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Inspired by the experience of some advanced economies, a number of emerging market economies have recently adopted rules limiting the budget deficit, expenditure level, or indebtedness of the public sector, while others consider them for eventual adoption. This volume brings together policy analysts to discuss the rationale, suitability, and usefulness of fiscal policy rules in emerging market economies. Grouped under three main parts (political economy and macroeconomic setting; design issues at the national level; design issues at the subnational level), the chapters have a practical orientation, based on conceptual grounding.

Macroeconomics. --- Banks and banking. --- Macroeconomics/Monetary Economics//Financial Economics. --- Banking. --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- Economics

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Writing a book is not possible without the generous input of many people. It is a pleasure to have the opportunity to thank at least some of these people. Prof. Dr. Jochen Michaelis, the supervisor of my dissertation, taught me how to do economic analysis and initiated my interest in labour market is­ sues. Discussions with him have always been enlightening and have greatly improved the analysis in this book. Moreover, he always encouraged me when I experienced a slump in my motivation. He never lost his calmness and good temper, not even in situations when my need for discussion must have been bothering him. Thanks for that Jochen. I'm indebted to Prof. Dr. Peter Weise for taking over the job as the sec­ ond referee of my thesis. He gave very valuable comments and sacrificed his christmas holiday to write the referee report as fast as possible. I also want to thank Prof. Stefan Voigt and Prof. Dr. Reinhold Kosfeld, the other two members of the dissertation committee, for the discussion during the defence of the thesis.

Wage bargaining --- Mathematical models. --- salaires --- lonen --- croissance economique --- economische groei --- syndicats --- vakbonden --- Collective bargaining --- Mathematical models --- Labor economics. --- Business. --- Management science. --- Economic growth. --- Macroeconomics. --- Labor Economics. --- Business and Management, general. --- Economic Growth. --- Macroeconomics/Monetary Economics//Financial Economics. --- Economics --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Quantitative business analysis --- Management --- Problem solving --- Operations research --- Statistical decision --- Trade --- Commerce --- Industrial management

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Markov chains have increasingly become useful way of capturing stochastic nature of many economic and financial variables. Although the hidden Markov processes have been widely employed for some time in many engineering applications e.g. speech recognition, its effectiveness has now been recognized in areas of social science research as well. The main aim of Hidden Markov Models: Applications to Financial Economics is to make such techniques available to more researchers in financial economics. As such we only cover the necessary theoretical aspects in each chapter while focusing on real life applications using contemporary data mainly from OECD group of countries. The underlying assumption here is that the researchers in financial economics would be familiar with such application although empirical techniques would be more traditional econometrics. Keeping the application level in a more familiar level, we focus on the methodology based on hidden Markov processes. This will, we believe, help the reader to develop more in-depth understanding of the modeling issues thereby benefiting their future research.

Economics --- Markov processes. --- Mathematical models. --- Public finance. --- Econometrics. --- International economics. --- Finance. --- Macroeconomics. --- Microeconomics. --- Public Economics. --- International Economics. --- Finance, general. --- Macroeconomics/Monetary Economics//Financial Economics. --- Price theory --- Funding --- Funds --- Currency question --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Economic policy --- International relations --- Economic sanctions --- Economics, Mathematical --- Statistics --- Cameralistics --- Public finance --- Public finances --- Analysis, Markov --- Chains, Markov --- Markoff processes --- Markov analysis --- Markov chains --- Markov models --- Models, Markov --- Processes, Markov --- Stochastic processes

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Sovereign risk and financial crises play a key role in current international economic developments, particularly in the case of economic downturns. As the Asian economic crisis in the late 1990s revealed once again, financial crises are the rule rather than the exception in capitalist economies. The event also revealed that international public debt agreements are contingent claims. In a world of increasing economic interdependencies, the issues of financial crises and country defaults are of critical importance. This volume goes to the heart of the academic discussion on sovereign risk and financial crises by centering on quantitative-empirical aspects, evaluating prominent approaches, and by proposing new methods. Part I of the volume identifies key factors and processes that are central in analyzing sovereign risk while Part II focuses on the determinants and effects of financial crises.

AA / International- internationaal --- 333.613 --- 333.605 --- 336.312.3 --- International finance --- Country risk --- Financial crises --- 332.042 --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Business cycles --- Country risk, Political --- Political risk (Foreign investments) --- Risk --- International monetary system --- International money --- Finance --- International economic relations --- Activiteiten van de nationale en internationale markten. Beursnoteringen van aandelen en obligaties. --- Nieuwe financiële instrumenten. --- Solvabiliteit, kredietwaardigheid van de landen. Risicolanden. --- Country risk. --- Financial crises. --- Nieuwe financiële instrumenten --- Activiteiten van de nationale en internationale markten. Beursnoteringen van aandelen en obligaties --- Solvabiliteit, kredietwaardigheid van de landen. Risicolanden --- Macroeconomics. --- Public finance. --- Finance. --- International economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- Public Economics. --- Finance, general. --- International Economics. --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Economic policy --- International relations --- Economic sanctions --- Funding --- Funds --- Economics --- Currency question --- Cameralistics --- Public finance --- Public finances

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Sebastian Dullien gives a novel explanation for unemployment and inflation in the Euro-Zone. He argues that unemployment stems from a lack of co-operation between unions and monetary authorities: In an economy with endogenous money as EMU, wage setters are responsible for price stability while the central bank is responsible for the level of output. Co-operation between both actors is necessary for high employment and low inflation. The current institutional set-up is found to be unable to assure cooperation.

Unemployment --- Inflation (Finance) --- Collective bargaining --- Wages --- Monetary policy --- Banks and banking, Central --- Ch omage --- Salaires --- Banques centrales --- N egociations collectives --- Inflation --- Politique mon etaire --- BUSINESS & ECONOMICS --- Werkloosheid --- Inflatie --- Salarissen --- Collectieve onderhandelingen --- Monetaire politiek --- EMU --- Compensation --- Departmental salaries --- Earnings --- Pay --- Remuneration --- Salaries --- Wage-fund --- Wage rates --- Working class --- Income --- Labor costs --- Compensation management --- Cost and standard of living --- Prices --- Bargaining --- Labor negotiations --- Industrial relations --- Negotiation in business --- Finance --- Natural rate of unemployment --- Money & Monetary Policy --- Economic and Monetary Union. --- Union economique et mon etaire. --- WWU --- Europäische Wirtschafts- und Währungsunion --- Unión Económica y Monetaria Europea --- Oikonomikē kai Nomismatikē Henōsē --- ONE --- European Monetary Union --- Talous- ja rahaliitto --- Unione monetaria --- Euroopan talous- ja rahaliitto --- Rahaliitto --- European Economic and Monetary Union --- UME --- Unione monetaria europea --- EWWU --- Unión Monetaria Europea --- Ekonomiska och monetära unionen --- Union monétaire européenne --- Union économique et monétaire européenne --- UEM --- Unia Gospodarcza i Walutowa --- E-books --- 332.494 --- arbeid, loon --- banken, centraal --- monetaire politiek --- 333.846.3 --- EEC / European Union - EU -Europese Unie - Union Européenne - UE --- Verband tussen de geld-, bank- en kredietpolitiek en de lonen --- Macroeconomics. --- Political economy. --- Labor economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- International Political Economy. --- Labor Economics. --- Economics --- Economic theory --- Political economy --- Social sciences --- Economic man --- Money. Monetary policy --- European Union