is incapable of dealing with these threats, he argues, it's up to...

This book offers a reassessment of the international monetary problems that led to the global economic crisis of the 1930s. It explores the connections between the gold standard--the framework regulating international monetary affairs until 1931--and the Great Depression that broke out in 1929. Eichengreen shows how economic policies, in conjunction with the imbalances created by World War I, gave rise to the global crisis of the 1930s. He demonstrates that the gold standard fundamentally ...

On tax day, April 15, 2010, hundreds of thousands of Americans took to the streets with signs demanding lower taxes on the richest one percent. But why? Rich people have plenty of political influence. Why would they need to publicly demonstrate for lower taxes-and why would anyone who wasn't rich join the protest on their behalf? Isaac William Martin shows that such protests long predate the Tea Party of our own time. Ever since the Sixteenth Amendment introduced a Federal income tax in 19...

Many of the world's major economies boast dominant international currencies. Not so for China. Its renminbi has lagged far behind the pound, the euro, and the dollar in global circulation—and for good reason. China has long privileged economic policies that have fueled development at the expense of the renminbi's growth, and it has become clear that the underpowered currency is threatening China's future. The nation's leaders now face the daunting task of strengthening the currency without...

Understand inflation in no time! Find out everything you need to know about making informed investment choices with this practical and accessible guide.Inflation is an important consideration for anyone looking to make a smart investment, as it will affect the real value of the money involved and can also have a direct effect on interest rates. However, many investors fail to take it into account, even though the mechanisms of inflation are fairly simple to underst...

A sequel to Essays in Monetary Economics, this book develops the ideas on domestic and international monetary issues, with reference to specific events and crises of the 1960s and 70s. These essays are distinguished by the author’s expert grasp of the analytical techniques and contemporaneous policy problems of both domestic and international monetary economics.

This study proposes to make an assessment of the trade-offs emanating from the adoption of the stand-alone subsidiarization (SAS) model of global banking. In the aftermath of the global financial crisis, the United Kingdom Financial Services Authority (FSA) proposed SAS as a possible practical avenue to lessen risk of contagion of macro-financial problems by re-organizing internationally active banks into financially self-sufficient, independently management constellations. While SAS exert...

This paper analyzes the extent of income inequality from a global perspective, its drivers, and what to do about it. The drivers of inequality vary widely amongst countries, with some common drivers being the skill premium associated with technical change and globalization, weakening protection for labor, and lack of financial inclusion in developing countries. We find that increasing the income share of the poor and the middle class actually increases growth while a rising income share of th...

These essays bring together a progression in monetary theory. The major theme that runs through all of the chapters is that in order to do monetary economics well in general equilibrium, it helps to have a good money demand underlying the theory.A proper underlying money demand sets up arguably the best foundation from which to make extensions of monetary economics from the basic model. At the same time that money demand is modelled, this also “endogenizes” the velocity of money. T...