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David Martimort

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Arturo Estrella

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References

A Critical Assessment

Chunlai Chen

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Preface

A Critical Assessment

Chunlai Chen

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Jane Knodell

Post-Keynesians disagree about whether money is intrinsically endogenous, or whether it has become endogenous over time with the emergence of modern central banking. In this chapter, monetary history and institutional analysis are brought to bear on the issue. The chapter examines two early monetary systems that lacked central banks: metallic money in fifteenth- to seventeenth-century western Europe, and paper money in eighteenth-century Britain and British North America. These systems are found to have been imperfectly endogenous, owing to inadequacies in their mechanics of supply. Furthermore, endogeneity did not evolve in an unremittingly forward path historically, as the literature suggests: in some respects, metallic-money systems were more flexible than paper-money systems.

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Louis-Philippe Rochon and Sergio Rossi

What precisely is endogenous money? Does the central bank always accommodate banks’ demand for central-bank money? Does it have the ability to increase the money supply exogenously? Can it really have the rate of interest of its choice? Has money always been endogenous or has it become endogenous through time with the advent of certain institutions? This volume shows that a proper understanding of money is still required, and that the institutional actions of central banks reveal how recent so-called unconventional policies are doomed to fail. Revisiting the fundamental elements of the theory of endogenous money leads to completely different sets of monetary policy recommendations.

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Introduction

A Critical Assessment

Chunlai Chen

Since the implementation of the market-oriented economic reform and open policies in late 1978, China has attracted massive foreign direct investment (FDI) inflows. Chapter 1 starts with an examination of the characteristics of FDI in China. It finds that FDI in China is characterized by fast growth and a huge amount of inflows; uneven regional distribution with heavy concentration in the coastal region; overwhelming concentration in the manufacturing and services sectors; and heavy engagement in the processing trade. The chapter then raises the main issues to be explored in this study: the impacts of FDI on China’s regional economic growth, urban–rural income inequality and urbanization development. To establish a theoretical framework for the empirical analysis, the chapter presents a compelling and thorough analysis of the leading theoretical explanations of FDI. Among the many theories, Dunning’s OLI framework has been the most influential and comprehensive explanation of FDI. As a result, it is used as the fundamental theoretical framework for this study. According to Dunning’s OLI framework, because of its ownership advantage and the possession of firm-specific intangible assets, FDI is expected to produce a series of impacts on a host country’s economy through capital formation, employment creation, and more importantly through knowledge spillovers to the host country’s domestic economy. Therefore, based on the theoretical framework derived from Dunning’s OLI paradigm, the chapter discusses the main implications of the existing theory for this study. Finally, the chapter outlines the structure of the study.

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Introduction

Mortgaging Development

Liam Clegg

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Introduction

Liberalization, Integration, and Asymmetric State Power

Nina Eichacker

This chapter introduces the notion that financial liberalization in Europe may have had problematic consequences, such as increasing financial instability, paving the way for Europe’s initial experience of the global financial crisis, and for adding to the costs of European recovery since 2008. It also introduces the roles that asymmetrical power dynamics may have played in promoting broad-scale financial liberalization in Europe, as well as unequally distributing the costs and gains associated with the changed scale of financial activity within the EMU. Finally, it previews the findings of two case study chapters, examining the effects of financial liberalization in the core European economy of Germany, and two peripheral European economies, Iceland and Ireland.

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Foreword

A Critical Assessment

Chunlai Chen