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Although emerging economies as a group performed well during the global recession, weathering the recession better than advanced economies, there were sharp differences among them and across regions. The emerging economies of Asia had the most favorable outcomes, surviving the ravages of the global financial crisis with relatively modest declines in growth rates in most cases. China and India maintained strong growth during the crisis and played an important role in facilitating global economic recovery.
In this informative volume, the second in a series on emerging markets, editors Masahiro Kawai and Eswar Prasad and the contributors analyze the major domestic macroeconomic and financial policy issues that could limit the growth potential of Asian emerging markets, such as rising inflation and surging capital inflows, with the accompanying risks of asset and credit market bubbles and of rapid currency appreciation. The book examines strategies to promote financial stability, including reforms for financial market development and macroprudential supervision and regulation.
A New Approach to Understanding Price Stickiness
Why do consumer prices and wages adjust so slowly to changes in market conditions? The rigidity or stickiness of price setting in business is central to Keynesian economic theory and a key to understanding how monetary policy works, yet economists have made little headway in determining why it occurs. Asking About Prices offers a groundbreaking empirical approach to a puzzle for which theories abound but facts are scarce. Leading economist Alan Blinder, along with co-authors Elie Canetti, David Lebow, and Jeremy B. Rudd, interviewed a national, multi-industry sample of 200 CEOs, company heads, and other corporate price setters to test the validity of twelve prominent theories of price stickiness. Using everyday language and pertinent scenarios, the carefully designed survey asked decisionmakers how prominently these theoretical concerns entered into their own attitudes and thought processes. Do businesses tend to view the costs of changing prices as prohibitive? Do they worry that lower prices will be equated with poorer quality goods? Are firms more likely to try alternate strategies to changing prices, such as warehousing excess inventory or improving their quality of service? To what extent are prices held in place by contractual agreements, or by invisible handshakes? Asking About Prices offers a gold mine of previously unavailable information. It affirms the widespread presence of price stickiness in American industry, and offers the only available guide to such business details as what fraction of goods are sold by fixed price contract, how often transactions involve repeat customers, and how and when firms review their prices. Some results are surprising: contrary to popular wisdom, prices do not increase more easily than they decrease, and firms do not appear to practice anticipatory pricing, even when they can foresee cost increases. Asking About Prices also offers a chapter-by-chapter review of the survey findings for each of the twelve theories of price stickiness. The authors determine which theories are most popular with actual price setters, how practices vary within different business sectors, across firms of different sizes, and so on. They also direct economists' attention toward a rationale for price stickiness that does not stem from conventional theory, namely a strong reluctance by firms to antagonize or inconvenience their customers. By illuminating how company executives actually think about price setting, Asking About Prices provides an elegant model of a valuable new approach to conducting economic research.
Strategies and Realities of Counterinsurgency and State-Building in Afghanistan
After more than a decade of great effort and sacrifice by America and its allies, the Taliban still has not been defeated, and many Afghans believe that a civil war is coming. Aspiration and Ambivalence analyzes the U.S. and international efforts in Afghanistan and offers detailed recommendations for dealing with the precarious situation leading up to the 2014 transition to Afghan control and beyond. Vanda Felbab-Brown argues that allied efforts in Afghanistan have put far too little emphasis on good governance, concentrating too much on short-term military goals to the detriment of long-term peace and stability. The Western tendency to ally with bullies, warlords, smugglers, and other shady characters in pursuit of short-term military advantage actually empowers the forces working against good governance and long-term political stability. Rampant corruption and mafia rule thus persist, making it impossible for Afghans to believe in the institutional reforms and rule of law that are clearly necessary. This must change otherwise, the chances of building responsive and sustainable governmental structures are slim, indeed.
Felbab-Brown combines thorough research and analysis with vivid personal accounts of her time spent in the war-torn nation powerful vignettes illustrating the Afghan aspirations for peace, stability, and sovereignty and the stubborn obstacles to securing them.
"The year 2014 will mark a critical juncture in Afghanistan's odyssey. After more than a decade of arduous fighting and political involvement, the U.S. and international presence there will be significantly reduced and circumscribed. Although the international community has committed itself not to abandon Afghanistan as it did in the 1990s, the onus will be on the Afghan government to provide for the security of the country, its economic development, and governance that attempts to meet the needs of the Afghan people. Difficult challenges, major unresolved questions, and worrisome trends surround all three sets of processes. The biggest hole in the U.S. strategy and international efforts to stabilize the country is the failure to adequately address the country's fractured and brittle political system and very poor governance." from Aspiration and Ambivalence
Brazil on the Long Road to Global Influence
Brazil’s soft power path to major power status. The largest country in South America by land mass and population, Brazil has been marked since its independence by a belief that it has the potential to play a major role on the global stage. Set apart from the rest of the hemisphere by culture, language, and history, Brazil has also been viewed by its neighbors as a potential great power and, at times, a threat. But even though domestic aspirations and foreign perceptions have held out the prospect for Brazil becoming a major power, the country has lacked the capabilities—particularly on the military and economic dimensions—to pursue a traditional path to greatness. Aspirational Power examines Brazil as an emerging power. It explains Brazil’s present emphasis on using soft power through a historical analysis of Brazil’s three past attempts to achieve major power status. Though these efforts have fallen short, this book suggests that Brazil will continue to try to emerge, but that it will only succeed when its domestic institutions provide a solid and attractive foundation for the deployment of its soft power abroad. Aspirational Power concludes with concrete recommendations for how Brazil might improve its strategy, and why the great powers, including the United States, should respond positively to Brazil’s emergence.
Despite the rapid creation of jobs in the greater Atlanta region, poverty in the city itself remains surprisingly high, and Atlanta's economic boom has yet to play a significant role in narrowing the gap between the suburban rich and the city poor. This book investigates the key factors underlying this paradox.
The authors show that the legacy of past residential segregation as well as the more recent phenomenon of urban sprawl both work against inner city blacks. Many remain concentrated near traditional black neighborhoods south of the city center and face prohibitive commuting distances now that jobs have migrated to outlying northern suburbs.
The book also presents some promising signs. Few whites still hold overt negative stereotypes of blacks, and both whites and blacks would prefer to live in more integrated neighborhoods. The emergence of a dynamic, black middle class and the success of many black-owned businesses in the area also give the authors reason to hope that racial inequality will not remain entrenched in a city where so much else has changed.
A Volume in the Multi-City Study of Urban Inequality
Enabling Sprawl through Policy and Planning
Hanford and the American West
Takes readers behind the headlines into the Manhattan Project at Hanford and the communities that surround it and offers perspectives on today’s controversies in an area now famous for the monumental effort to clean up decades of nuclear waste.
The Emergence of a Foreign Policy
Australia as a Western society in the Orient faces a unique and paradoxical challenge in her relations with her close but unfamiliar neighbors of Southeast Asia. Explicitly dependent upon British foreign policy until the fall of Singapore in 1942, Australia has reluctantly and painfully begun the task of developing a policy of her own.
The Japanese conquest of Southeast Asia and many of the Pacific islands during the Second World War awakened Australia to the need to secure her own defenses and later, when Britain began a gradual withdrawal from Southeast Asia, Australia was thrown upon her own resources in dealing with her politically unstable and volatile neighbors and also with the larger Asian threat posed by Communist China. In Australia Faces Southeast Asia, Amry and MaryBelle Vandenbosch trace Australia's attempts to reconcile her cultural heritage and her geography.
America, India, and Pakistan to the Brink and Back
India and Pakistan will be among the most important countries in the twenty-first century. In Avoiding Armageddon, Bruce Riedel clearly explains the challenge and the importance of successfully managing America's affairs with these two emerging powers and their toxic relationship.
Born from the British Raj, the two nations share a common heritage, but they are different in many important ways. India is already the world's largest democracy and will soon become the planet's most populous nation. Pakistan, soon to be the fifth most populous country, has a troubled history of military coups, dictators, and harboring terrorists such as Osama bin Laden.
The longtime rivals are nuclear powers, with tested weapons. They have fought four wars with each other and have gone to the brink of war several times. Meanwhile, U.S. presidents since Franklin Roosevelt have been increasingly involved in the region's affairs. In the past two decades alone, the White House has intervened several times to prevent nuclear confrontation on the subcontinent. South Asia clearly is critical to American national security, and the volatile relationship between India and Pakistan is the crucial factor determining whether the region can ever be safe and stable.
Based on extensive research and Riedel's role in advising four U.S. presidents on the region, Avoiding Armageddon reviews the history of American diplomacy in South Asia, the crises that have flared in recent years, and the prospects for future crisis. Riedel provides an in-depth look at the Mumbai terrorist attack in 2008, the worst terrorist outrage since 9/11, and he concludes with authoritative analysis on what the future is likely to hold for America and the South Asia puzzle as well as recommendations on how Washington should proceed.
Assessing the Economic Rise of China and India
The recent economic rise of China and India has attracted a great deal of attention--and justifiably so. Together, the two countries account for one-fifth of the global economy and are projected to represent a full third of the world's income by 2025. Yet, many of the views regarding China and India's market reforms and high growth have been tendentious, exaggerated, or oversimplified. Awakening Giants, Feet of Clay scrutinizes the phenomenal rise of both nations, and demolishes the myths that have accumulated around the economic achievements of these two giants in the last quarter century. Exploring the challenges that both countries must overcome to become true leaders in the international economy, Pranab Bardhan looks beyond short-run macroeconomic issues to examine and compare China and India's major policy changes, political and economic structures, and current general performance.
Bardhan investigates the two countries' economic reforms, each nation's pattern and composition of growth, and the problems afflicting their agricultural, industrial, infrastructural, and financial sectors. He considers how these factors affect China and India's poverty, inequality, and environment, how political factors shape each country's pattern of burgeoning capitalism, and how significant poverty reduction in both countries is mainly due to domestic factors--not global integration, as most would believe. He shows how authoritarianism has distorted Chinese development while democratic governance in India has been marred by severe accountability failures.
Full of valuable insights, Awakening Giants, Feet of Clay provides a nuanced picture of China and India's complex political economy at a time of startling global reconfiguration and change.