Economic Disturbances and Equilibrium in an Integrated Global Economy: Investment Insights and Policy Analysis
Autor Victor A. Cantoen Limba Engleză Paperback – 17 apr 2018
The book succeeds by highlighting the often-forgotten interconnectedness of different economic processes. How do we respond to a change in policy or an economic shock? Are all the expected changes to the general equilibrium consistent with each other?
- Helps readers build an intellectual framework that enables them to interpret articles in the financial press and policy decisions in a logical and consistent manner
- Differs from other books by eschewing partial equilibria analyses and instead providing a general equilibrium perspective useful for investors and policy makers
- Provides supporting data on a freely-accessible website so readers can test and replicate results
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Specificații
ISBN-13: 9780128139936
ISBN-10: 0128139935
Pagini: 433
Dimensiuni: 216 x 276 x 28 mm
Greutate: 1.03 kg
Editura: ELSEVIER SCIENCE
ISBN-10: 0128139935
Pagini: 433
Dimensiuni: 216 x 276 x 28 mm
Greutate: 1.03 kg
Editura: ELSEVIER SCIENCE
Public țintă
Upper-division undergraduates, graduate students, and professionals in international economics, macroeconomics, financial economics, and monetary economics. This book can be read by anyone who reads The Economist or The Wall Street Journal.Cuprins
Introduction: Asset Allocation: Indexing, Smart Beta and Value Timing
Part I: Arbitrage and Mobility1. Arbitrage, Mobility and Equilibrium Price2. The Investment and Policy Insights and Implications Derived from Arbitrage and Mobility3. Are Commodity Price Increases Equivalent to Tax Increases?4. The Terms of Trade5. Yields, Risk Premium, and Terms of Trade6. The Competitive Economic Environment: Lessons from the States7. Economic Policy and Performance: The Small-Cap and Country Effects8. Migration: A Political Problem, an Economic Problem, or Both?
Part II: The Trade Balance9. The Macro Perspective10. Diversity and Harmonization11. The State Competitive Environment: Integration and Convergence12. The Degree of Global Integration and National Economies’ Policy Options and Limitations13. A Unified Theory: The Terms of Trade, Real GDP Growth Rate Differentials, Trade Balance, Capital Flows, and Relative Stock Market Performance
Part III: Exchange Rate and the Terms of Trade14. Protectionism, Devaluation, and the Terms of Trade15. Exchange Rates, Devaluations and the Terms of Trade16. The Nominal Exchange Rate, the Terms of Trade, and the Economy17. The U.S. Experience: An Interpretation18. Relative Price Changes, Income Redistribution, and the Politics of Envy19. Self-sufficiency, Nationalism, and Protectionism: The Common Elements20. Mercantilism Does Not Make for Good Economics
Part IV: The Balance of Payments21. Building Block IV, Global Investing the Balance of Payments22. Monetary Views: Part I23. Monetary Views: Part II24. The Greenspan Monetary Rule25. Transparency and Rule-Based Monetary Policy26. A Single or Dual Mandate?27. The Demise of the Global Price Rule28. The U.S. Inflation Rate29. The Exchange Rate and Rest of the World Inflation
Part V: China--A Case Study30. China in a Global Economy: An Interpretation31. Examining China: Wealth, Income, and the Savings Rate32. Examining China: Purchasing Power Parity, Terms of Trade, and Real Exchange Rates33. Examining China: Economic Growth, Exchange Rates, and Relative Stock Performance34. Examining China: Monetary Policy, Inflation Potential under a Floating Exchange Rate System35. Examining China: Monetary Policy, Inflation Potential under a Fixed Exchange Rate System36. Examining China: As a Non-Reserve Currency Country
Part I: Arbitrage and Mobility1. Arbitrage, Mobility and Equilibrium Price2. The Investment and Policy Insights and Implications Derived from Arbitrage and Mobility3. Are Commodity Price Increases Equivalent to Tax Increases?4. The Terms of Trade5. Yields, Risk Premium, and Terms of Trade6. The Competitive Economic Environment: Lessons from the States7. Economic Policy and Performance: The Small-Cap and Country Effects8. Migration: A Political Problem, an Economic Problem, or Both?
Part II: The Trade Balance9. The Macro Perspective10. Diversity and Harmonization11. The State Competitive Environment: Integration and Convergence12. The Degree of Global Integration and National Economies’ Policy Options and Limitations13. A Unified Theory: The Terms of Trade, Real GDP Growth Rate Differentials, Trade Balance, Capital Flows, and Relative Stock Market Performance
Part III: Exchange Rate and the Terms of Trade14. Protectionism, Devaluation, and the Terms of Trade15. Exchange Rates, Devaluations and the Terms of Trade16. The Nominal Exchange Rate, the Terms of Trade, and the Economy17. The U.S. Experience: An Interpretation18. Relative Price Changes, Income Redistribution, and the Politics of Envy19. Self-sufficiency, Nationalism, and Protectionism: The Common Elements20. Mercantilism Does Not Make for Good Economics
Part IV: The Balance of Payments21. Building Block IV, Global Investing the Balance of Payments22. Monetary Views: Part I23. Monetary Views: Part II24. The Greenspan Monetary Rule25. Transparency and Rule-Based Monetary Policy26. A Single or Dual Mandate?27. The Demise of the Global Price Rule28. The U.S. Inflation Rate29. The Exchange Rate and Rest of the World Inflation
Part V: China--A Case Study30. China in a Global Economy: An Interpretation31. Examining China: Wealth, Income, and the Savings Rate32. Examining China: Purchasing Power Parity, Terms of Trade, and Real Exchange Rates33. Examining China: Economic Growth, Exchange Rates, and Relative Stock Performance34. Examining China: Monetary Policy, Inflation Potential under a Floating Exchange Rate System35. Examining China: Monetary Policy, Inflation Potential under a Fixed Exchange Rate System36. Examining China: As a Non-Reserve Currency Country
Recenzii
"Victor Canto's work sets a new standard for explaining the most complex economic and financial questions of our time. He has simplified the interactions between politics, trade, and decision risk during the turbulent period of 2008. The reader will see that this book challenges assumptions that politicians have made in setting policies for immigration, trade and finance. When Dr. Canto asks a question, he suggests novel answers and alternatives. This is a terrific read for Governors and federal statesmen alike." --Roy A. Herberger, Jr., President Emeritus, Thunderbird School of Global Management
"Like me, Victor is an advocate of low taxation, minimal regulation, and sound money policy. He knows that these macro forces highly favor increased individual freedom and greater prosperity for all. The data prove it time and again. It’s hard not to be an advocate for what you know works." --Larry Kudlow, CNBC Senior Contributor
"Dr.Canto’s book covers, in its seven building blocks, a large spectrum of macroeconomics, trade, and financial theoretical topics by using mathematical tools and always referring to real world economic and financial problems. Graduate students in economics and business schools, financial market analysts, and policy makers in macroeconomic and trade policies now have in hand a rigorous book enlightened with spring water economics." --Tulio H. F. Arvelo Durán, Federal University of Rio de Janeiro
"Economic theory tells us how people will behave in reaction to government policies. Dr. Canto’s book tells us how to invest to take advantage of that behavior." --Doo Jin Ryu, Sungkyunkwan University
"Financial markets are often driven by government fiscal, regulatory, and central bank monetary policy actions. Understanding the likely impact of these policies is vital for policymaking and investment success in today’s increasingly global markets. This excellent book explains in easy-to-understand language both how the economy works and the investment implications. Economic students and investors should read this insightful and informative book." --Robert I. Webb, University of Virginia
"Like me, Victor is an advocate of low taxation, minimal regulation, and sound money policy. He knows that these macro forces highly favor increased individual freedom and greater prosperity for all. The data prove it time and again. It’s hard not to be an advocate for what you know works." --Larry Kudlow, CNBC Senior Contributor
"Dr.Canto’s book covers, in its seven building blocks, a large spectrum of macroeconomics, trade, and financial theoretical topics by using mathematical tools and always referring to real world economic and financial problems. Graduate students in economics and business schools, financial market analysts, and policy makers in macroeconomic and trade policies now have in hand a rigorous book enlightened with spring water economics." --Tulio H. F. Arvelo Durán, Federal University of Rio de Janeiro
"Economic theory tells us how people will behave in reaction to government policies. Dr. Canto’s book tells us how to invest to take advantage of that behavior." --Doo Jin Ryu, Sungkyunkwan University
"Financial markets are often driven by government fiscal, regulatory, and central bank monetary policy actions. Understanding the likely impact of these policies is vital for policymaking and investment success in today’s increasingly global markets. This excellent book explains in easy-to-understand language both how the economy works and the investment implications. Economic students and investors should read this insightful and informative book." --Robert I. Webb, University of Virginia