The distinguished author of this interesting booklet argues forcibly that currency inflation is one of the root causes of trade collapse, and that only by a policy of steady and continuous deflation can recovery be assured. He urges that value must rule and not be at the sport of currency, varying automatically with the value of gold or, arbitrarily, at the will of the Treasury. Currency inflation, he maintains, is essentially undemocratic, and far more disastrous to the poor than to the rich, who are in a position to escape many of its evil consequences.
This book extends recent theories of incomplete markets to investigate empirically the appropriate balance between the market and the state in the trade relations between developed and developing countries. The conclusion is that in an ideal world government intervention in foreign exchange and trade is necessary in developing countries in the early stages and inevitably decreases as development occurs. Rationing of foreign exchange prevents a 'soft currency distortion' that commonly afflicts developing countries and can turn comparative advantage trade into competitive devaluation trade, with severe losses of income and welfare. Yotopoulos finds that the level of underdevelopment narrowly circumscribes and conditions the extent to which free-market, free-trade, laissez-faire can be beneficial, contrary to the mainstream policy paradigm as currently applied. The analysis and tests draw on empirical research from seventy countries and four extended country studies to confirm the usefulness and validity of the theoretical framework.
The failure of the dollar peg to prevent the Asian currency crisis of 1997 to 1998 has highlighted the importance of the exchange rate regime in Asia and provoked much discussion as to what the alternatives are in terms of exchange rate systems.
Bringing together extensive research on Asian basket currencies in one volume, this new text discusses whether a currency basket system is the answer, striking a balance between the theoretical and empirical. With strong policy implications for East Asia, the impressive team of contributors argue that for countries that have close economic relationships with several currency areas, it is well worth considering a currency basket system. The book also pursues the important idea of coordination failure, whereby if each individual country tries to adopt an optimal exchange rate given other neighbouring countries' policies, they may collectively fail to reach a region's optimal exchange rate regime.
A Basket Currency for Asia is a topical and significant text that will appeal to students and scholars of international finance and Asian economics.
The Ion Exchange and Solvent Extraction series treats ion exchange and solvent extraction both as discrete topics and as a unified, multidisciplinary study - presenting new insights for researchers in many chemical and related fields.;Volume 12 contains coverage of: the nature of metal-ion interaction with oppositely charged sites of ion exchangers; high-pressure ion exchange separation of rare earth elements; the commercial recovery of valuable minerals from seawater and brines by ion exchange and sorption; the kinetics of ion exchange in heterogenous systems; the ion-exchange equilibria of amino acids; and more.;The work is intended for analytical, co-ordination, process, separation, surface, organic, inorganic, physical and environmental chemists, geochemists, electrochemists, radiochemists, biochemists, biophysicists, hydrometallurgists, membrane researchers and chemical engineers.
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