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Along with the development of economic globalization, many countries have begun to relax their controls on their capital accounts. However, the recent financial crises in Latin American countries as well as the exchange rate crises in Southeast Asian countries have shown that there is major risk associated with capital account liberalization.This book details the benefits and risks of capital account liberalization and explains how to take an open-door policy at the appropriate time in order to reduce the risk to the lowest possible level. Supplying a complete mathematical analysis framework f

Along with the development of economic globalization, many countries have begun to relax their controls on their capital accounts. However, the recent financial crises in Latin American countries as well as the exchange rate crises in Southeast Asian countries have shown that there is major risk associated with capital account liberalization. This book details the benefits and risks of capital account liberalization and explains how to take an open-door policy at the appropriate time in order to reduce the risk to the lowest possible level. Supplying a complete mathematical analysis framework f.

Auf Basis der Geldkreisläufe diskutieren die Autoren diskutieren verschiedene Formen des Finanzkapitals und zeigen mithilfe einfacher Modelle deren Funktionsweisen auf. Daran anknüpfend entwickeln sie einen formalen Rahmen, der dabei hilft, die relativ zur Realwirtschaft überproportionale Expansion und zunehmend ungleiche Verteilung des finanziellen Reichtums zu verstehen. The authors consider different forms of financial capital and discuss their functioning by using simple models. They then develop a formal framework that helps to understand the dramatic expansion of financial wealth (both money and financial capital) and its increasingly unequal distribution. Englischsprachiges Lehrbuch

Economists have long been concerned about the best way to finance government deficits. Finding the proper fiscal policy and monetary policy mix is a crucial decision. When government debt grows too fast, interest rates rise and capital is crowded out. If the money growth rate is excessive, inflation occurs. The study of this issue at the theoretical level requires a model which incorporates the following features: (1) modeling money and bonds as endogenous financial assets, whose rates of return are determined in general equilibrium, (2) examination of the utility maxi mization decisions of individuals, so that welfare analysis of alternative policies may be made, (3) modeling the government's optimization problem and its budget constraint, and (4) modeling capital investment, showing how the returns to financial assets affect investment decisions. In such a model, the government's financing decisions affect the rates of return on money and bonds, which affect the welfare of individuals. Standard models in the economic literature do not satisfy all these features. The purpose of this paper is to derive such a model.

IN SOUTH AFRICA A MOUNTING LIBERATION STRUGGLE IS DEVELOPING, AND INCLUDES BLACK WORKERS AND STUDENTS, CHURCHES, WHITE STUDENTS, THE LIBERAL PARLIAMENTARY OPPOSITION, AND THE COUNTRY'S LEADING BUSINESSMEN. THERE IS A STARTLING UNANIMITY IN THE DEMANDS OF THIS DISPARATE GROUP: ABOLISH RACIAL DISCRIMINATION, SCRAP INFLUX CONTROL, RELEASE POLITICAL PRISONERS, AND LEGALIZE BLACK POLITICAL PARTIES.