WORLD ECONOMIC HISTORY: GREGORY CLARK BOOK
May 6, 2007 at 4:17 am | Posted in Art, Books, Financial, Globalization | Leave a commentA Farewell to Alms: A Brief Economic History of the World
by Gregory Clark (Author)
Product Details:
- Hardcover
- Publisher: Princeton University Press (July 13, 2007)
Language: English
ISBN-10: 0691121354
ISBN-13: 978-0691121352
OMAN CEMENT
May 5, 2007 at 2:46 pm | Posted in Arabs, Economics, Financial, Middle East, Research | Leave a commentGlobal Investment House – Kuwait
Oman Cement Company Investment Update –
April 2007
Sat, 05 May 2007
Oman Cement Company (OCC)
Dear Investor
Oman Cement Company (OCC) is one of the two cement companies in Oman. The company’s plant is located in Rusayl in the Northern part of Oman. Its current clinker capacity is 1.2mtpy, while the cement capacity is 2.5mtpy, including a new grinding mill of 1.24mtpy likely to be on stream by the end of April 2007. As against these, the company produced 1.26mt of clinker, 1.80mt of cement and sold 1.91mt of cement during 2006. It dominates the domestic cement market in Oman with a market share of about 70% in 2006. The company also exported about 0.1mt cement during the year. The consolidated total revenue of the company was RO49.7mn for the year ended December 2006, an increase of 13.1 per cent from RO44.0mn in the previous year. The consolidated net profit of the company, on the other hand, increased by 13.3 per cent to 20.6mn in 2006 from RO18.1mn in 2005. The upward trend in construction activity witnessed in Oman in the last three years is expected to continue in the near-term due to expectations of sustained high oil prices and abundant liquidity. This liquidity is expected to continue to be directed to development of massive real estate and infrastructure projects to meet the needs of a growing population. Construction projects worth an estimated US$25bn are said to be at various stages of development at present in the country. OCC is expected to benefit from the resultant cement demand.
We have estimated the value of Oman Cement’s shares derived from the weighted average of the DCF and relative valuation methods is RO6.84 per share. At their current price, Oman Cement’s shares are trading at a P/E multiple of 9.5x the 2006 earnings, and forward multiples of 8.9x and 7.9x the projected 2007 and 2008 earnings respectively.
We, therefore, recommend a “Buy” on the Oman Cement stock with a medium-term perspective.
In order to view the full research kindly click on the link below:
http://www.globalinv.net/research/OCC-Results-052007.pdf
To view more reports on the GCC equities and markets, please visit our website:
Research Unit
Global Investment House
Tel: 965-2400551 Ext: 273
Global Investment House – Kuwait research@research.global.com.kw
Oman Cement Company Investment Update – April 2007
Sat, 05 May 2007
LEBANESE SECURITIES
May 4, 2007 at 8:23 pm | Posted in Arabs, Economics, Financial, Middle East, Research | Leave a commentLebanese Securities
Research AUDI
Bank Audi
Fri, 4 May 2007
Research AUDI Research@banqueaudi.com
Dear Sir/Madam
Kindly find attached in pdf (Adobe Acrobat) format Bank Audi’s “Lebanese Securities” sheet for Lebanese equities and bonds as of Friday May 4th, 2007.
For any further information, please do not hesitate to contact us.
Regards,
Research Department
Bank Audi
Audi – Saradar Group
Bab Idriss – Riad El Solh
P.O. Box 11-2560
Beirut, Lebanon
Tel: (961-1) 994000
Fax: (961-1) 985622
Website: www.banqueaudi.com
Lebanese Securities
Research AUDI Research@banqueaudi.com
Attachments:
Lebanese securities 04-May 07.pdf
Size: 36982 bytes.
Fri, 4 May 2007
Research AUDI Research@banqueaudi.com
THE NEW ECONOMIC GEOGRAPHY
May 4, 2007 at 1:25 am | Posted in Economics, Globalization | Leave a comment
The New Economic Geography
Foreword
THOMAS M. HOENIG
President, Federal Reserve Bank of Kansas City
Symposium Introduction
STACEY L. SCHREFT
Vice President and Economist, Federal Reserve Bank of Kansas City
Opening Remarks
BEN S. BERNANKE
Chairman, Board of Governors of the Federal Reserve System
SHIFTS IN ECONOMIC GEOGRAPHY AND THEIR CAUSES
Author:
ANTHONY J. VENABLES
Professor, London School of Economics
Discussant:
CONSEQUENCES FOR PRODUCTION AND PRICES, EMPLOYMENT AND WAGES
Authors:
GENE M. GROSSMAN
Professor, Princeton University
ESTEBAN ROSSI-HANSBERG
Professor, Princeton University
Paper: The Rise of Offshoring: It’s Not
Wine for Cloth Anymore
Discussant:
CONSEQUENCES FOR FINANCIAL MARKETS AND GLOBAL SAVING AND INVESTMENT
Author:
RAGHURAM G. RAJAN
Economic Counsellor and Director of Research, International Monetary Fund
Paper: Patterns of International Capital Flows and Their Implications for Economic Development
Discussant:
SUSAN M. COLLINS
Professor, Georgetown University and Senior Fellow, Brookings Institution
Luncheon Address
STRATEGIES FOR GROWTH
Panelists:
IMPLICATIONS FOR MONETARY POLICY
Author:
KENNETH S. ROGOFF
Professor, Harvard University
Discussant:
CHARLES BEAN
Executive Director and Chief Economist, Bank of England
Foreword
THOMAS M. HOENIG
President, Federal Reserve Bank of Kansas City
Symposium Introduction
STACEY L. SCHREFT
Vice President and Economist, Federal Reserve Bank of Kansas City
Opening Remarks
BEN S. BERNANKE
Chairman, Board of Governors of the Federal Reserve System
SHIFTS IN ECONOMIC GEOGRAPHY AND THEIR CAUSES
Author:
ANTHONY J. VENABLES
Professor, London School of Economics
Discussant:
CONSEQUENCES FOR PRODUCTION AND PRICES, EMPLOYMENT AND WAGES
Authors:
GENE M. GROSSMAN
Professor, Princeton University
ESTEBAN ROSSI-HANSBERG
Professor, Princeton University
Paper: The Rise of Offshoring: It’s Not Wine for Cloth Anymore
Discussant:
CONSEQUENCES FOR FINANCIAL MARKETS AND GLOBAL SAVING AND INVESTMENT
Author:
RAGHURAM G. RAJAN
Economic Counsellor and Director of Research, International Monetary Fund
Paper: Patterns of International Capital Flows and Their Implications for Economic Development
Discussant:
SUSAN M. COLLINS
Professor, Georgetown University and Senior Fellow, Brookings Institution
Luncheon Address
STANLEY FISCHER
Governor, Bank of Israel
STRATEGIES FOR GROWTH
Panelists:
IMPLICATIONS FOR MONETARY POLICY
Author:
KENNETH S. ROGOFF
Professor, Harvard University
Discussant:
CHARLES BEAN
Executive Director and Chief Economist, Bank of England
OVERVIEW PANEL
Panelists:
MARTIN FELDSTEIN
President and Chief Executive Officer, National Bureau of Economic Research
ARMINIO FRAGA
Chief Executive Officer, Gavea Investimentos
RAKESH MOHAN
Deputy Governor, Reserve Bank of IndiaGeneral Discussion
OVERVIEW PANEL
Panelists:
MARTIN FELDSTEIN
President and Chief Executive Officer, National Bureau of Economic Research
ARMINIO FRAGA
Chief Executive Officer, Gavea Investimentos
RAKESH MOHAN
Deputy Governor, Reserve Bank of IndiaGeneral Discussion
More on Venables:
Federal Reserve Bank of Kansas City “Economic Review”
Fourth Quarter 2006 Volume 91, Number 4
“Shifts in Economic Geography and Their Causes’
Shifts in Economic Geography and Their Causes – (PDF 164K)
By Anthony J. Venables
Recent decades have seen momentous changes in the economic geography of the world. Political transitions and economic liberalization have brought formerly closed countries into the world economy. Such changes have challenged our understanding of the location of economic activity and of the determinants of changes in the pattern of location. In a presentation at the Federal Reserve Bank of Kansas City’s 2006 economic symposium, “The New Economic Geography: Effects and Policy Implications,” Venables explored how a new economic geography perspective provides a number of additional insights into existing patterns of activity and into the forces driving future changes.
His discussion focused on three key propositions. First, proximity to other economic agents—workers, consumers, and firms—is good for productivity. Second, large income disparities are a perfectly natural outcome of a world in which proximity matters. And, third, the effects of increased trade are potentially ambiguous—there are circumstances in which cheaper spatial interactions cause inequality, not convergence.
Federal Reserve Bank of Kansas City “Economic Review”
Fourth Quarter 2006 Volume 91, Number 4
“Shifts in Economic Geography and Their Causes”
Shifts in Economic Geography and Their Causes – (PDF 164K)
By Anthony J. Venables
SEMINAR: GLOBAL ECONOMY
May 3, 2007 at 1:40 am | Posted in Economics, Financial, Globalization, Research | Leave a commentSeminar: “China overheats as the US lands hard and Europe decouples – wither stocks and bonds?”
Prospects for the Global economy
Wednesday, May 2, 2007
You are invited to attend a private presentation, followed by lunch, in New York on Friday 8th June 2007.
Charles Dumas, Chief Economist, Lombard Street Research will be joined by Frank Veneroso of Veneroso Associates and Brian Reading, founder of our World Service, to examine the prospects for the Global economy. Brian Reading will open the seminar with a discussion on Japan. The title: “Give Japanese consumers a break; raise interest rates”
Frank Veneroso will talk on US housing, with the subject: “The bursting US housing bubble: prolonged fall-out & hobbled recovery”
Charles Dumas will examine America and China under the title: “China overheats as the US lands hard and Europe decouples –wither stocks and bonds?”
Friday, June 8th Harvard Club of New York
City, 35 W. 44th St., New York, NY 10036
Arrival time: 9:45 am Lunch: From 12:30 pm
Limited places available. RSVP (please indicate if you will be staying for lunch) or for more information please email
tom.crew@lombardstreetresearch.com
or telephone 212 367 7644.
“A unique approach to economic analysis”
Lombard Street Research’s material is intended to encourage better understanding of economic policy and financial markets. It does not constitute a solicitation for the purchase or sale of any commodities, securities or investments. Although the information compiled herein is considered reliable, its accuracy is not guaranteed. Any person using Lombard Street Research’s material does so solely at his own risk and Lombard Street Research shall be under no liability whatsoever in respect thereof.
Seminar: “China overheats as the US lands hard and Europe decouples – wither stocks and bonds?”
Prospects for the Global economy
Wednesday, May 2, 2007
SHIPPING RESEARCH
May 2, 2007 at 2:56 pm | Posted in Economics, Financial, Globalization, Oil & Gas, Research, Science & Technology, USA | Leave a commentWorld Shipyard Monitor
World Shipyard Monitor provides monthly information about shipbuilding quickly, easily and accurately. It covers the 214 major shipyards, their orderbook, deliveries, prices, capacity and production schedules.
Detailed orderbook listings are provided for 18 ship types showing owner, shipyard and delivery date. In addition the report contains an unrivalled set of tables, listings, graphs and fleet forecasts, all designed to be read at a glance. Forecasts are provided for deliveries, demolition and eleven segments of the bulk fleets.
Bulk Carrier Register 2007
Bulkcarrier Register Front Section 2007
Chemical Tanker Register 2007
Chemical Tanker Register Front Section 2007
Container Register Front Section 2007
Containership Register 2007
Gas Carrier Register 2007
Gas Carrier Register Front Section 2007
Liner Register Front Section 2006
Multi-Purpose Register Front Section 2007
Offshore Register 2007
Offshore Vessel Register Front Section 2007
Reefer Register 2007
Reefer Register Front Section 2007
RoRo & PCC Register Front Section 2007
Tanker Register 2007
Tanker Register Front Section 2007
China Intelligence Monthly provides a unique one-stop access to key data on seaborne trade, shipping, shipbuilding and logistics of the world’s most dynamic economy. In its familiar “at a glance” format Clarkson Research sets out monthly detailed information on Chinese seaborne imports and exports for all major commodities, with special focus on the Chinese oil and steel industries, the development of the Chinese container shipping market and a review of Chinese economic indicators. A separate section concentrates specifically on the Chinese fleet and orderbook and Chinese shipbuilding. The contents of this new publication include:
- China This Month – News & Trends.
- Chinese Economy – National & Provincial Trends, Steel, Oil, Coal, Agriculture.
- Seaborne Trade Overview, Exports & Imports Summary, Iron Ore & Steel Trades, Products, Chemicals & Gas Trades, Minor Bulk Exports & Imports.
- Chinese Shipbuilding Overview, Production by Yard, Orderbook by Yard, Orderbook & Delivery Trends, Orderbook by Owner and by Country.
- Fleet Trends by Ship Type, Year of Build & Country of Build, Orderbook by Owner & Type
- Freight Markets – Tankers, Bulkcarriers & Containers
- Dry Bulk, Tanker & Container Ports – Asia
http://www.crsl.com/acatalog/Shipping_Vessel_Registers.html
- Container Intelligence Monthly
- Container Intelligence Quarterly
- Dry Bulk Trade Outlook
- Shipping Intelligence Network
- Container Intelligence Quarterly
- Shipping Intelligence Network (Full Site)
- Shipping Intelligence Network (World-Wide)
- Shipping Intelligence Network Single User
- Shipping Intelligence Weekly
- Shipping Review and Outlook
- Shipping Review and Outlook (Single)
- World Shipyard Monitor
Tel: + (44) (0) 20 7334 0000
Fax: + (44) (0) 20 7623 0539
EMail:
crs@clarksons.co.uk - Shipping Intelligence Network (World-Wide)
SOMERSET MAUGHAM’S CHINA
May 1, 2007 at 7:40 pm | Posted in Books, China, History | Leave a commentOn a Chinese Screen
(1922)A non-fiction book by: W Somerset Maugham
Maugham presents, in a sequence of vignettes the extraordinary range of European types resident in China during his travels there between 1919 and 1920. The book, which shows Westerners out of their depth in Chinese civilization, has since become something of an important historical document.Maugham’s “On a Chinese Screen” is quoted extensively in the book, ” The Clash of Empires,” discussed three posts prior to this one, in this same Blog: www.cambridgeforecast.wordpress.com
ECONOMICS OF GROWTH & ADJUSTMENT: BOOK
May 1, 2007 at 2:52 pm | Posted in Books, Economics, Financial, Globalization, Research | Leave a comment
The Economics of Adjustment and Growth
Second Edition
Pierre-Richard Agénor
Acknowledgments
Introduction and Overview
1. BUDGET CONSTRAINTS AND AGGREGATE ACCOUNTS
1.1 Production, Income, and Expenditure
1.2 A Consistency Accounting Matrix
1.2.1 Current Account Transactions
1.2.2 Capital Account Transactions
1.3 Identities and Budget Constraints
1.3.1 Gross Domestic Product and Absorption
1.3.2 The Government Budget Constraint
1.3.3 The Private Sector Budget Constraint
1.3.4 The External Sector Budget Constraint
1.3.5 The Balance Sheet of the Financial System
1.3.6 The Savings-Investment Balance
1.4 Social Accounting Matrices
1.4.1 Activity, Commodity, and Factor Accounts
1.4.2 Institutions and the Capital Account
1.4.3 The Rest-of-the-World Account
1.4.4 SAMs and Economy-wide Models
1.5 Summary
2. CONSUMPTION, SAVING, AND INVESTMENT
2.1 Consumption and Saving
2.1.1 The Permanent Income Hypothesis
2.1.2 The Life-Cycle Model
The Basic Framework
Age and the Dependency Ratio
2.1.3 Other Determinants
Income Levels and Income Uncertainty
Intergenerational Links
Liquidity Constraints
Inflation and Macroeconomic Stability
Government Saving
Expectations, Taxation, and Debt
Social Security, Pensions, and Insurance
Changes in the Terms of Trade
Financial Deepening
Household and Corporate Saving
2.1.4 Empirical Evidence
2.2 Investment
2.2.1 The Flexible Accelerator
2.2.2 The User Cost of Capital
2.2.3 Uncertainty and Irreversibility
2.2.4 Other Determinants
Credit Rationing
Foreign Exchange Constraint
The Real Exchange Rate
Public Investment
Macroeconomic Instability
The Debt Burden Effect
2.2.5 Empirical Evidence
2.3 Summary
Appendix – Income Uncertainty and Precautionary Saving
3. FISCAL DEFICITS, PUBLIC DEBT, AND THE CURRENT ACCOUNT
3.1 Structure of Public Finances
3.1.1 Conventional Sources of Revenue and Expenditure
3.1.2 Seigniorage and Inflationary Finance
3.1.3 Quasi-Fiscal Activities and Contingent Liabilities
3.2 The Government Budget Constraint
3.3 Assessing the Stance of Fiscal Policy
3.4 Deficit Rules, Budget Ceilings, and Fiscal Transparency
3.5 Fiscal Imbalances and External Deficits
3.6 Consistency and Sustainability
3.6.1 A Consistency Framework
3.6.2 Fiscal and External Sustainability
3.7 Sustainability and Solvency Constraints
3.8 Commodity Price Shocks and Deficits
3.9 Can Fiscal Austerity Be Expansionary?
3.10 Summary
4. THE FINANCIAL SYSTEM AND MONETARY POLICY
4.1 The Financial System
4.1.1 Financial Repression
4.1.2 Banks and Financial Intermediation
4.2 Money Demand
4.3 Indirect Instruments of Monetary Policy
4.4 Credit Rationing
4.5 The Transmission of Monetary Policy
4.5.1 Interest Rate Effects
4.5.2 Exchange Rate Effects
4.5.3 Asset Prices and Balance Sheet Effects
Net Worth and the Finance Premium
The Financial Accelerator
4.5.4 Credit Availability Effects
4.5.5 The Role of Expectations
4.6 Monetary Policy: Inflation Targeting
4.6.1 Strict Inflation Targeting
4.6.2 Policy Trade-offs and Flexible Inflation Targeting
4.6.3 Comparison with Intermediate Target Strategies
Monetary vs. Inflation Targeting Exchange Rate vs. Inflation Targeting
4.6.4 Requirements for Inflation Targeting
4.7 Monetary Policy in a Dollarized Economy
4.7.1 Persistence of Dollarization
4.7.2 Implications of Dollarization
4.8 Summary
Appendix – Inflation Targeting with Forward-Looking Expectations
5. EXCHANGE RATE REGIMES
5.1 The Nature of Exchange Rate Regimes
5.1.1 Pegged Exchange Rate Regimes
5.1.2 Flexible Exchange Rate Regimes
5.1.3 Band Regimes
5.1.4 Multiple Exchange Rate Regimes
5.2 Evidence on Exchange Rate Regimes
5.2.1 General Trends
5.2.2 Exchange Rate Bands
5.3 Choosing an Exchange Rate Regime
5.3.1 Some Conceptual Issues
5.3.2 The Evidence
5.3.3 A Practical Guide
5.4 Trade-offs and Exchange Rate Credibility
5.5 Exchange Rates and the Trade Balance
5.5.1 Measuring Competitiveness
5.5.2 Devaluation and the Trade Balance
5.6 Devaluation with Imported Inputs
5.7 Summary
6 INFLATION AND DISINFLATION PROGRAMS
6.1 Sources of Inflation
6.1.1 Hyperinflation and Chronic Inflation
6.1.2 Fiscal Deficits, Seigniorage, and Inflation
6.1.3 Other Sources of Chronic Inflation
Wage Inertia
Exchange Rates and the Terms of Trade
The Frequency of Price Adjustment
Food Prices
Time Inconsistency and the Inflation Bias
6.2 Nominal Anchors in Disinflation
6.2.1 Controllability and Effectiveness
6.2.2 Adjustment Paths and Relative Costs
6.2.3 Credibility, Fiscal Commitment, and Flexibility
6.2.4 The Flexibilization Stage
6.3 Disinflation: The Role of Credibility
6.3.1 Sources of Credibility Problems
6.3.2 Enhancing Credibility
Big Bang and Gradualism
Central Bank Independence
Price Controls
Aid as a Commitment Mechanism
6.4 Two Stabilization Experiments
6.4.1 Egypt, 1992-97
6.4.2 Uganda, 1987-95
6.5 Summary
Appendix – Inflation Persistence and Policy Credibility
7. CAPITAL INFLOWS: CAUSES AND POLICY RESPONSES
7.1 Capital Flows: Recent Evidence
7.2 How Volatile Are Capital Flows?
7.3 Domestic and External Factors
7.4 Macroeconomic Effects of Capital Inflows
7.5 External Shocks and Capital Flows
7.5.1 Households
7.5.2 Firms and the Labor Market
7.5.3 Commercial Banks
7.5.4 Government and the Central Bank
7.5.5 Equilibrium Conditions
The Money Market
The Credit Market
The Market for Home Goods
7.5.6 Graphical Solution
7.5.7 Rise in the World Interest Rate
7.6 Policy Responses to Capital Inflows
7.6.1 Sterilization
7.6.2 Exchange Rate Flexibility
7.6.3 Fiscal Adjustment
7.6.4 Capital Controls
Forms of Capital Controls
Pros and Cons of Capital Controls
7.6.5 Changes in Statutory Reserve Requirements
7.6.6 Other Policy Responses
7.7 Summary
Appendix – Measuring the Degree of Capital Mobility
8. FINANCIAL CRISES AND FINANCIAL VOLITILITY
8.1 Sources of Exchange Rate Crises
8.1.1 Inconsistent Fundamentals
8.1.2 Rational Policymakers and Self-Fulfilling Crises
8.1.3 Third-Generation Models
8.2 Currency Crises: Three Case Studies
8.2.1 The 1994 Crisis of the Mexican Peso
8.2.2 The 1997 Thai Baht Crisis
8.2.3 The 1999 Brazilian Real Crisis
8.3 Banking and Currency Crises
8.3.1 Causes of Banking Crises
8.3.2 Self-Fulfilling Bank Runs
8.3.3 Links between Currency and Banking Crises
8.3.4 Liquidity Crises in an Open Economy
8.4 Predicting Financial Crises
8.5 Financial Volatility: Sources and Effects
8.5.1 Volatility of Capital Flows
8.5.2 Herding Behavior and Contagion
8.5.3 The Tequila Effect and the Asia Crisis
8.6 Coping with Financial Volatility
8.6.1 Macroeconomic Discipline
8.6.2 Information Disclosure
8.6.3 The Tobin Tax
8.7 Summary
Appendix – The Mechanics of Speculative Attacks and Interest Rate Defense
9. POLICY TOOLS FOR MACROECONOMIC ANALYSIS
9.1 Assessing Business Cycle Regularities
9.2 Financial Programming
9.2.1 The Polak Model
9.2.2 An Extended Framework
9.3 The World Bank RMSM Model
9.4 The Merged Model and RMSM-X
9.4.1 The Merged IMF-World Bank Model 380
9.4.2 The RMSM-X Framework
9.5 Three-Gap Models
9.6 The 1-2-3 Model
9.6.1 The Minimal Setup
9.6.2 An Adverse Terms-of-Trade Shock
9.6.3 Investment, Saving, and the Government
9.7 Lags and the Adjustment Process
9.8 Summary
Appendix – Money Demand and Cointegration
10. GROWTH, POVERTY, AND INEQUALITY: SOME BASIC FACTS
10.1 A Long-Run Perspective
10.2 The Power of Compounding
10.2.1 Growth and Standards of Living
10.2.2 How Fast Do Economies Catch Up?
10.3 Some Basic Facts
10.3.1 Output Growth, Population, and Fertility
10.3.2 Saving, Investment, and Growth
10.3.3 Growth and Poverty
10.3.4 Inequality, Growth, and Development
The Kuznets Curve
Education and Income Distribution
10.3.5 Trade, Inflation, and Financial Deepening
10.4 Summary
Appendix – Common Measures of Poverty and Inequality
11. GROWTH AND TECHNOLOGICAL PROCESS: THE SOLOW-SWAN MODEL
11.1 Basic Structure and Assumptions
11.2 The Dynamics of Capital and Output
11.3 A Digression on Low-Income Traps
11.4 Population, Savings, and Output
11.5 The Speed of Adjustment
11.6 Model Predictions and Empirical Facts
11.7 Summary
Appendix – Dynamics of k, the Output Effect of s, and the Speed of Adjustment
12. KNOWLEDGE, HUMANCAPITAL, AND ENDOGENOUS GROWTH
12.1 The Accumulation of Knowledge
12.1.1 Knowledge as a By-Product: Learning by Doing
12.1.2 The Production of Knowledge
12.2 Human Capital and Returns to Scale
12.2.1 The Mankiw-Romer-Weil Model
12.2.2 The AK Model
12.3 Human Capital and Public Policy
12.4 Other Determinants of Growth
12.4.1 Fiscal Policy
Government Spending
The Dual Effects of Taxation
Budget Deficits and Growth
12.4.2 Inflation and Macroeconomic Stability
12.4.3 Trade and International Financial Openness
12.4.4 Financial Development
12.4.5 Political Factors and Income Inequality
12.4.6 Institutions and the Allocation of Talent
12.5 Summary
Appendix – Determinants and Costs of Corruption
13. THE DETERMINANTS OF ECONOMIC GROWTH: AN EMPIRICAL OVERVIEW
13.1 Growth Accounting
13.2 The East Asian “Miracle”
13.3 Growth Regressions and Convergence
13.3.1 Diminishing Returns and Convergence
13.3.2 Convergence and Cross-Section Regressions
13.3.3 Testing the Mankiw-Romer-Weil Model
13.4 The Empirics of Growth
13.5 The Econometric Evidence: Overview
13.5.1 Saving and Physical and Human Capital
13.5.2 Fiscal Variables
13.5.3 Inflation and Macroeconomic Stability
13.5.4 Financial Factors
13.5.5 External Trade and Financial Openness
13.5.6 Political Variables and Income Inequality
14. TRADE AND LABOR MARKET REFORMS
14.1 Trade Liberalization
14.1.1 The Gains from Trade
14.1.2 Recent Evidence on Trade Reforms
14.1.3 Trade Reform, Employment, and Wage Inequality
14.1.4 Obstacles to Trade Reform
14.2 Trade and Regional Integration
14.3 Reforming Labor Markets
14.3.1 Labor Markets in Developing Countries
Basic Structure
Employment Distribution and Unemployment
Wage Formation and Labor Market Segmentation
Minimum Wages
Trade Unions and the Bargaining Process
14.3.2 Labor Market Reforms and Flexibility
14.4 Summary
Appendix – Reforming Price Incentives in Agriculture
15. FISCAL ADJUSTMENT AND FINANCIAL SECTOR REFORMS
15.1 Fiscal Adjustment
15.1.1 Reforming Tax Systems
The Excess Burden of Taxation
Fighting Tax Evasion
Guidelines for Reform
15.1.2 Expenditure Control and Management
15.1.3 Civil Service Reform
15.1.4 Fiscal Decentralization
15.2 Pension Reform
15.2.1 Basic Features of Pension Systems
15.2.2 Pension Regimes and Saving: A Framework
15.2.3 Recent Evidence on Pension Reform
15.3 Interest Rate Liberalization
15.3.1 A Simple Framework
15.3.2 Potential Pitfalls
15.4 Sources of Financial Fragility
15.4.1 The Nature of Banks’ Balance Sheets
15.4.2 Microeconomic and Institutional Failings
15.4.3 Moral Hazard and Perverse Incentives
15.4.4 Macroeconomic Instability
15.4.5 Premature Financial Liberalization
15.5 Strengthening Financial Systems
15.6 Summary
Appendix – Structural Policy Indices
16. AID, EXTERNAL DEBT, AND GROWTH
16.1 The Effects of Foreign Aid
16.1.1 Aid Effectiveness and the Fungibility Problem
16.1.2 Aid, Investment, and Growth
The Situation without Aid
The Effects of Aid on Investment
16.1.3 Aid and Growth: Cross-Country Evidence
16.2 Growth, Debt, and Fiscal Adjustment
16.3 The Debt Overhang and the Debt Laffer Curve
16.4 Measuring the Debt Burden
16.4.1 Conventional and Present Value Indicators
16.4.2 Sustainability and External Solvency
16.5 Debt Rescheduling and Debt Relief
16.6 Summary
Appendix – The Theory of Stages in the Balance of Payments
17. SEQUENCING, GRADUALISM, AND THE POLITICAL ECONOMY OF ADJUSTMENT
17.1 Stabilization and Structural Adjustment
17.2 The Order of Liberalization
17.2.1 Liberalization of External Accounts
17.2.2 Financial Reform and the Capital Account
17.2.3 A Formal Framework
Analysis of Liberalization Policies
Financial Deregulation
Relaxation of Capital Controls
Trade Liberalization
17.3 Sequencing and Labor Market Reforms
17.4 Political Constraints and Reforms
17.4.1 Modeling Political Conflict
17.4.2 The Benefits of Crises
17.4.3 Political Acceptability and Sustainability
17.5 Shock Treatment or Gradual Approach?
17.6 Summary
Appendix – Calculating the Welfare Effects of Reform
References
Figure Credits
Index
Pierre-Richard Agénor is Hallsworth Professor of International Macroeconomics and Development Economics in the School of Economic Studies of the University of Manchester, United Kingdom, and Co-Director of the School’s Centre for Growth and Business Cycle Research.
His research interests include international macroeconomics, development economics, and growth theory.
- Harvard edition World
- 93 line illustrations, 12 tables
- 784 pages
- Hardcover edition
- Short
- September 2004
- The Economics of Adjustment and Growth
- Second Edition
- Pierre-Richard Agénor
RIYAD BANK: SAUDI ECONOMIC REVIEW
May 1, 2007 at 10:06 am | Posted in Arabs, Economics, Financial, Middle East, Research | Leave a commentSat, 28 Apr 2007
With compliments. This week’s commentary looks at the “Growth of private equity in the region“.
We take this opportunity to announce that Reuters and Zawya Dow Jones , two of the most respected names in global business media, have taken the initiative to feature our Weekly Report regularly in their own subscription-only portals. Over 3,000 Reuters global corporate clients and over 212,000+ high-end business/ professional users of Zawya.com will be able to view our report every week. Reuters will also feature our quarterly Saudi Economic Review. Their initiative is a recognition of our quality and commitment to bring the Saudi economy to the global business community.
Thanks and regards.
Khan H. Zahid, Ph.D.
Chief Economist and Vice President
Riyad Bank
P.O. Box 22622
Riyadh 11416
Saudi Arabia
Tel: (966-1) 401-3030 x. 2534
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Email: khan.zahid@riyadbank.com
khan.zahid@riyadbank.com
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CLASH OF EMPIRES: BOOK
May 1, 2007 at 2:56 am | Posted in Asia, Books, China, Globalization, History | Leave a commentCivilizations Do Not Clash; Empires Do
The Clash of Empires
The Invention of China in Modern World Making
Lydia H. Liu
Lydia H. Liu is Helmut F. Stern Professor of Chinese Studies, University of Michigan
Harvard University Press
List of Illustrations
Acknowledgments
Introduction: Civilizations Do Not Clash; Empires Do
1. The Semiotic Turn of International Politics
2. The Birth of a Super-Sign
3. Figuring Sovereignty
4. Translating International Law
5. The Secret of Her Greatness
6. The Sovereign Subject of Grammar
Conclusion: The Emperor’s Empty Throne
Appendix: Lin Zexu’s Communication to Queen VictoriaNotes
Glossary of Chinese Characters
Index
http://www.hup.harvard.edu/catalog/LIUCLA.html?show=contents