Around the world, governments are starting to directly measure the subjective wellbeing of their citizens and to use it for policy evaluation and appraisal. What would happen if a country were to move from using GDP to using subjective wellbeing as the primary metric for measuring economic and societal progress? Would policy priorities change? Would we continue to care about economic growth? What role would different government institutions play in such a scenario? And, most importantly, how could this be implemented in daily practice, for example in policy evaluations and appraisals of government analysts, or in political agenda-setting at the top level? This book provides answers to these questions from a conceptual to a technical level by showing how direct measures of subjective wellbeing can be used for policy evaluation and appraisal, either complementary in the short run or even entirely in the long run. It gives a brief history of the idea that governments should care about the happiness of their citizens, provides theories, makes suggestions for direct measurement, derives technical standards, shows how to conduct wellbeing cost-effectiveness and cost-benefit analyses, and gives examples of how real-world policy evaluations and appraisals would change if they were based on subjective wellbeing. In doing so, the book serves the growing interest of governments as well as non-governmental and international organizations in how to put subjective wellbeing metrics into policy practice.

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This book brings together knowledge on how to achieve the UN Sustainable Development Goal 8, to bring societal change through sustainable economic growth and decent work for all by 2030. At its core is the great challenge of achieving economic growth without compromising the environment, while ensuring respect for fundamental human rights, and in particular the right to employment with equal and safe work conditions. This book provides a critical analysis of Sustainable Development Goal (SDG) 8 in the 2030 Agenda, its targets and indicators, to reveal biases, tensions and contradictions that need to be addressed to achieve this goal and to guide policymaking. The role and potential of academia to contribute to achieving this SDG is scrutinized. Chapters examine and assess specific targets for SDG 8, which includes policies, resource efficiency, youth employment, child labour and sustainable tourism. Higher education institutions’ tools for capacity building are presented, examining how education and academic research can play a role in achieving the SDG 8 targets. Overall, this book offers a synthesis of how research and higher education can make a difference in achieving a complex SDG. This book will be of great interest to academics and professionals working on the United Nations Sustainable Development Goals and can be used as a policymaking guide for 2030 and beyond.

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The development of a closed-loop cycle is a necessary condition so as to develop a circular economy model as an alternative to the linear model, in order to maintain the value of products and materials for as long as possible. For this motive, the definition of the value must be demonstrated for both the environment and the economy. The presence of these analyses should be associated with the social dimension and the human component. A strong cooperation between social and technical profiles is a new challenge for all researchers. End of life of products attract a lot of attention, and the final output could be the production of technologies suitable for managing this waste.

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Macroeconomic policy is one of the most important policy domains, and the tools of macroeconomics are among the most valuable for policy makers. Yet there has been, up to now, a wide gulf between the level at which macroeconomics is taught at the undergraduate level and the level at which it is practiced. At the same time, doctoral-level textbooks are usually not targeted at a policy audience, making advanced macroeconomics less accessible to current and aspiring practitioners.

This book, born out of the Masters course the authors taught for many years at the Harvard Kennedy School, fills this gap. It introduces the tools of dynamic optimization in the context of economic growth, and then applies them to a wide range of policy questions – ranging from pensions, consumption, investment and finance, to the most recent developments in fiscal and monetary policy. It does so with the requisite rigor, but also with a light touch, and an unyielding focus on their application to policy-making, as befits the authors’ own practical experience.

Advanced Macroeconomics: An Easy Guide is bound to become a great resource for graduate and advanced undergraduate students, and practitioners alike.

 

“A tour de force. Presenting modern macro theory rigorously but simply, and showing why it helps understand complex macroeconomic events and macroeconomic policies.” — Olivier Blanchard (Peterson Institute, Professor Emeritus at MIT, and former Chief Economist and Director of Research at the IMF)

“This terrifically useful text fills the considerable gap between standard intermediate macroeconomics texts and the more technical text aimed at PhD economics courses. The authors cover the core models of modern macroeconomics with clarity and elegance, filling in details that PhD texts too often leave out. At the same time, the authors draw on their own extensive policy experience to provide thoughtful policy motivation and historical context throughout. Advanced undergraduates, public policy students and indeed many economics PhD students will find it a pleasure to read, and a valuable long-term resource.” — Kenneth Rogoff (Thomas D. Cabot Professor of Public Policy and Professor of Economics at Harvard University, former Chief Economist and Director of Research at the IMF)

“This is an excellent and highly rigorous yet accessible guide to fundamental macroeconomic frameworks that underpin research and policy making in the world. The content reflects the unique perspective of authors who have worked at the highest levels of both government and academia. This makes the book essential reading for serious practitioners, students, and researchers.” — Gita Gopinath (John Zwaanstra Professor of International Studies and of Economics at Harvard University, Chief Economist and Director of Research at the IMF)

“The words Advanced and Easy rarely belong together, but this book gets as close as possible. It covers macroeconomics from the classic fundamentals to the fancy and creative innovations necessary to anyone interested in keeping up with both the policy and the academic worlds.” — Arminio Fraga (former president, Central Bank of Brazil)

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Macroeconomic policy is one of the most important policy domains, and the tools of macroeconomics are among the most valuable for policy makers. Yet there has been, up to now, a wide gulf between the level at which macroeconomics is taught at the undergraduate level and the level at which it is practiced. At the same time, doctoral-level textbooks are usually not targeted at a policy audience, making advanced macroeconomics less accessible to current and aspiring practitioners.

This book, born out of the Masters course the authors taught for many years at the Harvard Kennedy School, fills this gap. It introduces the tools of dynamic optimization in the context of economic growth, and then applies them to a wide range of policy questions – ranging from pensions, consumption, investment and finance, to the most recent developments in fiscal and monetary policy. It does so with the requisite rigor, but also with a light touch, and an unyielding focus on their application to policy-making, as befits the authors’ own practical experience.

Advanced Macroeconomics: An Easy Guide is bound to become a great resource for graduate and advanced undergraduate students, and practitioners alike.

 

“A tour de force. Presenting modern macro theory rigorously but simply, and showing why it helps understand complex macroeconomic events and macroeconomic policies.” — Olivier Blanchard (Peterson Institute, Professor Emeritus at MIT, and former Chief Economist and Director of Research at the IMF)

“This terrifically useful text fills the considerable gap between standard intermediate macroeconomics texts and the more technical text aimed at PhD economics courses. The authors cover the core models of modern macroeconomics with clarity and elegance, filling in details that PhD texts too often leave out. At the same time, the authors draw on their own extensive policy experience to provide thoughtful policy motivation and historical context throughout. Advanced undergraduates, public policy students and indeed many economics PhD students will find it a pleasure to read, and a valuable long-term resource.” — Kenneth Rogoff (Thomas D. Cabot Professor of Public Policy and Professor of Economics at Harvard University, former Chief Economist and Director of Research at the IMF)

“This is an excellent and highly rigorous yet accessible guide to fundamental macroeconomic frameworks that underpin research and policy making in the world. The content reflects the unique perspective of authors who have worked at the highest levels of both government and academia. This makes the book essential reading for serious practitioners, students, and researchers.” — Gita Gopinath (John Zwaanstra Professor of International Studies and of Economics at Harvard University, Chief Economist and Director of Research at the IMF)

“The words Advanced and Easy rarely belong together, but this book gets as close as possible. It covers macroeconomics from the classic fundamentals to the fancy and creative innovations necessary to anyone interested in keeping up with both the policy and the academic worlds.” — Arminio Fraga (former president, Central Bank of Brazil)

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Designing a contract is often more of an economic than a legal problem. A good contract protects parties against opportunistic behavior while providing motivation to cooperate. This is where economics and, especially contract theory, may prove helpful by enhancing our understanding of incentive issues. The purpose of this book is to provide specific tools which will help to write better contracts in real world environments. Concentrating on moral hazard literature, this book derives a tentative checklist for drafting contracts. As an economic contribution to a field traditionally considered an art rather than a science, this treatment also gives much attention to methodological issues.

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Agricultural input subsidies were a major feature of development policies in rural economies until the 1980s. Continuing rural poverty with low productivity and fertilizer use in smallholder staple crops has led to their resurgence in Africa. These subsidies are, however, controversial with claims of both large food security benefits and unsustainable, inefficient resource use. This book reviews current theory and evidence on the strengths and weaknesses of these programmes and the effects of programme context, design, and implementation. Theoretical arguments for agricultural subsidies are based on input promotion where farmers’ private costs (benefits) are higher (lower) than wider economic costs (benefits). These arguments, and concerns about inefficiency and diversion, are reviewed and extended to consider input affordability constraints and ‘smart’ rationing and targeting. Recent programmes in Africa have a variety of generally producer-focused objectives, with varied implementation and programme outcomes. Most pay little attention to consumer interests and potential contributions to wider growth. A detailed examination of Malawi’s controversial agricultural input subsidy programme follows. Drawing on a wide range of information sources, the political and agro-economic contexts of the programme are examined, with evidence on its implementation and impacts from 2005 to 2011. Positive impacts are recorded on beneficiaries’ production, incomes, food consumption, school enrolment, child health, and reduced need for earnings from undertaking casual labour for others. There is evidence of indirect economy-wide impacts, but this is not as strong as might be expected. Targeting and graduation are identified as critically important issues requiring continuing attention.

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This book explores the role of agriculture in long-term economic growth. With a particular focus on Ethiopia, the role of the state in igniting agricultural growth and in sustaining economic growth is highlighted as essential for low-income countries. Taking ideas from both economic history and development economics, the ability of Ethiopia and the rest of Africa to sustain recent rapid growth into something that can tackle the development agenda is discussed, alongside policy suggestions. This book overall presents an optimistic account of Africa and its economic prospects. It will be relevant to students and researchers interested in economic development and agricultural economics. This is an open access book.

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Although the theme of the monograph is primarily related to “Applied Econometrics”, there are several theoretical contributions that are associated with empirical examples, or directions in which the novel theoretical ideas might be applied. The monograph is associated with significant and novel contributions in theoretical and applied econometrics; economics; theoretical and applied financial econometrics; quantitative finance; risk; financial modeling; portfolio management; optimal hedging strategies; theoretical and applied statistics; applied time series analysis; forecasting; applied mathematics; energy economics; energy finance; tourism research; tourism finance; agricultural economics; informatics; data mining; bibliometrics; and international rankings of journals and academics.

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Gunnar Myrdal published his magnum opus, Asian Drama: An Inquiry into the Poverty of Nations, in 1968. He was deeply pessimistic about development prospects in Asia. The fifty years since then have witnessed a remarkable social and economic transformation in Asia – even if it has been uneven across countries and unequal between people – that would have been difficult to imagine, let alone predict at the time. This book analyses the fascinating story of economic development in Asia spanning half a century. The study is divided into three parts. The first part sets the stage by discussing the contribution of Gunnar Myrdal, the author, and Asian Drama, the book, to the debate on development then and now, and by providing a long-term historical perspective on Asia in the world. The second part comprises cross-country thematic studies on governments, economic openness, agricultural transformation, industrialization, macroeconomics, poverty and inequality, education and health, employment and unemployment, institutions and nationalisms, analysing processes of change while recognizing the diversity in paths and outcomes. The third part is constituted by country-studies on China, India, Indonesia and Vietnam, and sub-region studies on East Asia, Southeast Asia and South Asia, highlighting turning points in economic performance and analysing factors underlying success or failure. This book, with in-depth studies by eminent economists and social scientists, is the first to examine the phenomenal changes which are transforming economies in Asia and shifting the balance of economic power in the world, while reflecting on the future prospects in Asia over the next twenty-five years. It is a must-read.

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This book is a pivotal publication that seeks to address contemporary challenges to the blue economy in view of the growth in exploration and utilization of natural resources, transport connectivity, effects of climate change, sustainable fisheries management, food security, and social and economic issues of human well-being in coastal areas. Coastal territories and water areas are changing at an unprecedented pace in ways that fundamentally affect ecosystems, people, biodiversity, and sustainability. Such changes are driven primarily by rapid social and economic developments, economic disparities between countries, the internationalization of production and value chains, and industrialization. In this context, this publication supplements the existing literature by summoning political, economic, environmental, and social factors that influence various dimensions of the sustainable development of blue economy, as well as translating the findings into workable approaches and policies for the benefit of the economic actors, people, and the environment.

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This open access book presents selected contributions on a wide range of scientific and technological areas originating from the BUiD Doctoral Research Conference (BDRC 2022). It discusses the following topics: project management, macroeconomic factors, Fourth Industrial Revolution, agility, multiculturalism, diversity, inclusion, leadership, language, discourse analysis, curriculum, critical thinking, programming, online learning, and natural ventilation. The contributions reflect the multifaceted nature of the research in three academic disciplines, i.e., humanities, formal science, and applied science. This publication shares with its readers genuine research studies and reflections from practitioners on the current practice and understanding in the three academic disciplines. The significant findings of these studies have considerable educational, industrial, and economic implications.

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The slower growth of the Chinese economy in the aftermath of the pandemic has prompted the Chinese Government to adopt measures to boost domestic consumption and deepen structural reform, with the effectiveness of such policies beginning to be felt. However, China still faces challenges that will affect its growth dynamics down the track. These include the slowdown of its real estate sector, the complex internal and external environments for macroeconomic policy, the high level of income inequality, weak growth in investment by the private sector, negative population growth, high levels of debt, deglobalisation, weakness in the financial sector and equity markets, the inadequacy of its fiscal system and the imperative to decarbonise the economy. China must confront these challenges to maintain growth momentum and achieve higher levels of income and living standards. The theme of the 2024 China Update book is China: Regaining Growth Momentum after the Pandemic. It discusses some of the challenges and policy issues that are being watched with keen interest by decision-makers and markets alike, including: What are the obstacles to economic growth in the aftermath of the pandemic and how can these be overcome? What are the key challenges and opportunities for China to move to the next level of development against the backdrop of negative population growth? Is it time for a Tax-Sharing System Reform 2.0 to consolidate China's fiscal position? What are the challenges facing China’s small and medium enterprises? How is China’s business environment faring, and what are the implications for investment? How does China’s urban housing affordability impact its low fertility rate? How will the trade conflict between China and the United States play out regarding semiconductors and other high-tech products? How does China–Africa bilateral agricultural trade impact on African rural transformation?

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The central focus of this analysis is whether the economic growth of China can be attributed to an emulation of the development models of Japan, South Korea, and Taiwan. Based on the developmental state theory, an East Asian developmental state model is set up as a benchmark. The thesis uses an empirical analysis of the auto industry to highlight the performance outcome of China’s development strategy. The author confirms that China has evolved into a developmental state similar in its core characteristics to the three leading East Asian states. The model of development in China, however, is an innovative combination of factors from the developmental states, the legacies of the past command economy as well as of the adopted market economy mechanism including international capital flows.

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With its per capita income surpassing US$10,000, China has now drawn up ambitious plans to further lift its income to the level of developed countries. Yet various constraints need to be overcome if China is to build on the achievements of the last 40 years and further boost its growth potential. Besides these constraints, the year 2020 saw human societies hit heavily by the COVID-19 pandemic and the global economy caught off guard and dipped into recessions caused by lockdown measures for controlling the spread of the pandemic. Nations around the world have experienced grave loss of human life and lockdown measures have knocked economies from their normal growth trajectories. Even as the pandemic continues to unfold, all signs point to China as being the first major economy to have emerged out of the crisis. But many questions remain. Has the Chinese economy emerged from the pandemic crisis relatively unscathed? What are the long-term prospects for its economy? This year's Update book, China’s Challenges in Moving towards a High-income Economy, explores the challenges faced by the Chinese economy in the transition towards a high-income economy, including agricultural development, finance and fiscal system reform, RMB internationalisation, trends in urbanisation, as well as topics related to innovation, corporate sector development and market competition. China’s growth experience has been full of exciting changes and important lessons for reform and structural changes, and this year’s China Update is again the way to gain insights into these.

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Previous and current resource use models have led to high levels of pollution, environmental degradation, and depletion of natural resources. The waste policy has a long history and has traditionally focused on more environmentally sustainable waste management. To be efficient in terms of resource use, the principles of the circular economy should change this trend, transforming the economy into a sustainable economy. The new waste regulations introduce new waste management objectives in terms of waste prevention, reuse, recycling, and storage by addressing new processes.

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This book is a collection of high-impact papers accepted and presented at the 2019 Vietnam’s Business and Economics Research Conference (VBER2019) organised by Ho Chi Minh City Open University held on 18th–20th July 2019. The Special Issue is associated with a broad coverage of the contemporary issues in Business and Economics in Vietnam and other emerging markets reflecting a key theme of VBER2019: Vietnam’s Place in the Asia Pacific Region. A total of 14 papers were published from more than the 120 submissions to the VBER2019 Conference. Published papers had been undergone a rigorous reviewing process conducted by the Journal of Risk and Financial Management. The papers incorporated in this book address contemporary issues in business and economics from Vietnam and other emerging markets in the Asian region from various angles such as economics, finance, and statistics to management science. At the time of writing this note, some of the papers have attracted more than 1000 downloads in 3 months. In particular, a paper on “Foreign Direct Investment and Economic Growth from Developing Countries in the Short Run and Long Run” by Trang Thi-Huyen Dinh and her team has attracted almost 6000 downloads in 3 months. These statistics indicate that the papers published in this Special Issue have attracted the wide interest of readers. Among these 14 published papers, three main areas of important contemporary issues in Business and Economics in the Asian region can be identified. First, a block of papers deals with various important and fundamental issues in the emerging markets the Asian region, from exchange rate regime, financial inclusion, and financial development to energy consumption and environmental degradation. On the issue of CO2 emissions, energy consumption and economic growth in the ASEAN, Vo, Vo, and Le utilized various time series econometrics approaches. Key findings from this paper indicate that there are no long-run relationships among carbon dioxide (CO2) emissions, energy consumption, renewable energy, population growth, and economic growth in the Philippines and Thailand, but a relationship does exist in Indonesia, Myanmar, and Malaysia. Loo, in his paper on financial inclusion for the ASEAN, concluded that advancing internet capability and availability present investors an opportunity to offer financial technology or Fintech to meet the need for financial services in this digital era. Second, a challenge in quantitative studies for a single country, such as Vietnam, with limited data is generally noted. However, various empirical studies on Vietnam’s business and economics issues have been conducted. Nguyen, Quan, and Pham examined the cultural distance and entry mode of foreign direct investment in Vietnam. A key finding from their paper is that when there is a great cultural difference between Vietnam and their home country, foreign-invested firms prefer wholly owned subsidiaries over equity joint ventures. Within the Vietnamese market, Pham, Vo, Ho, and McAleer conducted a study on the issue of corporate financial distress. The authors conclude that the corporate financial distress prediction model, which includes accounting factors with macroeconomic indicators, performs much better than alternative models. In addition, the evidence confirms that the global financial crisis (GFC) had a damaging impact on each sector, with the Health & Education sector demonstrating the most impressive recovery post-GFC, and the utilities sector recording a dramatic increase in bankruptcies post-GFC. At another extreme of the spectrum, Van and Nguyen considered that competitive context, social influences, the understanding of managers about corporate social responsibility (CSR), and the internal environment of companies are the four drivers of CSR. The authors also argued that in the four drivers, competitive context has the strongest impact on adopting CSR. Third, last but not least, various papers focus on an important aspect of public finance. For an example, Pham, Pham, and Ly documented the effect of double taxation treaties on the bilateral trade of Vietnam with ASEAN member states, thereby making an extensive comparison with its EU partner countries. Their findings indicate the significant contributions of the tax treaties to Vietnam’s trade performance, not exclusively with ASEAN but also with EU partner countries. In addition, regarding public finance for Vietnam, Nguyen, Vo, Ho, and Vo investigated the contribution of fiscal decentralisation to economic growth across provinces in Vietnam. For the first time in Vietnam, the fiscal decentralisation index together its two subcomponents, including fiscal importance and fiscal autonomy, are developed. Findings from this paper indicate that while fiscal importance and an overall level of fiscal decentralisation have provided negative impact on provincial economic growth, fiscal autonomy has a positive impact on economic growth across provinces in Vietnam.

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This reprint covers 27 papers published in the Special Issue entitled “Corporate Finance, Governance, and Social Responsibility,” which examines several topics related to corporate finance, financial modeling, corporate governance, and corporate social responsibility. Corporate finance-related articles (Anton and Afloarei Nucu, 2021; Bae et al., 2023; Kedzior et al., 2020; Lääts and Lukason, 2022; Miglo, 2020; Mihail et al., 2021; Mota and Moreira, 2023; Tsolas, 2021; Tudose et al., 2021; and Wen et al., 2021) focus on the drivers of the capital structure and firm performance, the effect of working capital management on profitability, and the link between derivative use and profitability. Regarding financial modeling, stock market volatility was explored during COVID-19 (Gherghina et al., 2021). Corporate governance studies (Aluchna and Kuszewski, 2020; Ararat et al., 2021; Ding and Chea, 2021; Kjærland et al., 2020; Lourenço et al., 2021; Lukason and Camacho-Miñano, 2020; Maier and Yurtoglu, 2022; Mihail and Dumitrescu, 2021; Mihail et al., 2022; Mihail and Micu, 2021; and Pourmansouri et al., 2022) examine the effect of corporate governance compliance practices, board attributes, or employee stock option plans on bankruptcy risk, performance, firm value, or earnings management. Regarding CSR (Bozos et al., 2022; Rossi et al., 2021; Saeed and Sroufe, 2021; Singh and Hong, 2023; and Tseng and Shih, 2022), the research focuses on how CSR affects financial performance, risk management, or analyst profits estimates.

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This book is a collection of chapters on corruption. It highlights the importance of corruption, transparency, and accountability and ways to deal with it. Understanding the types of corruption is very important to know how to deal with it. Types of corruption include bribery, lobbying, extortion, cronyism, nepotism, parochialism, patronage, influence peddling, graft, embezzlement, double-dealing, under-the-table transactions, manipulating elections, diverting funds, laundering money, and defrauding investors. Identifying corruption in all its forms requires analyzing the country and its political system and laws and rooting out the sources of corruption and the people behind it. Corruption and those participating in it must be identified to find ways to deal with it, including installing proper governance mechanisms with complete transparency and accountability for politicians, people in power, and/or citizens, as well as applying rules and holding those who infringe them accountable. This book provides a comprehensive overview of the many types of corruption and how to handle them.

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The interrelationship between economic growth, efficient use of natural resources, and sustainability has been of great interest to economists, researchers and policy makers. Knowledge of actual causality direction between sustainability, efficiency and growth has important implications for modeling environmental economic policies. Various serious environmental problems demand urgent attention and planning of adequate policies towards sustainability. Development of new economic and environmental policies and use of new econometric, operational research and mathematical and statistical techniques offers scope for further research. Studies were invited to address economic growth and environment: environmental problems; Air/water pollution; Health impact of pollution; Waste management; Natural resources management; Population economics; Environmental policy tools; Renewable energy sources; Business and sustainable development; Sustainable transport; Sustainable tourism; Urban and regional development.

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Wie könnte die Alterssicherung im Jahr 2030 aussehen? Diese Arbeit verbindet die privaten Haushalte, den Produktionssektor, die Rentenversicherung und die Bevölkerungsentwicklung in einem allgemeinen Gleichgewichtsmodell und analysiert die makroökonomischen Auswirkungen des demographischen Wandels. Ein besonderer Schwerpunkt liegt auf der Modellierung des Sparverhaltens der privaten Haushalte. Politikszenarien untersuchen, wie sich eine Anhebung des Rentenalters, eine höhere Zuwanderung, eine langsame Absenkung des Rentenniveaus und ein Umstieg zu einer kapitalgedeckten Alterssicherung auf wichtige makroökonomische Größen auswirken. Der Vergleich der Szenarien zeigt, daß die Beibehaltung der gegenwärtigen Regelungen das schlechteste Politikszenario ist. Also lohnt es sich, über Alternativen zur heutigen Rentenversicherung nachzudenken.

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"International financial crises have plagued the world in recent decades, including the Latin American debt crisis of the 1980s, the East Asian crisisof the late twentieth century, and the global financial crisis of 2007-09. One of the basic problems faced during these crises is the lack of adequatepreventive mechanisms, as well as insufficient instruments to finance countries in crisis and to overcome their over-indebtedness. Resetting theInternational Monetary (Non)System provides an analysis of the global monetary system and the necessary reforms that it should undergo to playan active role in the twenty-first century and proposes a comprehensive yet evolutionary reform of the system.Criticising the ad hoc framework- a ""(non)system""- that has evolved following the breakdown of the Bretton Woods arrangement in the early1970's, Resetting the International Monetary (Non)System places a special focus on the asymmetries that emerging and developing countries face,analysing the controversial management of crises by the International Monetary Fund and proposing a consistent set of reform proposals to designa better system of international monetary cooperation. Policy orientated and structured to deal in a sequential way with the issues involved, itsuggests provision of international liquidity through a system that mixes the multicurrency arrangement with a more active use of the IMF's SpecialDrawing Rights; stronger mechanisms of macroeconomic policy cooperation, including greater cooperation in exchange rate management andfreedom to manage capital flows; additional automatic balance-of-payments financing facilities and the complementary use of swap and regionalarrangements; a multilateral sovereign debt workout mechanism; and major reforms of the system's governance."

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In den zentralen Modellen der Neuen Wachstumstheorie (NWT) wird durch die Einführung von Externalitäten bei der Akkumulation von Sach- und Humankapital endogenes Wachstum des Pro-Kopf-Einkommens möglich. Diese Vorgehensweise basiert auf Kenneth Arrows Konzept des <I>learning by doing</I>. Während dabei nachfrageseitige Aspekte des Wachstumsprozesses ausgeblendet werden, finden sich diese in den wachstumstheoretischen Arbeiten von Nicholas Kaldor. Die von ihm betonte Rolle steigender Skalenerträge und des damit verbundenen Verdoorn-Zusammenhangs bilden eine wichtige Parallele zur NWT. Anhand einer kritischen Darstellung und Gegenüberstellung beider Sichtweisen verdeutlicht der Autor die Relevanz der Beiträge Kaldors für die NWT und die Notwendigkeit einer integrierten Erklärung von Wachstumsprozessen.

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This open access book modifies and revitalizes the concept of the ‘developmental state’ to understand the politics of emerging economy through nuanced analysis on the roles of human agency in the context of structural transformation. In other words, there is a revived interest in the ‘developmental state’ concept. The nature of the ‘emerging state’ is characterized by its attitude toward economic development and industrialization. Emerging states have engaged in the promotion of agriculture, trade, and industry and played a transformative role to pursue a certain path of economic development. Their success has cast doubt about the principle of laissez faire among the people in the developing world. This doubt, together with the progress of democratization, has prompted policymakers to discover when and how economic policies should deviate from laissez faire, what prevents political leaders and state institutions from being captured by vested interests, and what induce them to drive economic development. This book offers both historical and contemporary case studies from Japan, South Korea, Taiwan, Singapore, Indonesia, Malaysia, Myanmar, Ethiopia, Kenya, and Rwanda. They illustrate how institutions are designed to be developmental, how political coalitions are formed to be growth-oriented, and how technocratic agencies are embedded in a network of business organizations as a part of their efforts for state building.

Yusuke Takagi is Assistant Professor of the National Graduate Institute for Policy Studies (GRIPS), Veerayooth Kanchoochat is Associate Professor of GRIPS and Tetsushi Sonobe is Vice President of GRIPS.

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This open access book modifies and revitalizes the concept of the ‘developmental state’ to understand the politics of emerging economy through nuanced analysis on the roles of human agency in the context of structural transformation. In other words, there is a revived interest in the ‘developmental state’ concept. The nature of the ‘emerging state’ is characterized by its attitude toward economic development and industrialization. Emerging states have engaged in the promotion of agriculture, trade, and industry and played a transformative role to pursue a certain path of economic development. Their success has cast doubt about the principle of laissez faire among the people in the developing world. This doubt, together with the progress of democratization, has prompted policymakers to discover when and how economic policies should deviate from laissez faire, what prevents political leaders and state institutions from being captured by vested interests, and what induce them to drive economic development. This book offers both historical and contemporary case studies from Japan, South Korea, Taiwan, Singapore, Indonesia, Malaysia, Myanmar, Ethiopia, Kenya, and Rwanda. They illustrate how institutions are designed to be developmental, how political coalitions are formed to be growth-oriented, and how technocratic agencies are embedded in a network of business organizations as a part of their efforts for state building.

Yusuke Takagi is Assistant Professor of the National Graduate Institute for Policy Studies (GRIPS), Veerayooth Kanchoochat is Associate Professor of GRIPS and Tetsushi Sonobe is Vice President of GRIPS.

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Ein wichtiger Einflussfaktor auf die Innovationsaktivitäten der Volkswirtschaft und somit auch auf Wachstum und Beschäftigung ist der Kapitalmarkt. An dieser Stelle setzt die Untersuchung an: Es wird eingehend die Rolle der Finanzierungsalternative Venture Capital im Innovationssystem und deren Rückwirkungen auf die Innovations- und Beschäftigungsperformance der (deutschen) Volkswirtschaft analysiert. Ziel ist es, die Relevanz von Venture Capital für Innovation und Beschäftigung zu klären und durch empirische Studien zu quantifizieren. Die empirische Untersuchung erfolgt dabei auf der OECD-Ebene, um sicherzustellen, dass die Ergebnisse auch im internationalen Kontext ihre Relevanz zeigen. Die Arbeit schließt mit wirtschaftspolitischen Empfehlungen für den deutschen Venture-Capital-Markt.

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This book traces the experience of digital economic transformation in seven developing countries, providing insights for policymakers and practitioners in similar situations as well as lessons for outsiders trying to support government reform efforts more broadly. In one country, the prime minister pushes for the liberalization of digital finance as a central pillar of the country’s national strategy, while the central bank almost makes it a criminal offence. In another, the digital minister tries to scupper the very process to support digital transformation that the president has asked them to co-lead. This book gives a ringside seat on seven developing countries’ tumultuous early steps on the path to a reform of the economy and the government using technology. Written by a group of academics and practitioners from Oxford at the heart of the process, but foregrounding the voices of the policymakers and participants, this book documents and critically assesses efforts to assist a set of governments to kick-start digital transformation. In doing so, it offers lessons for policymakers in other countries. But beyond that, it is an exposition of the process of policymaking more generally in the 2020s, and offers a broader insight as to how outsiders can play a sensible role in other reform processes in developing and emerging countries.

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RBC-Modelle sind ein wichtiger Bestandteil der makroökonomischen Theorie. In diesem Modellrahmen werden die Wirkungen von fiskalpolitischen Maßnahmen analysiert, die Modellmechanismen erklärt und verschiedene Politikmaßnahmen anhand der Output- und Nutzeneffekte beurteilt. Es zeigt sich u.a., dass der Staatskonsum kurzfristig einen größeren Outputeffekt erzeugt als die öffentlichen Investitionen, dass bei zusätzlichen öffentlichen Investitionen weniger die Finanzierungsform als vielmehr die Produktivität des öffentlichen Kapitalstocks entscheidend ist, dass eine Energiesteuererhöhung bei gleichzeitiger Senkung der Sozialversicherungsbeiträge positive Output- und Nutzeneffekte hat und dass bei Energiepreisschocks eine Variation der Energiesteuer die beste stabilitätspolitische Maßnahme ist.

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“Readers can gain much from the knowledge and wisdom reflected in its pages.”—Arnold Harberger, Distinguished Professor Emeritus, University of Chicago and University of California Los Angeles“I recommend it highly.” —Jyotsna Puri, Head, Independent Evaluation Unit, Green Climate Fund“The strength of this book is the clarity of its exposition, backed up by many examples”. —Martin Ravallion,

This book presents methods to evaluate sustainable development using economic tools. The focus on sustainable development takes the reader beyond economic growth to encompass inclusion, environmental stewardship and good governance.

Sustainable Development Goals (SDGs) provide a framework for outcomes. In illustrating the SDGs, the book employs three evaluation approaches: impact evaluation, cost-benefit analysis and objectives-based evaluation.

The innovation lies in connecting evaluation tools with economics. Inclusion, environmental care and good governance, thought of as “wicked problems”, are given centre stage. The book uses case studies to show the application of evaluation tools. It offers guidance to evaluation practitioners, students of development and policymakers.

The basic message is that evaluation comes to life when its links with socio-economic, environmental, and governance policies are capitalized on.

Vinod Thomas, Visiting Professor at Lee Kuan Yew School of Public Policy, NationalUniversity of Singapore, was Senior Vice President, Independent Evaluation,at the World Bank. He has authored 16 books including Climate Change andNatural Disasters.Namrata Chindarkar is Assistant Professor at Lee Kuan Yew School of PublicPolicy, National University of Singapore. She has published widely on sustainabledevelopment, social policy, infrastructure, poverty and inequality, and gender.

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“Readers can gain much from the knowledge and wisdom reflected in its pages.”—Arnold Harberger, Distinguished Professor Emeritus, University of Chicago and University of California Los Angeles“I recommend it highly.” —Jyotsna Puri, Head, Independent Evaluation Unit, Green Climate Fund“The strength of this book is the clarity of its exposition, backed up by many examples”. —Martin Ravallion,

This book presents methods to evaluate sustainable development using economic tools. The focus on sustainable development takes the reader beyond economic growth to encompass inclusion, environmental stewardship and good governance.

Sustainable Development Goals (SDGs) provide a framework for outcomes. In illustrating the SDGs, the book employs three evaluation approaches: impact evaluation, cost-benefit analysis and objectives-based evaluation.

The innovation lies in connecting evaluation tools with economics. Inclusion, environmental care and good governance, thought of as “wicked problems”, are given centre stage. The book uses case studies to show the application of evaluation tools. It offers guidance to evaluation practitioners, students of development and policymakers.

The basic message is that evaluation comes to life when its links with socio-economic, environmental, and governance policies are capitalized on.

Vinod Thomas, Visiting Professor at Lee Kuan Yew School of Public Policy, NationalUniversity of Singapore, was Senior Vice President, Independent Evaluation,at the World Bank. He has authored 16 books including Climate Change andNatural Disasters.Namrata Chindarkar is Assistant Professor at Lee Kuan Yew School of PublicPolicy, National University of Singapore. She has published widely on sustainabledevelopment, social policy, infrastructure, poverty and inequality, and gender.

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This book analyses the distributional effects of economic growth on different dimensions of poverty in Colombia. It provides a microeconomic perspective on how economic growth affected poverty and inequality at the household level, as well as a macroeconomic perspective on the effects of growth on regional living standards. The study incorporates recent discussions on multidimensional analysis of well-being and goes beyond traditional income based measures, thereby contributing to the ongoing research on how to measure pro-poor growth and on the importance of incorporating different dimensions of well-being in convergence analysis.

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Can education play a role in fostering economic growth and simultaneously decrease pressure on forests? The aim of this study is to show that it can. Human capital formation is a key element in a development strategy that includes natural resource conservation within the framework of sustained economic growth and poverty alleviation. Consequently, it is not by chance that Guatemala is experiencing both minimal per capital income growth and high deforestation while having one of the lowest educational levels in Latin America. However, since many assumptions about educational benefits are controversial and many aspects depend on broader issues, human capital formation can only be one piece in a multidimensional puzzle. This study is organized into three parts, each one of which can be read independently: first, a macroeconomic assessment of education and other factors involved in the country’s growth trajectory; second, a rural analysis indicating the root causes of deforestation and the role education can play to slow down habitat loss; third, the highlighting of some elements indispensable to reform and to subsequent improvement of the quality of rural schooling.

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This book consists of articles that investigate and discuss the relationship between economics of education and sustainable development; that is, how education economics plays an important role in sustainable development. Economics of education or education economics is the study of economic issues relating to education (such as education policy and finance, human capital production and acquisition, and the returns to human capital); while sustainable development is the study of a system (a human society) operating and growing continuously, which includes environment, economy, industry, business, agriculture, etc. This book particularly focuses on the economy – how an economy continuously and steadily develops and grows.

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The Efficient Market Hypothesis believes that it is impossible for an investor to outperform the market because all available information is already built into stock prices. However, some anomalies could persist in stock markets while some other anomalies could appear, disappear and re-appear again without any warning. A Special Issue on "Efficiency and Anomalies in Stock Markets" will be devoted to advancements in the theoretical development of market efficiency and anomaly in the Stock Market, as well as applications in Stock Market efficiency and anomalies.

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Energy and its economic implications have been in the spotlight of policymakers, academics, traders, speculators and the industry for decades now. It has been an active research topic for more than 150 years. From the 19th century, the problem of creating, processing, storing and transporting energy was well defined. The issues of efficiently producing, pricing, distributing, and forecasting the demand, supply and prices of energy-related products and services are central to most modern economies irrespective of their level of development. These issues are apparent in times of relative tranquility in the respective markets but become central for all stakeholders in times of turbulence. This volume focuses on emerging methodologies of analysis, description, modelling, and forecasting in the topical area of Energy Economics. Includes emerging and innovative methodological approaches from the areas of machine learning, artificial intelligence, econometrics, and statistics aimed to model, describe or forecast the energy markets at all levels. Additionally, the volume also presents a bibliographical review, summarizes and compares results of different studies in the energy-sustainable economic growth and development nexus. The practical importance of the results to all energy market stakeholders in terms of regulating, pricing, and distributing energy is evident. Theoretical robustness, methodological innovation, and possible direct applicability of the conclusions were the basic requirements for research work to be included in this publication.

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This reprint explores the challenges faced by Europe as it transitions to renewable energy sources to reduce carbon emissions and enhance energy security. With 10 articles covering various countries and sectors, the book delves into issues such as solar and wind energy intermittency, the role of energy policies, and the integration of energy grids and markets. The collection also includes studies on the impact of energy policies on residential energy efficiency, the use of financial incentives for eco-friendly housing, and the benefits of district heating. The reprint aims to provide policymakers, academics, and practitioners with valuable insights into the current state of renewable energy in Europe and the policies and actions that can be taken to achieve a sustainable energy future.

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This collected volume consists of high-quality research covering a wide range of topics related to energy economics and politics in developed countries. The papers are informative on how to encourage sustainable development and facilitate financing technology development, transfer, and applications to mitigate climate change. Air pollution, environmental regulations, green energy, energy certificates, transmission rights, and power generation are among the energy-related topic analyzed by the contributions included in this Special Issue.

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The purpose of this Special Issue was to collect and present research results and experiences on energy supply in the Visegrad Group countries. This research considers both macroeconomic and microeconomic aspects. It was important to determine how the V4 countries deal with energy management, how they have undergone or are undergoing energy transformation and in what direction they are heading. The articles concerned aspects of the energy balance in the V4 countries compared to the EU, including the production of renewable energy, as well as changes in its individual sectors (transport and food production). The energy efficiency of low-emission vehicles in public transport and goods deliveries are also discussed, as well as the energy efficiency of farms and energy storage facilities and the impact of the energy sector on the quality of the environment.

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Cities are considered “engines of economic growth,” yet many cities in the global South struggle to increase productivity and provide significant economic opportunities for their growing populations. There is a need to deepen the knowledge on the links between public goods and services and equitable economic growth and how to support such processes, in policy and strategic terms, locally and globally. Against this background, this publication developed in the collaboration between Cities Alliance’s Equitable Economic Growth Cities Campaign initiative and three international research networks N-AERUS, AURI, REDEUS_LAC. The research explores how the interface between urban research and policymaking can be redefined to ensure that public goods and services foster equitable growth. It reveals a richness of practices that provide a broad and lasting positive impact in terms of equitable economic growth in urban development. One of them shows that collaborative efforts between academia, policy makers, communities, and practitioners can play a crucial role in enriching these debates and processes.

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Entrepreneurship - New Insights provides a comprehensive overview of recent developments in entrepreneurship. Chapters address such topics as technopreneurship, immigrant entrepreneurship, social entrepreneurship, women entrepreneurship, entrepreneurship in emerging markets, and start-up ventures, among others.

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Primary energy consumption around the world has been increasing steadily since the Industrial Revolution and shows no signals of slowing down in the coming years. This trend is accompanied by the increasing pollutant concentration on the Earth’s biosystems and the general concerns over the health and environmental impacts that will ensue. Air quality, water purity, atmospheric CO2 concentration, etc., are some examples of environmental parameters that are degrading due to human activities. These ecosystems can be safeguarded without renouncing industrial development, urban and economic development through the use of low environmental impact technologies instead of equivalent pollutant ones or through the use of technologies to mitigate the negative impact of high emissions technologies. Pollutant abatement systems, carbon capture technologies, biobased products, etc. need to be established in order to make environmental parameters more and more similar to the pre-industrialization values of the planet Earth. In 15 papers international scientists addressed such topics, especially combining a high academic standard coupled with a practical focus on green processes and a quantitative approach to environmental impacts.

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As societies strive for economic progress, they often prioritize metrics like GDP growth, technological innovation, and industrial expansion. However, amid the rush for material progress, something important yet frequently overlooked comes into focus: the influence of moral capital on the trajectory of economic expansion. This book explores the role of moral capital and its relationship with economic growth. It emphasises how investment in moral frameworks can promote social well-being and sustainable development. The book is divided into two sections. The first part focuses on the theorisation of the moral capital and African economic sustainability nexus, while the second part is devoted to some selected empirical studies on the impact of moral capital on African economic policies. The book argues that firm growth is crucial, not only for stakeholders but also for the broader economy, underpinning the sustainability of the ecosystem, and by adhering to ethical principles, organisations can make a positive impact on social, economic, and environmental issues. Furthermore, they can proactively address societal concerns, promote fairness and justice, and engage in sustainable practices. Through their actions, institutions become agents of positive change, helping to shape a more inclusive, equitable, and sustainable world. The key message of the book is that the cultivation of moral capital requires a collective effort from all stakeholders involved in institutional development; governments, institutions, civil society, and individuals must collaborate to create an ecosystem that incentivises and rewards ethical behaviour. It includes diverse perspectives and combines conceptual, theoretical, and empirical research, addressing contemporary issues in African economic policy and sustainability. It presents global case studies to make the case for the importance of moral capital in addressing African leadership problems. The book will appeal to academics, students, and researchers in economics, ethics, development studies, and sustainability. The Open Access version of this book, available at http://www.taylorfrancis.com, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives (CC BY-NC-ND) 4.0 license.

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