assets.cambridge.org · 2004-10-11 · Contents General Economics 1 Economic Thought, Philosophy and Methodology 1 Econometrics 4 Themes in Modern Econometrics 7 Econometric Society

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www.cambridge.org/economics 2003

Economics, Finance and Econometrics

ContentsGeneral Economics 1Economic Thought, Philosophy

and Methodology 1Econometrics 4

Themes in Modern Econometrics 7Econometric Society Monographs 8Econometric Exercises 10Mathematical Methods and Programming 11

Microeconomics 13Macroeconomics and Monetary

Economics 14International Economics 17Financial Economics 21Public Economics and Political

Economy 22Law and Economics 27Industrial Organization 28Management and Marketing 30Economic History 34Economic Development

and Growth 37Economic Systems 40Environmental and Natural

Resource Economics 41Climate Change 43

Regional Economics 44Author and Title Index 45

Highlights include…A World Without WallsFreedom, Development, Free Trade and GlobalGovernanceMike Moore, Former Director-General of the WorldTrade Organization

‘Mike Moore makes a strong case for the benefits offree trade and open markets. But he warns thatglobal governance needs to be rethought to copewith the challenges of globalization. A wide rangingand thought-provoking book.’ George Soros,

author of George Soros on Globalization➤ See page 17

Towards a New Paradigm in MonetaryEconomicsJoseph E. Stiglitz, Columbia University, New Yorkand Bruce Greenwald, Columbia University, NewYork

Written out of the authors’ original thoughts andempirical observations while serving in somerenowned economic organizations, the bookprovides a pioneer treatment of critical topics inmonetary economics and insightful policyimplications.

Professor Joseph E. Stiglitz is the winner ofthe 2001 Nobel Prize for Economics.➤ See page 14

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Announcing a new series Econometric ExercisesSeries Editors: Karim M. Abadir, Jan Magnus and Peter C.B. Phillips

Overview

The volumes of solved exercises in the series are designed both for classroomteaching in econometrics and offer an independent, learning-by-doing program foranyone wanting to learn more about econometric methods and applications. ➤ For further information see page 10

Cambridge University Press is the printing and publishing house of the University of Cambridge,and is the oldest press in the world. It is a charitable enterprise required by University Statute to devote itself to printing and publishing in the furtherance of the acquisition, advancement,conservation, and dissemination of knowledge in all subjects; to the advancement of education,religion, learning, and research; and to the advancement of literature and good letters.

General Economics 1

General Economics

How to Argue with an EconomistReopening Political Debate in AustraliaLindy EdwardsAustralian National University, Canberra

This fascinating book reflects on howeconomics has become central to our lives,and how the ‘economic rationalist’perspective has become the lens throughwhich all matters in Australian public lifeare viewed. It explains how this economicworld view systematically overlooksimportant social issues and how ittransforms Australian culture. How to Arguewith an Economist invites a broad generalaudience into debates that were oncereserved for experts. Lindy Edwards, aformer economic adviser in the PrimeMinister’s Department, has a talent forexpressing concepts simply. She distilseconomics’ key ideas into a lively andenjoyable read, explaining how economiststhink and then how you can argue withthem.

‘Refreshingly readable, original inapproach, this book should beconsumed by every political actor orstudent of politics or economics.’

Diane Carlyle and Nick Walker, The Australian

2002 215 x 137 mm 180pp0 521 81903 2 Hardback £40.000 521 52532 2 Paperback £14.95

Machine DreamsEconomics Becomes a Cyborg SciencePhilip MirowskiUniversity of Notre Dame, Indiana

Machine Dreams recounts the story of howthe computer came to transform the verycontent of American economics, and howthe mathematician John von Neumanninadvertently became the most importantthinker for the economics profession in the20th century.

‘In Machine Dreams the most excitinghistorian of economic thought of ourtime takes on one of the mostfascinating themes of the intellectualhistory of the twentieth century – thedream of creating machines that canthink and how this has affected thesocial sciences. The result is anextraordinary book that deserves to beread by everyone interested in the socialsciences.’

Richard Swedberg, University of Stockholm

2002 228 x 152 mm 670pp 5 line diagrams3 tables0 521 77283 4 Hardback £70.000 521 77526 4 Paperback £24.95

Textbook

Economic Concepts for the SocialSciencesTodd SandlerUniversity of Southern California

This book presents an overview andassessment of the conceptual advances ineconomics during the last century. Thebook relies heavily on engaging examples,intended to draw in the reader and todemonstrate the far-reaching application ofeconomic reasoning to social phenomena.

Contents: 1. Economics without apology;2. Back to the future; 3. In another’s shoes:games, strategies, and economics; 4. Ittakes two or more: public economics andcollective action; 5. Government for thepolitician? Public and social choice; 6. Institutions matter: the new institutionaleconomics; 7. Knowledge is power: thenew institutional economics; 8. Everythingties together: general equilibrium; 9. Laboratory economics: of rats and men;10. Before yesterday and beyondtomorrow: intergenerational economics;11. Fish, space, and spaceship earth:bioeconomics and interdisciplinaryeconomics; 12. Crystal ball economics:rational expectations; 13. How do we getthere from here?: transitional economiesand policy reforms; 14. Economic growth:endogeneity, institutions and otherconcepts; 15. Economic visions for futurehorizons.2001 228 x 152 mm 300pp 14 line diagrams1 table0 521 79262 2 Hardback £45.000 521 79677 6 Paperback £15.95

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Journal

Abstracts of Working Papers inEconomicsThe Official Journal of the AWPE DatabaseEditor: Halbert WhiteUniversity of California, San Diego

AWPE is the best point of access forthousands of working papers in all areas ofeconomics, finance and econometrics.From its network of over 70 researchcentres worldwide, AWPE provides fullbibliographic information including seriesaddresses, price and availability, plus JELclassification codes and complete abstractsfor these very current and often hard-to-getworking papers. Each issue includes about550 of the latest papers, all indexed byauthor, issuing institution, and enhancedby a keyword index and a permuted titleindex. SubscriptionsVolume 20 in 2003: February, April,June, August, October and DecemberInstitutions print only: £260/$408Individuals print only: £93/$145Print ISSN 0951-0079

Economic Thought,Philosophy andMethodology

Textbook

A Theory of Economic GrowthDynamics and Policy in OverlappingGenerationsDavid de la CroixUniversité Catholique de Louvain, Belgiumand Philippe MichelGREQAM, Université de la Méditerranée

This book provides an in-depthtreatment of the overlapping generationsmodel in economics incorporatingproduction. Methodological emphasis isput on using general preferences andtechnologies, on the global study of

2 Economic Thought, Philosophy and Methodology

5. Credible worlds: the status of theoreticalmodels in economics; 6. Models, storiesand the economic world; 7. The limits ofcausal order, from economics to physics; 8. Econometrics and reality; 9. Economicmodels and reality: the role of informalscientific methods; 10. Truth, likeness andeconomic theories; Part IV. TheConstitution of Economic Reality: 11. Rational choice, functional selectionand empty black boxes; 12. The reality ofcommon cultures; 13. Collectiveacceptance and collective attitudes: on thesocial construction of social reality; 14. Putting evidence in its place: JohnMill’s early struggles with ‘facts inconcrete’; 15. Hayek and culturalevolution; Part V. The Institutions ofEconomics: 16. You shouldn’t want arealism if you have a rhetoric; 17. Themore things change, the more they stay thesame: social realism in contemporaryscience studies; 18. Economists: truth-seekers or rent-seekers.2002 228 x 152 mm 395pp 8 line diagrams8 graphs0 521 81117 1 Hardback £50.000 521 00957 X Paperback £19.95Publication December 2002

Forthcoming

The Evolutionary Foundations ofEconomicsEdited by Kurt DopferUniversität St Gallen, Switzerland

Evolutionary economics is attractingincreasing interest as a way ofunderstanding the processes which generateparticular forms of economic activities andstructures. This collection brings togethereconomists who are at the forefront of thisnew field of enquiry to provide the mostcomprehensive and most authoritativesurvey available.

Contents: Introduction. Part I.Interdisciplinary Platform: 1. Therediscovery of value and the opening ofeconomics I. Prigogine; 2. Synergetics:From physics to economics H. Haken; 3. Economics and the science ofevolutionary complex systems P. Allen; 4. Decomposition and growth: Biologicalmetaphors in economics from the 1880s tothe 1980s G. M .Hodgson; 5. Is there atheory of economic history? J. Mokyr; 6. Path dependence in economic processes:Implications for policy analysis indynamical systems contexts P. A. David;Part II. Connecting EvolutionaryPrinciples: 7. Toward an evolutionarytheory of production S. G. Winter; 8. Learning in evolutionary environmentsG. Dosi, L. Marengo and G. Fagiolo; 9. Darwinism, altruism and economics H. A. Simon; 10. The self-organizationalperspective on economic processes: Aunifying paradigm J. Foster;

dynamic aspects of the model, and onfurnishing adequate tools to analyzepolicies involving inter-generationaltransfers.

‘A comprehensive, up-to-date primer onthe dynamics of growth theory andfiscal policy, written by two recognizedexperts in the field. For graduatestudents, researchers and policy-makers,this book illustrates how to harness solideconomic theory in the service ofcutting-edge debates about education,social security reform, and public debtmanagement.’

Costas Azariadis, University ofCalifornia, Los Angeles


Computation and Complexity inEconomic Behavior andOrganizationKenneth R. MountNorthwestern University, Illinoisand Stanley ReiterNorthwestern University, Illinois

This book presents a model of computingand a measure of computationalcomplexity which are intended to facilitateanalysis of computations performed bypeople, machines, or a mixed system ofpeople and machines. The model isdesigned to apply directly to models ofeconomic theory without requiring analysisof approximations.2002 228 x 152 mm 248pp 51 line diagrams7 tables0 521 80056 0 Hardback £45.00

New

Fact and Fiction in EconomicsModels, Realism and Social ConstructionEdited by Uskali MäkiErasmus Universiteit Rotterdam

Bringing together some of the leadingfigures in the methodology and philosophyof economics, this collection provides athoughtful and balanced overview of thecurrent state of debate about the natureand limits of economic knowledge.Representing the most current thinking ona topic of enduring interest to economistsand philosophers and other social scientists,the book is notable for the extent to whichauthors from opposing schools of thoughtengage seriously with their opponents.

Contents: Part I. Introduction: 1. Thedismal queen of the social sciences; Part II.Setting the Scene: 2. Ugly currents inmodern economics; 3. Modern economicsand its critics; 4. Some non-reasons fornon-realism about economics; Part III.Economic Theory and Economic Reality:

11. Evolutionary concepts in relation toevolutionary economics J. S. Metcalfe; 12. Path-dependance in institutionalchange U. Witt; 13. Perspectives ontechnological evolution R. R. Nelson; 14. Complex dynamics in economicorganisms P. Chen; 15. Evolutionarytheorizing on economic growth G.Silverberg and B. Verspagen.2003 228 x 152 mm 400pp0 521 62199 2 Hardback c. £50.00Publication May 2003

New Textbook

Economics and the Theory ofGamesFernando Vega-Redondo

This textbook offers a systematic, self-contained account of the maincontributions of modern game theoryand its applications to economics.Starting with a detailed description ofhow to model strategic situations, thediscussion proceeds by studying basicsolution concepts, their mainrefinements, games played underincomplete information, and repeatedgames. For each of these theoreticaldevelopments, there is a companion setof applications that cover the mostrepresentative instances of game-theoretic analysis in economics, e.g.oligopolistic competition, public goods,coordination failures, bargaining,insurance markets, implementationtheory, signaling and auctions. Thetheory and applications covered in thefirst part of the book fall under the so-called “classical” approach to gametheory, which is founded on theparadigm of players’ unlimitedrationality. The second part shiftstowards topics that no longer abide bythat paradigm. This leads to the studyof important topics such as the interplaybetween evolution and rationality, thebehavioral dynamics induced by sociallearning, and how players might tacklethe problem of multiple equilibria.

Contents: 1. Theoretical Framework:1.1 Introduction and examples; 1.2 Therepresentation of a game in extensiveform; 1.3 The representation of a gamein strategic form; 1.4 The mixedextension of a game; 1.5 Mixed andbehavioral strategies; 1.6 Representationin coalition form; Summary; Exercises;2. Strategic-form analysis: theory: 2.1 Dominance and iterativedominance; 2.2 Nash equilibrium; 2.3 Zero-sum bilateral games; 2.4 Nashequilibrium: formal existence results;2.5 Strong and coalition-proofequilibrium; 2.6 Correlated equilibrium;2.7 Rationalizability; Summary;Exercises; 3. Strategic-form analysis:

Economic Thought, Philosophy and Methodology 3

Causality in MacroeconomicsKevin D. HooverUniversity of California, Davis

Causality in Macroeconomics examinescausality while taking macroeconomicsseriously. A pragmatic and realisticphilosophy is joined to a macroeconomicfoundation that refines Herbert Simon’swell-known work on causal order to makea case for a structural approach to causality.The structural approach is used tounderstand modern rational expectationsmodels, regime switching models, Grangercausality, vector autoregressions, the Lucascritique, and concept exogeneity.2001 228 x 152 mm 326pp 69 line diagrams15 tables0 521 45217 1 Hardback £47.500 521 00288 5 Paperback £17.95

Journal

Economics and PhilosophyEditors: Geoffrey BrennanAustralian National UniversityMarc FleurbaeyUniversité de Pauand Luc Bovens University of Colorado at Boulder

The disciplines of economics andphilosophy each possess their own specialanalytical methods, whose combination ispowerful and fruitful. Each discipline canbe enriched by the other. Economics andPhilosophy aims to promote their mutualenrichment by publishing articles and bookreviews in all areas linking these subjects.Topics include the methodology andepistemology of economics, thefoundations of decision theory and gametheory, the nature of rational choice, ethicalissues in economics, the use of economictechniques in ethical theory, and manyother subjects.SubscriptionsVolume 19 in 2003: April and OctoberInstitutions print and electronic:£78/$122Institutions electronic only: £70/$110Individuals print only: £30/$46Print ISSN 0266-2671Electronic ISSN 1474-0028

applications: 3.1 Oligopoly (I): staticmodels; 3.2 Mechanism design (I):efficient allocation of public goods; 3.3 Mechanism design (II): Nashimplementation; 3.4 Markets (I): macroeconomic coordinationfailures; Summary; Exercises; 4. Refinements of Nash equilibrium:theory: 4.1 Introduction; 4.2 Refinements excluding ‘incrediblethreats’: examples; 4.3 Subgame-perfectequilibrium; 4.4 Weak-perfect Bayesianequilibrium; 4.5 Refinements excluding‘untenable beliefs’: examples; 4.6 Sequential equilibrium; 4.7 Perfectand proper equilibria; 4.8 Strategic-formrefinements; Summary; Exercises; 5. Refinements of Nash Equilibrium:applications; 5.1 Oligopoly (II): sequential moves; 5.2 Markets (II): decentralized price formation; 5.3 Oligopoly (III): differentiatedproducts; 5.4 Mechanism design (III):efficient allocation of an indivisibleobject; Summary, Exercises; 6. Incomplete information: theory: 6.1 Introduction and examples; 6.2 Bayesian games; 6.3 Bayes-Nashequilibrium; 6.4 Signalling games; 6.5 Mixed strategies, revisited: apurification approach; 6.6 Forwardinduction; Summary; Exercises; 7. Incomplete information: applications:7.1 Markets (III): signalling in the labormarket; 7.2 Markets (IV): insurancemarkets and adverse selection; 7.3 Mechanism design (IV): one-sidedauctions; 7.4 Mechanism design (V): buyer-seller trade; Summary;Exercises; 8. Repeated interaction:theory: 8.1 Introduction and examples;8.2 Repeated games: basic theoreticalframework; 8.3 Folk theorems: Nashequilibrium; 8.4 Reputation and‘irrationality’: informal discussion; 8.5 Folk theorems: subgame=perfectequilibrium; 8.6 Reputation and‘irrationality’: formal analysis; Summary;Exercises; 9. Repeated interaction:applications: 9.1 Oligopoly (IV): intertemporal collusion in aCournot scenario; 9.2 Oligopoly (V): intertemporal collusion in aBertrand scenario; 9.3 Markets (V): efficiency wages andunemployment; Summary; Exercises;10. Evolutionary foundations ofequilibrium: 10.1 Introduction; 10.2 Static analysis; 10.3 Basic dynamicanalysis; 10.4 Evolution in socialenvironments; 10.5 The evolution ofcooperation: an example; Summary;Exercises; 11. Learning to play: 11.1 Introduction; 11.2 Reinforcementlearning; 11.3 Static perceptions andNash equilibrium; 11.4 Memory,

expectations and foresight; Summary;Exercises; 12. Social learning andequilibrium selection; 12.1 Introduction; 12.2 Evolutionarygames: theoretical framework; 12.3 Evolutionary games: alternativescenarios; 12.4 Stochastic stability andequilibrium selection; 12.5 Experimental evidence; 12.6 Perturbed Markov processes: basicconcepts and techniques; 12.7 Reinforcement learning withflexible aspirations; Summary; Exercises.2003 253 x 177 mm 675pp 84 line diagrams55 tables 227 exercises0 521 77251 6 Hardback c. £80.000 521 77590 6 Paperback c. £29.95Publication August 2003

Forthcoming

The Monetary Theory ofProductionAugusto GrazianiUniversità degli Studi di Roma ‘La Sapienza’

In mainstream economic theory moneyfunctions as an instrument for thecirculation of commodities rather than asfundamental to the production of goods orthe distribution of income. AugustoGraziani challenges traditional theories ofmonetary production, arguing that amodern economy based on credit cannotbe understood without a focus on theadministration of credit flow. He arguesthat market asset configuration dependsnot upon consumer preferences andavailable technologies but on how moneyand credit are managed. A strong exponentof the circulation theory of monetaryproduction, Graziani presents an originaland perhaps controversial argument whichwill stimulate debate on the topic.Federico Caffe Lectures2003 216 x 138 mm 160pp0 521 81211 9 Hardback c. £37.50Publication September 2003

Decisions and ElectionsExplaining the UnexpectedDonald G. SaariUniversity of California, Irvine

This highly accessible book offersundergraduates, graduates and professionalsa new, different interpretation andresolution of Arrow’s and Sen’s theorems.Using simple mathematics, it shows thatthese negative conclusions arise because, ineach case, some of their assumptions negateother crucial assumptions.2001 228 x 152 mm 254pp 16 line diagrams0 521 80816 2 Hardback £45.000 521 00404 7 Paperback £15.95

Visit our website at www.cambridge.org

4 Econometrics

Textbook

Simplicity, Inference andModellingKeeping it Sophisticatedly SimpleEdited by Arnold ZellnerUniversity of ChicagoHugo A. KeuzenkampUniversiteit van Amsterdamand Michael McAleerMurdoch University, Western Australia

The idea that simplicity matters in scienceis as old as science itself, with the muchcited example of Ockham’s Razor, ‘entianon sunt multiplicanda praeternecessitatem’: entities are not to bemultiplied beyond necessity. Using amultidisciplinary perspective thismonograph asks ‘What is meant bysimplicity’?2002 228 x 152 mm 312pp 11 tables 16 figures0 521 80361 6 Hardback £50.00

New in PaperbackTextbook

Stochastic Frontier AnalysisSubal C. KumbhakarUniversity of Texas, Austinand C. A. Knox LovellUniversity of Georgia

This book develops econometrictechniques for the estimation ofproduction, cost and profit frontiers, andfor the estimation of the technical andeconomic efficiency with which producersapproach these frontiers. Since thesefrontiers envelop rather than intersect data,and since the authors to maintain thetraditional belief in the presence of externalforces contributing to random statisticalnoise, the work is titled Stochastic FrontierAnalysis.

‘Stochastic Frontier Analysis is anexcellent, up-to-date and completesummary of both the theory andtechniques used in frontier production,cost and profit analysis. The authors aretwo of the leading researchers in thefield. Students and practitioners in thisarea will find this book to be the onlyreference source they need.’

William H. Greene, Stern School ofBusiness, New York University

Contents: 1. Introduction; 2. Analyticalfoundations; 3. The estimation of technicalefficiency; 4. The estimation anddecomposition of cost efficiency; 5. Theestimation and decomposition of profitefficiency; 6. The shadow price approach tothe estimation and decomposition ofeconomic efficiency; 7. Incorporatingexogenous influences on efficiency; 8. Theestimation of efficiency change andproductivity change.

2003 228 x 152 mm 344pp0 521 66663 5 Paperback £20.95Publication February 2003

New Textbook

Discrete Choice Methods withSimulationKenneth E. TrainUniversity of California, Berkeley and NERA Inc.

This book describes the new generation ofdiscrete choice methods, focusing on themany advances that are made possible bysimulation. Researchers use these statisticalmethods to examine the choices thatconsumers, households, firms, and otheragents make. Each of the major models iscovered: logit, generalized extreme value, orGEV (including nested and cross-nestedlogits), probit, and mixed logit, plus avariety of specifications that build on thesebasics. Simulation-assisted estimationprocedures are investigated and compared,including maximum simulated likelihood,method of simulated moments, andmethod of simulated scores. Procedures fordrawing from densities are described,including variance reduction techniquessuch as anithetics and Halton draws.Recent advances in Bayesian procedures areexplored, including the use of theMetropolis-Hastings algorithm and itsvariant Gibbs sampling. No other bookincorporates all these fields, which havearisen in the past 20 years. The proceduresare applicable in many fields, includingenergy, transportation, environmentalstudies, health, labor, and marketing.

Contents: 1. Introduction: Part I.Behavioral Models: 2. Properties; 3. Logit;4. GEV; 5. Probit; 6. Mixed logit; 7. Variations on a theme; Part II.Esitmation: 8. Numerical maximization; 9. Drawing from densities; 10. Simulation-assisted estimation; 11. Individual-levelparameters; 12. Bayesian procedures.2003 228 x 152 mm 344pp 44 line diagrams13 tables0 521 81696 3 Hardback £65.000 521 01715 7 Paperback £22.95Publication January 2003

Forthcoming

Logit ModelsFrom Economics and Other FieldsJ. S. CramerUniversiteit van Amsterdam

The Logit model has its origins ineconomics but is now used in a variety ofdisciplines, including medicine,epidemiology and the social sciences. Inthis book, Dr Cramer has given anaccessible treatment of the theoreticalfoundations of the model as well as itsapplication to concrete problems. It iswritten to interest not only economists butto anyone working in a disciplines where it

EconometricsTextbook

Introductory Econometrics forFinanceChris BrooksUniversity of Reading

An introductory econometrics book forfinance students. The approach adoptedis data and problem driven, givingstudents the skills to estimate andinterpret models, while having anintuitive grasp of the underlyingtheoretical concepts. The book assumesno prior knowledge of econometrics,and covers important modern topics.

Contents: 1. Introduction; 2. Econometric packages for modellingfinancial data; 3. A brief overview of theclassical linear regression model; 4. Further issues with the classical linearregression model; 5. Univariate timeseries modelling and forecasting; 6. Multivariate modelling; 7. Modellinglong-run relationships in finance; 8. Modelling volatility and correlation;9. Modelling regime shifts; 10. Simulation methods; 11. Conducting empirical research infinance; 12. Conclusions: recent andfuture developments in the modelling offinancial time series; References;Appendix. Review of matrix algebra,calculus, and probability theory;Statistical tables.Visit www.cambridge.org/resources/economics2002 247 x 174 mm 728pp 57 tables67 figures0 521 79018 2 Hardback £80.000 521 79367 X Paperback £29.95

Econometrics 5

is necessary to model qualitative randomvariables. To aid students, the author hasprovided data sets on which to practiseLogit analysis.

Visit http://publishing.cambride.org/resources/05218158862003 228 x 152 mm 160pp 40 line diagrams0 521 81588 6 Hardback c. £37.50Publication June 2003

Forthcoming

Semiparametric RegressionD. RuppertCornell University, New YorkM. P. WandHarvard University, Massachusettsand R. J. CarrollTexas A & M University

Semiparametric regression is concernedwith the flexible incorporation of non-linear functional relationships in regressionanalyses. Any application area that benefitsfrom regression analysis can also benefitfrom semiparametric regression. Assumingonly a basic familiarity with ordinaryparametric regression, this user-friendlybook explains the techniques and benefitsof semiparametric regression in a conciseand modular fashion. The authors makeliberal use of graphics and examples pluscase studies taken from environmental,financial, and other applications. Theyinclude practical advice on implementationand pointers to relevant software. The bookis suitable as a textbook for students withlittle background in regression as well as areference book for statistically orientedscientists such as biostatisticians,econometricians, quantitative socialscientists, epidemiologists, with a goodworking knowledge of regression and thedesire to begin using more flexiblesemiparametric models. Even experts onsemiparametric regression should findsomething new here.Cambridge Series in Statistical andProbabilistic Mathematics, 122003 253 x 177 mm 400pp 80 line diagrams2 colour plates0 521 78050 0 Hardback c. £65.000 521 78516 2 Paperback c. £21.95Publication November 2003

Forthcoming

Data Analysis and Graphics Using RJohn MaindonaldAustralian National University, Canberraand John BraunUniversity of Western Ontario

Modern statistical software systems providesophisticated tools for researchers who needto manipulate and display their data. Usingsuch systems requires training both in thesoftware itself and in the statistical methodsthat it relies on. Concentrating on thefreely available R system, this book

demonstrates recently implementedapproaches and methods in statisticalanalysis. The authors introduce elementaryconcepts in statistics through examples ofreal-world data analysis drawn from theauthors’ experience, both as teachers and asconsultants. R code and data sets for allexamples are available on the Internet. Thisemphasis on practical methodologycombined with a tutorial approach makesthe book accessible to anyone with aknowledge of undergraduate-level statistics,whether a research student or a practisingscientist or statistician. The methodsdemonstrated are suitable for use in a widevariety of disciplines, from social sciencesto medicine, engineering and science.Cambridge Series in Statistical andProbabilistic Mathematics, 102003 253 x 177 mm 400pp 26 tables 79 exercises52 figures0 521 81336 0 Hardback c. £40.00Publication June 2003

Forthcoming

The Structural Econometric TimeSeries Analysis ApproachEdited by Arnold ZellnerUniversity of Chicagoand Franz PalmUniversiteit Maastricht, Netherlands

The theory and applications of theStructural Econometric Time SeriesAnalysis (SEMTSA) approach arepresented. Analytical relations betweendynamic econometric structural modelsand empirical time series MVARMA, VAR,transfer function, and univariate ARIMAmodels are established that are very usefulfor model-checking and modelconstruction. The theory and applicationsof these procedures to a variety ofeconometric modeling and forecastingproblems as well as Bayesian and non-Bayesian testing, shrinkage estimation andforecasting procedures are presented andapplied. Optimal turning point forecastingtechniques are described and applied toforecast turning points of output growthrates of 18 industrialized countries. Also,formal Bayesian procedures for combiningforecasts of alternative models, say fixedparameter and time varying parametermodels are presented, applied andcompared to non-Bayesian combiningprocedures. Finally, attention is focused onthe effects of disaggregation on forecastingprecision. Several applied studies revealthat, ‘It pays to disaggregate whenforecasting a total, say total output of aneconomy.’ Further, the new MarshallianMacroeconomic Model (MMM) thatfeatures demand, supply and entryequations for major sectors of economies isdescribed and used to produce Improvedforecasts of rates of growth of total GDPfor the US economy.

2003 228 x 152 mm 400pp0 521 81407 3 Hardback c. £50.00Publication November 2003

New Textbook

A Concise Introduction toEconometricsAn Intuitive GuidePhilip Hans FransesErasmus Universiteit Rotterdam

In this short and very practicalintroduction to econometrics Philip HansFranses guides the reader through theessential concepts of econometrics. Centralto the book are practical questions invarious economic disciplines, which can beanswered using econometric methods andmodels. The book focuses on a limitednumber of the essential, most widely usedmethods, before going on to review thebasics of econometrics. The book ends witha number of case studies drawn from recentempirical work to provide an intuitiveillustration of what econometricians dowhen faced with practical questions.Throughout the book Franses emphasisesthe importance of specification, evaluationand implementation of models appropriateto the data. Assuming basic familiarity onlywith matrix algebra and calculus the bookis designed to appeal as either a shortstand-alone introduction for studentsembarking on an empirical research projector as a supplement to any standardintroductory textbook.

Contents: 1. Introduction; 2. A few basictools; 3. Econometrics, a guided tour; 4. Seven case studies; 5. Conclusion; 6. References; 7. Bibliography.2002 216 x 138 mm 129pp 5 line diagrams5 tables0 521 81769 2 Hardback £37.500 521 52090 8 Paperback £13.95


6 Econometrics

Textbook

Non-Linear Time Series Models inEmpirical FinancePhilip Hans FransesErasmus Universiteit Rotterdamand Dick van DijkErasmus Universiteit Rotterdam

Reviews recently developed non-linear timeseries models, and their applications tofinancial markets.

Contents: 1. Introduction; 2. Someconcepts in Time Series analysis;3. Regime-switching models for returns;

4. Regime-Switching models for Volatility;5. Artificial neural networks for returns; 6. Conclusion.2000 247 x 174 mm 296pp 51 tables 44 figures0 521 77041 6 Hardback £60.000 521 77965 0 Paperback £22.95

New

Essays in Panel Data EconometricsMarc NerloveUniversity of Maryland, College Park

This volume collects seven of MarcNerlove’s previously published essays onpanel data econometrics, with a new essayon the history of the subject, which beganwith George Biddell Airey’s monograph in1861. The essays illustrate the role ofshaping appropriate methods of inferenceand the importance of computer-intensivemethods.

Advance praise:

‘Marc Nerlove, more than any othereconomist, pioneered the econometricanalysis of panel data. This bookpresents many of his classic papers andprovides a valuable synthesis of paneldata econometrics starting with earlywork and including the latestdevelopments in the field. It can be readat many levels – as a history of animportant line of econometric research,as a guide to a vast literature and as aresource for solving specific empirical

problems that arise in analyzing paneldata. The blend of theory, data andeconometrics is superb. This is amasterful work.’

James Heckman, Nobel Laureate, University of Chicago

2002 228 x 152 mm 382pp 111 line diagrams28 tables0 521 81534 7 Hardback £60.00

Matrix Calculus and Zero-OneMatricesStatistical and Econometric ApplicationsDarrell A. TurkingtonUniversity of Western Australia

This book presents the reader withmathematical tools drawn from matrixcalculus and zero-one matrices anddemonstrates how the use of their toolsfacilitates such applications in a sequenceof linear econometric models of increasingstatistical complexity.2002 228 x 152 mm 218pp 8 tables0 521 80788 3 Hardback £45.00

Textbook

Econometric FoundationsRon C. MittelhammerWashington State UniversityGeorge G. JudgeUniversity of California, Berkeleyand Douglas J. MillerPurdue University, Indiana

This course provides a complete workingknowledge of a rich set of estimation andinference tools, including traditionallikelihood based and non-traditional non-likelihood based procedures, that can beused in conjunction with the computer toaddress economic problems. Theaccompanying CD-ROM offers furtherreading, manuals, software, and solutions.An electronic tutorial is availableseparately.

‘The authors of EconometricFoundations are to be congratulated fortheir comprehensive and clearpresentation of old and neweconometric methods along with manyinteresting and relevant applications.This fine blend of theory andapplication makes this text particularlyuseful and appealing.’

Arnold Zellner, University of Chicago

Contents: Part I. Information ProcessingRecovery: 1. The process of econometricinformation recovery; 2. Probability-econometric models; Part II. RegressionModel-estimation and Inference: 3. Themultivariate normal linear regressionmodel: ML estimation; 4. The multivariatenormal linear regression model: inference;5. The linear semiparametric regressionmodel: least squares estimation; 6. The

linear semiparametric regression model:inference; Part III. Extremum Estimatorsand Nonlinear and Nonnormal RegressionModels: 7. Extremum estimation andinference; 8. The nonlinear semiparametricregression model: estimation and inference;9. Nonlinear and nonnormal parametricregression models; Part IV. Avoiding theParametric Likelihood: 10. Stochasticregressors and moment-based estimation;11. Quasi-maximum likelihood andestimating equations; 12. Empiricallikelihood estimation and inference; 13. Information theoretic-entropyapproaches to estimation and inference;Part V. Generalized Regression Models: 14. Regression models with a knowngeneral noise covariance matrix; 15. Regression models with an unknowngeneral noise covariance matrix; Part VI.Simultaneous Equation Probability Modelsand General Moment-Based Estimationand Inference: 16. Generalized moment-based estimation and inference; 17. Simultaneous equations econometricmodels: estimation and inference; Part VII.Model Discovery: 18. Model discovery: theproblem of variable selection andconditioning; 19. Model discovery: theproblem of noise covariance matrixspecification; Part VIII. SpecialEconometric Topics: 20. Qualitative-censored response models; 21. Introductionto nonparametric density and regressionanalysis; Part XI. Bayesian Estimation andInference: 22. Bayesian estimation: generalprinciples with a regression focus; 23. Alternative Bayes formulations for theregression model; 24. Bayesian inference;Part X. Epilogue; Appendix: introductionto computer simulation and resamplingmethods.2000 228 x 152 mm 784pp 5 line diagrams32 tables0 521 62394 4 Pack with CD-ROM £45.00

Textbook

Probability Theory and StatisticalInferenceEconometric Modeling with ObservationalDataAris SpanosUniversity of Cyprus

Contents: Preface: 1. An introduction toempirical modelling; 2. Probability theory:a modelling framework; 3. The notion of aProbability model; 4. The notion of aRandom Sample; 5. Theoretical conceptsand real data; 6. The notion of a Non-Random sample; 7. Regression and relatednotions; 8. Stochastic processes; 9. Limittheorems; 10. From Probability Theory toStatistical Inference; 11. An introduction toStatistical Inference; 12. Estimation I:

Econometrics 7

The Econometric Analysis ofSeasonal Time SeriesEric GhyselsUniversity of North Carolina, Chapel Hilland Denise R. OsbornUniversity of Manchester

Economic and financial time series featureimportant seasonal fluctuations. Despitetheir regular and predictable patterns overthe year, month or week, they pose manychallenges to economists andeconometricians. This book provides athorough review of the recentdevelopments in the econometric analysisof seasonal time series.Themes in Modern Econometrics2001 228 x 152 mm 250pp 15 line diagrams2 tables0 521 56260 0 Hardback £47.500 521 56588 X Paperback £17.95

Textbook

Econometrics of QualitativeDependent VariablesChristian GourierouxCREST-INSEE, ParisTranslated by Paul B. Klassen

Contents: 1. Introduction; 2. The simpledichotomy; 3. Modelling; 4. Estimationmethods and tests; 5. The log-linear modeland its applications; 6. Qualitative paneldata; 7. The Tobit model; 8. Models ofmarket disequilibrium; 9. Truncatedvariables in simultaneous equations; 10. Simultaneous equation systems; 11. The Poisson model; 12. Models ofduration.Themes in Modern Econometrics2000 228 x 152 mm 384pp 28 line diagrams5 tables0 521 33149 8 Hardback £55.000 521 58985 1 Paperback £19.95

Textbook

Unit Roots, Cointegration, andStructural ChangeG. S. Maddala

and In-Moo KimSung Kyun Kwan University, Seoul

Time series analysis has undergone manychanges during recent years with theadvent of unit roots and cointegration.This textbook by best-selling author G. S.Maddala and In-Moo Kim is based on asuccessful lecture programme and providesa comprehensive review of these topics aswell as of structural change.Themes in Modern Econometrics1999 228 x 152 mm 523pp 21 tables 8 graphs0 521 58782 4 Paperback £23.95

Properties of estimators; 13. Estimation II:Methods of estimation; 14. Hypothesistesting; 15. Misspecification testing;References; 16. Index.1999 247 x 174 mm 844pp 136 tables 270 graphs0 521 41354 0 Hardback £75.000 521 42408 9 Paperback £29.95

Stated Choice MethodsAnalysis and ApplicationsJordan J. LouviereUniversity of SydneyDavid A. HensherUniversity of Sydneyand Joffre D. SwaitUniversity of FloridaWith contributions by Wiktor Adamowicz

This graduate and practitioner guide toanalysing consumer choice behaviourconcentrates on stated preference (SP)methods. The authors show how thesemethods can be implemented, fromexperimental design to econometricmodelling, and also combined withrevealed preference (RP) data. The bookalso presents an update of econometricapproaches to choice modelling.2000 247 x 174 mm 418pp 110 tables 54 figures0 521 78275 9 Hardback £75.000 521 78830 7 Paperback £27.95

Textbook

The Econometric Modelling ofFinancial Time SeriesSecond editionTerence C. MillsLoughborough University

Contents: 1. Introduction; 2. Univariatelinear stochastic models: basic concepts; 3. Univariate linear stochastic models:further topics; 4. Univariate non-linearstochastic models; 5. Modelling returndistributions; 6. Regression techniques fornon-integrated financial time series; 7. Regression techniques for integratedfinancial time series; 8. Further topics inthe analysis of integrated financial timeseries; Data Appendix; References.1999 228 x 152 mm 380pp 35 tables 46 figures0 521 62492 4 Paperback £21.95

Themes in ModernEconometricsThemes in Modern Econometrics providesan organized sequence of textbooks ineconometrics aimed directly at thestudent population, and is the first seriesin the discipline to have this as itsexpress aim. Written at a level accessibleto students with an introductory coursein econometrics behind them, eachbook addresses topics or themes thatstudents and researchers encounter daily.While each book is able to stand aloneas an authoritative survey in its ownright, the distinct emphasis throughoutis on pedagogic excellence.

Forthcoming Textbook

Semiparametric Regression for theApplied EconometricianAdonis YatchewUniversity of Toronto

This book provides an accessible collectionof techniques for analyzing nonparametricand semiparametric regression models.Worked examples include estimation ofEngel curves and equivalence scales, scaleeconomies, semiparametric Cobb-Douglas,translog and CES cost functions, householdgasoline consumption, hedonic housingprices, option prices and state price densityestimation. The book should be of interestto a broad range of economists includingthose working in industrial organization,labor, development, urban, energy andfinancial economics. A variety of testingprocedures are covered including simplegoodness of fit tests and residual regressiontests. These procedures can be used to testhypotheses such as parametric andsemiparametric specifications, significance,monotonicity and additive separability.Other topics include endogeneity ofparametric and nonparametric effects, aswell as heteroskedasticity andautocorrelation in the residuals. Bootstrapprocedures are provided.

Contents: 1. Introduction to differencing;2. Background and overview; 3. Introduction to smoothing; 4. Higherorder differencing procedures; 5. Nonparametric functions of severalvariables; 6. Constrained estimation andhypothesis testing; 7. Index models andother semiparametric specifications; 8. Bootstrap procedures; References;Appendices.Themes in Modern Econometrics2003 228 x 152 mm 200pp 30 line diagrams22 tables0 521 81283 6 Hardback c. £45.000 521 01226 0 Paperback c. £16.95Publication July 2003


8 Econometrics

New3 Volume set

Advances in Economics andEconometrics: Theory andApplicationsEighth World CongressEdited by Mathias DewatripontUniversité Libre de BruxellesLars Peter HansenUniversity of Chicagoand Stephen J. TurnovskyUniversity of Washington

This is the set of three volumes containingedited versions of papers and commentariespresented in invited symposium sessions ofthe Eighth World Congress of theEconometric Society. The paperssummarize and interpret recent keydevelopments and discuss future directionsin a wide range of topics in economics andeconometrics.

‘These volumes provide valuable, up todate surveys of the frontiers ofeconometrics and economic theory.They are essential reading for anyoneinterested in modern quantitativeeconomics.’

James Heckman, Nobel Laureate, University of Chicago

‘These volumes contain a wonderfulcollection of essays. Each one provides areview of the most importantdevelopments in a particular area ofeconomics, written by distinguishedmembers of the profession. Auctions,behavioral economics, competitionpolicy, econometric methods andapplications, and applied contracttheory are among a host of subjectscovered. Readers interested in thefrontiers of economic research will findthese volumes invaluable.’

Elhanan Helpman, Harvard and Tel Aviv Universities

‘With each essay written by a researchleader, Advances in Economics andEconometrics provides a terrificopportunity for economists of everystripe to learn about what is happeningat the many frontiers of economicsresearch. These three volumes belong onthe shelves of every serious economicsresearcher.’

Paul Milgrom, Stanford University

Econometric Society Monographs2003 228 x 152 mm 1088pp0 521 81875 3 3 Volume Set

(Hardback) c.£170.000 521 52414 8 3 Volume Set

(Paperback) c. £60.00Publication March 2003

Volume 1

Advances in Economics andEconometrics: Theory andApplicationsEighth World CongressVolume 1Edited by Mathias DewatripontUniversité Libre de BruxellesLars Peter HansenUniversity of Chicagoand Stephen J. TurnovskyUniversity of Washington

Contents: 1. Auctions and efficiency; 2. Why every economist should learn someauction theory; 3. Global games: theoryand applications; 4. Testing contracttheory: a survey of some recent work; 5. The economics of multidimensionalscreening; Discussion of papers; 6. Theoriesof fairness and reciprocity: evidence andeconomic applications; 7. Hyperbolicdiscounting and consumption; Discussionof papers; 8. Agglomeration and economictheory; 9. Non-market interactions.

Contributors: Eric Maskin, PaulKlemperer, Stephen Morris, Hyun SongShin, Pierre-Andre Chiappori, BernardSalanié, Jean-Charles Rochet, Lars A. Stole,D. P. A. Chiappori, B. Salanié, J.-.CRochet, Patrick Legros, Ernst Fehr, KlausM. Schmidt, Christopher Harris, DavidLaibson, E. Fehr, K. M. Schmidt, C.Harris, D. Laibson, Glenn Ellison,Masahisa Fujita, Jacques-Francois Thisse,Edward Glaeser, Jose A. ScheinkmanEconometric Society Monographs, 352003 228 x 152 mm 392pp 30 line diagrams0 521 81872 9 Hardback c. £65.000 521 52411 3 Paperback c. £21.95Publication March 2003

Volume 2


Contents: 1. Sorting, education, andinequality; 2. Wage equations andeducation policy; Empirical and theoreticalissues in the analysis of education policy: adiscussion of the papers by RaquelFernandez and Kenneth I. Wolpin; 3. Toward a theory of competition policy;4. Identification and estimation of costfunctions using observed bid data: anapplication to electricity markets; 5. Liquidity, default, and crashes:endogenous contracts in general

TextbookFifth Edition

Generalized Method of MomentsEstimationEdited by Laszlo MatyasBudapest University of Economic Sciences

The principal objective of this volume, thefirst devoted entirely to the GMMmethodology, is to offer a complete and upto date presentation of the theory of GMMestimation as well as insights into the useof these methods in empirical studies. It isalso designed to serve as a unifiedframework for teaching estimation theoryin econometrics.

Contents: Preface; 1. Introduction to thegeneralized method of moments estimationDavid Harris and László Mátyás; 2. GMMestimation techniques Masao Ogaki; 3. Covariance matrix estimation Matthew J.Cushing and Mary G. McGarvey; 4. Hypothesis testing in models estimatedby GMM Alastair R. Hall; 5. Finite sampleproperties of GMM estimators and testsJan M. Podivinsky; 6. GMM estimation of time series models David Harris; 7. Reduced rank regression using GMMFrank Kleibergen; 8. Estimation of linearpanel data models using GMM Seung C.Ahn and Peter Schmidt; 9. AlternativeGMM methods for nonlinear panel datamodels Jörg Breitung and Michael Lechner;10. Simulation based method of momentsRoman Liesenfeld and Jörg Breitung; 11. Logically inconsistent limiteddependent variables models J. S. Butler and Gabriel Picone; Index.Themes in Modern Econometrics1999 228 x 152 mm 328pp 14 tables0 521 66013 0 Hardback £47.500 521 66967 7 Paperback £17.95

Econometric SocietyMonographsThe Econometric Society is aninternational society for theadvancement of economic theory inrelation to statistics and mathematics.The Econometric Society Monographseries is designed to promote thepublication of original researchcontributions of high quality inmathematical economics and theoreticaland applied econometrics.

Econometrics 9

equilibrium; 6. Trading volume; Discussionof papers by John Geanakoplos and byAndrew Lo and Jiang Wang; 7. Inverseproblems and structural econometrics: the example of instrumental variables; 8. Endogeneity in nonparametric andsemiparametric regression models;Discussion of papers by Jean-Pierre Florensand by Richard Blundell and James Powell.

Contributors: Raquel Fernandez, KennethI. Wolpin, Costas Meghir, Patrick Rey,Frank Wolak, John Geanakoplos, AndrewW. Lo, Franklin Allen, Jean-Pierre Florens,Richard Blundell, Manuel ArellanoEconometric Society Monographs, 362003 228 x 152 mm 384pp 20 line diagrams10 tables0 521 81873 7 Hardback c. £65.000 521 52412 1 Paperback c. £21.95Publication March 2003

Volume 3


Contents: 1. Contracting constraints,credit markets, and economic development;2. Extracting business cycle indexes fromlarge data sets: aggregation, estimation,identification; 3. Macroeconomicforecasting using many predictors;Comments on papers by Lucrezia Reichlinand by Mark W. Watson; 4. How severe isthe time inconsistency problem inmonetary policy?; 5. New perspectives onmonetary policy, inflation, and the businesscycle; Comments on papers by Jordi Gali and by Stephania Albenesi; 6. Consumption smoothing and extendedfamilies; 7. Computational methods fordynamic equilibria with heterogeneousagents.

Contributors: Abhijit V. Banerjee, LucreziaReichlin, Mark W. Watson, Frank Diebold,Stephania Albenesi, V. V. Chari, LawrenceJ. Christiano, Jordi Gali, Orazio P.Attanasio, Jose-Victor Rios-Rull, KennethL. Judd, Felix Kubler, Kaarl SchmeddersEconometric Society Monographs, 372003 228 x 152 mm 392pp 25 line diagrams5 tables0 521 81874 5 Hardback c. £65.000 521 52413 X Paperback c. £21.95Publication March 2003

New

Analysis of Panel DataSecond editionCheng HsiaoUniversity of Southern California

Panel data models have becomeincreasingly popular among appliedresearchers due to their heightened capacityfor capturing the complexity of humanbehavior as compared to cross-sectional ortime series data models. As a consequence,richer panel data sets also have becomeincreasingly available. This second editionis a substantial revision of the highlysuccessful first edition of 1986. Recentadvances in panel data research arepresented in a rigorous and accessiblemanner and are carefully integrated withthe older material. The thorough discussionof theory and the judicious use of empiricalexamples make this book useful to graduatestudents and advanced researchers ineconomics, business, sociology, politicalscience, etc. Other specific revisionsinclude the introduction of the notion ofstrict exogeneity with estimators presentedin a generalized method of momentsframework, the notion of incidentalparameters, more intuitive explanations ofpairwise trimming, and discussion ofsample selection dynamic panel models.Econometric Society Monographs, 342002 228 x 152 mm 376pp 16 line diagrams33 tables0 521 81855 9 Hardback £65.000 521 52271 4 Paperback £21.95Publication December 2002

2 Volume set

Essays in EconometricsCollected Papers of Clive W. J. GrangerEdited by Eric GhyselsUniversity of North Carolina, Chapel HillNorman R. SwansonTexas A & M Universityand Mark WatsonPrinceton University, New Jersey

These essays by Clive W. J. Granger, spanmore than four decades and explore topicsin spectral analysis, seasonality,nonlinearity, methodology, forecasting,causality, integration and cointegration,and long memory. The introduction placesthe essays in context and demonstratestheir enduring value.Econometric Society Monographs2001 228 x 152 mm 944pp 77 line diagrams125 tables0 521 80407 8 2 Volume Hardback Set£140.000 521 79697 0 2 Volume Paperback Set

£49.95

Volume 1

Essays in EconometricsCollected Papers of Clive W. J. GrangerVolume 1: Spectral Analysis, Seasonality,Nonlinearity, Methodology, and ForecastingEdited by Eric GhyselsTexas A & M UniversityNorman R. SwansonPrinceton University, New Jerseyand Mark W. Watson

Contents: Part I. Spectral Analysis: 1. Spectral analysis of New York StockMarket prices O. Morgenstern; 2. Thetypical spectral shape of an eonomicvariable; Part II. Seasonality: 3. Seasonality:causation, interpretation and implicationsA. Zellner; 4. Is seasonal adjustment alinear or nonlinear data-filtering process? E. Ghysels and P. L. Siklos; Part III.Nonlinearity: 5. Non-linear time seriesmodeling A. Anderson; 6. Using thecorrelation exponent to decide whether aneconomic series is chaotic T. Liu and W. P.Heller; 7. Testing for neglected nonlinearityin time series models: a comparison ofneural network methods and alternativetests; 8. Modeling nonlinear relationshipsbetween extended-memory variables; 9. Semiparametric estimates of the relationbetween weather and electricity sales R. F. Engle, J. Rice and A. Weiss; Part IV.Methodology: 10. Time series modelingand interpretation M. J. Morris; 11. On theinvertibility of time series models A. Anderson; 12. Near normality and someeconometric models; 13. The time seriesapproach to econometric model buildingP. Newbold; 14. Comments on theevaluation of policy models; 15. Implications of aggregation withcommon factors; Part V. Forecasting:


10 Econometrics

16. Estimating the probability of floodingon a tidal river; 17. Prediction with ageneralized cost of error function; 18. Some comments on the evaluation ofeconomic forecasts P. Newbold; 19. Thecombination of forecasts; 20. Invitedreview: combining forecasts – twenty yearslater; 21. The combination of forecastsusing changing weights M. Deutsch and T. Terasvirta; 22. Forecasting transformedseries; 23. Forecasting white noise A.Zellner; 24. Can we improve the perceivedquality of economic forecasts? Short-runforecasts of electricity loads and peaks R. Ramanathan, R. F. Engle, F. VAhid-Araghi and C. Brace.Econometric Society Monographs, 322001 228 x 152 mm 544pp 33 line diagrams76 tables0 521 77297 4 Hardback £75.000 521 77496 9 Paperback £27.95

Volume 2

Essays in EconometricsCollected Papers of Clive W. J. GrangerVolume 2: Causality, Integration andCointegration, and Long MemoryEdited by Eric GhyselsUniversity of North Carolina, Chapel HillNorman R. SwansonRutgers University, New Jerseyand Mark W. WatsonPrinceton University, New Jersey

Contents: Part I. Causality: 1. Investigatingcausal relations by econometric models andcross-spectral methods; 2. Testing forcausality; 3. Some recent developments in aconcept of causality; 4. Advertising andaggregate consumption: an analysis ofcausality R. Ashley and R. Schmalensee; PartII. Integration and Cointegration: 5. Spurious regressions in econometrics; 6. Some properties of time series data andtheir use in econometric modelspecification; 7. Time series analysis oferror correction models A. A. Weiss; 8. Co-Integration and error-correction:representation, estimation and testing; 9. Developments in the study ofcointegrated economic variables; 10. Seasonal integration and cointegrationS. Hylleberg, R. F. Engle and B. S. Yoo;11. A cointegration analysis of Treasury Billyields A. D. Hall and H. M. Anderson;12. Estimation of common long-memorycomponents in Cointegrated Systems J. Gonzalo; 13. Separation in cointegratedsystems and persistent-transitorydecompositions N. Haldrup; 14. Nonlineartransformations of Integrated Time Series J. Hallman; 15. Long Memory Series withattractors J. Hallman; 16. Furtherdevelopments in the study of cointegratedvariables N. R. Swanson; Part III. LongMemory: 17. An introduction to long-memory Time Series models and fractionaldifferencing R. Joyeux; 18. Long-memory

relationships and the aggregation ofdynamic models; 19. A long memoryproperty of stock market returns and a newmodel Z. Ding and R. F. Engle.Econometric Society Monographs, 332001 228 x 152 mm 396pp 44 line diagrams49 tables0 521 79207 X Hardback £70.000 521 79649 0 Paperback £25.95

New Series in 2003

Econometric ExercisesThe volumes in Econometric Exercisesare intended to be much more than acollection of solved exercises. Eachvolume will have a coherent and well-organized sequence of exercises in aspecific field or sub-field ofeconometrics. Solved exercises will beassembled together in a structured andlogical pedagogical framework that seeksto develop the subject matter of thefield from its foundations up.

Each chapter of a volume begins with ashort technical introduction thatemphasizes the main ideas andoverviews the most relevant theoremsand results. The introductions arefollowed by a sequential development ofthe material by solved examples andapplications, and computer exerciseswhere they are appropriate. Eachvolume is self-contained, has a fullindex, and includes cross-reference toother volumes in the series. We aim fora balance of about 15–20% theory and80–85% exercises. The volumes will bebrief and economical, but a certainamount of repetition is encouraged,where it is considered helpful inimproving the readability of thevolumes, and in widening theirpotential audience.

The volumes are intended forundergraduate students of econometricswith an introductory knowledge ofstatistics, for first and second yeargraduate students of econometrics, andfor students and instructors fromneighboring disciplines (like statistics,political science, psychology andcommunication) with interests ineconometric methods. The volumesincrease in difficulty as the topicsbecome more specialized.

Forthcoming publications in theseriesMatrix AlgebraKarim M. Abadir and Jan MagnusStatisticsPublication December 2003

Karim M. Abadir, Risto D. H. Heijmans,and Jan MagnusPublication December 2003

Econometric ModelsI: The Linear ModelPaolo ParuoloPublication December 2003

Econometric ModelsI: Empirical ApplicationsArthur van Soest and Marno VerbeekPublication December 2003

Journal

Econometric TheoryEditor: Peter C. B. PhillipsYale University

Econometric Theory is an internationaljournal dedicated to advancing theoreticalresearch in econometrics. The journalprovides an authoritative, centralized,professional outlet for originalcontributions in all of the major areas ofeconometrics. As well as periodic bookreviews and articles that embody originaltheoretical research, the journal publisheshistorical studies on the evolution ofeconometric thought and on majorscholars. Econometric Theory also serves aneducational role by the inclusion of an on-going ‘Problems and Solutions’ series andby ‘ET Interviews’ with pre-eminentscholars in the field. SubscriptionsVolume 19 in 2003: February, April, June,August, October and DecemberInstitutions print and electronic: £275/$440Institutions electronic only: £238/$382Individuals print plus electronic: £91/$152Students: £48/$78Econometric Society, American Statistical Society:£67/$113Print ISSN 0266-4666Electronic ISSN 1469-4360

Mathematical Methods and Programming 11

Modeling Aggregate Behavior andFluctuations in EconomicsStochastic Views of Interacting AgentsMasanao AokiUniversity of California, Los Angeles

This book analyzes how a large number ofagents interact, and the macroeconomicstatistical regularities which may evolve. Bykeeping the agents finite, the bookexamines fluctuations about equilibria,multiple equilibria and asymmetrical cyclesof models which are caused by model statesmoving from one basin of attraction toanother.2001 228 x 152 mm 280pp0 521 78126 4 Hardback £45.00

Textbook

Nonlinear DynamicsA PrimerAlfredo MedioUniversita Ca’Foscari, Veniceand Marji LinesUniversità degli Studi di Udine, Italy

A textbook on the theory of nonlineardynamical systems for non-mathematicalfinal-year undergraduate or graduatestudents, or as a reference book forresearchers, in the physical and socialsciences. It provides a comprehensiveintroduction including linear systems,stability theory of nonlinear systems,bifurcation theory, chaotic dynamics.

Visitwww.cambridge.org/resources/economics

Contents: 1. Statics and dynamics: someelementary concepts; 2. Review of linearsystems; 3. Stability of fixed points; 4. Invariant and attracting sets, periodicand quasiperiodic orbits; 5. Localbifurcations; 6. Chaotic sets and chaoticattractors; 7. Characteristic exponents,fractals, homoclinic orbits; 8. Transition to chaos; 9. The ergodic approach; 10. Deterministic systems and stochasticprocesses.2001 247 x 174 mm 314pp 80 figures0 521 55186 2 Hardback £70.000 521 55874 3 Paperback £24.95

Applied Latent Class AnalysisEdited by Jacques A. HagenaarsTilburg Universityand Allan L. McCutcheonUniversity of Nebraska, Lincoln

Applied Latent Class Analysis introducesseveral recent innovations in latent classanalysis to a wider audience of researchers.Many of the world’s leading innovators inthe field of latent class analysis havecontributed essays to this volume, eachpresenting a key innovation to the basicLCM.2002 228 x 152 mm 476pp 34 line diagrams118 tables0 521 59451 0 Hardback £55.00

Mathematical Methods andProgramming

New second editionTextbook

Economic DynamicsPhase Diagrams and their EconomicApplicationSecond editionRonald ShoneUniversity of Stirling

This is the substantially revised andrestructured second edition of RonShone’s successful advanced textbookEconomic Dynamics. The book providesdetailed coverage of dynamics and phasediagrams, including: quantitative andqualitative dynamic systems, continuousand discrete dynamics, linear and non-linear systems and single equation andsystems of equations. It illustratesdynamic systems using Mathematica,Maple V and spreadsheets. It provides athorough introduction to phasediagrams and their economicapplication and explains the nature ofsaddle path solutions. The secondedition contains a new chapter onoligopoly and an extended treatment ofstability of discrete dynamic systems andthe solving of first-order differenceequations. Detailed routines on the useof Mathematica and Maple are nowcontained in the body of the text, whichnow includes advice on the use of Exceland additional examples and exercisesthroughout. Supporting websitecontains solutions manual and learningtools.

Visit http://uk.cambridge.org/resources/0521017033

Contents: Part I: 1. Introduction; 2. Continuous dynamic systems; 3. Discrete dynamic systems; 4. Systemsof first-order differential equations; 5. Discrete systems of equations;

6. Optimal control theory; 7. Chaostheory; Part II: 8. Demand and supplymodels; 9. Dynamic theory ofoligopoly; 10. Closed economydynamics; 11. The dynamics of inflationand unemployment; 12. Open economydynamics: sticky price models; 13. Open economy dynamics; 14. Population models; 15. Thedynamics of fisheries.2002 247 x 174 mm 722pp 245 figures0 521 81684 X Hardback £95.000 521 01703 3 Paperback £34.95

Textbook

An Introduction to EconomicDynamicsRonald ShoneUniversity of Stirling

An examples driven treatment ofintroductory economic dynamics forstudents with a basic familiarity ofspreadsheets. Shone approaches thesubject with the belief that trueunderstanding of a subject can only beachieved by students themselves settingout a problem and manipulating itexperimentally. Includes web-site forstudents and lecturers.

Visit www.cambridge.org/resources/economics

‘Shone’s book is based on thephilosophy of learning byexperimentation. This book, togetherwith a web site with additionaldownloadable material, provides amodern learning environment whichmakes economic dynamics even morefun both for undergraduate studentsand their teachers.’

Professor Cars Hommes, Center forNonlinear Dynamics in Economics and

Finance (CeNDEF), Department ofEconomics and Econometrics,

University of Amsterdam

Contents: Preface; 1. Introduction; 2. Demand and supply dynamics; 3. Simple Keynesian dynamics; 4. Constructing trajectories in the phaseplane; 5. IS-LM dynamics; 6. Inflation-unemployment dynamics; 7. Dynamicsof the firm; 8. Saddles and rationalexpectations; 9. Fiscal dynamics and theMaastricht Treaty; 10. A little bit ofchaos; Brief answers to selectedexercises; Further reading.2001 247 x 174 mm 236pp 5 half-tones3 tables 121 figures0 521 80034 X Hardback £50.000 521 80478 7 Paperback £18.95


12 Mathematical Methods and Programming

Contents: Preface; 1. Introduction; Part I.Theory: 2. Basic concepts of game theory;3. Control theoretic methods; 4. Markovian equilibria with simultaneousplay; 5. Differential games with hierarchicalplay; 6. Trigger strategy equilibria; 7. Differential games with specialstructures; 8. Stochastic differential games;Part II. Applications: 9. Capitalaccumulation games; 10. Industrialorganization and oligopoly games; 11. Differential games in marketing; 12. Differential games in resources andenvironmental economics; Answers andhints for exercises; Bibliography.2000 247 x 174 mm 394pp 9 tables 10 figures0 521 63125 4 Hardback £65.000 521 63732 5 Paperback £23.95

Numerical Recipes in C++The Art of Scientific ComputingSecond editionWilliam H. PressLos Alamos National LaboratorySaul A. TeukolskyCornell University, New YorkWilliam T. VetterlingPolaroid Corporationand Brian P. FlanneryEXXON Research and Engineering Company

Now, the acclaimed Second Edition ofNumerical Recipes is available in the C++object-oriented programming language.Including and updating the fullmathematical and explanatory contents ofNumerical Recipes in C, this new versionincorporates completely new C++ versionsof the more than 300 Numerical Recipesroutines that are widely recognized as themost accessible and practical basis forscientific computing.2002 246 x 168 mm 1032pp 100 line diagrams0 521 75033 4 Hardback £45.00

Numerical Recipes Example Book (C++)The Art of Scientific ComputingSecond editionWilliam T. VetterlingPolaroid CorporationWilliam H. PressLos Alamos National LaboratorySaul A. TeukolskyCornell University, New Yorkand Brian P. FlanneryEXXON Research and Engineering Company2002 228 x 152 mm 330pp0 521 75034 2 Paperback £22.95

Numerical Recipes Source Code in C andC++ CD ROM with Windows or MacintoshSingle-Screen LicenseThe Art of Scientific ComputingSecond editionWilliam H. PressHarvard University, MassachusettsBrian P. FlanneryCornell University, New YorkSaul A. TeukolskyPolaroid Corporationand William T. VetterlingEXXON Research and Engineering Company2002 0 521 75037 7 CD-ROM £35.00+VAT

Numerical Recipes Multi-Language Code CDROM with Windows, DOS, or MacintoshSingle-Screen LicenseSource Code for the Second Edition Versions of C,C++, Fortran 77, Fortran 90, and the First EditionVersions of Pascal, BASIC, Lisp and Modula 2 plusmany extrasSecond editionWilliam H. PressLos Alamos National LaboratorySaul A. TeukolskyCornell University, New YorkWilliam T. VetterlingPolaroid Corporationand Brian P. FlanneryEXXON Research and Engineering Company2002 ISO 9660 0 521 75035 0 CD-ROM £59.95+VAT

Numerical Recipes Multi-Language Code CDROM with LINUX or UNIX Single-ScreenLicenseSource Code for the second edition versions of C,C++, Fortran 77, Fortran 90, and the first editionversions of Pascal, BASIC, Lisp and Modula 2 plusmany extrasSecond editionWilliam H. PressLos Alamos National LaboratorySaul A. TeukolskyCornell University, New YorkWilliam T. VetterlingPolaroid Corporationand Brian P. FlanneryEXXON Research and Engineering Company2002 ISO 9660 0 521 75036 9 CD-ROM £99.95+VAT

Journal

Probability in the Engineering andInformational SciencesEditor: Sheldon M. RossUniversity of California, Berkeley

This journal focuses on stochasticmodelling in the physical and engineeringsciences, with particular emphasis onqueueing theory, reliability theory,inventory theory, simulation, stochasticcontrol theory and probabilistic networksand graphs. Papers on analytic propertiesand related disciplines are also considered,as well as more general papers on appliedand computational probability, ifappropriate. Readers include academicsworking in statistics, operations research,computer science, engineering,management science and physical sciencesas well as industrial practitioners engagedin telecommunications, computer science,engineering, operations research andmanagement science.SubscriptionsVolume 17 in 2003: January, April, Julyand OctoberInstitutions print and electronic: £290/$450Institutions electronic only: £260/$405Individuals print plus electronic: £74/$112Print ISSN 0269-9648Electronic ISSN 1469-8951

Textbook

Mathematical Methods andModels for EconomistsAngel de la FuenteInstituto de Análisis Económico (CSIC), Barcelona

‘The textbook is highly recommendedto graduate students of economics.Furthermore, it provides a usefulmathematical reference for researchers ineconomics.’

Roland Fahrion, Zentralblatt MATH

Contents: Part I. Preliminaries: 1. Reviewof basic concepts; 2. Metric and normedspaces; 3. Vector spaces and linearmappings; 4. Differential calculus.2000 253 x 177 mm 846pp 224 line diagrams0 521 58512 0 Hardback £75.000 521 58529 5 Paperback £28.95

Textbook

Differential Games in Economicsand Management ScienceEngelbert J. DocknerUniversität Wien, AustriaSteffen JorgensenOdense Universitet, DenmarkNgo Van LongMcGill University, Montréaland Gerhard SorgerQueen Mary and Westfield College, University ofLondon

A comprehensive, self-contained survey ofthe theory and applications of differentialgames. No prior knowledge of game theoryis assumed, although a basic knowledge oflinear algebra, differential equations andmathematical programming is required. Aresearch resource for scholars and anadvanced textbook designed for usageacross the social sciences.

‘This book brings together the variousstrands of knowledge on non-cooperative differential games for thefirst time. A great merit of the text isthat it is, technique-wise, self-contained.The large number of worked examplesenhances considerably the clarity of thematerial … The book fills a large gapand will facilitate inclusion ofdifferential games as part of mainstreamgame theory courses at advancedundergraduate and graduate levels.Teaching purposes aside, game theoristsas well as PhD students will benefit a lotfrom this excellent new text. The bookwill enable researchers to adddifferential games to their arsenal oftechniques in looking for the bestmodelling approach to addresseconomic questions.’

Arupratan Daripa, Times Higher Education Supplement

Microeconomics 13


communities; detailed analyses of three keyindustries (biotechnology, e-commerce, andtelecommunications); and considerations ofchallenges in policy implementation.2003 228 x 152 mm 275pp 8 line diagrams14 tables0 521 82677 2 Hardback c. £30.00Publication October 2003

Forthcoming

Marriage and the EconomyTheory and Evidence from AdvancedIndustrial SocietiesEdited by Shoshana Grossbard-ShechtmanSan Diego State University

Marriage and the Economy explores howmarriage influences the monetizedeconomy as well as the householdeconomy. Marriage institutions are to thehousehold economy what businessinstitutions are to the monetized economy,and marital status is clearly related to thehousehold economy. Marriage alsoinfluences the economy as conventionallymeasured via its impact on labor supply,workers’ productivity, savings,consumption, and government programssuch as welfare programs and socialsecurity. The macro-economic analysespresented here are based on the micro-economic foundations of cost/benefitanalysis, game theory, and market analysis.Micro-economic analysis of marriage,divorce, and behavior within marriages areinvestigated by a number of specialists invarious areas of economics. Western valuesand laws have been very successful attransforming the way the world doesbusiness, but its success at maintainingindividual commitments to family values isless impressive. 2003 228 x 152 mm 305pp 10 line diagrams46 tables0 521 81454 5 Hardback c. £50.000 521 89143 4 Paperback c. £18.95Publication May 2003

Forthcoming

Information Efficiency in GamblingMarketsLeighton Vaughan-WilliamsNottingham Trent Universityand Raymond D. Sauer, Jr.Clemson University, South Carolina

Gambling markets offer economists afascinating case study of how informationefficiency operates in a market. Insightsgained from gambling interest a widecommunity: governments, who like to taxgamblers; financial market analysts, whothemselves gamble on the financialmarkets; and, lastly, mathematicians, whobring their particular skills to the greatmathematical puzzle of gambling. All thesewill want to read this survey of the theory

and practice of gambling, written by twoexperts from the US and Britain and usingexamples from an international range ofsports betting markets.2003 228 x 152 mm 260pp0 521 81603 3 Hardback c. £45.00Publication June 2003

Forthcoming

Generational Income Mobility inNorth America and EuropeEdited by Miles Corak

What economic regimes offer childrenborn into poor families the best hope ofmoving into higher income groups? Thisstudy analyses and contrasts the experienceof the more free market North Americanand British economies with the morecorporate state models of continentalEurope. The book has been written byleading economists from North Americaand Europe and combines innovativemethodology with surprising conclusions.The book ends with two more policy-oriented, less technical chapters whichplace intergenerational mobility in abroader perspective.

Contents: 1. Introduction M. Corak; 2. Amodel of intergenerational mobilityvariation over time and place G. Solon; 3. Measures of mobility in the UnitedStates and abroad N. Grawe; 4. Has theintergenerational transmission of economicstatus changed? S. Mayer and L. Lopoo; 5. Patterns and mechanisms in the degreeof intergenerational mobility J. Blanden, A. Goodman, P. Gregg and S. Machin; 6. Intergenerational mobility in GreatBritain J. Ermisch and M. Francesconi; 7. Nonlinearities in intergenerationalmobility: A comparison of Germany andthe United States K. Couch and D. Lillard;8. The anatomy of intergenerational andsibling correlations in the Nordic countriesA. Björklund, T. Eriksson, M. Jäntti, O. Raaum and E. Österbacka; 9. Newevidence on the intergenerationalcorrelations in welfare participation M. Page; 10. Intergenerational influenceson the receipt of unemployment insurancein Canada and Sweden M. Corak, B. Gustafsson and T. Österberg; 11. Conclusion.2003 228 x 152 mm 256pp0 521 82760 4 Hardback c. £45.00Publication September 2003

MicroeconomicsForthcoming

Building a Dynamic EuropeThe Key Policy DebatesEdited by Jordi GualIESE Business School, Barcelona

A succinct survey of the most importanteconomic policy issues facing Europeangovernments and business as they striveto restore growth to the region’s flaggingeconomy. Written in a largely non-technical style, the book neverthelesscontains some of the sharpest analysesavailable of the economic problemfacing Europe’s policy makers and willbe essential reading for anybody with anacademic or professional interest inEuropean integration.

Contents: 1. Reforming the Union: Towhat extent should economic policies beharmonized?; 2. Challenges formacroeconomic policy in EMU; 3. Improving the performance of theEuropean social model; 4. Economicreform in Europe: Integrating andliberalizing the market for networkservices; 5. Economic reform in Europe:Integrating and liberalizing the marketfor financial services. 2003 216 x 138 mm 140pp0 521 82734 5 Hardback c. £40.00Publication September 2003

Forthcoming

The Emergence ofEntrepreneurship PolicyGovernance, Start-Ups, and Growth in the USKnowledge EconomyEdited by David M. HartHarvard University, Massachusetts

This volume seeks to catalyze theemergence of a new field of policy studies:entrepreneurship policy. Practicalexperience and academic research bothpoint to the central role of entrepreneurs inthe process of economic growth and to theimportance of public policy in creating theconditions under which entrepreneurialcompanies can flourish. The contributors,who hail from the disciplines of economics,geography, history, law, management, andpolitical science, seek to crystallize keyfindings and to stimulate debate aboutfuture opportunities for policy-makers andresearchers in this area. The chaptersinclude surveys of the economic, social,and cultural contexts for USentrepreneurship policy; assessments ofregional efforts to link knowledgeproducers to new enterprises; explorationsof policies that aim to fosterentrepreneurship in under-represented

14 Macroeconomics and Monetary Economics

New Textbook

The Economics of Exchange RatesLucio SarnoUniversity of Warwickand Mark TaylorUniversity of Warwick

In the last few decades exchange rateeconomics has seen a number ofdevelopments, with substantialcontributions to both the theory andempirics of exchange rate determination.Important developments in econometricsand the increasingly large availability ofhigh-quality data have also beenresponsible for stimulating the largeamount of empirical work on exchangerates in this period. Nonetheless, while ourunderstanding of exchange rates hassignificantly improved, a number ofchallenges and open questions remain inthe exchange rate debate, enhanced byevents including the launch of the Euroand the large number of recent currencycrises. This volume provides a selectivecoverage of the literature on exchange rates,focusing on developments from within thelast fifteen years. Clear explanations oftheories are offered, alongside an appraisalof the literature and suggestions for furtherresearch and analysis.

‘Sarno and Taylor’s book is a tour deforce. The exposition is comprehensive,covering contributions from all cornersof the field, and covering the range fromthe seminal models of the 1970s to thelatest discoveries on the theoretical andeconometric frontiers of the 2000s.There is no excess verbiage ormathematics. Everything is there toserve a purpose. This is the current stateof knowledge.’

Jeffrey A. Frankel, Harvard University

2002 247 x 174 mm 330pp 10 figures0 521 48133 3 Hardback £65.000 521 48584 3 Paperback £24.95

Forthcoming

Monetary Policy Transmission inthe Euro AreaEdited by Ignazio AngeloniEuropean Central Bank, FrankfurtAnil KashyapUniversity of Chicagoand Benoit MojonEuropean Central Bank, Frankfurt

As Central Banks are charged with meetingspecific targets on inflation, output andemployment there has been a big increasein research into understanding better howchanges in monetary policy affect theeconomy. The research to date has largelyfocused on national central banks, withresearch pioneered by work on the USFederal Reserve Bank and the impacts of itspolicy decisions on the US economy. Thisbook offers the most systematic analysisavailable of the impact of EuropeanCentral Bank monetary policy on thenational economies of the Eurozone.

Contents: Preface; Introduction; Part I.Macroeconometric Evidence on theTransmission Mechanism in the Euro Area:1. The monetary transmission mechanismin the Euro area: more evidence from VARanalysis G. Peersman and F. Smets; 2. AVAR description of the effects of monetarypolicy in the individual countries of theEuro area B. Mojon and G. Peersman; 3. The monetary transmission mechanismat the Euro area level: issues and resultsusing structural macroeconomic models P. McAdam and J. Morgan; 4. Monetarypolicy transmission in the Euro area: whatdo aggregate and national structural modelstell us? P. van Els, A. Locarno, J. Morganand J.-P.. Villetelle; 5. Some stylised facts onthe Euro area business cycle A–M. Agrestiand B. Mojon; Part II. The Role of Banksin the Transmission: Evidence from Micro-Economic Data: 6. Financial systems andthe role of banks in monetary policytransmission in the Euro area M. Ehrmann,L. Gambacorta, J. Martinez-Pagés, P. Sevestreand A. Worms; 7. The reaction of banklending to monetary policy measures inGermany A. Worms; 8. Asymmetries inbank lending behaviour S. Kaufmann; 9. The credit channel in The Netherlands:evidence from bank balance sheets L. DeHaan; 10. Is there a bank lending channelof monetary policy in Spain? I. Hernandoand J. Martinez-Pagés; 11. Monetary policyand bank lending in France: are thereasymmetries? C. Loupias, F. Savignac and P. Sevestre; 12. The bank lending channel ofmonetary policy: identification andestimation using Portuguese micro bankdata L. Farinha and C. Robalo; 13.Transmission of monetary policy shocks inFinland: evidence from bank-level data onloans J. Topi and J. Vilmunen; 14. Bank-

Macroeconomics andMonetary Economics

New

Towards a New Paradigm inMonetary EconomicsJoseph E. StiglitzColumbia University, New Yorkand Bruce GreenwaldColumbia University, New York

Towards a New Paradigm for MonetaryEconomics presents a pioneer treatmentof critical topics in monetaryeconomics. Unlike the prevailingmonetary theory, this book focuses noton the role of money in facilitatingtransactions, but on the role of credit infacilitating economic activities morebroadly. The ‘new paradigm’ emphasizesthe demand and supply of loanablefunds, which in turn requires theunderstanding of the imperfections ofinformation and the role of banks. Oneenlightening view is that credit is quitedifferent from other commodities in thesense that the former is based oninformation and default risk. The bookconsists of two parts. The first partdevelops a basic model of credit basedon banks’ portfolio choices. The secondpart is dedicated to the policyimplications, among which are theliberalization of financial markets, theEast Asian Crisis, the 1991 US recessionand the subsequent recovery.

Professor Joseph E. Stiglitz is the winnerof the 2001 Nobel Prize for Economics.Raffaele Mattioli Lectures2003 216 x 138 mm 275pp 59 graphs0 521 81034 5 Hardback c. £40.000 521 00805 0 Paperback c. £14.95Publication March 2003

Macroeconomics and Monetary Economics 15

specific characteristics and monetary policy transmission: the case of Italy L. Gambacorta; 15. Is there a bank lendingchannel of monetary policy in Greece? S. Brissimis, N. Kamberoglou and G.Simigiannis; Part III. Firms Investment andMonetary Policy: Evidence from Micro-Economic Data: 16. Firm investment andmonetary transmission in the Euro areacountries J. B. Chatelain, A. Generale, I. Hernando, P. Vermeulen and U. vonKalckreuth; 17. Investment, the cost ofcapital and monetary policy in the Ninetiesin France: a panel data investigation J. B.Chatelain and A. Tiomo; 18. The interestrate and credit channels in Belgium: aninvestigation with micro-level firm data P. Butzen, C. Fuss and P. Vermeulen; 19. Monetary transmission in Germany:new perspectives on finance constraints andinvestment spending U. von Kalckreuth; 20. Credit channel and investmentbehaviour in Austria: A micro-econometricapproach M. Valderrama; 21. Doesmonetary policy have asymmetric effects? A look at the investment decisions ofItalian firms E. Gaiotti and A. Generale; 22. Monetary transmission: empiricalevidence from Luxembourg firm level dataP. Lunneman and T. Mathä; 23. Financialfrictions and the monetary transmissionmechanism: theory, evidence and policyimplications C. Bean, J. Larsen and K. Nikolov; Part IV. Monetary Policy in the Euro Area: Where Do We Stand?: 24. Monetary policy in the Euro area:where do we stand? I. Angeloni, A. Kashyap,B. Mojon and D. Terlizzese; Discussions J. von Hagen, V. Gaspar, J. Freixas and B. Bernanke; Conclusion; Statisticalappendix; References.2003 228 x 152 mm 400pp0 521 82864 3 Hardback c. £50.00Publication July 2003

New

Monetary Transmission in DiverseEconomiesEdited by Lavan MahadevaBank of Englandand Peter SinclairBank of England

The transmission mechanism of monetarypolicy explains how monetary policy works– which variables respond to interest ratechanges, when, why, how, how much andhow predictably. It is vital that centralbanks and their observers, worldwide,understand the transmission mechanism sothat they know what monetary policy cando and what it should do to stabiliseinflation and output. The volume sets outdifferent aspects of the transmissionmechanism. Some chapters scrutinise therelevance of practical issues such asasymmetries, recent structural changes and

estimation errors using data on the US,Euro area and developing countries. Otherchapters focus on modelling crucial aspectssuch as productivity, the exchange rate andthe monetary sector. These issues arecounterpointed by contributions, whichanalyse contemporary monetary policy inJapan and the UK.2002 228 x 152 mm 274pp 35 tables 25 figures0 521 81346 8 Hardback £45.00

New

The Changing Face of CentralBankingEvolutionary Trends since World War IIPierre SiklosWilfrid Laurier University, Ontario

Central banks have emerged as the keyplayers in national and international policymaking. This book explores their evolutionsince World War II in 20 industrialcountries. The study considers the mix ofeconomic, political, and institutional forcesthat have affected central bank behaviorand its relationship with government. Theanalysis reconciles vastly different viewsabout the role of central banks in themaking of economic policies. One findingis that monetary policy is an evolutionaryprocess. The emphasis on clarity ofobjectives, transparency of the decision-making process, and a clear understandingof the accountability of the central bankcannot be understood in isolation from theprevious 50 years of policy making. Thechanging face of central banking, born outof the turbulence of the first half of the lastcentury, nurtured by evolution in policies,defines the history of central banking inthe second half of the twentieth century.Studies in Macroeconomic History2002 228 x 152 mm 368pp 30 line diagrams38 tables0 521 78025 X Hardback £50.00

Forthcoming

Productivity Growth, Inflation, andUnemploymentThe Collected Essays of Robert J. GordonRobert J. Gordon

The 17 seminal essays by Robert J. Gordoncollected here, including three previouslyunpublished works, offer sharply etchedviews on the principal topics ofmacroeconomics – namely, growth,inflation, and unemployment. The authorre-examines their salient points in auniquely creative, accessible introductionthat serves on its own as an introduction tomodern macroeconomics. Each of the fourparts into which the essays are grouped alsooffers a new introduction. The papers inPart I explore different key aspects of thehistory, theory, and measurement ofproductivity growth. The essays in Part IIinvestigate the sources of business cyclesand productivity fluctuations. Those inPart III cover the effects of supply shocksin macroeconomics. The final grouppresents empirical studies of the dynamicsof inflation in the United States. Theforeword by Nobel Laureate Robert M.Solow comments on the abidingimportance of these essays drawn from1968 to the present.2003 228 x 152 mm 570pp 46 line diagrams77 tables0 521 80008 0 Hardback c. £80.000 521 53142 X Paperback c. £29.95Publication August 2003

New

Informality and Monetary Policy inJapanThe Political Economy of Bank PerformanceAdrian van RixtelEuropean Central Bank, Frankfurt

The success (and recent misfortunes) of thepost-war Japanese economy has been oneof the most debated points in moderneconomics. Many explanations focus oncultural and institutional factors, and inparticular the role of ‘Informality’(networks organising business activity andgovernment policy). Adrian van Rixtel, aneconomist at the European Central Bank,provides the first quantitative andqualitative assessment of Informality in theformation of Japanese monetary policy.Having been based in Japan for three years,two years of which were spent at theInstitute for Monetary and EconomicStudies at the Bank of Japan and theJapanese Ministry of Finance, he is able tobring a unique ‘insider-outsider’perspective to the subject.2002 228 x 152 mm 416pp 52 tables 15 figures0 521 78179 5 Hardback £45.00


16 Macroeconomics and Monetary Economics

Forthcoming

European Macroeconomic Policiesafter Monetary UnificationFiscal Policies, Monetary Policies and LabourMarketsEdited by Roel BeetsmaUniversity of Amsterdamand Carlo FaveroUniversità Bocconi Alessandro MissaleUniversità di FirenzeAnton MuscatelliUniversity of GlasgowPiergiovanna NataleUniversità di Milano Bicoccaand Patrizio TirelliUniversità di Milano Bicocca

The early years of European MonetaryUnion have not been easy for the Europeaneconomy. Economists are divided in theirassessment of the effectiveness of keyinstitutions, such as the European CentralBank, in their ability both to providemacroeconomic stability and foster thereforms necessary to stimulate economicgrowth. In this collection a team of expertson the European economy focus on threemajor issues of fiscal policy, monetarypolicy and labour markets. They provide asurvey of recent research on each topic aswell as related state-of-the-artcontributions.

Contents: Introduction; Part I. FiscalPolicies: Survey; 1. Interaction of fiscalpolicies on the Euro area: the ECB view; 2. Independent or coordinated? Monetaryand fiscal policy in EMU; 3. Interactionsbetween monetary and fiscal policy underEMU; 4. Fiscal shocks and policy regimesin some OECD countries; 5. Fiscal andmonetary policy interdependence: Anempirical analysis; Part II. MonetaryPolicies: Survey; 6. The European CentralBank: A view from across the ocean; 7. Inflation persistence and optimalmonetary policy in Europe; 8. Coreinflation in the Euro area; Part III. LabourMarkets: 9. Unionised labour markets andmonetary policy: A survey of recentdevelopments; 10. Inflationaryperformance in a monetary union withunionised labour markets; 11. EMU,enlargement, and structural reform.

Contributors: R. Beetsma, L. Onorante, L. Lambertini, R. Rovelli, C. Leith, S. Wren-Lewis, G. De Arcangelis, S. Lamartina, A. Muscatelli, P. Tirelli, C. Trecroci, C. Favero, S. Cecchetti, P. Benigno, J. D. Lòpez Salido, F. Bagliano,R. Golinelli, C. Morana, A. Cukierman, L. Cavallari, Jensen, Hughes Hallett2003 228 x 152 mm 300pp0 521 82308 0 Hardback c. £50.00Publication May 2003

New Textbook

Macroeconomics for EmergingMarketsPeter J. MontielWilliams College, Massachusetts

This book is a rigorous, yetnonmathematical analysis of keymacroeconomic issues faced by emergingeconomies. The first part develops ananalytical framework that can be used as aworkhorse model to study short-runmacroeconomic issues of stabilization andadjustment in such economies, comparableto the IS-LM framework widely used inintermediate-level macroeconomicstextbooks for industrial countries. The restof the book considers fiscal issues, financialsector issues, and issues concerningexchange rate regimes and policies. In thefiscal area, the focus is on the formulationof intertemporal policies, i.e. fiscalsustainability, seigniorage, and the roles ofcentral bank independence andprivatization of public enterprises inachieving fiscal credibility. The analysis ofthe financial sector examines its role inpromoting welfare and growth. Finally, thebook explores recent developments in thetheory of appropriate exchange rate regimesand management, and provides anoverview of recent currency crises inemerging markets.

Contents: Part I. Overview: 1.Macroeconomics and development; Part II.A Benchmark Macroeconomic Model foran Emerging Economy: 2. Equilibrium inthe domestic labor and goods markets; 3. Equilibrium in the financial markets; 4. Short-run macroeconomic equilibrium;5. Medium-term macroeconomicequilibrium; Part III. Public Finance andMacroeconomic Performance: 6. Theintertemporal budget constraint of thepublic sector; 7. Consequences ofinsolvency I: high inflation; 8. Consequences of insolvency II: publicsector debt and economic growth; 9. Measures for achieving fiscal credibilityI: central bank independence; 10. Measuresfor achieving fiscal credibility II:privatization; Part IV. The Financial Sectorand Macroeconomic Performance: 11. Finance, welfare, and growth; 12. Financial repression; 13. Financialreform, public policy, and financial crises;14. Financial openness and the sequencingof financial reform; 15. Coping withcapital inflows; Part V. Exchange RateManagement: 16. Equilibrium realexchange rates: 17. Exchange rate regimes;18. Managing an officially-determined rate;19. Banking crises and exchange rate crises;20. Domestic macroeconomic managementin emerging economies: lessons from thecrises of the nineties.

2003 253 x 177 mm 456pp 49 line diagrams2 tables0 521 78060 8 Hardback £65.000 521 78551 0 Paperback £23.95Publication January 2003

Forthcoming

Dynamic Macroeconomic AnalysisEdited by Sumru AltugUniversity of YorkJagjit ChadhaUniversity of CambridgeEdited by Charles NolanUniversity of Durham

Dynamic stochastic general equilibrium(DSGE) models have begun to dominatethe field of macroeconomic theory andpolicy-making. These models describe theevolution of macroeconomic activity as arecursive sequence of outcomes based uponthe optimal decision rules of rationalhouseholds, firms and policy makers.Whilst posing a micro-founded dynamicoptimisation problem for agents underuncertainty, such models have been shownto be both analytically tractable andsufficiently rich for meaningful policyanalysis in a wide class of macroeconomicproblems, for example, monetary and fiscalpolicy, economic cycles and growth andcapital flows. This volume collects speciallycommissioned papers from leadingresearchers, which pull together some ofthe key recent results in diverse areas. Thisbook will promote research usingoptimising models and inform researchers,post-graduate students and economists inpolicy-oriented organisations of some ofthe key findings and policy implications.2003 247 x 174 mm 350pp0 521 82668 3 Hardback c. £65.000 521 53403 8 Paperback c. £24.95Publication September 2003

Forthcoming

Appointing Central BankersThe Politics of Monetary Policy in the UnitedStates and the European UnionKelly ChangUniversity of Michigan, Ann Arbor

This book examines monetary policy byfocusing on how the President and theSenate influence monetary policy byappointing Fed members. The bookattempts to answer three questions aboutthe appointment process and its effects.First, do politicians influence monetarypolicy via Fed appointments? Second, whoinfluences the process – the President aloneor both the President and the Senate?Third, what explains the structure of theFed appointment process? The test modelsshow that the President alone, both thePresident and Senate, or neither, mayinfluence monetary policy with Fedappointments. The structure of the processreflects political battles between theDemocrats and Republicans regarding the

International Economics 17

centralization of authority to set monitorypolicy within the Federal Reserve System.The study extends the analysis of the Fedto the European Central Bank and showsthat the Fed process guarantees a processwhich is more representative of societycompared to the ECB process.Political Economy of Institutions and Decisions2003 228 x 152 mm 289pp 14 line diagrams31 tables0 521 82333 1 Hardback c. £40.00Publication October 2003

Textbook

Modeling Monetary EconomiesSecond editionBruce ChampFederal Reserve Bank, Clevelandand Scott FreemanUniversity of Texas, Austin

Uniquely among monetary textbooks, thistext teaches monetary economics using asimple model based on standardmicroeconomics. The model is clearly andexplicitly specified so that students see andparticipate in discovering the implicationsof the model for monetary questions.

Contents: Preface; Part I. Money: 1. Asimple model of money; 2. Barter andcommodity money; 3. Inflation; 4. International monetary systems; 5. Pricesurprises; Part II. Banking: 6. Capital; 7. Liquidity and financial intermediation;8. Central banking and the money supply;9. Money stock fluctuations; 10. Fullybacked central bank money; 11. Thepayments system; 12. Bank risk; Part III.Government Debt: 13. Deficits and thenational debt; 14. Savings and investment;15. The effect of the National Debt oncapital and savings; 16.The temptation ofinflation; References; Index.2001 253 x 177 mm 344pp 79 line diagrams13 tables0 521 78354 2 Hardback £45.000 521 78974 5 Paperback £16.95

The Methodology of EmpiricalMacroeconomicsKevin D. HooverUniversity of California, Davis

Economic methodology typically focuseson microeconomic theory. The Methodologyof Empirical Macroeconomics breaks newground by focusing instead on the genuineproblems that arise for macroeconomiststrying to relate theory to data.2001 228 x 152 mm 198pp 23 line diagrams0 521 80272 5 Hardback £40.000 521 00321 0 Paperback £14.95


Journal

Macroeconomic DynamicsEditor: William A. BarnettUniversity of Kansas

Macroeconomic Dynamics publishestheoretical, empirical or quantitativeresearch of the highest standard. Papers arewelcomed from all areas ofmacroeconomics and from all parts of theworld. Major advances in macroeconomicswithout immediate policy applications willalso be accepted, if they show potential forapplication in the future. Occasional bookreviews, software reviews, announcements,conference proceedings, special issues,interviews, dialogues, and surveys are alsopublished. An electronic version of thejournal is published simultaneously withthe paper version, enabling immediateaccess to the best current research inmacroeconomics. SubscriptionsVolume 7 in 2003: February, April, June,September and NovemberInstitutions print and electronic: £168/$260Institutions electronic only: £150/$235Individuals print plus electronic: £68/$105Students: £30/$48Econometric Society, Society for Nonlinear Dynamicsand Econometrics, Society for ComputationalEconomics, Society for the Promotion of EconomicTheory, Society for the Advancement of Economic Theory(print and electronic): £40/$63Print ISSN 1365-1005Electronic ISSN 1469-8056

InternationalEconomics

Highlight

A World Without WallsFreedom, Development, Free Trade andGlobal GovernanceMike MooreFormer Director-General of the World TradeOrganization

Mike Moore’s reflection on his time asDirector-General of the World TradeOrganization is an important additionto the great globalization debate. Mooreexplains how a boy, who left school atfourteen to work in a slaughterhouse,came to head an organization chargedwith bringing rules and order to theworld’s trading system. Arriving at theWTO shortly before the ill-fated Seattlemeeting, Moore sought to reform theOrganization, addressing the concernsof poorer countries and engaging inopen debate with the often hostileNGOs. He is proud of the outcome ofthe Doha meeting in November 2001which secured commitment to a newround of trade talks with a focus ondevelopment. Moore rebuts the attacksagainst the WTO arguing that theWTO’s promise of rules-based free tradeoffers the best hope for lifting millionsof the world’s poorest citizens out ofpoverty.

Advance praise:

‘Mike Moore makes a strong case forthe benefits of free trade and openmarkets. But he warns that globalgovernance needs to be rethought tocope with the challenges ofglobalization. A wide ranging andthought-provoking book.’

George Soros, author of George Soros on Globalization

18 International Economics

New

China and the World TradingSystemEntering the New MillenniumEdited by Deborah Z. CassLondon School of Economics and Political ScienceBrett G. WilliamsUniversity of Sydneyand George BarkerAustralian National University, Canberra

China, the world’s tenth largest tradingeconomy, has recently joined the rules-based international trading system. Whatare the implications of this accession?Leading scholars and practitioners from theUS, Europe, China, Australia and Japanargue that China’s membership will affectthe WTO’s decision-making, disputeresolution and rule-based structures. It willalso spur legal and economic reform, havefar-reaching social, political anddistributional consequences in China,facilitate a new role for China ininternational geo-political affairs, and alterthe shape, structure and content of theinternational trading system as a whole. Ofinterest to scholars of China, as well astrade lawyers and economists.2003 228 x 152 mm 440pp 20 tables 3 figures0 521 81821 4 Hardback c. £55.00Publication March 2003

New

Financial Crisis and Transformationof Korean Business GroupsThe Rise and Fall of ChaebolsSea-Jin ChangKorea University, Seoul

Sea-Jin Chang argues that the Koreanfinancial crisis of 1997 was due to theinertia of both the business groups knownas chaebols and the Korean governmentwhich prevented adaptation to changingexternal environments. Once the Koreangovernment stopped central economicplanning and pursued economicliberalization in the 1980s, the transitioncreated a void under which neither thegovernment nor markets could monitor

chaebols’ investment activities. Theintricate web of cross-shareholding, debtguarantees, and vertical integration resultedin extensive cross-subsidization and keptchaebols from shedding unprofitablebusinesses. The government’s continuedinterventions in banks’ lending practicescreated ‘moral hazards’ for both chaebolsand banks. This treatment demonstrateshow the structure of chaebols laterinhibited other adaptations and for allpractical purposes became nearlydysfunctional. The book argues thatrestructuring of chaebols should focus onimproving corporate governance systems.After such restructuring, the authorpredicts, chaebols will reemerge as stronger,more focused global players.2003 228 x 152 mm 360pp 38 line diagrams1 half-tone 24 tables0 521 81435 9 Hardback c. £50.00Publication February 2003

New

Globalization and the PoorJay R. MandleColgate University, New York

The argument the author presents is thatglobalization is associated with theeconomic growth necessary to alleviatepoverty. Globalization therefore should beencouraged. At the same time,governments must adopt policies thataddress the needs of those who arevictimized by the dislocations caused bythe process. The book responds to theopponents by emphasizing globalization’spotential to alleviate poverty, but at thesame time is critical of those who defendglobalization without acknowledging thecosts it imposes on innocent victims. Inaddressing the activist opponents of theprocess, the author maintains that theyshould not reject the global integration ofworld markets because of a concern forjustice. Instead activists can advance theinterests of the world’s poor by mountingpolitical movements to advanceinternational agreements to stabilize theworld economy and ensure labor rights.2003 228 x 152 mm 168pp 14 tables0 521 81504 5 Hardback £32.50Publication March 2003

Forthcoming

The International Monetary Fundand its CriticsEdited by Christopher GilbertUniversiteit van Amsterdamand David VinesUniversity of Oxford

Written by leading economists includingNobel laureate Joseph Stiglitz, thiscollection combines rigorous economicanalysis with insider perspectives on keypolicy debates surrounding the future ofthe International Monetary Fund. As the

‘Mike Moore is that rare politician: adoer who is also a thinker. He pulled offDoha, putting the bumbling failure ofSeattle behind us. In this fascinatingbook, he demonstrates that he can alsospeak to intellectuals, placing tradeliberalization, indeed globalization, intoan ambitious but realistic frameworkthat can serve as an effective antidote tothe anti-globalizers. And he does itelegantly and articulately. New Zealandhas two great voices: Kiri Te Kanawaand Mike Moore.’

Jagdish Bhagwati, Columbia Universityand author of Free Trade Today

‘Mike, a man essentially educated by thebrute force of real-life challenges, hasproduced in this book an honestaccount of his very fine tenure as WTODirector-General. Those curious abouteither the evolution of the multilateraltrading system, or interesting leaders,will find this book very enjoyable.’

Ernesto Zedillo, Former President ofMexico

Contents: 1. Introduction: The makingof an internationalist; Part I. The BiggerPicture: 2. What does globalizationmean?; 3. Food for thought; 4. Thephilosophy, politics and economics oftrade and freedom; 5. Life is gettingbetter; Part II. From Seattle to Doha: 6. Setback in Seattle; 7. Why the WTOmatters; 8. Forging a consensus; 9. Denouement at Doha; 10. Creating a‘World’ Trade Organization; 11. Howthe ‘new’ issues could strengthen theagenda; 12. Why concluding the newround is crucial; Part III. Citizens,Corporates and a New Deal for GlobalGovernance: 13. Engaging civil society;14. Corporate social responsibility; 15. Time to rethink global governance;16. Future challenges.2003 228 x 152 mm 302pp 15 half-tones6 tables 5 graphs0 521 82701 9 Hardback £20.00Publication February 2003

International Economics 19

role of the IMF and the ‘WashingtonConsensus’ have come under intensescrutiny this collection offers a valuablewide-ranging overview of the debate,making it an essential reference for anyoneinterested in the role of internationalfinancial institutions in our globalisedeconomy.Global Economic Institutions, 52003 228 x 152 mm 300pp0 521 82154 1 Hardback c. £50.00Publication June 2003

New

The IMF and EconomicDevelopmentJames R. VreelandYale University, Connecticut

Why do governments turn to theInternational Monetary Fund (IMF) andwith what effects? This book argues thatgovernments enter IMF programs foreconomic and political reasons, and findsthat the effects are negative on economicgrowth and income distribution. Bybringing in the IMF, governments gainpolitical leverage – via conditionality – topush through unpopular policies. Note thatif governments desiring conditions aremore likely to participate, estimatingprogram effects is not straightforward: onemust control for the potentially unobservedpolitical determinants of selection. Thisbook addresses the selection problem usinga dynamic bivariate version of theHeckman model analyzing cross-nationaltime-series data. The main finding is thatthe negative effects of IMF programs oneconomic growth are mitigated for certainconstituencies since programs also havedistributional consequences. But IMFprograms doubly hurt the least well off insociety: they lower growth and shift theincome distribution upward.2003 228 x 152 mm 216pp 37 line diagrams24 tables0 521 81675 0 Hardback c. £45.000 521 01695 9 Paperback c. £16.95Publication February 2003

New

Options for Global Trade ReformA View from the Asia-PacificEdited by Will MartinWorld Bankand Mari PangestuWorld Bank

Despite the decision of the WTO membersto launch a new round of negotiations attheir Doha Ministerial in November 2001,developing countries continue to have veryreal concerns on a number of key issues.The successful completion of the Dohatrade round and the realisation of the goalsof its Development Agenda represent amajor challenge for both the developed andthe developing world. The primary aim ofthis volume is to improve understanding ofthe issues, the objectives of policy and theoptions for trade policy reform particularlyas they impact on the Asia-Pacific region. Ateam of authors from developing anddeveloped countries in the Asia-Pacificidentify ways in which progress might bemade on the key negotiating topics,including market access and related issuesin agriculture, non-agriculture merchandiseand in trade in services.Trade and Development2003 228 x 152 mm 360pp 7 line diagrams33 tables0 521 82124 X Hardback c. £45.00Publication March 2003

New

International FinancialGovernance under StressGlobal Structures versus NationalImperativesEdited by Geoffrey R. D. UnderhillUniversiteit van Amsterdamand Xiaoke ZhangUniversiteit van Amsterdam

Persistent episodes of global financial criseshave placed the existing system ofinternational monetary and financialgovernance under stress. The resultingeconomic turmoil provides a focal point forrethinking the norms and institutions of

global financial architecture and the policyoptions of public and private authorities atnational, regional and transnational levels.This volume moves beyond analysis of thecauses and consequences of recent financialcrises and concentrates on issues of policy.Written by distinguished scholars, itfocuses on the growing tension betweenglobal market structures and nationalpolicy imperatives. Accessible to bothspecialists and general readers, the analysisis coherent across a broad range oftheoretical and empirical cases. Offering aseries of reasoned policy responses tofinancial integration and crises, the volumegrapples directly with the institutional andoften-neglected normative dimensions ofinternational financial architecture. Thevolume thus constitutes required readingfor scholars and policy-makers.Global Economic Institutions, 42003 228 x 152 mm 478pp 5 line diagrams14 tables0 521 81732 3 Hardback c. £60.00Publication February 2003

New

Economic Crisis and CorporateRestructuring in KoreaReforming the ChaebolEdited by Stephan HaggardUniversity of California, San DiegoWonhyuk LimKorea Institute of Energy and Researchand Euysung KimYonsei University, Seoul

Asian business conglomerates have clearlybeen successful agents of growth,mobilizing capital, borrowing technologyfrom abroad, and spearheading Asia’sexports. However, these firms have longhad a number of organizational andfinancial weaknesses, including heavyreliance on debt, that make themvulnerable to shocks. Nowhere was thismore true than in Korea, where the largecorporate groups known as chaebol havedominated the economic landscape. Thiscollection of essays by leading politicalscientists and economists provides acomprehensive look at the chaebol problemin the wake of the Asian financial crisis.The authors consider the historicalevolution of the chaebol and theircontribution to the onset of economicturmoil in 1997. The book analyzes thegovernment’s short-run response tocorporate and financial distress, andoutlines an agenda for longer-term reformof the financial system, corporategovernance and the politics of business-government relations.Cambridge Asia-Pacific Studies2003 228 x 152 mm 360pp 20 line diagrams78 tables 20 figures0 521 82363 3 Hardback c. £45.00Publication March 2003


20 International Economics

Financial LiberalizationHow Far, How Fast?Edited by Gerard CaprioThe World BankPatrick HonohanThe World Bankand Joseph E. StiglitzColumbia University, New York

This volume addresses one of the mosttopical and controversial issues in bankingand financial policy. It explains whygovernments have felt the need to liberalizebanking and finance, for example, byprivatizing banks and allowing interestrates to be set by the market.

Professor Joseph E. Stiglitz is the winner ofthe 2001 Nobel Prize for Economics.2001 228 x 152 mm 318pp 48 line diagrams63 tables0 521 80369 1 Hardback £37.50

New

Economic Policy in theInternational EconomyEssays in Honor of Assaf RazinEdited by Elhanan HelpmanHarvard University, Massachusetts and Tel-AvivUniversityand Efraim SadkaTel-Aviv University

This book contains fifteen major essays oninternational economics. The authorsinvestigate five principal themes: theory,and empirics, of financial issues in openeconomies; economic growth; publiceconomies; and political economy. Writtento honor Professor Assaf Razin of Tel Avivand Cornell Universities on the occasion ofhis sixtieth birthday, the essays pay closeattention to policy issues as well as formalanalysis. The contributors includerenowned specialists in internationaleconomics based in North America,Europe, Israel, and China. This volume ofcutting edge research will be of interest toscholars, policy makers, and advancedstudents alike.

Advance praise:

‘This first-rate collection of essays is aclear indication of the very highreputation Assaf Razin enjoys in ourprofession. Written by top experts in thefield, the contributions included in thisbook are both extremely topical andbased on frontier research methods.They provide a wealth of insights on avery wide range of important policyissues.’

Mathias Dewatripont, Université Librede Bruxelles and Centre for Economic

Policy Research, London

2003 228 x 152 mm 480pp 41 line diagrams43 tables0 521 81519 3 Hardback £55.00Publication January 2003

Labor, Capital, and FinanceInternational FlowsAssaf RazinTel-Aviv University and Cornell University, New Yorkand Efraim SadkaTel-Aviv University

This book fills a gap in the literature bycombining elements from seeminglydisjointed parts of economics and presentsthem in a consistent analytical framework.It lays the groundwork for the integrationof capital, labor, and finance into a unifiedtreatment of globalization.2001 228 x 152 mm 194pp 30 line diagrams20 tables0 521 78074 8 Hardback £37.500 521 78557 X Paperback £13.95

Evolving Financial Markets andInternational Capital FlowsBritain, the Americas, and Australia,1865–1914Lance E. DavisCalifornia Institute of Technologyand Robert E. GallmanUniversity of North Carolina

This study examines the impact of Britishcapital flows on the evolution of capitalmarkets in Argentina, Australia, Canada,and the United States over the years 1870to 1914. It contrasts the experiences of thefrontier countries and provides historicalinsights into current economic problems inAsia and Latin America.Japan-US Center Sanwa Monographs onInternational Financial Markets, 32001 228 x 152 mm 994pp 180 tables0 521 55352 0 Hardback £75.00

The Political Economy ofInternational Trade LawEssays in Honor of Robert E. HudecEdited by Daniel L. M. KennedyUniversity of Minnesotaand James D. SouthwickUniversity of Minnesota

Experts from law, economics, and politicalscience provide in-depth analysis ofinternational trade issues. Contributorsconsider WTO legal institutions asfunctioning in unexpected ways due to thepolitical and economic conditions of theirinternational environment. This is anessential volume for professionals andacademics involved with international tradepolicy.2002 228 x 152 mm 710pp0 521 81319 0 Hardback £80.00

Tariff Negotiations andRenegotiations under the GATTand the WTOProcedures and PracticesAnwarul HodaIndian Council for Research in International EconomicRelations, New Delhi

The procedures and practices to implementthe provisions relating to tariff negotiationsand renegotiations have evolvedconsiderably since the GATT wasestablished in 1947. The provisionsthemselves have undergone some changesin the last fifty-four years. Professor Hodareviews the evolution of these provisions,and offers some conclusions andrecommendations.2001 228 x 152 mm 312pp0 521 80449 3 Hardback £47.50

Financial Economics 21

The Jurisprudence of GATT and theWTOInsights on Treaty Law and EconomicRelationsJohn H. JacksonGeorgetown University, Washington DC

This book contains a selection of essaysand articles by John H. Jackson previouslypublished over four decades and nowcollected together into one volume. Eacharticle has been selected for its continuedtimeliness and relevance to contemporaryissues in international trade. Anindispensable addition to everyinternational trade library.2000 228 x 152 mm 512pp0 521 62056 2 Hardback £60.00

New

WTO Agreements on CD-ROMIssue 1The Legal Texts (English, French and Spanish)and Schedules: Services (English only)World Trade Organization

This CD-ROM database contains the fullyupdated WTO services and schedules ofservices commitments and/or MFNexemptions for WTO member countries inEnglish, plus the Legal Texts in English,French and Spanish. This material hasnever been available in one source before:much has been unavailable in any form.World Trade Organization Schedules, 12002 CD-ROM 0 521 79645 8 CD-ROM £350.00

Journal

World Trade ReviewEditor-in-Chief: Richard BlackhurstGraduate Institute of International Studies, Geneva

The World Trade Review has been establishedat the initiative of the World TradeOrganization (WTO) in close cooperationwith Cambridge University Press. It is anindependent journal – the Editor and all butone of the Editorial Board are drawn fromuniversity faculties – that includes articleswritten from economic, legal and inter-disciplinary perspectives on issues ofrelevance to the multilateral trading system.Priority is given to papers that, along withbeing academically rigorous, are alsoaccessible to government policy officials andthe wider public. The journal also includesshorter articles seeking to rebut or challengepublished papers.SubscriptionsVolume 2 in 2003: April, August andDecemberInstitutions print and electronic: £120/$200Institutions electronic only: £114/$190Individuals print only: £32/$48Individuals in low-income countries: £32American Economic Association, European EconomicAssociation: £25/$40American Political Science Association, AmericanHistorical Association: £25/$38Print ISSN 1474-7456Electronic ISSN 1475-3138

Financial EconomicsForthcoming

Asymmetric Information inFinancial MarketsIntroduction and ApplicationsRicardo BebczukUniversidad Nacional de La Plata

Asymmetric information (the fact thatborrowers have better information thantheir lenders) and its theoretical andpractical evidence now forms part of thebasic tool kit of every financial economist.It is a phenomenon that has majorimplications for a number of economic andfinancial issues ranging from both microand macroeconomic level – corporate debt,investment and dividend policies, thedepth and duration of business cycles, therate of long term economic growth – to theorigin of financial and international crises.Asymmetric Information in FinancialMarkets aims to explain this concept in anaccessible way, without jargon and byreducing mathematical complexity. Usingelementary algebra and statistics, graphs,and convincing real-world evidence, theauthor explores the foundations of theproblems posed by asymmetries ofinformation in a refreshingly accessible andintuitive way.2003 228 x 152 mm 210pp 8 line diagrams17 tables 18 graphs0 521 79342 4 Hardback c. £47.500 521 79732 2 Paperback c. £17.95Publication July 2003


Financial DerivativesPricing, Applications, and MathematicsJamil BazDeutsche Bank, Londonand George ChackoHarvard Business School

This book offers a complete, succinctaccount of the principles of financialderivatives pricing. The first chapterprovides readers with an intuitive expositionof basic random calculus. Concepts such asvolatility and time, random walks,geometric Brownian motion, and Ito’slemma are discussed heuristically. Thesecond chapter develops generic pricingtechniques for assets and derivatives,determining the notion of a stochasticdiscount factor or pricing kernel, and thenuses this concept to price conventional andexotic derivatives. The third chapter appliesthe pricing concepts to the special case ofinterest rate markets, namely, bonds andswaps, and discusses factor models and termstructure consistent models. The fourthchapter deals with a variety of mathematicaltopics that underlie derivatives pricing andportfolio allocation decisions such as mean-reverting processes and jump processes and


discusses related tools of stochastic calculussuch as Kolmogorov equations, martingalestechniques, stochastic control, and partialdifferential equations.

Contents: 1. Introduction; 2. Preliminarymathematics; 3. Principles of financialvaluation; 4. Interest rate models; 5.Mathematics of asset pricing; 6. Bibliography.2003 228 x 152 mm 275pp 67 line diagrams8 tables0 521 81510 X Hardback c. £25.00Publication May 2003

Textbook

Principles of FinancialEconomicsStephen F. LeRoyUniversity of California, Santa Barbaraand Jan WernerUniversity of Minnesota

‘This is an excellent introduction to theexciting field of financial economics,rigorous yet filled with economicintuition, and with a refreshingemphasis on equilibrium that isreminiscent of Debreu’s elegant andpithy monograph.’

Andrew Lo, Massachusetts Institute ofTechnology

Contents: Part I. Equilibrium andArbitrage: 1. General equilibrium insecurity markets; 2. Linear pricing; 3. Arbitrage and positive pricing; 4. Portfolio restrictions; Part II.Valuation: 5. Valuation; 6. State pricesand risk-neutral probabilities; 7. Valuation under portfolio restrictions;Part III. Risk: 8. Expected utility; 9. Risk aversion; 10. Risk; Part IV.Optimal Portfolios: 11. Optimalportfolios with one risky security; 12. Comparative statics of optimalportfolios; 13. Optimal portfolios withseveral risky securities; Part V.Equilibrium Prices and Allocations: 14. Consumption-based securitypricing; 15. Complete markets andPareto-optimal allocations of risk; 16. Optimality in incomplete securitymarkets; Part VI. Mean-VarianceModels: 17. The expectations andpricing kernels; 18. The mean-variancefrontier payoffs; 19. CAPM; 20. Factorpricing; Part VII. Multidate Models: 21. A multidate model of securitymarkets; 22. Multidate arbitrage andpositivity; 23. Dynamically completemarkets; 24. Valuation; 25. Eventprocess, risk-neutral probabilities andthe pricing kernel; 26. Security gains asmartingales; 27. Consumption-basedsecurity pricing; 28. The frontier payoffsand the CAPM.2001 253 x 177 mm 300pp 19 line diagrams0 521 58434 5 Hardback £47.500 521 58605 4 Paperback £17.95

22 Financial Economics

Textbook

A Course in Financial CalculusAlison EtheridgeUniversity of Oxford

Inspired by Baxter and Rennie’s FinancialCalculus, this self-contained text is designedfor first courses on the subject. Keyconcepts are introduced in the discretetime framework. A valuable feature is thelarge number of exercises and examples.

Contents: Preface; 1. Single period models;2. Binomial trees and discrete parametermartingales; 3. Brownian motion; 4. Stochastic calculus; 5. The Black-Scholesmodel; 6. Different payoffs; 7. Biggermodels; Bibliography and further reading;Notation; Index.2002 228 x 152 mm 204pp 138 exercises14 figures0 521 81385 9 Hardback £60.000 521 89077 2 Paperback £21.95

Risk ManagementValue at Risk and BeyondEdited by M. A. H. DempsterUniversity of Cambridge

Some of the leading figures in riskmanagement examine the complex issuesgoverning the stability of the globalfinancial system. Chapters present a mix oftheory and practice, from axiomatics,measurement and extreme value theory tooperational, credit and market risk.Essential reading for all involved infinancial risk management.2002 228 x 152 mm 288pp 63 line diagrams32 tables0 521 78180 9 Hardback £47.50

Entertainment Industry EconomicsA Guide for Financial AnalysisFifth editionHarold L. Vogel

‘From the death of vinyl to the rise ofcable, Vogel has ferried investorsthrough some major show businesscrises.’

Matthew Benz, Billboard

Contents: Preface; Part I. Introduction: 1. Economic perspectives; Part II. Media-Dependent Entertainment: 2. Moviemacroeconomics; 3. Making and marketingmovies; 4. Financial accounting in moviesand television; 5. Music; 6. Broadcasting;7. Cable; 8. Internet; 9. Publishing; 10. Toys and games; Part III. LiveEntertainment: 11. Gaming and wagering;12. Sports; 13. Performing arts and culture;14. Amusement/theme parks; Part IV.Roundup: Notes; Appendix;Supplementary data; Glossary; References;Index.2001 234 x 156 mm 597pp 112 line diagrams122 tables0 521 79264 9 Hardback £32.50

Public Economicsand PoliticalEconomy

TextbookNew third edition

Public Choice IIIThird editionDennis C. MuellerUniversität Wien, Austria

This book represents a considerablerevision and expansion of Public ChoiceII (1989). Six new chapters have beenadded, and several chapters from theprevious edition have been extensivelyrevised. The discussion of empiricalwork in public choice has been greatlyexpanded. As in the previous editions,all of the major topics of public choiceare covered. These include: why thestate exists, voting rules, federalism, thetheory of clubs, two-party andmultiparty electoral systems, rentseeking, bureaucracy, interest groups,dictatorship, the size of government,voter participation, and politicalbusiness cycles. Normative issues inpublic choice are also examinedincluding a normative analysis of thesimple majority rule, Bergson-Samuelson social welfare functions, theArrow and Sen impossibility theorems,Rawls’s social contract theory and theconstitutional political economy ofBuchanan and Tullock.

Contents: 1. Introduction; Part I.Origins of the State: 2. The reason forcollective choice – allocative efficiency;3. The reason for collective choice –redistribution; Part II. Public Choice ina Direct Democracy: 4. The choice ofvoting rule; 5. Majority rule – positiveproperties; 6. Majority rule – normativeproperties; 7. Simple alternatives tomajority rule; 8. Complicated

alternatives to majority rule; 9. Exit,voice, and disloyalty; Part III. PublicChoice in a Representative Democracy:10. Federalism; 11. Two-partycompetition – deterministic voting; 12. Two-party competition –probabilistic voting; 13. Multipartysystems; 14. The paradox of voting; 15. Rent seeking; 16. Bureaucracy; 17. Legislatures and bureaucracies; 18. Dictatorship; Part IV. Applicationsand Testing: 19. Political competitionand macroeconomic performance; 20. Interest groups, campaigncontributions, and lobbying; 21. Thesize of government; 22. Governmentsize and economic performance; Part V.Normative public choice: 23. Socialwelfare functions; 24. The impossibilityof a social ordering; 25. A just socialcontract; 26. The constitution as autilitarian contract; 27. Liberal rightsand social choices; Part VI. What HaveWe Learned?: 28. Has public choicecontributed anything to the study ofpolitics?; 29. Allocation, redistribution,and public choice.

Advance praise:

‘Like all the others, this volume willbecome the first point of reference – the‘bible’ – for all scholars in the field,both the experts and the more casualsamplers. It represents an amazingeffort, even more extraordinary than theearlier versions. The profession is deeplyin Mueller’s debt.’

Geoffrey Brennan, Australian National University

‘Dennis Mueller’s book is certainly themost comprehensive and elegantlypresented discourse on nearly a halfcentury of research on public choice andought to be required reading for anystudent of political science, if not socialscience generally. The material coveredis virtually exhaustive of the field, andno one who wishes to understand thisimportant subfield of social scienceshould avoid consuming all that isoffered here – offered in easily digestibleand entertaining form while benefitingfrom the insights of one of the keycontributors to the field.’

Peter Ordeshook, California Institute of Technology

2003 228 x 152 mm 792pp 120 line diagrams75 tables0 521 81546 0 Hardback c. £80.000 521 89475 1 Paperback c. £29.95Publication March 2003

Public Economics and Political Economy 23

7.4 Discussion; Questions; 8. Renewablecommon property resources: 8.1 The staticcommon property problem; 8.2 Thedynamic common property problem; 8.3 Extinction; Appendix: an elgbraicexample; Questions; 9. Co-ordinationfailures: 9.1 A co-ordination game; 9.2 Aco-ordination game with uncertainty; 9.3 Conclusions; Questions; Part III.Public goods: 10. Pure public goods: 10.1 Optimal provision of a public good;10.2 Voluntary provision of the publicgood; 10.3 Is non-excludability the sourceof the problem?; 10.4 Conclusions;Questions; 11. Two examples of purepublic goods: 11.1 Knowledge; 11.2 Income redistribution; Questions; 12. Impure public goods: 12.1 Club goods;12.2 Variable-use public goods; 12.3 Summary; Questions; 13. The linkbetween public goods and externalities:13.1 Independent preferences; 13.2 Indifference curves; 13.3 Paretooptimal allocations; 13.4 A public good;13.5 A good with a positive externality;13.6 A good with a negative externality;13.7 Summary; Questions; Part IV.Imperfect competition: 14. Monopoly:14.1 Natural monopoly; 14.2 Rent-seekingbehavior; 14.3 Conclusions; Questions; 15. Pricing rules under imperfectcompetition: 15.1 Marginal cost pricing;15.2 Undifferentiated goods; 15.3 Differentiated goods; 15.4 Summary;Appendix: marginal cost pricing andeconomic efficiency; Questions; Part V.Taxation and efficiency: 16. Taxation: 16.1 Is lump sum taxation possible?; 16.2 The optimal size of government; 16.3 Conclusions; Questions; 17. Thewelfare cost of tax interactions: 17.1 ARobinson Crusoe economy; 17.2 Paretooptimality; 17.3 Competitive equilibrium;17.4 Welfare cost calculations; 17.5 Conclusions; Questions; 18. Thetheory of the second best: 18.1 Optimaltaxation; 18.2 Natural monopoly and theRamsey pricing rule; 18.3 Conclusions;Questions; Part VI. Asymmetricinformation and efficiency: 19. Asymmetricinformation: 19.1 Adverse selection; 19.2 Moral hazard; Questions; 20.Preference revelation: 20.1 Preferencerevelation in a simple economy; 20.2 TheGroves-Clarke mechanism; 20.3 Preferencerevelation in practice; Questions; 21. Regulation of a natural monopoly:21.1 Natural monopoly with a role formanagement; 21.2 Full information; 21.3 The consequences of asymmetricinformation; 21.4 Adjusting the menu;21.5 Conclusions; Appendix: optimalregulation under asymmetric information;Questions; 22. Other examples ofasymmetric information: 22.1 Health careand health care insurance; 22.2 The

ForthcomingTextbook

A Course in Public EconomicsJohn LeachMcMaster University, Ontario

A Course in Public Economics exploresthe central questions of whether or notmarkets work, and if not, what is to bedone about it. The first part of thetextbook, designed for upper-levelundergraduates and first-year graduatestudents, begins with an extendeddiscussion of the two theorems ofwelfare economics. These theoremsshow that competitive markets can giverise to socially desirable outcomes, anddescribe the conditions under whichthey do so. The second part of the bookdiscusses the kinds of market failure –externalities, public goods, imperfectcompetition and asymmetricinformation – that arise when theseconditions are not met. The role of thegovernment in resolving market failuresis examined. The limits of governmentaction, especially those arising fromasymmetric information, are alsoinvestigated. A knowledge ofintermediate microeconomics and basiccalculus is assumed.

Contents: 1. Introduction: 1.1 Twotheorems; 1.2 Market failure; 1.3 Information and the second theorem;1.4 The usefulness of the two theorems;1.5 The role of the government; Part I.Markets: 2. The exchange economy: 2.1 The Edgeworth box; 2.2 Paretooptimality; 2.3 Competitive equilibrium;2.4 Markets; 2.5 The two fundamentaltheorems of welfare economics; 2.6 Summary; Questions; 3. An algebraicexchange economy: 3.1 Utility functions;3.2 The marginal rate of substitution; 3.3 Pareto optimal allocations; 3.4 Competitive equilibrium; 3.5 The twotheorems; 3.6 Conclusions; Questions; 4. The production economy: 4.1 Paretoeconomy; 4.2 Competitive equilibrium;4.3 An example of competitiveequilibrium; 4.4 The two theorems; 4.5 Conclusions; Appendix: an example ofproduction efficiency; Questions: 5. Consumer and producer surplus; 5.1 Margins and totals; 5.2 Surplus; 5.3 The welfare cost of intervention; 5.4 Market interactions; 5.5 Conclusions;Appendix: margind and totals; Questions;Part II. Externalities: 6. Externalities andnegotiation: 6.1 Negotiated compensation;6.2 Why doesn’t negotiation occur?; 6.3 Government intervention; Questions;7. Permit trading: 7.1 Environmentalpollution abatement; 7.2 Direct emissionscontrols; 7.3 Permit trading;

standard debt contract; 22.3 Efficiencywages; Questions; Part VII. Asymmetricinformation and income redistribution: 23. The distribution of income: 23.1 Determinants of income; 23.2 Income and welfare; 23.3 Reasons forincome redistribution; 23.4 Policy options;Questions; 24. The limits to incomeredistribution: 24.1 An economy with self-selection; 24.2 Redistributive policies; 24.3 Welfare and pareto efficient taxation;24.4 Conclusions; Questions; 25. Redistributing income through taggingand targeting: 25.1 Tagging; 25.2 Targeting; 25.3 Conclusions;Questions; 26. The role of government in amarket economy: 26.1 Repair of marketfailures; 26.2 Redistribution of income;26.3 The limits of government action.2003 228 x 152 mm 550pp 59 line diagrams3 tables0 521 82877 5 Hardback c. £75.000 521 53567 0 Paperback c. £27.95Publication December 2003


Public Finance and Public PolicyResponsibilities and Limitations ofGovernmentArye L. HillmanBar-Ilan University, Israel

This textbook systematically sets forththe basic issues involved in publicfinance and public policy. All issuesinvestigated explore the choice betweenvoluntary market decision to earn andspend income versus assignment ofresponsibility to governments to tax andspend. Areas covered are markets andproperty, collective benefits, voting onpublic speaking, market corrections,social justice, political processes andredistribution, taxation, user pricing,public policy for welfare issues, and thequestion of how much government isneeded in the modern state. It isdesigned for courses in public finance orpublic economics, with additions givenin courses titled political economy. Thebasic material in each chapter may beused by students with an elementaryunderstanding of economics. Allchapters provide useful question setsand guidance for further reading.

Contents: 1. Markets and property; 2. Collective benefits; 3. Voting andpublic goods; 4. Market corrections; 5. Social insurance and social justice; 6. Politics and redistribution; 7. Taxation; 8. User pricing; 9. Health,education, and retirement; 10. Howmuch government?2003 253 x 177 mm 800pp 136 line diagrams42 tables0 521 80641 0 Hardback c. £75.000 521 00114 5 Paperback c. £30.00Publication July 2003


24 Public Economics and Political Economy

Forthcoming

Financing Human CapitalA Capital Markets Approach to StudentFundingMiguel PalaciosUniversity of VirginiaForeword by Nicholas BarrLondon School of Economics and Political Science

Most higher education finance literatureassumes that students cannot pledge theirfuture earnings to finance their educationin a free society. Financing Human Capitalchallenges that assumption and exploreshuman capital contracts as an alternativemechanism for financing higher education.Financing Human Capital tracks the rootsof the idea behind human capital contracts,discusses the beneficial consequences theywould have on students and on highereducation markets, and describes how theycan develop in light of the innovations thathave taken place in financial marketsduring the last decades. The book alsoexplores the challenges – ethical andfinancial – that such instruments face andoffers implementation alternatives that canbring about their existence in the contextof a national higher education financingprogram.2003 216 x 138 mm 200pp0 521 82840 6 Hardback c. £25.00Publication September 2003

Forced SavingMandating Private Retirement IncomesHazel BatemanUniversity of New South Wales, SydneyGeoffrey KingstonUniversity of New South Wales, Sydneyand John PiggottUniversity of New South Wales, Sydney

The rapid ageing of the world’s populationshas seen a level of anxiety and urgency bygovernments around the world to set up oroverhaul their mandatory pension policies.This analysis compares and contrasts thepolicies of countries around the globe, withtables, graphs and charts to summarisefindings.2001 228 x 152 mm 268pp 28 line diagrams48 tables0 521 48162 7 Hardback £47.500 521 48471 5 Paperback £17.95

New

Moving MoneyBanking and Finance in the IndustrializedWorldDaniel VerdierEuropean University Institute, Florence

Moving Money analyses the influence ofpolitics on financial systems. Daniel Verdierexamines how information asymmetry andeconomies of scale over time have created aredistributional conflict between large andsmall banks, financial centres and theirperipheries, and he discusses howgovernments have attempted to arbitratethis conflict. He argues that centralizedstates have tended to create concentrated,internationalized, market-based andspecialized financial systems, whereasdecentralized states have favoureddispersed, national, bank-based and, with afew exceptions, universal systems. Verdierthen sets out to uncover the sources,political and economic, of cross-countryvariation in financial market organization,examining 15 to 20 OECD countries from1850 onwards.2002 228 x 152 mm 328pp 35 line diagrams23 tables0 521 81413 8 Hardback c. £47.500 521 89112 4 Paperback c. £17.95Publication December 2002

New

The Shadow EconomyAn International SurveyFriedrich SchneiderJohannes Kepler Universität Linzand Dominik H. EnsteGerling Insurance Company, Cologne

Illicit work, social security fraud, economiccrime and other shadow economy activitiesare fast becoming an internationalproblem. Friedrich Schneider and DominikH. Enste use currency demand, physicalinput (electricity) method, and the modelapproach, to estimate the size of theshadow economy in 76 developing,transition and OECD-countries. Theyargue that during the 1990s the averagesize of a shadow economy varied from 12%of GDP for OECD, to 23% for transitionand to 39% for developing countries. Theyexamine the causes and consequences ofthis development using an integratedapproach explaining deviant behaviour,which combines the findings of economic,sociological and psychological research. Theauthors suggest that increasing taxation,social security contributions, rising stateregulatory activities and the decline of thetax morale, are all driving forces behindthis growth, especially in OECD-countries.They propose a reform of state institutionsto improve the dynamics of the officialeconomy.

Advance praise:

‘The authors discuss in great depth thevarious approaches to measuring aphenomenon which at first seems toevade observation. Most importantly,they provide the best existing survey ofthe size and causes of the shadoweconomy. This will be, without ashadow of doubt, the standardtreatment of the subject for many yearsto come.’

Bruno S. Frey, Professor Economics,University of Zurich, and ProfessorialFellow at the Netherlands Institute of

Advanced Study

2003 228 x 152 mm 274pp 27 line diagrams28 tables0 521 81408 1 Hardback c. £40.00Publication February 2003

Public Economics and Political Economy 25


Forthcoming

Alternatives for Welfare PolicyReconciling Policy Goals with DemographicChange and InternationalisationEdited by Torben M. AndersenAarhus Universitet, Denmarkand Per MolanderStudieförbundet Näringsliv och Samhälle

An authoritative and comprehensive surveyof key issues for welfare policy in an age ofglobalisation and ageing populations. Inthis collection, which draws oncomparative OECD data and uses casestudies from Scandinavia, the authors offera rigorous analysis of the main challengesto the traditional public sector welfare stateand explore the principal policy optionsopen to governments in advancedeconomies, assessing the advantages anddisadvantages of alternative welfare regimeswith less reliance on public sectorinvolvement.2003 228 x 152 mm 320pp0 521 81406 5 Hardback c. £45.00Publication July 2003

Forthcoming

Designing InclusionTools to Raise Low-end Pay and Employmentin Private EnterpriseEdited by Edmund S. PhelpsColumbia University, New York

An inclusion failure has become highlyvisible in the advanced economies of theWest. Too many able-bodied people aresubject to chronic joblessness and, whenemployed, cannot earn a living remotelylike that in the mainstream of thepopulation. One policy response has beento give such workers a range of goods andservices without charge, another has beento single out some groups for tax creditstied to their earnings. However, many ofthe welfare programs actually weakenpeople’s incentive to participate in the laborforce and wage-income tax credits appearto have made hardly a dent in joblessness.This timely volume brings together leadingeconomists to present four studies ofmethods to rebuild self-sufficiency andboosting employment: a graduatedemployment subsidy, a hiring subsidy andsubsidies for training and education. It is ofinterest to anyone with a serious interest inthe economics of subsidies to raiseinclusion.2003 228 x 152 mm 200pp 24 tables 34 graphs0 521 81695 5 Hardback c. £45.00Publication July 2003

New

Forces of LaborWorkers’ Movements and GlobalizationSince 1870Beverly J. Silver

Analyzes the global dynamics of labormovements, introducing a major newdatabase on labor unrest events worldwidefrom 1870 to 1996. Its purpose is to assessthe contemporary crisis of labormovements, but it argues that labormovements need to be studied in a longerhistorical and wider geographicalframework.Cambridge Studies in Comparative Politics2003 228 x 152 mm 232pp 8 line diagrams5 tables0 521 81751 X Hardback c. £45.000 521 52077 0 Paperback c. £16.95Publication May 2003

United States Tax Reform in the21st CenturyEdited by George R. ZodrowRice University, Houstonand Peter MieszkowskiRice University, Houston

This book contains essays written byinternationally recognized tax experts whodescribe the economic thinking on theissue of whether fundamental tax reform ispreferable to continued incremental reformof the existing income tax. This collectioncovers a wide range of tax policy issuesrelated to consumption tax reforms.2002 228 x 152 mm 358pp 21 line diagrams18 tables0 521 80383 7 Hardback £50.00

The Future of the American LaborMovementHoyt N. WheelerUniversity of South Carolina

Coming at a time of profound change inthe global conditions under whichAmerican organized labor exists, The Futureof the American Labor Movement describesand analyzes labor’s strategic alternatives.The analysis is broadly cast, taking intoaccount ideas that range from the currentEuropean Social Dialogue to the methodsof the nineteenth-century AmericanKnights of Labor. 2002 228 x 152 mm 278pp 3 line diagrams1 table0 521 81533 9 Hardback £47.500 521 89354 2 Paperback £16.95

The Future of U.S. CapitalismFrederic L. PryorSwarthmore College, Pennsylvania

‘The book is a stimulating and well-organized version of some probabledevelopments in United Statescapitalism between now and 2050. Themethod used by the author is modest,

sober, and realistic. He is skeptical about‘futurology’ and makes ample use ofnumerous forecasts made in days goneby to demonstrate how wrong theywere. Within this cautiously constrainedframework, he rejects what he regards asextreme views, such as the ‘end ofhistory’ (i.e. unchanging US capitalism)or the ‘end of capitalism’ and seeksrather to outline the most probablechanges within an American capitalisteconomy, which is still quiterecognizable as a descendant from thepresent system. The book is superior toany other recent publication of which Iam aware.’Chris Freeman, Emeritus, Science Policy

Research Unit, University of Sussex

2002 228 x 152 mm 462pp 16 line diagrams29 tables0 521 81358 1 Hardback £30.00

A Theory of the StateEconomic Rights, Legal Rights, and theScope of the StateYoram BarzelUniversity of Washington

This book models the emergence of thestate, and the forces that shape it. Statecreation is bound to protection needs. Aspecialized protector-ruler is efficient, but isalso self-seeking. Individuals will install aruler only after they create a mechanism tocomtrol him.Political Economy of Institutions and Decisions2002 228 x 152 mm 304pp0 521 80605 4 Hardback £40.000 521 00064 5 Paperback £14.95

The Dynamics of CoercionAmerican Foreign Policy and the Limits ofMilitary MightDaniel L. BymanRAND and Matthew C. Waxman

It examines how the United States does,and should, use limited military force andother means of influencing adversaries. Itreviews when limited force can, andcannot, work. It examines a range ofcurrent challenges, including those ofguerrilla groups, minor powers armed withnuclear, chemical or biological weapons.RAND Studies in Policy Analysis2002 228 x 152 mm 298pp 3 line diagrams2 tables0 521 80991 6 Hardback £45.000 521 00780 1 Paperback £15.95

26 Public Economics and Political Economy

The Divided Welfare StateThe Battle over Public and Private SocialBenefits in the United StatesJacob S. HackerYale University, Connecticut

The Divided Welfare State is the firstcomprehensive political analysis ofAmerica’s system of public and privatesocial benefits. It demonstrates that privatesocial benefits have not been shaped bypublic policy, but have deeply influencedthe politics of public social programs – toproduce a social policy framework whosepolitical and social effects are strikinglydifferent than often assumed.2002 228 x 152 mm 464pp 15 line diagrams19 tables0 521 81288 7 Hardback £50.000 521 01328 3 Paperback £18.95

Forthcoming

Private Power, Public LawThe Globalization of Intellectual PropertyRightsSusan SellGeorge Washington University, Washington DC

Susan K. Sell’s book argues that lobbyingby powerful multinational corporations hasmoulded international law on intellectualproperty rights in order to protect theirmarkets. It is a fascinating study of theinfluence of private interests in governmentdecision-making, and in the shaping of theglobal economy. Cambridge Studies in International Relations,882003 228 x 152 mm 240pp 11 line diagrams2 tables0 521 81914 8 Hardback c. £40.000 521 52539 X Paperback c. £14.95Publication May 2003

Forthcoming

Private Power and GlobalAuthorityTransnational Merchant Law in the GlobalPolitical EconomyClaire CutlerUniversity of Victoria, British Columbia

Claire Cutler offers a critical analysis of therole that international economic law playsin the creation and maintenance of globalpower relations. By examining theevolution of merchant law she argues thatprivate interests have governed globaleconomic relations through a littleunderstood evolving legal order.Cambridge Studies in International Relations,902003 228 x 152 mm 312pp0 521 82660 8 Hardback c. £47.500 521 53397 X Paperback c. £17.95Publication May 2003

New

Social Choice and theMathematics of ManipulationAlan D. TaylorUnion College, New York

Learn why it is impossible to devise areasonable voting system in which voterscan never gain by submitting adisingenuous ballot. Using minimalprerequisites, Alan Taylor presentseconomic, philosophic, and mathematicalresults from the last quarter of thetwentieth century, with many new proofs.Outlooks2003 228 x 152 mm 200pp 3 line diagrams80 exercises0 521 81052 3 Hardback c. £47.500 521 00883 2 Paperback c. £17.95Publication January 2003

Great TransformationsEconomic Ideas and Institutional Change inthe Twentieth CenturyMark BlythThe Johns Hopkins University

This book picks up where Karl Polanyi’sstudy of economic and political change leftoff. Building upon Polanyi’s conception ofthe double movement, Blyth analyzes thetwo periods of deep seated institutionalchange that characterized the twentiethcentury: the 1930s and the 1970s. Blythviews both sets of changes as part of thesame dynamic. In the 1930s labor reactedagainst the exigencies of the market anddemanded state action to mitigate themarket’s effects by ‘embedding liberalism.’In the 1970s, those who benefited leastfrom such ‘embedding’ institutions, namelybusiness, reacted against these constraintsand sought to overturn that institutionalorder. Blyth demonstrates the critical roleeconomic ideas played in makinginstitutional change possible. GreatTransformations rethinks the relationshipbetween uncertainty, ideas, and interests,achieving profound new insights on how,and under what conditions, institutionalchange takes place. 2002 228 x 152 mm 296pp0 521 81176 7 Hardback £40.000 521 01052 7 Paperback £15.95

Global Capital, PoliticalInstitutions, and Policy Change inDeveloped Welfare StatesDuane SwankMarquette University, Wisconsin

This book argues that the dramatic post-1970 rise in international capital mobilityhas not systematically contributed to theretrenchment of developed welfare states asmany claim. Nor has globalization directlyreduced the revenue-raising capacities ofgovernments and undercut the politicalinstitutions that support the welfare state.

Political Extremism andRationalityEdited by Albert BretonUniversity of TorontoGianluigi GaleottiConsiglio Nazionale delle Ricerche (CNR), RomePierre SalmonUniversité de Bourgogne, Franceand Ronald WintrobeUniversity of Western Ontario

The distinguishing feature of this collectionby well-known economists and politicalscientists from North America, Europe andAustralia is to propose a variety ofexplanations which insist on the rationalityof extremism. Contributors use variants ofthis approach to shed light on subjects.2002 228 x 152 mm 262pp 17 line diagrams3 tables0 521 80441 8 Hardback £45.00

Governing from BelowUrban Regions and the Global EconomyJefferey M. SellersUniversity of Southern California

Cities play a growing role in governing.This role fits within a context that nation-states, global market forces and citiesdefine. The book’s analysis focuses on howlocal efforts in the European systems ofFrance and Germany, as well as Americancounterparts, have provided forenvironmental quality and social inclusion.Cambridge Studies in Comparative Politics2002 228 x 152 mm 420pp 33 line diagrams41 tables 14 maps0 521 65153 0 Hardback £50.000 521 65707 5 Paperback £19.95

New

States in the Global EconomyBringing Domestic Institutions Back InEdited by Linda WeissUniversity of Sydney

General opinion holds that globalisationlimits the state’s capacity for domesticgovernment. This book questions the thesisthat the state’s role has been restricted. Thecontributors argue that globalisation canenable as well as constrain, and that itseffects depend on the character of acountry’s domestic institutions.Cambridge Studies in International Relations,862003 228 x 152 mm 348pp 12 line diagrams11 tables0 521 81913 X Hardback £47.500 521 52538 1 Paperback £17.95Publication January 2003

Law and Economics 27

Cambridge Studies in Comparative Politics2002 228 x 152 mm 350pp 10 line diagrams22 tables0 521 80668 2 Hardback £45.000 521 00144 7 Paperback £15.95

Liberalism, Democracy andDevelopmentSylvia ChanBirkbeck College, University of London

Chan examines the claim that developingcountries should aspire to the Westernmodel of liberal democracy for goodgovernance and economic success. Sheargues that these successful developingnations have enjoyed the economic andsocial liberties necessary to encourageeconomic development, without adoptingthe institutions and values of the West.2002 228 x 152 mm 284pp0 521 80883 9 Hardback £47.500 521 00498 5 Paperback £16.95

Journal

Journal of Public PolicyEditor: Richard RoseUniversity of Strathclyde

Journal of Public Policy publishes researchthat applies social scientific theories andconcepts to significant problems aroundthe world. The concerns of public policyare political, economic and social, andarticles deal with broad questions ofrelevance to social scientists and policy-makers in America, Eastern and WesternEurope, Japan and other advancedindustrial nations. Articles that cut acrossdisciplines, such as studies in national andinternational political economy; criticalanalyses of ideas currently in vogue amongacademics or practitioners of public policy;and reviews of books about public policyare included.SubscriptionsVolume 23 in 2003: May, August andDecemberInstitutions print and electronic: £104/$168Institutions electronic only: £94/$151Individuals print only: £39/$63American Political Science Association, AmericanHistorical Association: £29/$47Print ISSN 0143-814XElectronic ISSN 1469-7815

Journal

Journal of Pension Economics andFinanceEditors: Jeffrey BrownUniversity of Illinois, Urbana-ChampaignSteven HabermanCass Business School, City UniversityMoshe MilevskyYork Universityand J. Michael OrszagWatson Wyatt

The Journal of Pension Economics andFinance (JPEF) is a new journal focusingon the economics and finance of pensionsand retirement income. The ageing

population, together with the shrinkingworkforce, heralds a growing pensionscrisis, which has become a key publicpolicy issue in developed countries andelsewhere. JPEF will provide a forum forinternational debate in this area. Thejournal is associated with the InternationalNetwork of Pension Regulators andSupervisors, a new network administeredby the OECD which has memberorganizations in over 60 countries. JPEFwill publish original research papers,covering a variety of topics, includingpension fund management, the regulationof pensions, and pensions and labourmarkets.SubscriptionsVolume 2 in 2003: March, July andNovemberInstitutions print and electronic: £80/$120Institutions electronic only: £75/$112Individuals print only: £26/$38American Political Science Association, AmericanHistorical Association: £20/$30Print ISSN 1474-7472Electronic ISSN 1475-3022

Law and EconomicsNew

The Economics of ContractsTheories and ApplicationsEdited by Eric BrousseauUniversité de Paris Xland Jean-Michel GlachantUniversité de Paris-Sud

A comprehensive and up-to-date synthesis ofthe economic analysis of contracts, writtenby a specially commissioned team of leadinginternational scholars. The book offers a wellstructured analysis of theoreticaldevelopments, the diverse fields ofapplications, the methodologies in use, andthe policy implications at both firm and statelevel. The book offers a unique combinationof theoretical and applied economics alongwith insights from law and managementsciences. It is designed to appeal to scholars,graduate students and practitioners ineconomics, management and law.

2002 228 x 152 mm 600pp 7 line diagrams16 tables 5 graphs0 521 81490 1 Hardback £70.000 521 89313 5 Paperback £25.95

Textbook

Corporate Insolvency LawPerspectives and PrinciplesVanessa FinchLondon School of Economics and Political Science

Vanessa Finch provides a new look atcorporate insolvency laws and processes.She adopts an interdisciplinary approach toplace two questions at the centre of herdiscussion. Are current UK laws andprocedures efficient, expert, accountableand fair? Are fundamentally differentconceptions of insolvency law needed for itto develop in a way that serves corporateand broader social ends? Topics consideredin this fully up-to-date and wide-rangingbook include different ways of financingcompanies, causes of corporate failure andprospects for designing rescue-friendlyprocesses. Also examined are alternativeasset distribution of failed companies,allocations of insolvency risks and effectsof insolvency on a company’s directors andemployees. Finch argues that changes ofapproach are needed if insolvency law is todevelop with coherence and purpose. Thisbook will appeal to academics and studentsat advanced undergraduate and graduatelevel, and to legal practitioners throughoutthe common law world.2002 228 x 152 mm 656pp0 521 62256 5 Hardback £95.000 521 62685 4 Paperback £34.95

New second edition

The Legal Regime of ForeignPrivate Investment in Sudan andSaudi ArabiaSecond editionFath El Rahman Abdalla El SheikhKuwait Investment Authority

This revised edition considers twodeveloping countries with similar socio-ethnic backgrounds in the context ofinternational and Islamic law. Topicsinclude incentives and facilities, investmenttreaties, investment insurance programmes,and remedies for aggrieved investors. Ofinterest to legal academics and business andlegal professionals involved withinvestment in developing countries.2003 228 x 152 mm 572pp0 521 81772 2 Hardback c. £75.00Publication February 2003


28 Industrial Organization

Forthcoming

Pure Economic Loss in EuropeEdited by Mauro BussaniUniversità degli Studi di Triesteand Vernon PalmerTulane University, Louisiana

How far can tort liability expand withoutimposing excessive burdens uponindividual activity? This comprehensivestudy of pure economic loss in Europe usesa fact-based comparative method and in-depth research into the laws of thirteenEuropean countries. Includes a historicaland analytical introduction to economicloss. This is the third published volume ofthe results of the Trento project.Cambridge Studies in International andComparative Law, 282003 228 x 152 mm 652pp0 521 82464 8 Hardback c. £75.00Publication April 2003

Forthcoming

International Law from BelowDevelopment, Social Movements and ThirdWorld ResistanceBalakrishnan RajagopalMassachusetts Institute of Technology

This first-ever analysis of international lawusing social movement theory provides afundamental critique of moderninternational law. Rajagopal suggests thatwith transnational/local social movementaction becoming increasingly central –witnessed in Seattle in 1999 – a new law-based global order must take the resistanceof social movements more seriously.2003 228 x 152 mm 200pp0 521 81646 7 Hardback c. £50.000 521 01671 1 Paperback c. £18.95Publication September 2003

The Law and Economics ofMarriage and DivorceEdited by Antony DnesUniversity of Hertfordshireand Robert RowthornUniversity of Cambridge

The role of ‘incentives’ is considered in thiseconomic approach to family law. Thebook discusses the possible adverseconsequences emanating from faulty legaldesign, while demonstrating that goodfamily law should provide incentives forconsistent behavior. This will interestlawyers, policy-makers and economistsconcerned with family law.2002 228 x 152 mm 242pp0 521 80933 9 Hardback £47.500 521 00632 5 Paperback £16.95

IndustrialOrganization

New

Regulation and Entry intoTelecommunications MarketsPaul de BijlMinistry of Finance, The Hagueand Martin PeitzDeutsche Forschungsgemeinschaft

This book examines competition andregulation in the liberalizedtelecommunications markets. Theauthors analyse a broad range of marketconstellations, in particular the hottopic of access price regulation inasymmetric markets, and derive fromthis various policy recommendations. Itis a valuable resource for academics,regulators and telecommunicationsprofessionals.

‘Paul de Bijl and Martin Peitzsubstantially expand our understandingof corporate strategies and regulatorytrade-offs in the telecommunicationsindustry. Using a rigorous analyticalframework, they guide us through theearly liberalization stage towardcompetition in a mature market. Thisinsightful and comprehensive book isessential reading for all academics,consultants and industry professionalsconcerned with telecommunications.’

Jean Tirole, University of Toulouse

2003 228 x 152 mm 344pp 1 line diagram48 tables 35 graphs0 521 80837 5 Hardback £50.00Publication January 2003

New

International Perspectives onConsumers’ Access to JusticeEdited by Charles E. F. RickettUniversity of Aucklandand Thomas G. W. TelferUniversity of Western Ontario

Consumer protection law in the age ofglobalisation poses new challenges forpolicy-makers. Leading scholars outline keyproblems faced in adopting consumer lawsto the global marketplace. Topics includestandard form contracts, the legalchallenges posed by mass infection (such asCJD), consumers and services, andconsumer bankruptcy law.2003 228 x 152 mm 516pp0 521 82432 X Hardback c. £65.00Publication March 2003

New

Antitrust LawEconomic Theory and Common LawEvolutionKeith N. HyltonBoston University

This book is an effort to consolidate severaldifferent perspectives on antitrust law.Specific topics covered include perfectcompetition versus monopoly,enforcement, cartels, section 1 doctrine,rule of reason, agreement, boycott, power,vertical restraints, tying and exclusivedealing, horizontal mergers, andconglomerates.

Advance praise:

‘This book is the single best one-volumediscussion of modern antitrust lawavailable. It is encyclopaedic in coverage,but deeper than a treatise because it isinformed at every step with the best andmost systematic of current economicand legal analysis. If you want to learn(or to learn more) about modernantitrust law, read this book.’

George Priest, Yale Law School

2003 228 x 152 mm 408pp 14 line diagrams0 521 79031 X Hardback £60.000 521 79378 5 Paperback £21.95Publication March 2003

Industrial Organization 29


Forthcoming

The Internet RevolutionA Global PerspectiveEdited by Emanuele GiovannettiUniversity of CambridgeMitsuhiro KagamiInstitute of Developing Economies, Chibaand Masatsugu TsujiUniversity of Osaka, Japan

Information technology has become aconstant presence in contemporary life,infiltrating community, business and stateaffairs. This book discusses the current usesand problems of IT in both developing andadvanced countries, focussing on the waysin which IT changes society withoutneglecting the problematic aspects of theInternet revolution such as computer crimeand the lack of professionals with computerliteracy, particularly from a developingcountry’s perspective. It examines suchissues as the characteristics of networkeconomies, connectivity pricing, Internetaccess, regulation, changes in supplychains, IT gaps between supply anddemand, productivity increases, and thedigital divide. Emanuele Giovannetti,Mitsuhiro Kagami and Masatsugu Tsujihave gathered together a group ofinternational experts in economics andtrade who discuss the impact of thisrevolution globally, looking at countries orregions including the UK, EU, Central andEastern Europe, US, Japan, India, SouthAfrica, Singapore, Malaysia, Thailand andChina.Department of Applied Economics OccasionalPapers, 662003 228 x 152 mm 286pp 68 line diagrams67 tables0 521 82372 2 Hardback c. £45.00Publication March 2003

The Future of e-MarketsMultidimensional Market MechanismsMartin BichlerIBM T J Watson Research Center, New York

Combines economics with computerscience to analyse multidimensionalauction mechanisms, the emerging pricingmodel for e-business. For professionals,consultants and dotcomers involved indesigning, implementing and upgradingelectronic markets, as well as researchersin: economics, information systems,operations management, computer scienceand observers of the e-commercephenomenon.2001 228 x 152 mm 262pp 12 tables 53 figures0 521 80128 1 Hardback £55.000 521 00383 0 Paperback £19.95

Textbook

The Economics of NetworkIndustriesOz ShyUniversity of Haifa, Israel

This book introduces upper-levelundergraduates, graduate students, andresearchers to the latest developments innetwork economics. The book conveys theessential features of how strategicinteractions between firms are affected bynetwork activity, as well as covering socialinteraction and its influence on consumers’choices of products and services.

‘The Economics of Network Industries isthe first textbook devoted exclusively tothe analysis of markets in which theutility of consumers increases with thenumber of others purchasing the same(i.e. compatible) product.’

Managerial and Decision Economics

Contents: 1. Introduction; 2. Thehardware industry; 3. The softwareindustry; 4. Technology, advance, andstandardization; 5. Telecommunication; 6. Broadcasting; 7. Markets forinformation; 8. Banks and money; 9. Theairline industry: social interaction; 10. Other networks; Appendices: A.Normal-form games; B. Extensive-formgames; C. Undercut-proof equilibria.2001 228 x 152 mm 330pp 55 line diagrams23 tables0 521 80095 1 Hardback £47.500 521 80500 7 Paperback £17.95

New

Governing the FirmWorkers’ Control in Theory and PracticeGregory K. DowSimon Fraser University, British Columbia

Most large firms are controlled byshareholders, who choose the board ofdirectors and can replace the firm’smanagement. In rare instances, however,control over the firm rests with theworkforce. Many explanations for the rarityof workers’ control have been offered, butthere have been few attempts to assess thesehypotheses in a systematic way. This bookdraws upon economic theory, statisticalevidence, and case studies to frame anexplanation. The fundamental idea is thatlabor is inalienable, while capital can befreely transferred from one person toanother. This implies that worker-controlled firms typically face financingproblems, encounter collective choicedilemmas, and have difficulty creatingmarkets for control positions within thefirm. Together these factors can account formuch of what is known about theincidence, behavior, and design of worker-controlled firms. A policy proposal toencourage employee buyouts is developedin the concluding chapter.

Advanced praise:

‘It’s been a long time since theappearance of so important a book onworker participation and the governanceof enterprises. Dow lays out the states ofour knowledge and of our ignoranceclearly and readably, inviting us to joinhim in thinking about what might bethe next steps forward. No betterintroduction to the subject matter isavailable.’

Louis Putterman, Brown University

‘This book will immediately become thestandard reference on worker ownershipand management and is thoroughlyrecommended for both specialist andnon-specialist alike.’

John Pencavel, Stanford University

2003 228 x 152 mm 336pp 1 line diagram6 tables0 521 81853 2 Hardback c. £47.500 521 52221 8 Paperback c. £16.95Publication March 2003

30 Management and Marketing

Forthcoming

Innovation and KnowledgeCreation in an Open EconomyCanadian Industry and InternationalImplicationsJohn R. BaldwinStatistics Canadaand Peter HanelSherbrooke University, Canada

This study of innovation – its intensity, thesources used for knowledge creation, andits impacts – is based on a comprehensivesurvey of innovation of Canadianmanufacturing firms. Attention is paid tothe different actors in the system, who bothcompete with and complement oneanother. The study investigates howinnovation regimes differ across size of firmand across industries. Owing to the highdegree of foreign investment in Canada,special attention is paid to the performanceof foreign-owned firms. The innovationregime of Canadian innovators is comparedwith results of studies of otherindustrialized countries. The picture of atypical innovator is a firm that combinesinternal resources and external contacts todevelop a set of complementary strategies.The study finds that innovating firmsdepend not only on R&D, but also onideas and technology from various othersources, both internal and external to thefirm.2003 228 x 152 mm 475pp 27 line diagrams160 tables0 521 81086 8 Hardback c. £55.00Publication May 2003

Management andMarketing

New

Rethinking PerformanceMeasurementBeyond the Balanced ScorecardMarshall W. MeyerWharton School, University of Pennsylvania

Performance measurement remains avexing problem for business firms andother kinds of organizations. This bookexplains why: the performance we wantto measure (long-term cash flows, long-term viability) and the performance wecan measure (current cash flows,customer satisfaction, etc.) are not thesame. The ‘balanced scorecard’, whichhas been widely adopted by US firms,does not solve these underlyingproblems of performance measurementand may exacerbate them because itprovides no guidance as to how tocombine dissimilar measures into anoverall appraisal of performance. Ameasurement technique called activity-based profitability analysis (ABPA) issuggested as a partial solution, especiallyto the problem of combining dissimilarmeasures. ABPA estimates the revenueconsequences of each activity performedfor the customer, allowing firms tocompare revenues with costs for theseactivities and hence to discriminatebetween activities that are ultimatelyprofitable and those that are not.

‘This book is a must-buy for any seniormanagers of service firms that aspire tohave their companies survive andprosper even as competition inevitablyincreases. Building on a platform ofinsightful field work Meyer uses acompelling and incisive logic to proposea monitoring and measurementmethodology (APBA) that allows firmsto simultaneously pursue customer

differentiation on the customer frontand efficiency on the functional front –all by driving strategic decision-makingdown to the level of the customer.’

Professor Ian MacMillan, WhartonSchool of Management, University of

Pennsylvania

2003 228 x 152 mm 212pp 53 line diagrams4 tables0 521 81243 7 Hardback c. £25.00Publication January 2003

Assumption-Based PlanningA Tool for Reducing Avoidable SurprisesJames A. DewarRAND Corporation, California

Unwelcome surprises in the life of anyorganization can often be traced to thefailure of an assumption that theorganization’s leadership didn’t anticipate orhad ‘forgotten’ it was making.Assumption-based planning (ABP) is a toolfor identifying as many as possible of theassumptions underlying the plans of anorganization and bringing thoseassumptions explicitly into the planningprocess. This book presents a variety oftechniques for rooting out thosevulnerable, crucial assumptions. The bookalso presents steps for monitoring all thevulnerable assumptions of a plan, fortaking actions to control those vulnerableassumptions where possible, and forpreparing the organization for the potentialfailure of those assumptions where controlis not possible. The book provides a varietyof examples and practical advice for thoseinterested in carrying out an application ofABP in the fields of business, management,strategic planning, engineering, and inmilitary applications.RAND Studies in Policy Analysis2002 228 x 152 mm 266pp 19 line diagrams0 521 80653 4 Hardback £47.500 521 00126 9 Paperback £16.95

Management and Marketing 31

the theories. The book provides an analysisof the crucial literature on remunerationand performance management, exploringthe main theories, debates and practices.The book seeks to provide students with athorough understanding of the debatesassociated with issues of work motivation,pay equity, performance managementethics; the methods of pay andperformance management; the systems ofperformance pay; and the options andissues facing managers. It encouragesstudents to form a critical understanding ofthe debates it raises by providing anoverview of the alternatives.2003 250 x 176 mm 320pp0 521 82046 4 Hardback c. £30.00Publication August 2003

Forthcoming

Corporate EntrepreneurshipTop Managers and New Business CreationVijay SatheClaremont Graduate School, CaliforniaForeword by Peter F. Drucker

How do large corporations encourage theirsenior managers to become moreentrepreneurial? This is a key questionwhich is seldom addressed in mainstreamentrepreneurship studies. Professor Sathehas written a pioneering book based onhundreds of hours of interviews with seniormanagers to help understand why someorganizations and some top managers arebetter than others in fosteringentrepreneurship leading to successful newbusiness growth. Corporate Entrepreneurshipexplores the real world of top managers ina systematic and comprehensive way,examining business realities, themanagement culture, the corporatephilosophy, the organizational politics, thepersonalities and the personal agendas ofthe people at the top. The book offers botha theory of corporate entrepreneurship andpractical advice on how to manage itbetter. An original and valuablecontribution to the literature on strategicmanagement, this is a book that will appealto graduate students, researchers andreflective practitioners.2003 228 x 152 mm 400pp 16 tables 11 figures0 521 82499 0 Hardback c. £65.000 521 53197 7 Paperback c. £24.95Publication June 2003

The Open CorporationEffective Self-regulation and DemocracyChristine ParkerUniversity of Melbourne

The Open Corporation sets out aninnovative and realistic blueprint foreffective corporate self-regulation, offeringpractical strategies for managers,stakeholders and regulators to buildsuccessful self-regulation managementsystems. Christine Parker examines the

Strategy and OrganizationRealising Strategic ManagementLoizos HeracleousNational University of Singapore

Examining some of the new and emergingissues in strategic management, LoizosHeracleous offers a fresh approach to theestablished ideas of strategy. With anunderlying ‘organisational action’perspective, he emphasises the importanceof organisational culture in realisingstrategy and applies these to suchimportant new areas as corporategovernance and the impact of the Interneton business organisation and activity.Combining original research with thoroughsurveys of the literature, the book has astrong applied orientation making it idealfor MBA level students, researchers and themore thoughtful practitioner.2003 228 x 152 mm 260pp 18 line diagrams17 tables0 521 81261 5 Hardback c. £47.500 521 01194 9 Paperback c. £16.95Publication July 2003

Forthcoming

Organizational Learning fromPerformance FeedbackA Behavioral Perspective on Innovation andChangeHenrich R. GreveNorwegian School of Management

Revisiting Cyert and March’s classic 1963‘Behavioral Theory of the Firm’, HenrichGreve offers an intriguing analysis of howfirms evolve in response to feedback abouttheir own performance. Based on ideasfrom organizational theory, socialpsychology, and economics, he explainshow managers set goals, evaluateperformance, and determine strategicchanges. Drawing on a range of recentstudies, including the author’s own analysisof the Japanese shipbuilding industry, hereports on how theory fits current evidenceon organizational change of risk-taking,research and development expenses,innovativeness, investment in assets, and inmarket strategy. The findings suggest thathigh-performing organizations quicklyreduce their rates of change, but low-performing organizations only slowlyincrease those rates. Analysis ofperformance feedback is an important newdirection for research and this bookprovides valuable insights in howorganizational learning interacts with otherinfluences on organizational behavioursuch as competitive rivalry and institutionalinfluences.2003 228 x 152 mm 260pp 7 tables 12 figures0 521 81831 1 Hardback c. £50.000 521 53491 7 Paperback c. £18.95Publication June 2003

New

Reaching the Interactive CustomerDevices and Services for a Digital WorldMai-lan TomsenMicrosoft Corporationand Ron FaithQpass

Reaching the Interactive Customer providescritical information for businessprofessionals who want to understand a‘connected world’, linking businesses,customers, and service providers. Itdescribes how the audience for interactiveservices has evolved and what that audienceis looking for in consumer devices. 2003 228 x 152 mm 160pp0 521 81670 X Paperback c. £17.95Publication February 2003

Forthcoming

Satisficing Games and DecisionMakingWith Applications to Engineering andComputer ScienceWynn StirlingBrigham Young University, Utah

In our day-to-day lives we constantly makedecisions which are simply ‘good enough’rather than optimal. Most computer-baseddecision making algorithms, on the otherhand, doggedly seek only the optimalsolution based on rigid criteria and rejectany others. In this book, Professor Stirlingoutlines an alternative approach, usingnovel algorithms and techniques which canbe used to find satisficing solutions.Building on traditional decision and gametheory, these techniques allow decision-making systems to cope with more subtlesituations where self and group interestsconflict, perfect solutions can’t be foundand human issues need to be taken intoaccount – in short, more closely modellingthe way humans make decisions. The bookwill therefore be of great interest toengineers, computer scientists andmathematicians working on artificialintelligence and expert systems.2003 247 x 174 mm 250pp 20 line diagrams0 521 81724 2 Hardback c. £55.00Publication April 2003

Forthcoming

Performance and RewardsManagementAn Introduction to the Theory and Practiceof Strategic Remuneration ManagementJohn ShieldsUniversity of Sydney

Performance and Rewards Managementcritically examines contemporary theoryand practice in these central fields ofhuman resource management (HRM),providing a comprehensive overview of thekey concepts and topics, and draws on awide range of case studies to demonstrate


32 Management and Marketing

conditions under which corporate self-regulation of social and legalresponsibilities is likely to be effective,covering a wide range of areas – fromconsumer protection to sexual harassmentto environmental compliance. Focusing onthe features that make self-regulation orcompliance management systems effective,Parker argues that law and regulators needto focus much more on ‘meta-regulating’corporate self-regulation if democraticcontrol over corporate action is to beestablished. For Parker, the ideal of theopen corporation should be a unionbetween government, democracy and thelaw.2002 228 x 152 376pp 5 tables 7 figures0 521 81890 7 Hardback £30.00

New edition

Corporate CollapseSecond editionF. L. ClarkeUniversity of Newcastle, New South WalesG. W. DeanUniversity of Sydneyand K. G. OliverUniversity of Sydney

This revised edition of Clarke, Dean andOliver’s provocative book tells whyaccounting has failed to deliver the truthabout a company’s state of affairs or to givewarning of its drift towards failure. Bystudying a number of well-known cases ofcorporate collapse from the 1960s to thepresent day, the authors observe that littlehas changed. They balance broadinterpretations and recommendations forreform with fine detail of particular cases,insightful analysis of contemporarypractices and dissection of the pervadingcommercial rhetoric. This revised editionincludes an examination of the recent HIHand One.Tel collapses and shows that thecult of the individual in media coverage hasmasked serious endemic problems in thesystem of reporting financial information.Corporate Collapse is essential reading forprofessional accountants and auditors,company directors and managers,regulators, corporate lawyers, investors andeveryone aspiring to join their ranks.

Reviews of the first edition:

‘Corporate Collapse should be read byanyone with an interest in financialmatters.’

Times Higher Education Supplement

2003 228 x 152 mm 344pp0 521 82684 5 Hardback c. £50.000 521 53426 7 Paperback c. £18.95Publication April 2003

Forthcoming

Strategic Alliances as Social FactsBusiness, Biotechnology, and IntellectualHistoryMark De RondJudge Institute of Management Studies, CambridgeForeword by Anne Huff

Mark de Rond examines the socialdimension of strategic alliances and theimportance of the individuals involved.Based on in-depth case studies of threemajor biotechnology alliances, the bookcombines insights from social theory andintellectual history with mainstreamstrategic management literature to providea refreshing and thought-provokinganalysis.

‘An absorbing account of strategiclearning in a hi-tech sector. Written inan elegant and witty style, it opens theanalysis to a wide audience. The casehistories are likely to be quoted inmanagement teaching and research forsome time to come.’

Professor Raymond Loveridge, SaidBusiness School, University of Oxford

2003 228 x 152 mm 260pp 19 line diagrams0 521 81110 4 Hardback c. £45.00Publication June 2003

Forthcoming

NGOs and Organizational ChangeDiscourse, Reporting and LearningAlnoor EbrahimVirginia Polytechnic Institute and State University

The organizational dynamics of non-governmental organizations (NGOs) havebecome increasingly complex as they haveevolved from small local groups intosophisticated multinational organizationswith global networks. Alnoor Ebrahim’sstudy analyses the organizational evolutionof NGOs as a result of their increasedprofile as bilateral partners in deliveringaid. The book combines original casestudies and research with an extensivereview of literature from organizational anddevelopment studies and advances ourunderstanding of management andorganizational change in the non-profitsector.2003 228 x 152 mm 200pp 6 line diagrams7 tables 3 graphs 1 map0 521 82486 9 Hardback c. £40.00Publication July 2003

New

Megaprojects and RiskAn Anatomy of AmbitionBent FlyvbjergAalborg University, DenmarkNils BruzeliusStockholms Universitetand Werner RothengatterUniversität Fridericiana Karlsruhe, Germany

This book is a fascinating account ofhow promoters of multi-billion dollarmegaprojects systematically and self-servingly misinform parliaments, thepublic and the media in order to getprojects approved and built. Theauthors not only explore the problemsbut also suggest practical solutionsdrawing on theory, experience and hard,scientific evidence from the severalhundred projects in twenty nations andfive continents that illustrate the book.Accessibly written, it will be thestandard reference for students, scholars,planners, economists, auditors,politicians and interested citizens formany years to come.

Advance praise:

‘Megaprojects and Risk provides afascinating look at the pervasiveness ofmisinformation in the planning ofmajor construction projects and thesystematic bias of such misinformationtoward justifying projectimplementation. The power of itsanalysis is vastly reinforced by the rangeof cases examined, extending overseventy years and five continents. Anextraordinary accomplishment, it willdoubtless serve as the standard referenceon this topic for many years to come.’

Alan Altshuler, Kennedy School ofGovernment, Harvard University

Management and Marketing 33


New

Finding a Common InterestThe Story of Dick Dusseldorp and LendLeaseLindie ClarkDusseldorp Skills Forum

This important book demonstrates howbusinesses can operate both profitably andethically – by finding a common interestbetween all those involved in theiroperations. It does so through the exampleof Dick Dusseldorp, founder of LendLease, one of Australia’s most admiredblue-chip corporations. Arriving in postwarAustralia with only one constructioncontract and a handful of workers on hiscompany’s books, Dusseldorp built LendLease into a billion dollar propertydevelopment and financial servicesconcern. Widely respected for his businesssuccess, Dusseldorp was equally wellknown for his commitment to sharing thefruits of that success with the workers,shareholders, and clients of Lend Lease,and the communities where the companyconducted its business. Not only does thisbook tell the story of Lend Lease and itsfounder, through them it demonstrateshow business can be done inclusively – andso provides a workable model for corporategovernance.2003 228 x 152 mm 308pp 25 half-tones0 521 82531 8 Hardback £45.00Publication January 2003

New

Decision Making using GameTheoryAn Introduction for ManagersAnthony KellyUniversity of Southampton

Game theory is a key element in mostdecision making processes involving two ormore people or organisations. This bookexplains how game theory can predict theoutcome of complex decision makingprocesses, and how it can help you toimprove your own negotiation and decision

making skills. It is grounded in well-established theory, yet the wide ranginginternational examples used to illustrate itsapplication offer a fresh approach to whatis becoming an essential weapon in thearmoury of the informed manager. Thebook is accessibly written, explaining insimple terms the underlying mathematicsbehind games of skill, before moving on tomore sophisticated topics such as zero-sumgames, mixed-motive games, and multi-person games, coalitions and power. Clearexamples and helpful diagrams are usedthroughout, and the mathematics is kept toa minimum. Written for managers,students and decision makers in any field.2003 247 x 174 mm 200pp 39 line diagrams57 tables0 521 81462 6 Hardback c. £24.95Publication February 2003

Textbook

Quantitative Models in MarketingResearchPhilip Hans FransesErasmus Universiteit Rotterdamand Richard PaapErasmus Universiteit Rotterdam

Presents the most important and practicallyrelevant quantitative models used formarketing research. Each model ispresented in detail with a self-containeddiscussion, which includes: ademonstration of the mechanics of themodel, empirical analysis, real worldexamples, and interpretation of results andfindings.

Contents: 1. Introduction and outline ofthe book; 2. Features of marketing researchdata; 3. A continuous dependent variable;4. A binomial dependent variable; 5. Anunordered-multinomial dependent variable;6. An ordered-multinomial dependentvariable; 7. A limited dependent variable;8. A duration dependent variable;Appendix.2001 247 x 174 mm 220pp 25 tables 28 figures0 521 80166 4 Hardback £35.00

Textbook

Management Decision MakingSpreadsheet Modeling, Analysis, andApplicationGeorge E. MonahanUniversity of Illinois, Urbana-Champaign

Management Decision Making is aspreadsheet-based introduction to the toolsand techniques of modern managerialdecision making. Throughout, the goal isto understand how business decisions arereached, what tradeoffs are made, and howoutcomes depend on the underlying data.A CD-ROM containing decision analysissoftware is included.

‘I will use this book for many years tocome in my urban planning classes …Anyone concerned with public worksprojects, planning, and ethics in publicpolicy making should read this book. Itprovides a genuinely originalperspective.’Martin Wachs, University of California,

Berkeley

‘This book is a warning against thebetrayal of public trust when hubris andprofit come together. It shows that somedecisions are too important to be leftonly to the accredited experts; that thereis no substitute for a post-normalscience involving citizens’ activeparticipation … We should all learn thelesson brought home by this book, andnever accept uncritically the experts’‘magic numbers’ that are used to justifymegaprojects.’

Silvio Funtowicz and Jerry Ravetz,authors of Uncertainty and Quality of

Science for Policy

2003 228 x 152 mm 198pp 13 line diagrams10 tables0 521 80420 5 Hardback c. £40.000 521 00946 4 Paperback c. £14.95Publication February 2003

New

International Business RiskA Handbook for the Asia-Pacific RegionEdited by Darryl JarvisUniversity of Sydney

International Business Risk is an attempt tohelp investors and students ofcontemporary Asian affairs navigate therisk environments of Asia. Using the mostup-to-date information and analyticaltechniques, the volume analyses thepolitical, economic, regulatory, and securityenvironments of 12 Asian countries. Eachcountry is assessed for its political andeconomic trends, investment risks, andopportunities in a way that is clear, conciseand easily accessible. The handbookconveys forecast information through aseries of charts, graphs, and boxedsummaries of data, making it a handyreference guide for business professionals aswell as teaching and research professionalsengaged in international relations,international business and trade with Asia.2002 247 x 174 mm 496pp 110 graphs 13 maps0 521 82194 0 Hardback £65.00Publication December 2002

34 Economic History

Forthcoming

Business History around the Worldat the Turn of the Twenty-FirstCenturyEdited by Franco AmatoriUniversità Commerciale Luigi Bocconi, Milanand Geoffrey JonesReading University

This book offers the first in-depthinternational survey of current research anddebates in business history. Historians aredocumenting and analyzing the evolution ofa wide range of important companies, theirpatterns of innovation, production, anddistribution, their financial affairs, theirpolitical activities, and their social impact.Comparative Perspectives in Business History2003 228 x 152 mm 350pp 1 line diagram 1 table0 521 82107 X Hardback c. £40.00Publication June 2003

New

International Financial History inthe Twentieth CenturySystem and AnarchyEdited by Marc FlandreauInstitut d’Etudes Politiques, ParisCarl-Ludwig HoltfrerichFreie Universität Berlinand Harold JamesPrinceton University, New Jersey

The essays in this book, written by some ofthe leading experts in the field, examine thelong-run history of the internationalfinancial system in the terms of the currentdebate about globalization and its limits.Publications of the German Historical Institute2003 228 x 152 mm 288pp0 521 81995 4 Hardback c. £35.00Publication April 2003

Forthcoming

Globalization and the AmericanCenturyAlfred E. EckesOhio Universityand Thomas W. ZeilerUniversity of Colorado, Boulder

Revolutionary improvements in Americantechnology have combined with theleadership elite’s enthusiasm for de-regulation of markets and free trade to fuelAmerican-style globalization. However, thetragic events of September 2001 and thegrowing volatility of global finance, nowraise questions about whether the era ofAmerican-led globalization is sustainable.2003 228 x 152 mm 350pp 10 half-tones13 tables0 521 80409 4 Hardback c. £35.000 521 00906 5 Paperback c. £12.95Publication May 2003

Contents: 1. The science of managerialdecision making; Part I. Decision MakingUsing Deterministic Models: 2. Introduction to linear programmingmodels; 3. Developing model formulationskills; 4. More advanced linear decisionproblems; 5. Output analysis I: smallchanges; 6. Output analysis II: largechanges; 7. Integer linear programs; Part II. Decision Making UnderUncertainty: 8. Introduction to probabilitymodels; 9. Decision making underuncertainty; 10. Decision trees;11. Management of congested servicesystems; 12. Monte Carlo simulation;Appendix – an Excel primer.2000 247 x 174 mm 752pp 100 tables158 exercises 258 figures0 521 78118 3 Hardback £37.50

Economic HistoryNew

Anytime, AnywhereEntrepreneurship and the Creation of aWireless WorldLouis GalambosThe Johns Hopkins Universityand Eric John AbrahamsonThe Prologue Group

Wireless entrepreneurs are transformingthe way people live and work aroundthe globe. In the process they havecreated some of the fastest growingcompanies on the planet. This book tellsthe story of the birth and explosion ofcellular and wireless communications asseen through the eyes of one of theindustry’s pioneers, Sam Ginn. Asderegulation and privatization swept theglobe, Ginn and his team at Air TouchCommunications fought for and wonlicenses on several continents. Theybuilt an amazingly successful businessusing strategic partnerships and jointventures. In the process theydemonstrated a new model for globalentrepreneurship in a high-tech,

information-based economy. Thecombination of Air Touch withVodafone in 1999, and Vodafone withMannesmann in Europe in 2000 hascreated the largest wireless business inthe world. Vodafone also formed a jointventure with Bell Atlantic to create thelargest wireless company in America.2002 228 x 152 mm 320pp 6 line diagrams6 half-tones0 521 81616 5 Hardback £25.00

New

Russia’s Economic TransitionsFrom Late Tsarism to the New MillenniumNicolas SpulberIndiana University

Russia’s Economic Transitions examines thethree major transformations that thecountry underwent from the early 1860s to2000. The first transition, under Tsarism,involved the partial breakup of the feudalframework of land ownership and themove toward capitalist relations. Thesecond, following the Communistrevolution of 1917, brought to power asystem of state ownership andadministration – a sui generis type of war-economy state capitalism – subjecting theeconomy’s development to centralcommands. The third, started in the early1990s and still unfolding, is aiming atreshaping the inherited economic fabric onthe basis of private ownership. The threetransitions originated within differentsettings, but with a similar primary goal,namely the changing of the economy’sownership pattern in the hopes ofproviding a better basis for subsequentdevelopment. The treatment’s originality,impartiality, and historical breadth havecogent economic, social, and politicalrelevance.

‘The book is a massive undertaking,covering almost two centuries. Spulberis attempting to look at the three majortransitions of Russian economic history– the decision to ‘modernize’ after theCrimean War, the Sovietindustrialization drive and ensuingmodernization of the Soviet Union, andthe Russian transition after 1991. It is amonumental scholarly effort. No oneelse has tried such a project, so it willstand alone.’

Paul R. Gregory, University of Houston,Texas

2003 228 x 152 mm 432pp 11 line diagrams95 tables0 521 81699 8 Hardback £55.00Publication January 2003

Economic History 35

Cambridge Medieval Textbooks2002 216 x 138 mm 274pp0 521 45260 0 Hardback £40.000 521 45893 5 Paperback £14.95

New

The Rise of Commercial EmpiresEngland and the Netherlands in the Age ofMercantilism, 1650–1770David OrmrodUniversity of Kent at Canterbury

The Rise of Commercial Empires is a work ofmajor importance for the economic historyof both Europe and North America. It isan analysis of a crucial transformation inthe history of trade, as London became thecentre of a new kind of world economy.Cambridge Studies in Modern EconomicHistory, 102003 228 x 152 mm 404pp 10 half-tones33 tables 15 figures 1 map0 521 81926 1 Hardback c. £50.00Publication February 2003

New

The History of Family Business,1850–2000Andrea ColliUniversità Commerciale Luigi Bocconi, Milan

This book gives a historical andcomparative perspective on family business,examining through time the differentrelationships within family businesses andamong family enterprises. It discusses thereasons for both the decline and persistenceof family business, its historical evolution,and its contribution to the growth of singleeconomies.New Studies in Economic and Social History, 472002 216 x 138 mm 114pp0 521 80028 5 Hardback £25.000 521 80472 8 Paperback £9.95Publication December 2002

National Cultures andInternational CompetitionThe Experience of Schering AG, 1851–1950Christopher Kobrak

This book is first and foremost a history ofSchering AG, one of Germany’s bestknown pharmaceutical companies, from itsbirth as a pharmacy in the middle of thenineteenth century to the first steps of itsre-birth as a multinational in 1950.Cambridge Studies in the Emergence of GlobalEnterprise2002 228 x 152 mm 412pp 16 half-tones 1 map0 521 81481 2 Hardback £40.00

Forthcoming

The Escape from Hunger andPremature Death, 1700–2100Robert W. Fogel

This book consolidates Robert Fogel’s EllenMcArthur lectures, which examine theimportance of nutrition in economichistory. In these lectures, Professor Fogeldiscusses the use of evidence of lifeexpectancy and physical stature to examinebroad themes in modern history, and tohighlight the need for public policy debate.He considers errors in previousexplanations of secular trends in health andlongevity, and analyses from an economicperspective the future prospects forlongevity. This collection will appeal topublic policy experts, demographers, andscholars of economic and medical history.Cambridge Studies in Population, Economy andSociety in Past Time2003 228 x 152 mm 200pp0 521 80878 2 Hardback c. £47.500 521 00488 8 Paperback c. £17.95Publication June 2003

Forthcoming

Poverty, Progress and PopulationE. A. WrigleyUniversity of Cambridge

Our understanding of what constituted theindustrial revolution has changedfundamentally in recent decades. Sir E. A.Wrigley, the leading historian of industrialEngland, here sets out to expose theinadequacy of what was once the receivedwisdom and to suggest what he believesshould stand in its place.2003 228 x 152 mm 330pp0 521 82278 5 Hardback c. £47.500 521 52974 3 Paperback c. £17.95Publication June 2003

Textbook

Making History CountA Primer in Quantitative Methods forHistoriansCharles H. FeinsteinUniversity of Oxfordand Mark ThomasUniversity of Virginia

This authoritative guide to quantitativemethods is designed to be used as the basictext for taught graduate courses, andupper-level students working on their own.Illustrated with tables, graphs anddiagrams, it introduces key topics, andsupported by five specific historical data-sets, available electronically indownloadable and manipulatable form.2002 247 x 174 mm 570pp 1 table 142 figures0 521 80663 1 Hardback £65.000 521 00137 4 Paperback £21.95

New

British Trade Unions since 1933Chris WrigleyUniversity of Nottingham

This textbook summarises the history ofBritish trade unions between 1933 and2000. The book discusses the key themesand controversies surrounding trade unions,including their economic impact and theirinfluence on government. It gives students alucid and up-to-date introduction to therecent history of British trade unionism.New Studies in Economic and Social History, 462002 216 x 138 mm 114pp0 521 57231 2 Hardback £25.00

Just TaxesThe Politics of Taxation in Britain,1914–1979Martin DauntonUniversity of Cambridge

Professor Martin Daunton’s major work oforiginal synthesis explores the politics oftaxation in the twentieth century.Combining new research with acomprehensive survey of existingknowledge, this lucid and wide-rangingbook examines the complex financialrelationship between the State and itscitizens in modern Britain.2002 228 x 152 mm 422pp 23 tables 9 graphs0 521 81400 6 Hardback £45.00

The Cambridge History of WesternTextilesEdited by David JenkinsUniversity of York

Textiles have been essential to the everydaylives of all societies. This authoritativestudy brings together and extends currentknowledge on the production and uses oftextiles, through the eyes of archaeologists,economic and social historians, historiansof fashion and of dress, and museumcurators. 2003 247 x 174 mm 1500pp 280 half-tones40 colour plates0 521 34107 8 2 Volume Hardback Boxed Setc. £250.00

Introductory offer price of £200 until 3months after publication.

Publication March 2003

Medieval Economic ThoughtDiana WoodUniversity of East Anglia

This book studies medieval economicthought, from the twelfth to the fifteenthcenturies, as it emerges from the works ofacademic theologians and lawyers and avariety of secular sources. Its aim is tomake accessible a relatively neglectedsubject, and to explore the relationshipbetween theory and practice.


36 Economic History

Origins of the French WelfareStateThe Struggle for Social Reform in France,1914–1947Paul V. DuttonNorthern Arizona University

This is the first comprehensive analysis ofpublic and private welfare in Franceavailable in English or French, which offersa deeply-researched explanation of howFrance’s welfare state came to be and whythe French are so attached to it.New Studies in European History2002 228 x 152 mm 266pp 4 tables 12 figures0 521 81334 4 Hardback £45.00

Forthcoming

The French Economy in theTwentieth CenturyJean-Pierre Dormois

Is France still an exception in Europe, orhave the French come back into line? Inthis textbook, Jean Pierre Dormois surveysFrance’s spectacular economictransformation over the past century. Thebook gives a general introduction to themajor transformation of French society andillustrates modern economic development.New Studies in Economic and Social History2003 216 x 138 mm 110pp0 521 66092 0 Hardback c. £25.000 521 66787 9 Paperback c. £9.95Publication June 2003

Forthcoming

Women at the GatesGender and Industry in Stalin’s RussiaWendy Z. GoldmanCarnegie Mellon University, Pennsylvania

In the 1930s, the Soviet working class grewat an unprecedented rate, changing in sizeand social composition. Women at the Gatesis the story of a world remade, from aboveand from below, as women entered wagedlabor in unprecedented numbers.2002 228 x 152 mm 314pp 15 half-tones25 tables0 521 78064 0 Hardback £47.500 521 78553 7 Paperback £17.95

Forthcoming

The European MiracleEnvironments, Economies and Geopolitics inthe History of Europe and AsiaThird editionEric JonesUniversity of Reading

Why did modern states and economiesdevelop first in the peripheral and late-coming culture of Europe? Eric Jones seesthe economic condition forming wherenatural environments and political systemsmeet: Europe’s economic rise is explainedas a favoured interaction between them,contrasting with the frustrating pattern oftheir interplay in the Ottoman empire,India and China.

2003 228 x 152 mm 340pp 8 tables 1 map0 521 82094 4 Hardback c. £35.000 521 52783 X Paperback c. £14.95Publication April 2003

New in Paperback

The Monied MetropolisNew York City and the Consolidation of theAmerican Bourgeoisie, 1850–1896Sven BeckertHarvard University, Massachusetts

The first comprehensive history of themost powerful group in the nineteenth-century United States: New York City’seconomic elite. By the end of the GildedAge upper-class New Yorkers hadconsolidated themselves into a self-conscious social class that put their stampon the major issues of the day.2002 228 x 152 mm 512pp 15 line diagrams32 half-tones 4 maps0 521 52410 5 Paperback c. £17.95Publication December 2002

New

The Market, the State, and theExport-Import Bank of the UnitedStates, 1934–2000William H. BeckerGeorge Washington University, Washington DCand William McClenahan

This is the first history of the Export-Import Bank of the United States (Ex-Im)based on archival sources. Ex-Im has playeda part in all of the major events thatmarked the growing involvement of theUnited States in the international economy.2003 228 x 152 mm 384pp 4 tables0 521 81143 0 Hardback £55.00Publication April 2003

Forthcoming

The Global Coffee Economy inAfrica, Asia, and Latin America,1500–1960Edited by Steven TopikUniversity of California, Irvineand William Clarence-SmithSchool of Oriental and African Studies, University ofLondon

This volume analyzes the creation andfunction of commodity, labor, and financialmarkets; the role of race, ethnicity, gender,and class in the formation of coffeesocieties; the interaction betweentechnology and ecology; and the impact ofcolonial powers, nationalist regimes, andthe forces of the world economy in theforging of economic development andpolitical democracy.2003 228 x 152 mm 350pp 28 tables 10 maps0 521 81851 6 Hardback c. £40.00Publication April 2003

Forthcoming

A New Economic History ofArgentinaEdited by Gerardo della PaoleraThe American University of Parisand Alan M. TaylorUniversity of California, Davis

Not since the publication of Carlos DíazAlejandro’s Essays on the Economic History ofthe Argentine Republic in 1970 has therebeen a new standard reference for thoseseeking a more quantitative understandingof Argentina’s development. In theintervening years research in the ‘neweconomic history’ has crafted a moresophisticated interpretation of the past. 2003 228 x 152 mm 300pp 37 line diagrams82 tables0 521 82247 5 Hardback c. £40.00Publication August 2003

Nugget CoombsA Reforming LifeTim RowseAustralian National University, Canberra

H. C. Coombs was one of the mostinfluential Australians of the twentiethcentury. Born in 1906, he is best known asthe governor of the central bank, but thebreadth of his activities and hiscommitment to public life until his deathis unsurpassed.2002 228 x 152 430pp 8 half-tones0 521 81783 8 Hardback £50.00

New

Nation, State and the Economy inHistoryEdited by Alice TeichovaUniversity of Cambridgeand Herbert MatisWirtschaftsuniversität Wien, Austria

This book addresses the rarely-exploredsubject of the reciprocal relationshipsbetween nationalism, nation and state-building, and economic change. Analysis ofthe economic element in the building ofnations and states cannot be confined toEurope, and therefore these diverse yetinterlinked case-studies cover allcontinents.2003 228 x 152 mm 466pp0 521 79278 9 Hardback c. £50.00Publication March 2003

Economic Development and Growth 37

Journal

The Journal of Economic HistoryEditors: Gavin WrightStanford Universityand C. Knick HarleyUniversity of Western Ontario

Published for the Economic HistoryAssociation

The Journal of Economic History is devotedto the interdisciplinary study of history andeconomics, and is of interest not only toeconomic historians but to social anddemographic historians, as well aseconomists in general. The journal hasbroad coverage, in terms of both methodand geographic scope. Topics includemoney and banking, trade, manufacturing,technology, transportation, industrialorganisation, labour, agriculture, servitude,demography, education, and the role ofgovernment and regulation. In addition, anextensive review section includes the latestbooks in economic history and relatedfields.SubscriptionsVolume 63 in 2003: March, June,September and DecemberInstitutions print and electronic: £93/$144Institutions electronic only: £85/$129Special arrangements exist for members of EconomicHistory Association.Individuals members of the Journal

Journal

European Review of EconomicHistoryEditors: Stephen BroadberryUniversity of WarwickGiovanni FedericoUniversita de Pisaand Rainer FremdlingUniversity of Groningen

Published for the European HistoricalEconomics Society

European Review of Economic Historyprovides an important new source ofinsight into European economic history,which is accessible to readers from a varietyof different backgrounds. The objective isto further research, scholarship, andunderstanding of economic structure,change, and economic development inEurope since early modern times. TheReview includes full-length articles, shorterarticles, notes and comments, debates,survey articles, and review articles.SubscriptionsVolume 7 in 2003: April, August andDecemberInstitutions print and electronic: £82/$131Institutions electronic only: £74/$118Individuals print only: £38/$57American Historical Association, American PoliticalScience Association: £26/$42Special arrangements exist for members of theEuropean Historical Economics Society.Print ISSN 1361-4916Electronic ISSN 1474-0044

Journal

Financial History ReviewEditors: Youssef CassisUniversity of Grenoble IIand Philip CottrellUniversity of Leicester

Published for the European Association forBanking History

Financial History Review is an internationalforum for scholars with interests in thedevelopment of banking, finance, andmonetary matters. Its editors deliberatelyseek to embrace the broadest approach topublishing research findings within thisgrowing historical specialism. The Review’schronological concern begins with theemergence of market economies. Similarly,its geographical scope is global:international and comparative studies arepublished alongside those focused uponnational, regional, and local affairs. Articlesaddress cultural and social aspects as well asthe interrelations between politics andfinance. SubscriptionsVolume 10 in 2003: April and OctoberInstitutions print and electronic:£66/$109Institutions electronic only: £60/$100Individuals print only: £33/$53American Historical Association, American PoliticalScience Association: £18/$30Special arrangements exist for members of EuropeanAssociation for Banking History.Print ISSN 0968-5650Electronic ISSN 1474-0052

Journal

International Labor and Working-Class HistoryEditors: Joshua FreemanQueens CollegeMichael HanaganNew School for Social Researchand Victoria HattamNew School for Social Research

ILWCH explores diverse topics fromglobalisation and workers’ rights to classand consumption, labour movements, classidentity, unions, and working-class politics.Comparative and cross-disciplinary, thejournal is of interest to historians,sociologists, political scientists, andstudents.SubscriptionsVolumes 63-64 in 2003: Spring and FallInstitutions print and electronic:£46/$70Institutions electronic only: £41/$62Individuals print only: £22/$33Special arrangements exist for members of Labor andWorking Class History Association.Print ISSN 0147-5479Electronic ISSN 1471-6445


Journal

International Review of SocialHistoryExecutive Editor: Marcel van der LindenInternationaal Instituut voor Sociale Geschiedenis

Published for the Internationaal Instituutvoor Sociale Geschiedenis

With a long-established reputation,International Review of Social History iswidely regarded as one of the pioneeringjournals in its field. It is internationallyrenowned for the quality, depth andoriginality of its articles, and provides anessential resource for scholars andresearchers across the discipline of socialhistory. It also publishes book reviews, abibliography of social history titles, and anannual supplement of speciallycommissioned essays on a current topic.SubscriptionsVolume 48 in 2003: April, August andDecember, plus supplementInstitutions print and electronic: £95/$151Institutions electronic only: £85/$135Individuals print only: £42/$64American Sociological Association, American HistoricalAssociation, American Political Science Association:£32/$51Canadian Labour History Association, Australian LabourHistory Association, British Society for the Study ofLabour History, Subscribers to Labour/Le Travail: £23/$37Print ISSN 0020-8590Electronic ISSN 1469-512X

EconomicDevelopment andGrowth

New

The Role of Social Capital inDevelopmentAn Empirical AssessmentEdited by Christiaan GrootaertThe World Bankand Thierry van BastelaerUniversity of Maryland, College ParkForeword by Robert Puttnam

In recent years the role of social capital– defined as the institutions andnetworks of relationships betweenpeople, and the associated norms andvalues – in programs of povertyalleviation and development has risen toconsiderable prominence. Althoughdevelopment practitioners have longsuspected that social capital does affectthe efficiency and quality of mostdevelopment processes, this book is thefirst to provide the rigorous empiricalresults needed to confirm thatimpression and translate it into effectiveand informed policymaking. It is basedon a large volume of newly collecteddata, relying equally on quantitative and

38 Economic Development and Growth

New

India WorkingEssays on Society and EconomyBarbara Harriss-WhiteUniversity of Oxford

By drawing on her extensive fieldwork inIndia and on the adjacent theoreticalliterature, Barbara Harriss-White describesthe working of the Indian economythrough its most important socialstructures of accumulation. Successivechapters explore a range of topics includinglabour, capital, the state, gender, religiousplurality, caste and space. The author’sintimate knowledge of the country enablesthe reader to experience the Indian localscene and to engage with theprecariousness of daily life. Her conclusionchallenges the prevailing notion thatliberalisation releases the economy frompolitical interference and leads to apostscript on the economic base for fascismin India. Contemporary South Asia, 82003 228 x 152 mm 336pp0 521 80979 7 Hardback £45.000 521 00763 1 Paperback £16.95

New

Selling ChinaForeign Direct Investment During theReform EraYasheng HuangHarvard Business School

The book proposes a radically differentperspective on China’s integration in theworld economy. Most economists viewChina’s large foreign direct investment(FDI) inflows as a result of China’seconomic success. This book views thesame phenomenon as a function of theimperfections in the Chinese economicsystem. It uses economic theory to explainFDI to a greater extent than previousstudies on the same topic. The book alsopresents comparative FDI data of a numberof countries while most of the previousstudies only contained data on China.

qualitative research methodologies toestablish new approaches for measuringsocial capital and its impact. The bookdocuments the pervasive role of socialcapital in accelerating poverty alleviationand rural development, facilitating theprovision of goods and services, andeasing political transition and recoveryfrom civil conflicts.2002 228 x 152 mm 382pp 3 line diagrams87 tables 5 graphs0 521 81291 7 Hardback £45.00

Forthcoming

Benefit-Cost AnalysisFinancial and Economic Appraisal usingSpreadsheetsHarry CampbellUniversity of Queenslandand Richard BrownUniversity of Queensland

This text offers the perfect introduction tosocial benefit-cost analysis. The first partdeals with the basic theory and procedures.In Part Two some more advanced material,mainly dealing with the valuation ofinternationally tradeable goods and projectsthat affect market prices, is presented. PartThree introduces a number of specialtopics including the treatment of risk anduncertainty, income distributional effectsand the valuation of non-marketed goods.Throughout the text the emphasis is onapplications, and a worked case study isprogressively undertaken as an illustrationof the analytical principles in operation.The volume has several unique features: theclose integration of spreadsheet analysiswith analytical principles; the spreadsheetapproach provides an invaluable cross-check on the accuracy of the appraisal; andthe book is structured in a way that allowsreaders to choose the level of analysis whichis relevant to their own purposes.2003 247 x 174 mm 352pp0 521 82146 0 Hardback c. £60.00Publication June 2003

Advance praise:

‘Professor Huang is fast becoming oneof the most influential voices in theAmerican academy on the subject of theChinese economy. This is a book thatwill have a major impact on scholarsand indeed on investors, and maybeeven on China itself. It will surelychange the way that contemporaryChinese political economy is studiedand taught in universities.’

William Kirby, Harvard University

‘A fresh and fascinating perspective onthe role of foreign investment in China.Huang counters the praise common indiscussions of Chinese development byarguing that high levels of foreigninvestment arise, in part, from thefailure of the Chinese state to allocatedomestic savings efficiently. The book issure to provoke debate over Chinesedevelopment model as the countrymoves toward full membership in theWorld Trade Organization.’

Susan Rose-Ackerman, Yale University

Cambridge Modern China Series2003 228 x 152 mm 400pp 5 line diagrams25 tables0 521 81428 6 Hardback £40.00Publication February 2003

New

Taxation without Representationin Contemporary Rural ChinaThomas P. BernsteinColumbia University, New Yorkand Xiaobo LüBarnard College, New York

The financial burden imposed upon theChinese farmer by local taxes has become amajor source of discontent in the Chinesecountryside and a worrisome source ofpolitical and social instability for theChinese government. Bernstein and Lüexamine the forms and sources of heavy,informal taxation, and shed light on howpeasants defend their interests by adopting strategies of collective resistance

Economic Development and Growth 39

(both peaceful and violent). Bernstein andLü also explain why the centralgovernment, while often siding with thepeasants, has not been able to solve theburden problem by instituting a sound,reliable financial system in the countryside.While the regime has, to some extent,sought to empower farmers to defend theirinterests – by informing them about taxrules, expanding the legal system, andinstituting village elections, for example,these attempts have not yet generatedenough power from ‘below’ to counterpowerful, local official agencies. Cambridge Modern China Series2003 228 x 152 mm 304pp 15 line diagrams18 tables0 521 81318 2 Hardback c. £45.00Publication February 2003

New

Banking in Modern ChinaEntrepreneurs, Enterprises, and theDevelopment of Chinese Banks, 1897–1937Linsun ChengUniversity of Massachusetts, Dartmouth

This is the first book to document inEnglish the evolution of modern Chinesebanking, from the establishment in 1897of the first Chinese bank along a Westernmodel, to the abrupt interruption ofprofessional banking by the Japaneseinvasion in 1937. Drawing from originaldocuments of major Chinese banks, LinsunCheng explains how and why the bankswere able, despite a succession of foreignand domestic crises, to grow into viableand self-sustaining institutions in China.Rich with new, unpublished historicaldetails, this book offers an original,comprehensive narrative of the origins andgrowth of professional banks. This bookprovides a critical missing piece in theliterature on China’s economic history andmodernization in the pre-war period.Cheng also recounts early experiences withChinese banking reform that resonatetoday as useful lessons to Chinesepolicymakers assessing options for financialreform.Cambridge Modern China Series2003 228 x 152 mm 300pp 16 half-tones43 tables0 521 81142 2 Hardback £47.50Publication March 2003

Macroeconomic Policies ofDeveloped DemocraciesRobert J. Franzese, JrUniversity of Michigan, Ann Arbor

This book synthesizes and extends modernpolitical-economic theory to explain thepostwar evolution of macroeconomicpolicy in developed democracies. ChaptersII–IV study transfers, debt, andmonetary/wage policy-making andoutcomes.Cambridge Studies in Comparative Politics2002 228 x 152 mm 332pp 69 line diagrams20 tables0 521 80294 6 Hardback £55.000 521 00441 1 Paperback £19.95

Health Policy in a GlobalisingWorldEdited by Kelley LeeLondon School of Hygiene and Tropical MedicineKent BuseYale University, Connecticutand Suzanne FustukianQueen Margaret College, Edinburgh

Increasing recognition of the impact thatglobalisation may be having on publichealth has led to widespread concern aboutthe risks arising from emerging and re-emerging diseases, environmentaldegradation and demographic change. Thisbook argues that health policy making isbeing affected by globalisation and thatthese effects are, in turn, contributing tothe kind of global health issues being facedtoday. The book explores how the actors,context, processes and content of healthpolicy are changing as a result ofglobalisation, raising concerns aboutgrowing differences in who can influencehealth policy, what priorities are set, whatinterventions are deemed appropriate andultimately who enjoys good and badhealth. Bringing together a distinguished,international group of contributors, thisbook covers a comprehensive range oftopics and geographic regions and will beinvaluable for all those interested in health,social and public policy and globalisation.2002 228 x 152 mm 362pp 9 line diagrams14 tables0 521 80419 1 Hardback £47.500 521 00943 X Paperback £17.95

The Institutional Economics ofForeign AidBertin MartensEuropean CommissionUwe MummertMax Planck Institute, JenaPeter MurrellUniversity of Maryland, College Parkand Paul SeabrightUniversité de ToulouseForeword by Elinor Ostrom

This book is about the institutions,incentives and constraints that guide thebehaviour of people and organizationsinvolved in the implementation of foreignaid programmes. While traditionalperformance studies tend to focus almostexclusively on the policies and institutionsin recipient countries, this book looks atincentives in the entire chain oforganizations involved in the delivery offoreign aid, from donor governments andagencies to consultants, experts and otherintermediaries. Four aspects of foreign aiddelivery are examined in detail: incentivesinside donor agencies, the interaction ofsubcontractors with recipient organizations,incentives inside recipient countryinstitutions, and biases in aid performancemonitoring systems.2002 216 x 138 mm 212pp 15 line diagrams0 521 80818 9 Hardback £40.00

New

Finance, Intermediaries, andEconomic DevelopmentEdited by Stanley L. EngermanUniversity of Rochester, New YorkPhilip T. HoffmanCalifornia Institute of TechnologyJean-Laurent RosenthalUniversity of California, Los Angelesand Kenneth L. SokoloffUniversity of California, Los Angeles

This volume includes ten essays dealingwith financial and other forms of economicintermediation in Europe, Canada, and theUnited States since the seventeenthcentury. Each relates the development ofinstitutions to economic change anddescribes their evolution over time, as wellas discussing several different forms ofintermediation, and deals with significanteconomic and historical issues.2003 228 x 152 mm 335pp 28 line diagrams1 half-tone 42 tables0 521 82054 5 Hardback c. £35.00Publication March 2003


40 Economic Systems

Crony CapitalismCorruption and Development in South Koreaand the PhilippinesDavid C. KangDartmouth College, New Hampshire

Why has the literature on Asiandevelopment not addressed the issue ofmoney politics in Korea? How can wereconcile the view of an efficientdevelopmental state in Korea before 1997with reports of massive corruption andinefficiency in that same country in 1998and 1999? Cambridge Studies in Comparative Politics2002 228 x 152 mm 220pp 11 line diagrams56 tables0 521 80817 0 Hardback £40.000 521 00408 X Paperback £14.95

State and Market in Post-MaoChinaThe Competitive Advantage of Firms AfterCommunismYi-min LinHong Kong University of Science and Technology

State and Market in Post-Mao Chinaexamines how the decline of centralplanning was related to the rise of twomarkets: an economic market for theexchange of products and factors, and apolitical market for the diversion to privateinterests of state assets and authorities.Structural Analysis in the Social Sciences, 182002 228 x 152 mm 270pp 3 line diagrams17 tables0 521 77130 7 Hardback £45.00

Also of interest

Journal

The China QuarterlyEditor: Julia StraussSchool of Oriental and African Studies

Published for the School of Oriental andAfrican Studies

The China Quarterly is the leadingscholarly journal in its field, covering allaspects of contemporary China includingTaiwan. Its interdisciplinary approachcovers a range of subjects includinganthropology/sociology, literature and thearts, business/economics, geography,history, international affairs, law, andpolitics. Edited to rigorous standards thejournal publishes high-quality, authoritativeresearch, keeping readers up to date withevents in China. SubscriptionsVolumes 173-176 in 2003: March, June,September and DecemberInstitutions print and electronic: £89/$147Institutions electronic only: £84/$139Individuals print only: £40/$69Students: £20/$35Print ISSN 0305-7410Electronic ISSN 1468-2648

Journal

Journal of Latin American StudiesEditors: Paul CammackUniversity of Manchesterand James DunkerleyUniversity of LondonAssociate Editor: Rachel SiederUniversity of London

With over 30 years of continuouspublication, Journal of Latin AmericanStudies presents recent research in the fieldof Latin American studies in economics,geography, politics, international relations,sociology, social anthropology, economichistory and cultural history. Regularfeatures include articles on contemporarythemes, specially commissionedcommentaries and an extensive section ofbook reviews. There is no commitment toany political viewpoint or ideology.SubscriptionsVolume 35 in 2003: February, May,August and NovemberInstitutions print and electronic: £136/$212Institutions electronic only: £122/$190Individuals print only: £52/$80Students: £29/$45Society for Latin American Studies, Asociacion deHistoriadores Latinamericanstas: £32/$50Special arrangements exist for members of the LatinAmerican Studies Association.Print ISSN 0022-216XElectronic ISSN 1469-767X

Also of interestJournal

The Journal of Modern AfricanStudiesEditor: Christopher ClaphamCambridge University Centre of African Studies

The Journal of Modern African Studies offersa quarterly survey of developments inmodern African politics and society. Itsmain emphasis is on current issues inAfrican politics, economies, societies andinternational relations. It is intended notonly for students and academic specialists,but also for general readers andpractitioners with a concern for modernAfrica, living and working both inside andoutside the continent. Editorial policyavoids commitment to any politicalviewpoint or ideology, but aims at a fairexamination of controversial issues in orderto promote a deeper understanding of whatis happening in Africa today. SubscriptionsVolume 41 in 2003: March, June,September and DecemberInstitutions print and electronic: £138/$216Institutions electronic only: £124/$194Individuals print only: £48/$76Past contributors, African Studies Association: £32/$52Print ISSN 0022-278XElectronic ISSN 1469-7777

Economic SystemsForthcoming Textbook

Economic Transition in Centraland Eastern EuropeDaniel GrosCentre for European Policy Studies, Brusselsand Alfred SteinherrUniversita di Bolzano

Analysing the key problems facing thetransition countries in Central andEastern Europe, this accessible bookdescribes the legacy of the centralplanners, the progress achieved so farand the need for further reforms. Itdocuments the outstanding successesand failures, and analyses why certainapproaches to transition have workedand other have not. It tests wheretransition is over and shows how somecountries have graduated from‘transition’ to ‘integration’ through theirefforts to join the European Union(EU). It discusses the costs and benefitsof the eastern enlargement of the EU.The specific experiences of Germanunification, the Soviet Union’sdisintegration, and Russia’s complexreforms are examined, as are the specificissues that need to be addressed in theBalkans. The book concludes byindicating how the expanding EU couldhelp the poor performers throughinclusion in a continent-wide integratedeconomic area.

‘…masterful analysis of the process oftransition to a market economy…essential reading..’

George Soros

Contents: Part I. The Rise and Declineof Communism: An Overview: 1. Frompre-war Russia to the fall ofCommunism; 2. The obsession withgrowth; Part II. Transition: 1990–2000:3. Transition: the job; 4. Transition: tenyears later; 5. Transition: unfinishedbusiness; Part III: Extreme Cases forReform: Scope for Disagreements: 6. German unification: an example ofbig-bang reform; 7. The disintegrationof the Soviet Union; 8. Russia: after alost decade Phoenix rises from theashes?; Part IV. The New Europe fromthe Atlantic to the Urals: 9. Easternenlargement; 10. Saving the Balkans;11. The outlook; Bibliography.2003 246 x 189 mm 400pp 11 half-tones22 tables 23 graphs 4 maps0 521 82638 1 Hardback c. £55.000 521 53379 1 Paperback c. £19.95Publication July 2003

Environmental and Natural Resource Economics 41


Building CapitalismThe Transformation of the Former SovietBlocAnders AslundCarnegie Endowment for International Peace,Washington DC

This book offers the most comprehensiveempirical analysis of the economictransformation of the countries comprisingthe former Soviet bloc during the firstdecade after communism.

‘Building Capitalism has all the rightingredients: it is on a criticallyimportant issue; it is based on anextraordinarily detailed knowledge ofeconomic and political history, pre- andpost- the break-up of the former SovietUnion; and it displays a fullacquaintance with the literature, AndersAslund’s naturally exuberant style, and aclear point of view. Whether you agreeor disagree with the argument, youshould not be indifferent to this book.And by the end, you shouldfundamentally agree.’

Stanley Fischer, International Monetary Fund


Forthcoming

From Mao to MarketRent-Seeking, Local Protectionism, andMarketization in ChinaAndrew WedemanUniversity of Nebraska, Lincoln

This book argues that China succeeded inmoving from a Maoist command economyto a market economy because the centralgovernment failed to prevent localgovernments from forcing prices to marketlevels. The ‘resource wars’ that resultedfrom partial price reform in the early 1980scleared the way for sweeping reforms.Cambridge Modern China Series2003 228 x 152 mm 250pp 10 line diagrams4 tables0 521 80960 6 Hardback c. £37.50Publication August 2003

Contents: Foreword David W. Pearce;1. Introduction; 2. Recreation: valuationmethods; 3. Recreation: predictingvalues; 4. Recreation: predicting visits;5. Timber valuation; 6. Modelling andmapping timber yield and value; 7. Modelling and valuing carbonsequestration in trees, timber productsand forest soils; 8. Modellingopportunity cost: agricultural outputvalues; 9. Cost benefit analysis usingGIS; 10. Conclusions and futuredirections.2003 247 x 174 mm 360pp 35 line diagrams3 colour plates 67 tables0 521 80956 8 Hardback c. £45.00Publication March 2003

Forthcoming

Economic Theory and GlobalWarmingHirofumi UzawaUniversity of Tokyo

In this book, Professor Uzawa modifies andextends the theoretical premises oforthodox economic theory to thosesufficiently broad enough to be capable ofanalyzing the phenomena related toenvironmental disequilibrium, particularlyglobal warming, and of findinginstitutional arrangements and policymeasures that may bring about a moreoptimal state where natural andinstitutional components are harmoniouslyblended. He constructs a theoreticalframework in which three major problemsconcerning global environmental issuesmay effectively addressed. First, allphenomena involved with globalenvironmental issues exhibit externalities ofone kind or another. Secondly, globalenvironmental issues involve internationaland intergenerational equity and justice.Thirdly, global environmental issuesconcern the management of theatmosphere, the oceans, water, soil, andother natural resources that have to bedecided by a consensus of all affectedcountries.2003 228 x 152 mm 200pp 5 line diagrams3 tables0 521 82386 2 Hardback c. £37.50Publication July 2003

Environmental andNatural ResourceEconomics

New

Applied EnvironmentalEconomicsA GIS Approach to Cost-benefit AnalysisIan J. BatemanUniversity of East AngliaAndrew A. LovettUniversity of East Angliaand Julii S. BrainardUniversity of East Anglia

The complex real world interactionsbetween the economy and environmentform both the focus of and main barrierto applied research within the field ofenvironmental economics. However,geographical information systems (GIS)allow economists to tackle suchcomplexity head on by directlyincorporating diverse data sets intoapplied research rather than resorting tosimplifying and often unrealisticassumptions. This innovative bookapplies GIS techniques to spatial cost-benefit analysis of a complex and topicalland use change problem, theconversion of agricultural land tomultipurpose woodland, looking indetail at issues such as opportunitycosts, recreation, carbon storage, etc.,and embracing cross cutting themessuch as the evaluation of environmentalpreferences and the spatial transfer ofbenefit functions.

‘A fine example of economic valuationbeing put to imaginative and unique useby some of the most excitingpractitioners of the art of economicvaluation.’

David W. Pearce (from the Foreword)

42 Environmental and Natural Resource Economics

New

Biodiversity, Sustainability andHuman CommunitiesProtecting Beyond the ProtectedEdited by Tim O’RiordanUniversity of East Angliaand Susanne Stoll-KleemannPotsdam Institute for Climate Impact Research

The rate at which the planet is losing itsbiodiversity, the implications of this loss,and possible remedies are the subject ofmuch public and academic debate.Biodiversity, Sustainability and HumanCommunities advocates the preservation ofbiodiversity through a mix of strictprotection, inclusive involvement of peopleinside and adjacent to reserves, and bycombining livelihoods and social well-beingin all future biodiversity management. Casestudies from regions around the world areexamined and discussed, and thecontributors include political scientists,economists and ecologists.2002 228 x 152 mm 334pp 5 line diagrams 1 half-tone 26 tables 2 graphs 3 maps0 521 81365 4 Hardback £45.000 521 89052 7 Paperback £16.95

New

Sustaining AbundanceEnvironmental Perfomance in IndustrialDemocraciesLyle ScruggsUniversity of Connecticut

Attention to environmental problems inthe social sciences has brought some boldgeneralizations about causes of goodresults, but almost no systematic cross-national studies that flesh out majortheoretical arguments and test those claimswith data. This study makes a seminalcontribution to that effort in two ways.First, by taking environmental outcomesover the last thirty years as the centraldependent variable, it provides a basis forevaluating national performance inreducing environmental problems. Second,by developing a data set includingperformance in a number of countries andelaborating on major explanations ofenvironmental performance found in theliterature.Cambridge Studies in Comparative Politics2003 228 x 152 mm 272pp 24 line diagrams34 tables0 521 81672 6 Hardback £40.000 521 01692 4 Paperback £15.95Publication February 2003

New

Public Participation inSustainability ScienceA HandbookEdited by Bernd KasemirHarvard University, MassachusettsJill JägerInternational Human Dimensions Programme, BonnCarlo C. JaegerPotsdam Institute for Climate Impact Researchand Matthew T. GardnerBiogen Inc.Foreword by William C. ClarkHarvard University, Massachusettsand Alexander WokaunPaul Scherrer Institute, Viligen, Switzerland

The participation of citizens and otherstakeholders is increasingly important forpolicy making on the environment andsustainable development. The contributorsto this book examine methods forfacilitating public participation on a localand global level. The authors thus suggestconsultation procedures which integratescientific modelling with democraticdecision-making processes. 2003 228 x 152 mm 302pp 21 figures0 521 81818 4 Hardback c. £47.500 521 52144 0 Paperback c. £17.95Publication March 2003

New

The Dynamics of Deforestationand Economic Growth in theBrazilian AmazonLykke AndersenCatholic University of Bolivia, La PazClive W. J. GrangerUniversity of California, San DiegoEustaquio J. ReisInstitute for Applied Economic Research, Rio de JaneiroDiana WeinholdLondon School of Economics and Political Scienceand Sven WunderCenter for Development Research, Denmark

Presenting an economic perspective ofdeforestation in the Brazilian Amazon, theauthors make use of a uniquely rich set ofeconomic and ecological data spanning thewhole of the Brazilian Amazon to examinethe extent to which land clearing promoteseconomic activity and growth and at whatecological cost. Their assessment of thecosts and benefits of deforestation in theworld’s largest rainforest have importantpolicy implications and will be essentialreading for all environmental anddevelopment economists, ecologists andpolicy-makers.

Advance praise:

A book on the Brazilian Amazon, theworld’s largest tropical forest, alwaysdemands one’s attention and thisvolume is an especially worthy additionto the literature. The authors have

drawn on all available data sources toassess the benefits and costs of land-usechange in the region. Moreover, keyfindings are presented without resort totechnical jargon, which guarantees thatthe book’s impacts will be far-reaching.’

Douglas Southgate, Ohio State University

2002 228 x 152 mm 281pp 2 half-tones 60 tables22 figures 1 map0 521 81197 X Hardback £45.00

New

Environmental Dilemmas andPolicy DesignHuib PellikaanRijksuniversiteit Leiden, The Netherlandsand Robert J. van der VeenUniversity of Amsterdam

According to the logic of collective action,mere awareness of the causes ofenvironmental degradation will notmotivate rational agents to reducepollution. Yet some government policiesaim to enlist citizens in schemes ofvoluntary cooperation, drawing on anethos of collective responsibility. Are suchpolicies doomed to failure? This bookprovides a novel application of rationalchoice theory to a large-scale survey ofenvironmental attitudes in TheNetherlands. Its main findings are thatrational citizens are motivated to cooperatetowards a less polluted environment to alarge extent, but that their willingness toassume responsibility depends on the socialcontext of the collective action problemthey face. This empirical study is animportant volume in the development of amore consistent foundation for rationalchoice theory in policy analysis, whichseeks to clarify major theoretical issuesconcerning the role of moral commitment,self-interest and reciprocity inenvironmental behaviour.

Advance praise:

‘This is social science at its best. Insteadof taking casual looks at very importantconcepts, they have teased apart animportant foundation of modern socialscience theory, and developed a largedata set that enables them to examinepiece by piece this important concept.What a gem!’

Elinor Ostrom, Indiana University

Theories of Institutional Design2002 228 x 152 mm 262pp 25 line diagrams28 tables0 521 62156 9 Hardback £47.500 521 62764 8 Paperback £16.95

Environmental and Natural Resource Economics 43

The Skeptical EnvironmentalistMeasuring the Real State of the WorldBjørn LomborgAarhus Universitet, Denmark

‘This is one of the most valuable bookson public policy – not merely onenvironmental policy – to have beenwritten for the intelligent reader in thepast ten years … The SkepticalEnvironmentalist is a triumph.’

The Economist

‘… a superbly documented and readablebook.’

Wall Street Journal

‘Lomborg’s book has drawn considerableattention. Although it may causeproblems for the more militant andpolitical environmentalists, it should bewelcomed by anyone genuinelyconcerned about the environment. …Lomborg’s book sheds needed light onthe real state of the world. I recommendit to anyone interested in our globalenvironment … It should be requiredreading for all legislators, governmentbureaucrats and corporate executiveswho preside over the ever-increasingarray of environmental regulations andpolitics.

John P. Bluemle, Geotimes

2001 247 x 174 mm 540pp 9 tables 162 graphs0 521 80447 7 Hardback £47.500 521 01068 3 Paperback £17.95

New in Paperback

Real ScienceWhat it Is and What it MeansJohn ZimanUniversity of Bristol

This systematic, carefully reasoned, butnon-technical analysis of the nature andsignificance of scientific knowledge opensthe way to reconciliation in the ‘sciencewars’. By describing how academicscientists actually undertake research andcommunicate their findings, it shows thatthe philosophy, psychology and sociologyof science are inextricably entwined.2002 228 x 152 mm 412pp 20 half-tones0 521 89310 0 Paperback £16.95

Navigating Social-EcologicalSystemsBuilding Resilience for Complexity andChangeEdited by Fikret BerkesUniversity of Manitoba, CanadaJohan ColdingBeijer International Institute of Ecological Economics,Stockholmand Carl FolkeBeijer International Institute of Ecological Economics,Stockholm

Drawing on complex systems theory, thisbook investigates how linked social-ecological systems build capacity to adaptto uncertainty and change. This bookmerges forefront research from differentdisciplines, with case studies from severalgeographic areas, cultures and resourcetypes, into a common framework for newinsights on sustainability.2002 228 x 152 mm 416pp 5 line diagrams30 half-tones 13 tables 35 figures0 521 81592 4 Hardback £65.00

Climate Change

New

Climate Change 2001: SynthesisReportThird Assessment Report of theIntergovernmental Panel on Climate ChangeEdited by Robert T. WatsonIntergovernmental Panel on Climate Change

The Climate Change 2001 volumes of theThird Assessment Report of the IPCCprovide the most comprehensive assessmentof climate change since its second report,Climate Change 1995. This Synthesis Reportprovides a policy-relevant, but not policy-prescriptive, synthesis and integration ofinformation contained within the ThirdAssessment Report and also draws upon allpreviously approved and accepted IPCCreports that address a broad range of keypolicy-relevant questions. For this reason itwill be especially useful for policy makersand researchers, and as a main orsupplementary student textbook for coursesin environmental studies, meteorology,climatology, biology, ecology, andatmospheric chemistry.

‘… essential reading for anyoneinterested in global environmentalchange, either past, present, or future.… These volumes have a deservedlyhigh reputation.’

Geological Magazine

2002 279 x 215 mm 408pp 107 colour plates47 tables0 521 80770 0 Hardback £75.000 521 01507 3 Paperback £27.95

Climate Change 2001: The Scientific BasisContribution of Working Group I to the ThirdAssessment Report of the Intergovernmental Panelon Climate ChangeEdited by J. T. HoughtonCo-Chair of Working Group I, IPCCY. DingCo-Chair of Working Group I, IPCCD. J. GriggsHead of Technical Support Unit, Working Group I, IPCCM. NoguerDeputy Head of Technical Support Unit, Working Group I, IPCCP. J. van der LindenProject Administrator, Technical Support Unit, Working Group I,IPCCand x. DaiVisiting Scientist, Technical Support Unit, Working Group I,IPCC2001 279 x 215 mm 892pp 72 line diagrams169 colour plates 75 tables0 521 80767 0 Hardback £90.000 521 01495 6 Paperback £34.95

Climate Change 2001: MitigationContribution of Working Group III to the ThirdAssessment Report of the Intergovernmental Panelon Climate ChangeEdited by Bert MetzCo-chair, Working Group III of the IPCC, Head InternationalEnvironmental AssessmentsNational Institute of Public Healthand Environment (RIVM), NetherlandsOgunlade DavidsonWorking Group III of the IPCCRob SwartWorking Group III of the IPCCand Jiahua PanWorking Group III of the IPCC2001 279 x 215 mm 702pp 100 line diagrams15 half-tones 50 colour plates 75 tables0 521 80769 7 Hardback £90.000 521 01502 2 Paperback £34.95

Climate Change 2001: Impacts, Adaptation,and VulnerabilityContribution of Working Group II to the ThirdAssessment Report of the Intergovernmental Panelon Climate ChangeEdited by James J. McCarthyMuseum of Comparative Zoology, Harvard UniversityOsvaldo F. CanzianiThe National Universities of La Plata and Comahue, ArgentinaNeil A. LearyIPCC Working Group II Technical Support UnitDavid J. DokkenIPCC Working Group II Technical Support Unitand Kasey S. WhiteIPCC Working Group II Technical Support Unit2001 279 x 215 mm 1042pp 90 line diagrams28 colour plates 119 tables0 521 80768 9 Hardback £90.000 521 01500 6 Paperback £34.95

Innovative Energy Strategies forCO2 StabilizationEdited by Robert G. WattsTulane University, Louisiana

This book discusses the feasibility ofincreasingly efficient energy use and thepotential for supplying energy from sourcesthat do not introduce CO2. It will beessential reading for engineers/physicists,and industrial leaders and politicians. Itwill also be used as a supplementarytextbook on advanced courses on energy.2002 253 x 177 mm 468pp 102 line diagrams3 half-tones 36 tables0 521 80725 5 Hardback £60.00


44 Regional Economics

Journal

Environment and DevelopmentEconomicsEditor: Charles PerringsUniversity of York

Published in association with the BeijerInstitute of Ecological Economics, RoyalSwedish Academy of Sciences

This journal, firmly positioned at theintersection of economics, environmentand development, publishes original papersaddressed to the research and policycommunities, and is designed to beaccessible to a broad readership. The Editorand Associate Editors are supported bydistinguished panels of advisors fromaround the world, who together ensure thatthe journal is a major forum for keyresearch conducted in low-incomecountries as well as elsewhere, and for thework of younger scholars. The journal isdivided into two main sections, Theoryand Applications and Policy Options. SubscriptionsVolume 8 in 2003: February, May, Julyand OctoberInstitutions print and electronic: £133/$199Institutions electronic only: £118/$179Individuals print only: £46/$69Individuals in low-income countries: £25International Society for Ecological Economics, EuropeanSociety for Ecological Economics, Association ofEnvironmental and Resource Economists, EuropeanAssociation of Environmental and Resource Economists,African Studies Association: £36/$52Print ISSN 1355-770XElectronic ISSN 1469-4395

Regional EconomicsTextbook

Economics of AgglomerationCities, Industrial Location, and RegionalGrowthMasahisa FujitaKyoto University, Japanand Jacques-Francois ThisseUniversité Catholique de Louvain, Belgium

This book provides the first unifyingtreatment of the range of economic reasonsfor the clustering of firms and households.Its goal is to explain further the trade-offbetween various forms of increasing returnsand different types of mobility costs. Themain focus of the treatment is on cities,but it also explores the formation of otheragglomerations, such as commercialdistricts within cities, industrial clusters atthe regional level, and the existence ofimbalance between regions. It may be usedin coursework for graduate students andtalented upper-level undergraduates.

‘This is a wonderfully informative bookon spatial economics, by two of the bestpeople in the field. I learned a lot that Ididn’t know, and so will you. Betterthan any book so far, this integratesconcepts that range from ‘edge cities’ toglobal divergence into a single grandview.’

Paul Krugman, Princeton University

Contents: 1. Agglomeration; Part I.Fundamentals of Geographical Economics:2. The breakdown of the price system in aspatial economy; 3. The von Thünenmodel and land rent formation; 4. Increasing returns vs. transportationcosts: the fundamental tradeoff of a spatialeconomy; 5. Cities and the public sector;Part II. The Structure of MetropolitanAreas: 6. The spatial structure of citiesunder communication externalities; 7. Theformation of urban centers under imperfectcompetition; Part III. Factor Mobility andIndustrial Location: 8. Industrial

agglomeration under Marshallianexternalities; 9. Industrial agglomerationunder monopolistic competition; Part IV.Urban Systems and Regional Growth: 10. Back to von Thünen: the formation ofcities in a spatial economy; 11. On therelationship between agglomeration andgrowth.2002 228 x 152 mm 478pp 73 line diagrams0 521 80138 9 Hardback £60.000 521 80524 4 Paperback £20.95

Textbook

An Introduction to GeographicalEconomicsTrade, Location and GrowthSteven BrakmanRijksuniversiteit Groningen, The NetherlandsHarry GarretsenUniversity of Leiden, The Netherlandsand Charles van MarrewijkErasmus University, Rotterdam

An integrated, non-mathematical, first-principles textbook presenting geographicaleconomics to advanced students. Neveravoiding advanced concepts, its emphasis ison examples, diagrams, and empiricalevidence, making it the ideal starting pointbefore delving into monographic andjournal material.

Contents: 1. A first look at geography,trade and development; 2. Geography andeconomic theory; 3. The core model ofgeographical economics; 4. Solutions andsimulations; 5. Geographical economicsand empirical evidence; 6. Refinements andextensions; 7. Cities and congestion: theeconomics of Zipf ’s Law; 8. Agglomerationand international business; 9. The structureof international trade; 10. Dynamics andeconomic growth; 11. The policyimplications and value added ofgeographical economics; References.2001 247 x 174 mm 374pp 48 tables 89 figures0 521 77039 4 Hardback £60.000 521 77967 7 Paperback £22.95

Author and Title Index 45

Author and TitleIndex

AAbrahamson, Eric John, 34Adamowicz, Wiktor, 7Advances in Economics and Econometrics:

Theory and Applications, 8, 9Alternatives for Welfare Policy, 25Altug, Sumru, 16Amatori, Franco, 34An Introduction to Economic Dynamics,

11An Introduction to Geographical

Economics, 44Analysis of Panel Data, 9Andersen, Lykke, 42Andersen, Torben M., 25Angeloni, Ignazio, 14Antitrust Law, 28Anytime, Anywhere, 34Aoki, Masanao, 11Applied Environmental Economics, 41Applied Latent Class Analysis, 11Appointing Central Bankers, 16Aslund, Anders, 41Assumption-Based Planning, 30Asymmetric Information in Financial

Markets, 21

BBaldwin, John R., 30Banking in Modern China, 39Barker, George, 18Barnett, William A., 17Barr, Nicholas, 24Barzel, Yoram, 25Bateman, Hazel, 24Bateman, Ian J., 41Baz, Jamil, 21Bebczuk, Ricardo, 21Becker, William H., 36Beckert, Sven, 36Beetsma, Roel, 16Benefit-Cost Analysis, 38Berkes, Fikret, 43Bernstein, Thomas P., 38Bichler, Martin, 29Biodiversity, Sustainability and Human

Communities, 42Blackhurst, Richard, 21Blyth, Mark, 26Brainard, Julii S., 41Brakman, Steven, 44Braun, John, 5Breton, Albert, 26British Trade Unions since 1933, 35Brooks, Chris, 4Brousseau, Eric, 27Brown, Richard, 38Bruzelius, Nils, 33Building a Dynamic Europe, 13Building Capitalism, 41Buse, Kent, 39

Business History around the World at theTurn of the Twenty-First Century, 34

Bussani, Mauro, 28Byman, Daniel L., 25

CCambridge History of Western Textiles,

The, 35Campbell, Harry, 38Canziani, Osvaldo F., 43Caprio, Gerard, 20Carroll, R. J., 5Cass, Deborah Z., 18Causality in Macroeconomics, 3Chacko, George, 21Chadha, Jagjit, 16Champ, Bruce, 17Chan, Sylvia, 27Chang, Kelly, 16Chang, Sea-Jin, 18Changing Face of Central Banking, The,

15Cheng, Linsun, 39China and the World Trading System, 18Clarence-Smith, William, 36Clark, Lindie, 33Clark, William C., 42Clarke, F. L., 32Climate Change 2001: Impacts,

Adaptation, and Vulnerability, 43Climate Change 2001: Mitigation, 43Climate Change 2001: Synthesis Report,

43Climate Change 2001: The Scientific Basis,

43Colding, Johan, 43Colli, Andrea, 35Computation and Complexity in

Economic Behavior and Organization, 2Concise Introduction to Econometrics, A,

5Corak, Miles, 13Corporate Collapse, 32Corporate Entrepreneurship, 31Corporate Insolvency Law, 27Course in Financial Calculus, A, 22Course in Public Economics, A, 23Cramer, J. S., 4Crony Capitalism, 40Cutler, Claire, 26

DDai, x., 43Data Analysis and Graphics Using R, 5Daunton, Martin, 35Davidson, Ogunlade, 43Davis, Lance E., 20de Bijl, Paul, 28de la Croix, David, 1De Rond, Mark, 32Dean, G. W., 32Decision Making using Game Theory, 33Decisions and Elections, 3della Paolera, Gerardo, 36Dempster, M. A. H., 22Designing Inclusion, 25

Dewar, James A., 30Dewatripont, Mathias, 8, 9Differential Games in Economics and

Management Science, 12Dijk, Dick van, 6Ding, Y., 43Discrete Choice Methods with Simulation,

4Divided Welfare State, The, 26Dnes, Antony, 28Dockner, Engelbert J., 12Dokken, David J., 43Dopfer, Kurt, 2Dormois, Jean-Pierre, 36Dow, Gregory K., 29Drucker, Peter F., 31Dutton, Paul V., 36Dynamic Macroeconomic Analysis, 16Dynamics of Coercion, The, 25Dynamics of Deforestation and Economic

Growth in the Brazilian Amazon, The, 42

EEbrahim, Alnoor, 32Eckes, Alfred E., 34Econometric Analysis of Seasonal Time

Series, The, 7Econometric Foundations, 6Econometric Modelling of Financial Time

Series, The, 7Econometric Theory, 10Econometrics of Qualitative Dependent

Variables, 7Economic Concepts for the Social Sciences,

1Economic Crisis and Corporate

Restructuring in Korea, 19Economic Dynamics, 11Economic Policy in the International

Economy, 20Economic Theory and Global Warming,

41Economic Transition in Central and

Eastern Europe, 40Economics and the Theory of Games, 2Economics of Agglomeration, 44Economics of Contracts, The, 27Economics of Exchange Rates, The, 14Economics of Network Industries, The, 29Edwards, Lindy, 1El Sheikh, Fath El Rahman Abdalla, 27Emergence of Entrepreneurship Policy,

The, 13Engerman, Stanley L., 39Enste, Dominik H., 24Entertainment Industry Economics, 22Environmental Dilemmas and Policy

Design, 42Escape from Hunger and Premature Death,

1700–2100, The, 35Essays in Econometrics, 9, 10Essays in Panel Data Econometrics, 6Etheridge, Alison, 22European Macroeconomic Policies after

Monetary Unification, 16


46 Author and Title Index

European Miracle, The, 36Evolutionary Foundations of Economics,

The, 2Evolving Financial Markets and

International Capital Flows, 20

FFact and Fiction in Economics, 2Faith, Ron, 31Favero, Carlo, 16Feinstein, Charles H., 35Finance, Intermediaries, and Economic

Development, 39Financial Crisis and Transformation of

Korean Business Groups, 18Financial Derivatives, 21Financial Liberalization, 20Financing Human Capital, 24Finch, Vanessa, 27Finding a Common Interest, 33Flandreau, Marc, 34Flannery, Brian P., 12Flyvbjerg, Bent, 33Fogel, Robert W., 35Folke, Carl, 43Forced Saving, 24Forces of Labor, 25Franses, Philip Hans, 5, 6, 33Franzese, Jr, Robert J., 39Freeman, Joshua, 37Freeman, Scott, 17French Economy in the Twentieth Century,

The, 36From Mao to Market, 41Fuente, Angel de la, 12Fujita, Masahisa, 44Fustukian, Suzanne, 39Future of e-Markets, The, 29Future of the American Labor Movement,

The, 25Future of U.S. Capitalism, The, 25

GGalambos, Louis, 34Galeotti, Gianluigi, 26Gallman, Robert E., 20Gardner, Matthew T., 42Garretsen, Harry, 44Generalized Method of Moments

Estimation, 8Generational Income Mobility in North

America and Europe, 13Ghysels, Eric, 7, 9, 10Gilbert, Christopher, 18Giovannetti, Emanuele, 29Glachant, Jean-Michel, 27Global Capital, Political Institutions, and

Policy Change in Developed WelfareStates, 27

Global Coffee Economy in Africa, Asia,and Latin America, 1500–1960, The, 36

Globalization and the American Century,34

Globalization and the Poor, 18Goldman, Wendy Z., 36Gordon, Robert J., 15

Gourieroux, Christian, 7Governing from Below, 26Governing the Firm, 29Granger, Clive W. J., 9, 10, 42Graziani, Augusto, 3Great Transformations, 26Greenwald, Bruce, 14Greve, Henrich R., 31Griggs, D. J., 43Grootaert, Christiaan, 37Gros, Daniel, 40Grossbard-Shechtman, Shoshana, 13Gual, Jordi, 13

HHacker, Jacob S., 26Hagenaars, Jacques A., 11Haggard, Stephan, 19Hanagan, Michael, 37Hanel, Petr, 30Hansen, Lars Peter, 8, 9Harriss-White, Barbara, 38Hart, David M., 13Hattam, Victoria, 37Health Policy in a Globalising World, 39Helpman, Elhanan, 20Hensher, David A., 7Heracleous, Loizos, 31Hillman, Arye L., 23History of Family Business, 1850–2000,

The, 35Hoda, Anwarul, 20Hoffman, Philip T., 39Holtfrerich, Carl-Ludwig, 34Honohan, Patrick, 20Hoover, Kevin D., 3, 17Houghton, J. T., 43How to Argue with an Economist, 1Hsiao, Cheng, 9Huang, Yasheng, 38Huff, Anne, 32Hylton, Keith N., 28

IIMF and Economic Development, The, 19India Working, 38Informality and Monetary Policy in Japan,

15Information Efficiency in Gambling

Markets, 13Innovation and Knowledge Creation in an

Open Economy, 30Innovative Energy Strategies for CO2

Stabilization, 43Institutional Economics of Foreign Aid,

The, 39International Business Risk, 33International Financial Governance under

Stress, 19International Financial History in the

Twentieth Century, 34International Labor and Working-Class

History, 37International Law from Below, 28International Monetary Fund and its

Critics, The, 18

International Perspectives on Consumers'Access to Justice, 28

Internet Revolution, The, 29Introductory Econometrics for Finance, 4

JJackson, John H., 21Jaeger, Carlo C., 42Jäger, Jill, 42James, Harold, 34Jarvis, Darryl, 33Jenkins, David, 35Jones, Eric, 36Jones, Geoffrey, 34Jorgensen, Steffen, 12Journal of Public Policy, 27Judge, George G., 6Jurisprudence of GATT and the WTO,

The, 21Just Taxes, 35

KKagami, Mitsuhiro, 29Kang, David C., 40Kasemir, Bernd, 42Kashyap, Anil, 15Kelly, Anthony, 33Kennedy, Daniel L. M., 20Keuzenkamp, Hugo A., 4Kim, Euysung, 19Kim, In-Moo, 7Kingston, Geoffrey, 24Klassen, Paul B., 7Kobrak, Christopher, 35Kumbhakar, Subal C., 4

LLabor, Capital, and Finance, 20Law and Economics of Marriage and

Divorce, The, 28Leach, John, 23Leary, Neil A., 43Lee, Kelley, 39Legal Regime of Foreign Private

Investment in Sudan and Saudi Arabia,The, 27

LeRoy, Stephen F., 21Liberalism, Democracy and Development,

27Lim, Wonhyuk, 19Lin, Yi-min, 40Lines, Marji, 11Logit Models, 4Lomborg, Bjørn, 43Long, Ngo Van, 12Louviere, Jordan J., 7Lovell, C. A. Knox, 4Lovett, Andrew A., 41Lü, Xiaobo, 39

MMachine Dreams, 1Macroeconomic Dynamics, 17Macroeconomic Policies of Developed

Democracies, 39Macroeconomics for Emerging Markets, 16

Author and Title Index 47

Maddala, G. S., 7Mahadeva, Lavan, 15Maindonald, John, 5Mäki, Uskali, 2Making History Count, 35Management Decision Making, 33Mandle, Jay R., 18Market, the State, and the Export-Import

Bank of the United States, 1934–2000,The, 36

Marrewijk, Charles van, 44Marriage and the Economy, 13Martens, Bertin, 39Martin, Will, 19Mathematical Methods and Models for

Economists, 12Matis, Herbert, 36Matrix Calculus and Zero-One Matrices, 6Matyas, Laszlo, 8McAleer, Michael, 4McCarthy, James J., 43McClenahan, William, 36McCutcheon, Allan L., 11Medieval Economic Thought, 35Medio, Alfredo, 11Megaprojects and Risk, 33Methodology of Empirical

Macroeconomics, The, 17Metz, Bert, 43Meyer, Marshall W., 30Michel, Philippe, 2Mieszkowski, Peter, 25Miller, Douglas J., 6Mills, Terence C., 7Mirowski, Philip, 1Missale, Alessandro, 16Mittelhammer, Ron C., 6Modeling Aggregate Behavior and

Fluctuations in Economics, 11Modeling Monetary Economies, 17Mojon, Benoit, 15Molander, Per, 25Monahan, George E., 33Monetary Policy Transmission in the Euro

Area, 14Monetary Theory of Production, The, 3Monetary Transmission in Diverse

Economies, 15Monied Metropolis, The, 36Montiel, Peter J., 16Moore, Mike, 17Mount, Kenneth R., 2Moving Money, 24Mueller, Dennis C., 22Mummert, Uwe, 39Murrell, Peter, 39Muscatelli, Anton, 16

NNatale, Piergiovanna, 16Nation, State and the Economy in History,

36National Cultures and International

Competition, 35Navigating Social-Ecological Systems, 43Nerlove, Marc, 6

New Economic History of Argentina, A,36

NGOs and Organizational Change, 32Noguer, M., 43Nolan, Charles, 16Non-Linear Time Series Models in

Empirical Finance, 6Nonlinear Dynamics, 11Nugget Coombs, 36Numerical Recipes Example Book (C++),

12Numerical Recipes in C++, 12Numerical Recipes Multi-Language Code

CD ROM with LINUX or UNIX Single-Screen License, 12

Numerical Recipes Multi-Language CodeCD ROM with Windows, DOS, orMacintosh Single-Screen License, 12

Numerical Recipes Source Code in C andC++ CD ROM with Windows orMacintosh Single-Screen License, 12

OO'Riordan, Tim, 42Oliver, K. G., 32Open Corporation, The, 31Options for Global Trade Reform, 19Organizational Learning from Performance

Feedback, 31Origins of the French Welfare State, 36Ormrod, David, 35Osborn, Denise R., 7Ostrom, Elinor, 39

PPaap, Richard, 33Palacios, Miguel, 24Palm, Franz, 5Palmer, Vernon, 28Pan, Jiahua, 43Pangestu, Mari, 19Parker, Christine, 31Peitz, Martin, 28Pellikaan, Huib, 42Performance and Rewards Management,

31Phelps, Edmund S., 25Phillips, Peter C. B., 10Piggott, John, 24Political Economy of International Trade

Law, The, 20Political Extremism and Rationality, 26Poverty, Progress and Population, 35Press, William H., 12Principles of Financial Economics, 21Private Power and Global Authority, 26Private Power, Public Law, 26Probability in the Engineering and

Informational Sciences, 12Probability Theory and Statistical

Inference, 6Productivity Growth, Inflation, and

Unemployment, 15Pryor, Frederic L., 25Public Choice III, 22Public Finance and Public Policy, 23

Public Participation in SustainabilityScience, 42

Pure Economic Loss in Europe, 28Puttnam, Robert, 38

QQuantitative Models in Marketing

Research, 33

RRajagopal, Balakrishnan, 28Razin, Assaf, 20Reaching the Interactive Customer, 31Real Science, 43Regulation and Entry into

Telecommunications Markets, 28Reis, Eustaquio J., 42Reiter, Stanley, 2Rethinking Performance Measurement, 30Rickett, Charles E. F., 28Rise of Commercial Empires, The, 35Risk Management, 22Role of Social Capital in Development,

The, 37Rose, Richard, 27Rosenthal, Jean-Laurent, 39Ross, Sheldon M., 12Rothengatter, Werner, 33Rowse, Tim, 36Rowthorn, Robert, 28Ruppert, D., 5Russia's Economic Transitions, 34

SSaari, Donald G., 3Sadka, Efraim, 20Salmon, Pierre, 26Sandler, Todd, 1Sarno, Lucio, 14Sathe, Vijay, 31Satisficing Games and Decision Making,

31Sauer, Jr., Raymond D., 13Schneider, Friedrich, 24Scruggs, Lyle, 42Seabright, Paul, 39Sell, Susan, 26Sellers, Jefferey M., 26Selling China, 38Semiparametric Regression, 5Semiparametric Regression for the Applied

Econometrician, 7Shadow Economy, The, 24Shields, John, 31Shone, Ronald, 11Shy, Oz, 29Siklos, Pierre L., 15Silver, Beverly J., 25Simplicity, Inference and Modelling, 4Sinclair, Peter, 15Skeptical Environmentalist, The, 43Social Choice and the Mathematics of

Manipulation, 26Sokoloff, Kenneth L., 39Sorger, Gerhard, 12Southwick, James D., 20


48 Author and Title Index

Spanos, Aris, 6Spulber, Nicolas, 34State and Market in Post-Mao China, 40Stated Choice Methods, 7States in the Global Economy, 26Steinherr, Alfred, 40Stiglitz, Joseph E., 14, 20Stirling, Wynn, 31Stochastic Frontier Analysis, 4Stoll-Kleemann, Susanne, 42Strategic Alliances as Social Facts, 32Strategy and Organization, 31Structural Econometric Time Series

Analysis Approach, The, 5Sustaining Abundance, 42Swait, Joffre D., 7Swank, Duane, 27Swanson, Norman R., 9, 10Swart, Rob, 43

TTariff Negotiations and Renegotiations

under the GATT and the WTO, 20Taxation without Representation in

Contemporary Rural China, 38Taylor, Alan D., 26Taylor, Alan M., 36Taylor, Mark, 14Teichova, Alice, 36Telfer, Thomas G. W., 28Teukolsky, Saul A., 12Theory of Economic Growth, A, 1Theory of the State, A, 25Thisse, Jacques-Francois, 44Thomas, Mark, 35Tirelli, Patrizio, 16Tomsen, Mai-lan, 31Topik, Steven, 36Towards a New Paradigm in Monetary

Economics, 14Train, Kenneth E., 4Tsuji, Masatsugu, 29Turkington, Darrell A., 6Turnovsky, Stephen J., 8, 9

UUnderhill, Geoffrey R. D., 19Unit Roots, Cointegration, and Structural

Change, 7United States Tax Reform in the 21st

Century, 25Uzawa, Hirofumi, 41

Vvan Bastelaer, Thierry, 38van der Linden, P. J., 43van Rixtel, Adrian, 15Vaughan-Williams, Leighton, 13Veen, Robert J. van der, 42Vega-Redondo, Fernando, 2Verdier, Daniel, 24Vetterling, William T., 12Vines, David, 19Vogel, Harold L., 22Vreeland, James R., 19

WWand, M. P., 5Watson, Mark, 9Watson, Mark W., 10Watson, Robert T., 43Watts, Robert G., 43Waxman, Matthew C., 25Wedeman, Andrew, 41Weinhold, Diana, 42Weiss, Linda, 26Werner, Jan, 21Wheeler, Hoyt N., 25White, Kasey S., 43Williams, Brett G., 18Wintrobe, Ronald, 26Wokaun, Alexander, 42Women at the Gates, 36Wood, Diana, 35World Trade Organization, 21World Trade Review, 21World Without Walls, A, 17Wrigley, Chris, 35Wrigley, E. A., 35WTO Agreements on CD-ROM Issue 1,

21Wunder, Sven, 42

YYatchew, Adonis, 7

ZZeiler, Thomas W., 34Zellner, Arnold, 4, 5Zhang, Xiaoke, 19Ziman, John, 43Zodrow, George R., 25

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assets.cambridge.org · 2004-10-11 · Contents General Economics 1 Economic Thought, Philosophy and Methodology 1 Econometrics 4 Themes in Modern Econometrics 7 Econometric Society