economics 2014

Economics 2014www.cambridge.org/economics2014

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Econometrics, statistics and mathematical economics 1

Microeconomics 3

Industrial economics 5

Public economics and public policy 6

Natural resource and environmental economics 8

Labour economics 9

Macroeconomics and monetary economics 9

Economic development and growth 11

Finance 13

International economics 15

History of economic thought and methodology 17

Economics (general) 18

Also of interest 20

Information on related journals Inside back cover

Contents

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THE ANALYTICS OF UNCERTAINTY

AND INFORMATION SECOND EDITION

Sushil BikhchandaniJack Hirshleifer John G. Riley

Sushil Bikhchandani

T H E C A M B R I D G E

H I S T O RY O F

CapitalismVOLUM E I I

T H E SpR E A D OF C A pI TA L I SM :

F ROM 18 48

T O T H E pR E SE n T

EDITED BY

L A R RY n E A L A n D

J E F F R E Y G . W I L L I A M S O n HIG

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see page 5

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see page 9

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Econometrics, statistics and mathematical economics 1

eBooks available at www.cambridge.org/ebookstore

Econometrics, statistics and mathematical economics

TEXTBOOK

Time Series Models for Business and Economic ForecastingSecond editionPhilip Hans Franses

With a new author team contributing decades of practical experience, this fully updated second edition textbook summarises the most critical decisions, techniques and steps in creating effective forecasting models. It includes all the new theoretical and practical exercises geared at guiding students through the steps of creating forecasting models on their own.

From the fi rst edition: ‘Reviews the more recent developments in modeling time series to focus on generating ex ante forecasts: seasonal unit roots, period models, aberrant observations, and common features. For each method, intuitive motivation and practical considerations are discussed in detail, making the book very readable … should be benefi cial for students and instructors of applications-oriented courses as well as for practitioners who wish to obtain a fi rst, but not too technical, impression of time series forecasting using modern, recently developed methods.’Journal of the American Statistical Association

Contents: Preface; 1. Introduction and overview; 2. Key features of economic time series; 3. Useful concepts in univariate time series analysis; 4. Trends; 5. Seasonality; 6. Aberrant observations; 7. Conditional heteroskedasticity; 8. Non-linearity; 9. Multivariate time series; Index.2014 228 x 152 mm 500pp 81 b/w illus. 17 tables 65 exercises 978-0-521-81770-7 Hardback c. US$120.00978-0-521-52091-1 Paperback c. US$48.00Publication May 2014

For all formats available, seewww.cambridge.org/9780521817707

Generalized Vectorization, Cross-Products, and Matrix CalculusDarrell A. TurkingtonUniversity of Western Australia, Perth

Matrix calculus is an effi cient procedure for obtaining many derivatives at once, used in statistics and econometrics. This book studies different concepts of matrix derivatives and a particular brand of mathematics behind matrix calculus, including special matrices whose elements are all zero or one.

‘A very neat treatment of matrix calculus. There is no doubt that the new operators and matrices presented in the book will see their applications in many areas of econometrics.’Yong Bao, Purdue University

2013 228 x 152 mm 275pp 4 tables 978-1-107-03200-2 Hardback US$99.00


Econophysics of Income and Wealth DistributionsBikas K. ChakrabartiSaha Institute of Nuclear Physics, Kolkata

Anirban ChakrabortiEcole Centrale Paris

Satya R. ChakravartyIndian Statistical Institute, Kolkata

and Arnab ChatterjeeAalto University, Finland

Introducing the elegant and intriguing kinetic exchange models that physicists have developed to tackle the distribution of wealth and income, this book is ideal for physicists and economists. It is written in simple, lucid language, making it suitable for researchers new to this fi eld as well as specialized readers.2013 247 x 174 mm 222pp 86 b/w illus. 978-1-107-01344-5 Hardback US$110.00


Stochastic Calculus and Differential Equations for Physics and FinanceJoseph L. McCauleyUniversity of Houston

Stochastic calculus provides a powerful description of a specifi c class of stochastic processes in physics and fi nance. However, many econophysicists struggle to understand it. This book presents the subject simply and systematically, giving graduate students and practitioners a better understanding

and enabling them to apply the methods in practice.

‘This new book by Joe McCauley is a most welcome and innovative contribution to the important fi eld of mathematical fi nance theory. It presents a unifi ed, rigorous and comprehensive framework of the dynamics of stochastic calculus that should underpin the mathematics of fi nance. The book’s welcome focus on nonstationary processes and statistical ensembles in time series analysis, developing, inter alia, the Ito calculus and the Fokker-Planck equations as parallel approaches to stochastic processes, will make this the classic and indispensable textbook for any serious graduate courses in applied fi nance theory – not just for economists, but also for physicists interested in studying the world of fi nance.’Stefano Zambelli, Algorithmic Social Sciences Research Unit (ASSRU), University of Trento

2013 247 x 174 mm 215pp 4 b/w illus. 978-0-521-76340-0 Hardback US$95.00


TEXTBOOK

Introduction to Bayesian EconometricsSecond editionEdward GreenbergWashington University, St Louis

This textbook is an introduction to econometrics from the Bayesian viewpoint. The second edition includes new material.

‘Edward Greenberg’s Introduction to Bayesian Econometrics provides clear and concise coverage of Bayesian theory, computational methods, and important applications. Three years of teaching from its fi rst edition convince me that it is a splendid textbook. The second edition is further enhanced by more applications and new guidance on use of free R software.’John P. Burkett, University of Rhode Island

Contents: Part I. Fundamentals of Bayesian Inference: 1. Introduction; 2. Basic concepts of probability and inference; 3. Posterior distributions and inference; 4. Prior distributions; Part II. Simulation: 5. Classical simulation; 6. Basics of Markov chains; 7. Simulation by MCMC methods; Part III. Applications: 8. Linear regression and extensions; 9. Semiparametric

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2 Econometrics, statistics and mathematical economics

regression; 10. Multivariate responses; 11. Time series; 12. Endogenous covariates and sample selection; A. Probability distributions and matrix theorems; B. Computer programs for MCMC calculations.2013 253 x 177 mm 264pp 29 b/w illus. 19 tables 978-1-107-01531-9 Hardback US$55.00


Advances in Economics and EconometricsTenth World CongressVolume 1: Economic TheoryEdited by Daron AcemogluMassachusetts Institute of Technology

Manuel ArellanoCentro de Estudios Monetarios y Financieros (CEMFI), Madrid

and Eddie DekelNorthwestern University and Tel Aviv University

The fi rst of three volumes containing edited versions of papers and commentaries presented at invited symposium sessions of the Tenth World Congress of the Econometric Society 2010. The papers interpret key developments in economics and econometrics and discuss future directions for a variety of topics, covering both theory and application.Econometric Society Monographs, 49

2013 228 x 152 mm 507pp 14 b/w illus. 1 table 978-1-107-01604-0 Hardback US$175.00978-1-107-63810-5 Paperback US$65.00


Advances in Economics and EconometricsTenth World CongressVolume 2: Applied EconomicsEdited by Daron AcemogluMassachusetts Institute of Technology



The second of three volumes containing edited versions of papers and commentaries presented at invited symposium sessions of the Tenth World Congress of the Econometric Society 2010. The papers interpret key developments in economics and econometrics, and discuss future directions for a variety of topics, covering both theory and application.Econometric Society Monographs, 50

2013 228 x 152 mm 562pp 60 b/w illus. 33 tables 978-1-107-01605-7 Hardback US$175.00978-1-107-67416-5 Paperback US$65.00


Advances in Economics and EconometricsTenth World CongressVolume 3: EconometricsEdited by Daron AcemogluMassachusetts Institute of Technology



The third of three volumes containing edited versions of papers and commentaries presented at invited symposium sessions of the Tenth World Congress of the Econometric Society 2010. The papers interpret key developments in economics and econometrics, and discuss future directions for a variety of topics, covering both theory and application.Econometric Society Monographs, 51



Advances in Economics and EconometricsTheory and Applications, Tenth World CongressEdited by Daron AcemogluMassachusetts Institute of Technology


and Eddie DekelNorthwestern University, Illinois

These three volumes contain edited versions of papers and commentaries presented at invited symposium sessions of the Tenth World Congress of the Econometric Society 2010. Written by leading specialists in their fi elds, they summarize and interpret key developments in economics and econometrics, discussing future directions covering both theory and application.

‘This collection of papers gives an up-to-date review of the literature in major fi elds of economics by infl uential scholars. Anyone interested in knowing the frontier of knowledge in economic science will profi t from reading these essays.’James J. Heckman, Nobel Laureate, Henry Schultz Distinguished Service Professor, University of Chicago, and President of the Econometric Society 2013

Econometric Society Monographs

2013 228 x 152 mm 1712pp 118 b/w illus. 49 tables 978-1-107-01721-4 3 Volume Hardback SetUS$500.00978-1-107-62886-1 3 Volume Paperback SetUS$175.00


Dynamic Models for Volatility and Heavy TailsWith Applications to Financial and Economic Time SeriesAndrew C. HarveyUniversity of Cambridge

The book presents a statistical theory for a class of nonlinear time-series models. It has particular relevance for the modeling of volatility in fi nancial time series but the overall approach will be of interest to econometricians and statisticians in a variety of disciplines.Econometric Society Monographs, 52



TEXTBOOK

Regression Analysis of Count DataSecond editionA. Colin CameronUniversity of California, Davis

and Pravin K. TrivediIndiana University, Bloomington

Students in both social and natural sciences often seek regression methods to explain the frequency of events, such as visits to a doctor, auto accidents, or new patents awarded. The second edition provides the most comprehensive and up-to-date account of models and methods to interpret such data.Contents: 1. Introduction; 2. Model specifi cation and estimation; 3. Basic count regression; 4. Generalized count regression; 5. Model evaluation and testing; 6. Empirical illustrations; 7. Time series data; 8. Multivariate data; 9. Longitudinal data; 10. Endogenous regressors and selection; 11. Flexible methods for counts; 12. Bayesian methods for counts; 13. Measurement errors.Econometric Society Monographs, 53




Econometrics, statistics and mathematical economics / Microeconomics 3

For regular email alerts visit www.cambridge.org/alerts

The Skew-Normal and Related FamiliesAdelchi AzzaliniUniversità degli Studi di Padova, Italy

In collaboration with Antonella CapitanioUniversità di Bologna

Blending theory and practice, this will be the standard resource for statisticians and applied researchers. Assuming only basic knowledge of (non-measure-theoretic) probability and statistical inference, it is accessible to the wide range of researchers who use statistical modelling techniques. The author’s complementary R package helps readers put theory into practice.Institute of Mathematical Statistics Monographs, 3

2013 228 x 152 mm 272pp 100 b/w illus. 60 exercises 978-1-107-02927-9 Hardback US$80.00Publication December 2013


TEXTBOOK

Econometric Modelling with Time SeriesSpecifi cation, Estimation and TestingVance MartinUniversity of Melbourne

Stan HurnQueensland University of Technology

and David HarrisMonash University, Victoria

This book provides a general framework for specifying, estimating and testing time series econometric models. Special emphasis is given to estimation by maximum likelihood, but other methods are also discussed, including quasi-maximum likelihood estimation, generalized method of moments estimation, nonparametric estimation and estimation by simulation.

‘This book will be an excellent text for advanced undergraduate and postgraduate courses in econometric time series. The statistical theory is clearly presented and the many examples make the techniques readily accessible and illustrate their practical importance.’Andrew Harvey, University of Cambridge

Contents: Part I. Maximum Likelihood: 1. The maximum likelihood principle; 2. Properties of maximum likelihood estimators; 3. Numerical estimation methods; 4. Hypothesis testing; Part II. Regression Models: 5. Linear regression models; 6. Nonlinear regression models; 7. Autocorrelated regression models; 8. Heteroskedastic regression models; Part III. Other

Estimation Methods: 9. Quasi-maximum likelihood estimation; 10. Generalized method of moments; 11. Nonparametric estimation; 12. Estimation by stimulation; Part IV. Stationary Time Series: 13. Linear time series models; 14. Structural vector autoregressions; 15. Latent factor models; Part V. Non-Station Time Series: 16. Nonstationary distribution theory; 17. Unit root testing; 18. Cointegration; Part VI. Nonlinear Time Series: 19. Nonlinearities in mean; 20. Nonlinearities in variance; 21. Discrete time series models; Appendix A. Change in variable in probability density functions; Appendix B. The lag operator; Appendix C. FIML estimation of a structural model; Appendix D. Additional nonparametric results.Themes in Modern Econometrics



Microeconomics

Economics of AgglomerationCities, Industrial Location, and GlobalizationSecond editionMasahisa FujitaKyoto University, Japan

and Jacques-Francois ThisseKatholieke Universiteit Leuven, Belgium

This is a study of the economic reasons for the existence of a large variety of agglomerations arising from the global to the local. The second edition combines a comprehensive analysis of the fundamentals of spatial economics and an in-depth discussion of the most recent theoretical developments in new economic geography and urban economics. It aims to highlight several of the major economic trends observed in modern societies.

Advance praise:‘Two of the best regional scientists share with us what they have learned about the economics of agglomeration. This splendid book shows that different strands in the literature rely on the same common principles that defi ne agglomeration economies. The authors show how these common principles can help us to understand the spatial distribution of economic activity. Although the book is mostly about theory, lucid and stylized examples illustrate the theories. Economics of Agglomeration,

Second Edition is essential reading for graduate students in regional and urban economics for years to come.’Steven Brakman, University of Groningen

2013 228 x 152 mm 600pp 42 b/w illus. 978-1-107-00141-1 Hardback US$140.00978-0-521-17196-0 Paperback US$55.00Publication November 2013


The Language of Law and EconomicsA DictionaryFrancesco ParisiUniversity of Minnesota

From a historical perspective, ‘law and economics’ constituted one of the most infl uential developments in legal scholarship in the twentieth century; the discipline remains today one of the dominant perspectives on the law, generating a tremendous quantity of new research and discussion. Unfortunately, one consequence of applying the analytical methods of one highly technical fi eld to the historically layered substance of another has been the accumulation of considerable technical overhead, requiring fl uency in both the language of economics and the language of the law. Further complicating matters, the fi eld of law and economics has sometimes developed independently, creating new terms, while recasting others from their original economic or legal meanings. In this dictionary of law and economics, Francesco Parisi provides a comprehensive and concise guide to the language and key concepts underlying this fecund interdisciplinary tradition. The fi rst reference work of its kind, it will prove to be an invaluable resource for professionals, students and scholars.

‘Professor Francesco Parisi, a leading, and extremely prolifi c law and economics scholar, benefi ts both the legal and economic communities with this comprehensive and very timely law and economics dictionary. It is not only law and economics scholars who should have this magnifi cent volume on their shelves, but also lawyers and economists, both academicians and practitioners, who wish to have … better access to that important fi eld.’Ariel Porat, Tel Aviv University

2013 228 x 152 mm 371pp978-0-521-87508-0 Hardback US$99.99978-0-521-69771-2 Paperback US$39.99



4 Microeconomics

TEXTBOOK

Game TheoryMichael MaschlerHebrew University of Jerusalem

Eilon SolanTel-Aviv University

and Shmuel ZamirHebrew University of Jerusalem

A comprehensive treatment of game theory. Mathematically oriented, it examines both noncooperative and cooperative games, and includes advanced topics as well as numerous exercises, and examples from economics, mathematics, computer science and management science. Written both for students studying the subject and as a reference book for researchers.

‘This is the book for which the world has been waiting for decades: a defi nitive, comprehensive account of the mathematical theory of games, by three of the world’s biggest experts on the subject. Rigorous yet eminently readable, deep yet comprehensible, replete with a large variety of important real-world applications, it will remain the standard reference in game theory for a very long time.’Robert Aumann, Nobel Laureate in Economics, The Hebrew University of Jerusalem

Contents: Introduction; 1. The game of chess; 2. Utility theory; 3. Extensive-form games; 4. Strategic-form games; 5. Mixed strategies; 6. Behavior strategies and Kuhn’s theorem; 7. Equilibrium refi nements; 8. Correlated equilibria; 9. Games with incomplete information and common priors; 10. Games with incomplete information: the general model; 11. The universal belief space; 12. Auctions; 13. Repeated games; 14. Repeated games with vector payoffs; 15. Bargaining games; 16. Coalitional games with transferable utility; 17. The core; 18. The Shapley value; 19. The bargaining set; 20. The nucleolus; 21. Social choice; 22. Stable matching; 23. Appendices; Index.2013 246 x 189 mm 1006pp 292 b/w illus. 978-1-107-00548-8 Hardback US$99.00


TEXTBOOK

A Short Course in Intermediate Microeconomics with CalculusRoberto SerranoBrown University, Rhode Island

and Allan M. FeldmanBrown University, Rhode Island

This book provides a concise treatment of the core concepts of microeconomic theory at the intermediate level with calculus.

‘This is an excellent text on intermediate microeconomics, one of the very best I have seen for some time. I am particularly impressed by the clarity of the presentation of the material. This is not surprising, given that this text is written by two top scholars. I anticipate it will be a huge success.’Abhinay Muthoo, University of Warwick

Contents: Preface; 1. Introduction; 2. Preferences and utility; 3. The budget constraint and the consumer’s optimal choice; 4. Demand functions; 5. Supply functions for labor and savings; 6. Welfare economics i: the one-person case; 7. Welfare economics ii: the many-person case; 8. Theory of the fi rm i: the single-input model; 9. Theory of the fi rm ii: the long run, multiple-input, single-output model; 10. Theory of the fi rm iii: the short run, multiple-input, single-output model; 11. Perfectly competitive markets; 12. Monopoly and monopolistic competition; 13. Duopoly; 14. Game theory; 15. An exchange economy; 16. A production economy; 17. Externalities; 18. Public goods; 19. Uncertainty and expected utility; 20. Uncertainty and asymmetric information.2013 253 x 177 mm 393pp 128 b/w illus. 5 tables 978-1-107-01734-4 Hardback US$140.00978-1-107-62376-7 Paperback US$65.00


Behavioral Rationality and Heterogeneous Expectations in Complex Economic SystemsCars HommesUniversiteit van Amsterdam

Recognising that the economy is a complex system with boundedly rational interacting agents, applies complexity modelling to economics and fi nance.

‘Professor Hommes’ work is a major contribution to the understanding of intertemporal economic fl uctuations. In a world in which production and investment behavior is motivated

by expectations of the future, the way those expectations are formed becomes of the utmost importance. These expectations lead to dynamic systems, and the author draws on the rich literature developed for the study of mechanical and gravitational phenomena. These lead to the emergence of very complex behavior in markets driven by expectations, especially when different economic agents have different modes of forming expectations from data. The study of this book will have a profound impact on the theoretical and empirical analysis of securities markets and other forms of investment.’Kenneth J. Arrow, Joan Kenney Professor of Economics and Professor of Operations Research, Emeritus, Stanford University, and Winner of the Nobel Prize in Economics, 1972



TEXTBOOK

Essential MicroeconomicsJohn G. RileyUniversity of California, Los Angeles

Essential Microeconomics is designed to help students deepen their understanding of the core theory of microeconomics.

‘John Riley is not only a leading economic theorist but also a superb expositor of theoretical ideas. Essential Microeconomics is a beautifully lucid book that will quickly and easily take students to the heart of the subject.’Eric S. Maskin, Institute for Advanced Study, Princeton, and Nobel Laureate in Economics

Contents: 1. Prices and optimization; 2. Consumers; 3. Equilibrium and effi ciency in an exchange economy; 4. Firms; 5. General equilibrium; 6. Dynamic optimization; 7. Uncertainty; 8. Equilibrium in fi nancial markets; 9. Strategy; 10. Games with asymmetric information; 11. Incentive compatibility and mechanism design; 12. Auctions and public good; Appendix A. Mathematical foundations; Appendix B. Mappings of vectors; Appendix C. Optimization.2012 253 x 177 mm 710pp 229 b/w illus. 17 tables 978-0-521-82747-8 Hardback US$96.00



Microeconomics / Industrial economics 5

Visit our website at www.cambridge.org/knowledge

TEXTBOOK

Prospect TheoryFor Risk and AmbiguityPeter P. WakkerErasmus Universiteit Rotterdam

A text in decision theory with applications to economics, mathematics, fi nance, psychology, management, health, computer science, statistics, and engineering.2010 247 x 174 mm 518pp 106 b/w illus. 57 tables 187 exercises 978-0-521-76501-5 Hardback US$145.00978-0-521-74868-1 Paperback US$57.00


TEXTBOOK

The Analytics of Uncertainty and InformationSecond editionSushil BikchandaniJack HirshleiferUniversity of California, Los Angeles

and John G. RileyUniversity of California, Los Angeles

There has been explosive progress in the economic theory of uncertainty and information in the past few decades. This book attempts to unify the subject matter in a simple, accessible manner. This revised and updated second edition places a greater focus on game theory. New topics include posted-price markets, mechanism design, common-value auctions, and the one-shot deviation principle for repeated games.

Advance praise:‘This is a beautifully clear book on the economics of uncertainty and information. The second edition contains a good deal of valuable new material, such as on the production, transmission, acquisition, and aggregation of information.’Eric Maskin, Harvard University, and Nobel Laureate

Contents: Part I: 1. Elements of decision under uncertainty; 2. Risk-bearing: the optimum of the individual; 3. Comparative statics of the risk-bearing optimum; 4. Market equilibrium under uncertainty; Part II: 5. Information and informational decisions; 6. Information and markets; 7. Strategic uncertainty and equilibrium concepts; 8. Informational asymmetry and contract design; 9. Competition

and hidden knowledge; 10. Market institutions; 11. Long-run relationships and the credibility of threats and promises; 12. Information aggregation, transmission, and acquisition.Cambridge Surveys of Economic Literature

2013 228 x 152 mm 536pp 83 b/w illus. 978-0-521-83408-7 Hardback US$150.00978-0-521-54196-1 Paperback US$60.00Publication November 2013


Industrial economics

The Manufacturing of MarketsLegal, Political and Economic DynamicsEdited by Eric BrousseauUniversité de Paris IX (Paris-Dauphine)

and Jean-Michel GlachantEuropean University Institute, Florence

Drawing on case studies from a range of industries, countries and periods of history, this edited volume examines how a combination of economic, political and legal dynamics shape the formation and the performance of markets. This book will appeal to all those interested in the reform of markets.2014 228 x 152 mm 450pp 25 b/w illus. 9 tables 978-1-107-05371-7 Hardback c. US$105.00Publication May 2014


Building Technology Transfer within Research UniversitiesAn Entrepreneurial ApproachEdited by Thomas J. AllenMassachusetts Institute of Technology

and Rory P. O’SheaMassachusetts Institute of Technology

A group of academic thought leaders in the fi eld of technology transfer analyse critically the factors which lie behind success-oriented entrepreneurial start-up cultures on university campuses. Using a series of case studies, the contributors develop and share a model that universities can adopt for successful academic entrepreneurship.

‘This volume brings alive the modern synthesis of entrepreneurship and universities that has created a powerful force for change and wealth in societies. The contributors are at the

forefront of the subject and leaders everywhere will need to understand the insights discussed.’Phillip A. Sharp, Nobel Laureate, Medicine, Institute Professor at the Koch Institute for Integrative Cancer Research, Massachusetts Institute of Technology, and Co-Founder of Biogen Idec, Alnylum

2014 228 x 152 mm 350pp 22 b/w illus. 41 tables 978-0-521-87653-7 Hardback c. US$85.00Publication May 2014


Patent Markets in the Global Knowledge EconomyTheory, Empirics and Public Policy ImplicationsEdited by Thierry MadièsUniversité de Fribourg, Switzerland

Dominique GuellecOECD

and Jean-Claude PragerSociété du Grand Paris

Long regarded as an essential underpinning of technological innovation in successful capitalist economies, the benefi cial role of patents has recently been brought into question by those favouring ‘open’ innovation. This rigorous book surveys the theory, empirical evidence and public-policy related to the role of patents in a global knowledge economy.2014 228 x 152 mm 220pp 20 b/w illus. 9 tables 978-1-107-04710-5 Hardback c. US$99.00Publication February 2014


Outsourcing EconomicsGlobal Value Chains in Capitalist DevelopmentWilliam MilbergNew School for Social Research, New York

and Deborah WinklerSchwartz Center for Economic Policy Analysis, New York

William Milberg and Deborah Winkler propose an institutional theory of trade and development. They fi nd that offshoring reduces employment and raises income inequality in countries that lack institutions supporting workers. They also fi nd that offshoring allows fi rms to reduce domestic investment and focus on fi nance and short-run stock movements.2013 228 x 152 mm 370pp 57 b/w illus. 34 tables 978-1-107-02699-5 Hardback US$99.00978-1-107-60962-4 Paperback US$36.99



6 Industrial economics / Public economics and public policy

Insurance and Behavioral EconomicsImproving Decisions in the Most Misunderstood IndustryHoward C. KunreutherUniversity of Pennsylvania

Mark V. PaulyUniversity of Pennsylvania

and Stacey McMorrowThe Urban Institute

This book examines the behavior of individuals at risk and insurance industry decision makers involved in selling, buying and regulation. It compares their actions to those predicted by benchmark models of choice derived from classical economic theory and is designed to eliminate the mistrust that characterizes the insurance industry.

‘For too many people insurance is a mystery not worth solving. The authors of Insurance and Behavioral Economics shed valuable light on insurance products and providers in an insightful examination for the benefi t of consumers, analysts, and students of the business. Even the industry would be wise to study the authors’ research, conclusions, and recommendations.’Franklin Nutter, President, Reinsurance Association of America



Travel Industry EconomicsA Guide for Financial AnalysisSecond editionHarold L. Vogel

Harold L. Vogel examines the economics and investment aspects of major industry components including airlines, hotels, casinos and theme parks.2013 228 x 152 mm 346pp 57 b/w illus. 48 tables 978-1-107-02562-2 Hardback US$83.00


The Third Industrial Revolution in Global BusinessEdited by Giovanni DosiScuola Superiore Sant’Anna

and Louis GalambosThe Johns Hopkins University

The essays in this volume ask whether the widespread adoption of digital technology has led to large-scale or structural changes in modern business systems. The book provides a robust

exploration of the impact the third industrial revolution – the digital revolution – had on global business.Comparative Perspectives in Business History

2013 228 x 152 mm 254pp 13 b/w illus. 1 map 20 tables 978-1-107-02861-6 Hardback US$90.00


Public economics and public policy

Tax Fairness and Folk JusticeSteven M. SheffrinUniversity of California, Davis

Much of the discussion of tax fairness today focuses on distribution – who gets what. But this is too limited a focus. This book demonstrates how an understanding of ‘folk justice’ can deepen our understanding of how tax systems actually work and how they might potentially be reformed.

Advance praise:‘A fabulous book! Filled with insights on a crucially important, but underexplored, aspect of tax policy. This book should be required reading for anyone interested in the politics or sociology of taxation.’David Gamage, University of California, Berkeley

2013 228 x 152 mm 250pp 2 b/w illus. 12 tables 978-0-521-19562-1 Hardback US$85.00978-0-521-14805-4 Paperback US$29.99Publication December 2013


Preventing Regulatory CaptureSpecial Interest Infl uence and How to Limit itEdited by Daniel CarpenterHarvard University, Massachusetts

and David A. MossHarvard University, Massachusetts

This timely volume brings together leading scholars from across the social sciences, whose work presents empirical evidence that the obstacle of regulatory capture is more surmountable than previously thought. The unprecedented rigor they bring to the study of capture will appeal to scholars and students

across the social sciences, and prove a valuable resource for policy makers.2013 228 x 152 mm 512pp 18 b/w illus. 23 tables 978-1-107-03608-6 Hardback US$70.00978-1-107-64670-4 Paperback US$24.9Publication November 2013


HIGHLIGHT

Global Problems, Smart SolutionsCosts and Benefi tsEdited by Bjørn LomborgCopenhagen Consensus Center

Bjørn Lomborg invites more than 50 expert authors to decide how best to spend a hypothetical $75 billion of aid money to combat twelve major global problems. This thought-provoking book challenges readers to form their own opinions and prioritize: resources are limited and some solutions are smarter than others.

Praise for the Copenhagen Consensus 2004–2013:‘I have served on four Copenhagen Consensus committees of experts since 2004. All involved hard choices among attractive alternatives to meet crucial objectives for development and health. And the reason I keep serving? I learn so much.’Thomas C. Schelling, Distinguished University Professor Emeritus of Economics, University of Maryland, and Nobel Laureate in Economics

2013 246 x 189 mm 766pp 110 b/w illus. 172 tables 978-1-107-03959-9 Hardback US$125.00978-1-107-61221-1 Paperback US$49.99Publication November 2013


TEXTBOOK

Behavioural Public PolicyEdited by Adam OliverLondon School of Economics and Political Science

How can individuals best be encouraged to take more responsibility for their well-being and their environment or to behave more ethically in their business transactions? These are the types of questions covered in this fascinating collection of case studies by some of the world’s leading scholars in behavioural economics.

‘In this exciting new book some of the world’s leading economists greatly expand the new fi eld of the behavioural economics of public policy. From their insights we will have


Public economics and public policy 7


better governance on issues ranging from health care to disclosure practice to the environment.’George A. Akerlof, University of California, Berkeley, and Nobel Laureate in Economics, 2001

Contents: Introduction; 1. Ambiguity aversion and the UK government’s response to swine fl u; 1.1 A response to Oliver; 2. Models of governance of public services: empirical and behavioural analysis of ‘Econs’ and ‘Humans’; 2.1 A response to Bevan and Fasolo; 3. From irresponsible knaves to responsible knights for just 5p: behavioural public policy and the environment; 3.1 A response to Disney, Le Grand and Atkinson; 4. The more who die, the less we care: psychic numbing and genocide; 4.1 A response to Slovic and Västfjäll; 5. Healthy habits: some thoughts on the role of public policy in healthful eating and exercise under limited rationality; 5.1 A response to Rabin; 6. Confessing one’s sins but still committing them: transparency and the failure of disclosure; 6.1 A response to Sah, Cain and Loewenstein; 7. How should people be rewarded for their work?; 7.1 A response to Frey; 8. Infl uencing the fi nancial behaviour of individuals: the mindspace way; 8.1 A response to Dolan; 9. Decision analysis from a neo-calvinist point of view; 9.1 A response to Prelec; Index.2013 228 x 152 mm 249pp 18 b/w illus. 6 tables 978-1-107-04263-6 Hardback US$95.00978-1-107-61737-7 Paperback US$34.99


Resocialising Europe in a Time of CrisisEdited by Nicola CountourisUniversity College London

and Mark FreedlandUniversity of Oxford

This edited collection explores how the European Social Model has been progressively eroded by a number of deregulatory dynamics. Chapters include important suggestions on how Europe could reverse this trend and redevelop its Social Dimension in ways that are attuned to the social needs of European workers and citizens.2013 228 x 152 mm 540pp 4 b/w illus. 14 tables 978-1-107-04174-5 Hardback US$115.00


TEXTBOOK

The Law and Policy of the World Trade OrganizationText Cases and MaterialsThird editionPeter Van den Bosscheand Werner Zdouc

This thoroughly updated new edition of the classic, market-leading textbook is required reading for all students of WTO law.Contents: 1. International trade and law of the WTO; 2. The World Trade Organization; 3. WTO Dispute Settlement; 4. Most favoured nation treatment; 5. National treatment; 6. Tariff barriers; 7. Non-tariff barriers; 8. General and security exceptions; 9. Economic emergency exceptions; 10. Regional trade exceptions; 11. Dumping; 12. Subsidies; 13. Technical barriers to trade; 14. Sanitary and phytosanitary measures; 15. Intellectual property rights; 16. Future challenges to the WTO and the multilateral trade system.2013 247 x 174 mm 1100pp978-1-107-02449-6 Hardback US$150.00978-1-107-69429-3 Paperback US$75.00


The Politics of Social Welfare in AmericaGlenn David MackinUniversity of Rochester, New York

Glenn David Mackin explores disability rights groups and welfare rights activism in the 1960s and 1970s and argues that those designated as needy or incompetent often challenge these designations, generating new ways of understanding ‘participating’ and ‘equality’, as well as making the issue of welfare an ongoing confl ict.2013 228 x 152 mm 235pp978-1-107-02902-6 Hardback US$90.00


Money and Banks in the American Political SystemKathryn C. LavelleCase Western Reserve University, Ohio

Lavelle argues that political sources of instability in fi nance derive from the intersection of market innovation and regulatory arbitrage. This book explores monetary, fi scal and regulatory policies within a political culture characterized by the separation of business and state,

and mistrust of power concentration in one political or economic institution.

‘Why are banks politically powerful in the United States? The novel argument of Lavelle’s important book is that banks are powerful because they have allies within the American political system that need banks in order to further their own bureaucratic objectives. For example, the Federal Reserve needs banks to help preserve its independence from the Congress, Congress needs banks to help allocate resources to favored constituents (e.g., homeowners), and fi nancial regulators need banks to help preserve their jurisdictions and budgets. Lavelle’s exploration of the bureaucratic politics of fi nancial policy making provides a new understanding of regulation, deregulation, innovation, and crises in American fi nance.’J. Lawrence Broz, University of California, San Diego



Regulating Long-Term Care QualityAn International ComparisonEdited by Vincent MorBrown University, Rhode Island

Tiziana LeoneLondon School of Economics and Political Science

and Anna MaressoLondon School of Economics and Political Science

How to care for the increasing number of elderly people in the global population is a challenge facing governments in both the developed and the developing world. Using a series of case studies from Europe, North America and Asia, this book surveys different approaches to long-term care provision and regulation.Health Economics, Policy and Management

2014 228 x 152 mm 520pp 21 b/w illus. 33 tables 978-1-107-04206-3 Hardback US$120.00978-1-107-66535-4 Paperback US$55.00Publication January 2014



8 Natural resource and environmental economics

Natural resource and environmental economics

How Much is Clean Air Worth?Calculating the Benefi ts of Pollution ControlAri RablEcole des Mines, Paris

Joseph V. SpadaroBasque Centre for Climate Change, Bilbao, Spain

and Mike HollandEcometrics Research and Consulting (EMRC)

Written for scholars, graduate students and practitioners in government and industry, this book provides comprehensive coverage of core methodologies used in quantifying the costs of pollution. Worked examples support the discussion, and the results for electricity treatment, waste management and transport are reviewed, with an analysis of their policy implications.2014 246 x 189 mm 500pp 135 b/w illus. 98 tables 978-1-107-04313-8 Hardback c. US$72.00Publication May 2014


A Less Green and Pleasant LandOur Threatened WildlifeNorman MacleanUniversity of Southampton

This ‘Domesday book’ of the British and Irish countryside provides a defi nitive and up-to-date survey of the state of our wildlife today. An accessible and timely study revealing just how rapidly our countryside and its wildlife are changing, why we should be concerned, and what we can do about it.2014 228 x 152 mm 300pp 9 b/w illus. 16 colour illus. 978-1-107-67323-6 Paperback c. US$35.00Publication April 2014


Our Uncommon HeritageBiodiversity Change, Ecosystem Services, and Human Well-BeingCharles PerringsArizona State University

Our Uncommon Heritage explores the many dimensions of human-driven biodiversity change. It addresses the causes of biodiversity change, its hidden costs, and better ways to manage it. This is an important book for students, researchers and those engaged in biodiversity policy and management at the international level.

‘This book is much more than just another ecological book: it does a great service to the effort to stop Biodiversity being seen only as an assemblage of useful or charismatic species, and instead as ecosystems that house the planet’s biological wealth, providing us with a score of indispensable environmental services. Charles Perrings shows that ecosystems, a.k.a Biodiversity, need to be understood within their environmental and sociological contexts in an interdisciplinary form (by an integrated Biodiversity Science) in order to be sustainably managed. We must learn to become expert global gardeners to manage the ecosystems upon which we utterly depend.’Professor José Sarukhán, National Coordinator for Mexico’s National Commission for Knowledge and Use of Biodiversity (CONABIO)

2014 228 x 152 mm 528pp 41 b/w illus. 35 tables 978-1-107-04373-2 Hardback c. US$125.00978-1-107-61898-5 Paperback c. US$45.00Publication March 2014


Water Resilience for Human ProsperityJohan RockströmStockholm Resilience Centre

Malin FalkenmarkStockholm Resilience Centre

Carl FolkeBeijer International Institute of Ecological Economics, Stockholm

Mats LannerstadStockholm Environment Institute

Jennie BarronStockholm Environment Institute

Elin EnforsStockholm Resilience Centre

Line GordonStockholm Resilience Centre

Jens HeinkePotsdam Institute for Climate Impact Research (PIK)

Holger HoffStockholm Environment Institute

and Claudia Pahl-WostlUniversität Osnabrück

Human-driven biosphere changes demand new consideration of water resources as part of global sustainability. This book focuses on building socio-ecological resilience and sustaining ecosystem services in the face of emerging water challenges. A state-of-the-art resource for academic researchers, water resource professionals, and graduate students studying water resource governance and management.2014 247 x 174 mm 340pp 116 colourillus. 12 tables 978-1-107-02419-9 Hardback c. US$85.00Publication February 2014


U.S. Energy Policy and the Pursuit of FailurePeter Z. GrossmanButler University, Indiana

Grossman analyses the serial failures of U.S. energy policy, failures that have been extraordinarily wasteful, with little learned by policy makers in the process. Congresses and presidential administrations have repeatedly backed failed policies because they promise unrealistic solutions that are politically expedient with little chance of practical success.

‘U.S. Energy Policy and the Pursuit of Failure is exactly the kind of analysis that more economists should do. It brings in political transaction costs to explain how policies can go astray, endure, and reduce welfare. Given the plethora of policy recommendations


Natural resource and environmental economics / Labour economics / Macroeconomics and monetary economics

9


for climate change mitigation, economists should take pause and be careful in what they call for.’Gary Libecap, University of California, Santa Barbara

2013 228 x 152 mm 411pp 10 b/w illus. 978-1-107-00517-4 Hardback US$99.00978-0-521-18218-8 Paperback US$36.99


Managing Extreme Climate Change Risks through InsuranceW. J. Wouter BotzenVrije Universiteit, Amsterdam

In recent years, the damage caused by natural disasters has increased worldwide. This book considers how the most common mechanism for managing risk – insurance – can contribute to designing policies which limit the risks posed by natural disasters, and reduce their impact on society in a changing climate.

‘Are insurers the victims, the virtuous or the villains of climate change? W. J. Wouter Botzen’s book questions how a global business is going to cope when long-held assumptions are challenged by a changing climate. Yet insurers have proved to be innovators with a unique means of communicating risk to householders and businesses worldwide … via the prices they have to pay for insurance contracts. Botzen’s book demonstrates how insurers have a crucial role to play in the management of risk in a changing world.’Jim W. Hall, Professor of Climate and Environmental Risks, University of Oxford

2013 228 x 152 mm 451pp 28 b/w illus. 5 maps 53 tables 978-1-107-03327-6 Hardback US$110.00


Global Energy AssessmentToward a Sustainable FutureGEA Writing Team

Independent, scientifi cally based, integrated, policy-relevant analysis of current and emerging energy issues for specialists and policymakers in academia, industry, government.2012 279 x 215 mm 1882pp 680 colourillus. 389 tables 978-1-107-00519-8 Hardback US$299.00978-0-521-18293-5 Paperback US$149.00


Globalizing OilFirms and Oil Market Governance in France, Japan, and the United StatesLlewelyn HughesGeorge Washington University, Washington DC

Oil is one of the world’s most important commodities. This book is the fi rst systematically to document and explain why governments across advanced industrialized democracies have changed the strategies they use to govern their oil markets over the last three decades.

Advance praise:‘Llewelyn Hughes has written a brilliant book about the transformation of the world’s energy markets. In Globalizing Oil, Hughes demonstrates that the interplay of governments and fi rms in the global market for oil requires an understanding of both politics and strategy. With extraordinary research and compelling argument, Hughes’ book provides insight into both.’Rawi E. Abdelal, Herbert F. Johnson Professor of International Management, Harvard Business School

Business and Public Policy

2014 228 x 152 mm 272pp 3 b/w illus. 1 table 978-1-107-04199-8 Hardback US$95.00Publication January 2014


Nature’s WealthThe Economics of Ecosystem Services and PovertyEdited by Pieter J. H. van BeukeringVrije Universiteit, Amsterdam

Elissaios PapyrakisVrije Universiteit, Amsterdam

Jetske BoumaVrije Universiteit, Amsterdam

and Roy BrouwerVrije Universiteit, Amsterdam

Based on eighteen studies in more than twenty developing countries, this book explores the role of biodiversity-, marine-, forest-, water- and land-related ecosystem services in supporting the livelihoods of the poor around the world. The authors present innovative management opportunities that improve local livelihoods and alleviate poverty while enhancing ecosystem protection.Ecology, Biodiversity and Conservation

2013 228 x 152 mm 439pp 45 b/w illus. 4 colour illus. 68 tables 978-1-107-02715-2 Hardback US$120.00978-1-107-69804-8 Paperback US$60.00


Labour economics

The Shadow EconomyAn International SurveySecond editionFriedrich SchneiderJohannes Kepler Universität Linz

and Dominik H. EnsteMax-Planck-Institut für Gesellschaftsforschung, Cologne

Presents new data to give an overview of shadow economies from OECD countries and propose solutions to prevent illicit work.2013 228 x 152 mm 226pp 30 b/w illus. 978-1-107-03484-6 Hardback US$99.00


Macroeconomics and monetary economics

HIGHLIGHT

Against the ConsensusRefl ections on the Great RecessionJustin Yifu LinPeking University, Beijing

In June 2008, Justin Yifu Lin was appointed Chief Economist of the World Bank, right before the eruption of the worst global fi nancial and economic crisis since the Great Depression. Drawing on experience from his privileged position, Lin offers unique refl ections on the cause of the crisis, why it was so serious and widespread, and its likely evolution. Arguing that conventional theories provide inadequate solutions, he proposes new initiatives for achieving global stability and avoiding the recurrence of similar crises in the future. He suggests that the crisis and the global imbalances both originated with the excess liquidity created by US fi nancial deregulation and loose monetary policy, and recommends the creation of a global Marshall Plan and a new supranational global reserve currency. This thought-provoking book will appeal to academics, graduate students, policy makers, and anyone interested in the global economy.

‘A large literature asks what China can learn from the advanced countries as it continues to develop. Here Justin Yifu Lin turns the tables and asks what the advanced countries can learn from


10 Macroeconomics and monetary economics

China, including on questions like the need for infrastructure spending in recovery from the crisis. Who better?’Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley

2013 228 x 152 mm 273pp 46 b/w illus. 14 tables 978-1-107-03887-5 Hardback US$29.99


NEW IN PAPERBACK

From Financial Crisis to StagnationThe Destruction of Shared Prosperity and the Role of EconomicsThomas I. Palley

This book offers a novel explanation of the fi nancial crisis and Great Recession that emphasizes the destruction of shared prosperity over the past thirty years. This contrasts with ‘black swan’ styled explanations that emphasize unexpected fi nancial shocks and speculation. The book explains why the economy is now confronted with stagnation rather than the quick recovery predicted by other accounts.

‘Thomas Palley has provided a penetrating analysis of the Great Recession, the weakness of the policy response, and the role of economic ideas in both. If we are to avoid the Great Stagnation – and build a more equitable and sustainable economic future – economists and policy makers must fundamentally change the way they think about economics and politics. Mr Palley points the way.’Ron Blackwell, Chief Economist, AFL-CIO

2013 228 x 152 mm 258pp 26 b/w illus. 26 tables 978-1-107-61246-4 Paperback US$27.99Also available978-1-107-01662-0 Hardback US$62.00


After the Great RecessionThe Struggle for Economic Recovery and GrowthEdited by Barry Z. CynamonWashington University, St Louis

Steven FazzariWashington University, St Louis

and Mark Setterfi eldTrinity College, Connecticut

Foreword by Robert Kuttner

A collection of essays about the US Great Recession of 2007 to 2009 and the subsequent stagnation from prominent scholars.2013 228 x 152 mm 354pp 19 b/w illus. 15 tables 978-1-107-01589-0 Hardback US$95.00


Currencies, Commodities and ConsumptionKenneth W. ClementsUniversity of Western Australia, Perth

Discusses economic issues associated with exchange rates, commodity prices, the economic size of countries and alternatives to PPP exchange rates.2013 228 x 152 mm 397pp 52 b/w illus. 69 tables 978-1-107-01476-3 Hardback US$110.00


International Liquidity and the Financial CrisisWilliam A. Allen

Explains how the fi nancial crisis spread across the world, how damage was contained and how the monetary world has changed.2013 228 x 152 mm 270pp 36 b/w illus. 49 tables 978-1-107-03004-6 Hardback US$99.00


TEXTBOOK

Modeling Monetary EconomiesThird editionBruce ChampFederal Reserve Bank of Cleveland

Scott Freemanand Joseph HaslagUniversity of Missouri, Columbia

Designed to be used in an advanced undergraduate course in monetary economies, money and banking, international economies or macroeconomies.

‘Theory that encourages careful thinking. Applications that demonstrate relevance. All delivered in an easy yet rigorous manner. An essential text for any course in money and banking.’David Andolfatto, Federal Reserve Bank of St Louis

Contents: Preface; Part I. Money: 1. A simple model of money; 2. Barter and commodity money; 3. Infl ation; 4. International monetary systems; 5. Price surprises; Part II. Banking: 6. Capital; 7. Liquidity and fi nancial intermediation; 8. Central banking and the money supply; 9. Money stock fl uctuations; 10. Fully backed central bank money; 11. The payments system; 12. Bank risk; 13. Liquidity risk and bank panics; Part III. Government Debt: 14. Defi cits and the national debt; 15. Savings and investment; 16. The effect of the national debt on capital and savings; 17. The temptation of infl ation.2011 253 x 215 mm 358pp 78 b/w illus. 25 tables 978-1-107-00349-1 Hardback US$135.00978-0-521-17700-9 Paperback US$51.00


Developments in Macro-Finance Yield Curve ModellingEdited by Jagjit S. ChadhaUniversity of Kent, Canterbury

Alain C. J. DurréEuropean Central Bank, Frankfurt

Michael A. S. JoyceBank of England

and Lucio SarnoCity University, London

Bringing together senior central bank economists and leading academic monetary economists, this book offers a state-of-the-art analysis of how the fi nancial crisis has changed the way in which macroeconomic policy-makers model longer term interest rates, and


Macroeconomics and monetary economics / Economic development and growth 11


the challenges posed to the conduct of monetary policy.Macroeconomic Policy Making

2013 228 x 152 mm 576pp 114 b/w illus. 60 tables 978-1-107-04455-5 Hardback US$110.00Publication December 2013


Questioning Credible CommitmentPerspectives on the Rise of Financial CapitalismEdited by D’Maris CoffmanUniversity of Cambridge

Adrian LeonardUniversity of Cambridge

and Larry NealUniversity of Illinois, Urbana-Champaign

Provides academics and practitioners with a broader understanding of the origins of fi nancial capitalism. A specially commissioned group of historians and economists examine and challenge North and Weingast’s (1989) ‘credible commitment’ thesis and show that parliamentary backing of public fi nance alone is insuffi cient to create confi dence in a state’s credit-worthiness.

‘Credible commitment is fundamental to fi nance. This volume of excellent essays by fi nancial historians explores the salient institutional theories about the development of credible commitment. In doing so, it illuminates a watershed period in the emergence of the modern economy.’William N. Goetzmann, Edwin J. Beinecke Professor of Finance and Management Studies, and Director, International Center for Finance, Yale University

Macroeconomic Policy Making



Economic development and growth

Capabilities, Gender, EqualityTowards Fundamental EntitlementsEdited by Flavio ComimUniversity of Cambridge

and Martha NussbaumUniversity of Chicago

A multidisciplinary group of experts provide unique refl ections on the capabilities or ‘human development’ approach to understanding well-being and basic political entitlements. With a special focus on Martha C. Nussbaum’s contributions to political philosophy, this thought-provoking book will interest a wide-range of readers and policy-makers interested in human development policies.2014 228 x 152 mm 515pp 5 b/w illus. 11 tables 978-1-107-01569-2 Hardback US$99.00Publication March 2014


Governing FailureProvisional Expertise and the Transformation of Global Development FinanceJacqueline BestUniversity of Ottawa

This book provides an innovative explanation of recent shifts in international development fi nance and provides a new perspective on the role of policy failure in international policymaking. It will be of interest to scholars, students and professionals interested in international politics, economic development and social theory.2014 228 x 152 mm 312pp 2 b/w illus. 978-1-107-03504-1 Hardback US$95.00Publication January 2014


Law and Development of Middle-Income CountriesAvoiding the Middle-Income TrapEdited by Randall PeerenboomLa Trobe University, Victoria

and Tom GinsburgUniversity of Chicago

This volume asks why many middle-income countries fail to develop after a promising start, becoming mired in the so-called middle-income trap. It addresses the challenges they face from theoretical and practical perspectives and is the fi rst to cover law and development issues in such countries from the perspective of political, administrative and legal institutions and policies.2014 228 x 152 mm 408pp 6 b/w illus. 1 colour illus. 1 map 28 tables 978-1-107-02815-9 Hardback US$99.00978-1-107-60919-8 Paperback US$39.99Publication January 2014


Rising Inequality in ChinaChallenges to a Harmonious SocietyEdited by Shi LiBeijing Normal University

Hiroshi SatoHitotsubashi University, Tokyo

and Terry SicularUniversity of Western Ontario

This book, a sequel to Inequality and Public Policy in China (2008), examines changes from 2002 to 2007 in the Chinese distribution of income and poverty, analyzes factors contributing to recent trends in inequality, providing insights into the potentially far-reaching consequences for China’s economy, politics and society.

Advance praise:‘Inequality – in incomes, in education, in opportunities – is one of the most important issues that China will have to deal with in the coming decades. This work edited by Li, Sato, and Sicular is the defi nitive book on China’s inequality. Based on high-quality data and careful analysis and clear presentation, we see that the challenge of dealing with inequality today and in the coming years is great indeed.’Scott Rozelle, Stanford University




12 Economic development and growth

Schumpeterian Analysis of Economic Catch-upKnowledge, Path-Creation, and the Middle-Income TrapKeun LeeSeoul National University

Written for academic researchers, graduate students, policy-makers and practitioners, this book analyzes the reasons why some Asian countries have been able to catch up successfully with the most advanced economies of the world while other countries appear to get trapped at a middle-income level in economic development.

‘Based on convincing theoretical and empirical analyses, Professor Lee argues that Korea and Taiwan’s success hinges on their shift, after reaching middle-income status in the 1980s, to specialize on shorter cycle technology-based sectors, which rely less on existing technologies, allow their economies to leverage the greater opportunities that arise from the emergence of new technologies, and enable them to continue the catching up process. This book is original, makes important contributions to the development literature, and should be read by anyone concerned about how to help a country overcome the middle-income trap.’Justin Yifu Lin, Peking University and Former Chief Economist, The World Bank

2013 228 x 152 mm 294pp 21 b/w illus. 43 tables 978-1-107-04268-1 Hardback US$55.00For all formats available, seewww.cambridge.org/9781107042681

HIGHLIGHT

How Much have Global Problems Cost the World?A Scorecard from 1900 to 2050Edited by Bjørn LomborgCopenhagen Business School

A selection of the world’s leading economists discuss ten of the greatest challenges that have blighted human development since 1900, quantifying their costs in percent of GDP through to 2050. Rather than offering defi nitive answers, this innovative book encourages debate and will engage a wide readership.

‘For a volume covering such a large number of grim subjects, ranging from climate change and violent confl ict to loss of bioversity and malnutrition, this is a surprisingly uplifting read. While mankind has succeeded in creating some depressingly disastrous

social, natural and humanitarian disasters, we also have the power to alleviate and overcome these self-infl icted challenges. Bjorn Lomborg reminds us that for every part of mankind that can destroy, there is also one part that can create.’Tilman Brück, Director, Stockholm International Peace Research Institute (SIPRI)



Social Assistance in Developing CountriesArmando BarrientosUniversity of Manchester

This book provides the fi rst comprehensive account of the global growth of social assistance transfers in developing countries. It explains the emergence of programmes such as Brazil’s Bolsa Família, India’s National Rural Employment Guarantee Scheme and South Africa’s Child Support Grant, and examines their potential to address global poverty.

‘In this complex but accessible book, Armando Barrientos locates the exponential recent growth of social assistance programmes in developing countries in its historical and political context. Uniquely, he weaves together ethical arguments and economic analysis, to explain why social assistance has emerged as one of the most powerful tools for fi ghting poverty in our times. No-one who reads this seminal book can fail to be convinced that social assistance for the poor is not only effective but also affordable and ethically indispensable.’Stephen Devereux, Institute of Development Studies



The Limits of Institutional Reform in DevelopmentChanging Rules for Realistic SolutionsMatt AndrewsKennedy School of Government, Harvard University

Developing countries commonly adopt reforms to improve their governments yet they usually fail to produce more functional and effective governments. This book explains such failure and

proposes an approach to facilitate better reform results in developing country governments.

‘Institutional reform can only work if it is tailored to the local context. That is why so-called best-practice reforms typically fail: they create the illusion of progress, but not the reality. This important book goes beyond this lament to formulate a positive agenda of reform, built on incrementalism, problem-driven focus, and collaboration among stakeholders. Matt Andrews has seen the future, and it is in this book.’Dani Rodrik, Harvard University, and author of One Economics, Many Recipes



Economic Reform in IndiaChallenges, Prospects, and LessonsEdited by Nicholas C. HopeStanford Center for International Development

Anjini KocharStanford Center for International Development

Roger NollStanford University, California

and T. N. SrinivasanYale University and National University of Singapore

These essays are written by leading economists working on the Indian economy. They emphasize the importance of policies and institutions for growth and poverty reduction, stressing the success of sector-specifi c policies is dependent on the nature of markets and the functioning of institutions including those charged with regulating critical sectors.

‘The transformation of India in the past couple of decades from a slow growth economy to the ranks of the fastest growing economies in the world is not a mystery. Economic reforms unleashed the growth potential of the sleeping giant. But what exactly were these reforms? This volume, with contributions by an all-star cast of expert economists, is the defi nitive description of the wide-ranging economic reforms undertaken by the Indian government. It will be read by academics with an interest in growth and the Indian economy, as well as by policy makers around the developing world who want their countries to emulate the Indian experience.’Mohsin Khan, Rafi k Hariri Center for the Middle East, Washington DC


Economic development and growth / Finance 13




Poverty and the International Economic Legal SystemDuties to the World’s PoorEdited by Krista Nadakavukaren ScheferUniversität Basel, Switzerland

Economic growth does not necessarily lead to a reduction in poverty levels. Extending beyond development discussions, Poverty and the International Economic Legal System offers researchers and policymakers an in-depth assessment of how rules governing international economic activity need to change to improve the standards of living for all individuals.2013 228 x 152 mm 493pp 1 b/w illus. 978-1-107-03274-3 Hardback US$125.00


Globalization and the Distribution of WealthThe Latin American Experience, 1982–2008Arie M. KacowiczHebrew University of Jerusalem

Links theoretical discussions about globalization and the distribution of wealth with a rich empirical analysis of Latin America.2013 228 x 152 mm 262pp 8 b/w illus. 16 tables 978-1-107-02784-8 Hardback US$95.00


How Capitalism Was BuiltThe Transformation of Central and Eastern Europe, Russia, the Caucasus, and Central AsiaSecond editionAnders AslundPeterson Institute for International Economics, Washington, DC

This second edition updates all chapters and covers the impacts of the global fi nancial crisis and the European Union.2013 228 x 152 mm 436pp 45 b/w illus. 7 tables 978-1-107-02654-4 Hardback US$110.00978-1-107-62818-2 Paperback US$36.99


In the Shadow of ViolencePolitics, Economics, and the Problems of DevelopmentEdited by Douglass C. NorthWashington University, St Louis

John Joseph WallisUniversity of Maryland, College Park

Steven B. WebbThe World Bank, Washington DC

and Barry R. WeingastStanford University, California

This book explains how political control of economic privileges is used to limit violence and coordinate coalitions of powerful organizations.2013 228 x 152 mm 376pp 12 b/w illus. 2 maps 42 tables 978-1-107-01421-3 Hardback US$99.00978-1-107-68491-1 Paperback US$34.99


Finance

TEXTBOOK

Introductory Econometrics for FinanceThird editionChris BrooksUniversity of Reading

This best-selling textbook is a complete resource for fi nance students. The third edition has been updated with new data, extensive examples and EViews tutorials. Improved student support includes a new chapter on the basic mathematics underlying econometrics, further reading and a website with freely available student and instructor resources.

Review of previous edition:‘Very comprehensive, and it does a sound job of covering the territory.’Times Higher Education

Contents: Preface to the third edition; 1. Introduction; 2. Mathematical and statistical foundations; 3. A brief overview of the classical linear regression model; 4. Further development and analysis of the classical linear regression model; 5. Classical linear regression model assumptions and diagnostic tests; 6. Univariate time series modelling and forecasting; 7. Multivariate models; 8. Modelling long-run relationships in fi nance; 9. Modelling volatility and correlation; 10. Switching models; 11. Panel data; 12. Limited dependent variable models; 13. Simulation methods;

14. Conducting empirical research or doing a project or dissertation in fi nance; Appendix 1. Sources of data used in this book; Appendix 2. Tables of statistical distributions; Glossary; Index.2014 246 x 189 mm 800pp 132 colourillus. 70 tables 978-1-107-03466-2 Hardback c. US$160.00978-1-107-66145-5 Paperback c. US$80.00Publication April 2014


Handbook of Financial Data and Risk Information IPrinciples and ContextVolume 1Edited by Margarita S. BroseMark D. FloodDilip KrishnaDeloitte & Touche, LLP

and Bill Nichols

This comprehensive resource explores the different issues involved in collecting, measuring and managing data in the fi nancial services industry. Written by experts and leading fi gures in risk management and analysis, it sets out a clear vision for a structural and operational framework for a fi nancial risk data repository.2013 247 x 174 mm 615pp 6 b/w illus. 50 colour illus. 40 tables 978-1-107-01201-1 Hardback US$150.00Publication December 2013


Handbook of Financial Data and Risk Information IISoftware and DataVolume 2Edited by Margarita S. BroseMark D. FloodDilip KrishnaDeloitte & Touche, LLP

and Bill NicholsSoftware and Information Industry Association

This comprehensive resource explores the different issues involved in collecting, measuring and managing data in the fi nancial services industry. Written by experts and leading fi gures in risk management and analysis, it sets out a clear vision for a structural and operational framework for a fi nancial risk data repository.2013 247 x 174 mm 570pp 15 b/w illus. 90 colour illus. 40 tables 978-1-107-01202-8 Hardback US$150.00Publication December 2013



14 Finance

Handbook of Financial Data and Risk InformationEdited by Margarita S. BroseMark D. FloodDilip Krishnaand Bill Nichols

This comprehensive resource explores the different issues involved in collecting, measuring and managing data in the fi nancial services industry. Written by experts and leading fi gures in risk management and analysis, it sets out a clear vision for a structural and operational framework for a fi nancial risk data repository.2013 247 x 174 mm 1170pp 25 b/w illus. 140 colour illus. 80 tables 978-1-107-69070-7 2 Volume Hardback SetUS$240.00Publication December 2013


Portfolio Management under StressA Bayesian-Net Approach to Coherent Asset AllocationRiccardo RebonatoPIMCO

and Alexander DenevRoyal Bank of Scotland

Portfolio Management under Stress combines the insights of modern portfolio theory with the well-established Bayesian-net methodology to offer a novel solution to the important problem of asset allocation under conditions of market distress. This insightful book is an important resource for practitioners and research academics in the post-fi nancial crisis world.

‘Rebonato and Denev have demolished the status quo with their radical extension of best-practice portfolio management. The key is to integrate realistic ‘extreme’ scenarios into risk assessment, and they show how to use Bayesian networks to characterize precisely those scenarios. The book is rigorous yet completely practical, and reading it is a pleasure, with the ‘Rebonato touch’ evident throughout.’Francis X. Diebold, Paul F. and Warren S. Miller Professor of Economics, and Professor of Finance and Statistics, University of Pennsylvania

2013 247 x 174 mm 456pp 119 b/w illus. 978-1-107-04811-9 Hardback US$65.00Publication December 2013


Handbook on Systemic RiskEdited by Jean-Pierre FouqueUniversity of California, Santa Barbara

and Joseph A. LangsamUniversity of Maryland, College Park

Written by experts in the fi eld, this book provides researchers with an introduction to the multifaceted aspects of systemic risks facing the global fi nancial markets. It is the editors’ aim to stimulate greater interdisciplinary academic research on this critically important topic with immense societal implications.2013 247 x 174 mm 992pp 25 b/w illus. 140 colour illus. 75 tables 978-1-107-02343-7 Hardback US$160.00


Wall Street ValuesBusiness Ethics and the Global Financial CrisisMichael A. SantoroRutgers Business School, New Jersey

and Ronald J. StraussMontclair State University, New Jersey

This timely book answers complex and perplexing questions raised by Wall Street’s role during the recent fi nancial crisis.2013 216 x 138 mm 244pp 13 b/w illus. 7 tables 978-1-107-01735-1 Hardback US$27.99


TEXTBOOK

FinanceA Quantitative IntroductionNico van der WijstNorwegian University of Science and Technology, Trondheim

An introduction to modern fi nance designed for students with strong quantitative skills.

‘An excellent guide to modern fi nance. Professor van der Wijst provides clear and comprehensive explanations of the major theories in asset pricing, options, and corporate fi nance and the evidence for and against each. His book is remarkable both for its range and clarity.’Louis Ederington, Michael F. Price Chair in Finance, University of Oklahoma

Contents: 1. Introduction; 2. Fundamental concepts and techniques; 3. Modern portfolio theory; 4. Market effi ciency; 5. Capital structure and dividends; 6. Valuing levered projects; 7. Option pricing in discrete time; 8. Option pricing

in continuous time; 9. Real options analysis; 10. Selected option applications; 11. Hedging; 12. Agency problems and governance; Solutions to exercises; Glossary; Index.2013 246 x 189 mm 445pp 64 b/w illus. 73 tables 978-1-107-02922-4 Hardback US$65.00


Market LiquidityAsset Pricing, Risk, and CrisesYakov AmihudStern School of Business, New York University

Haim MendelsonGraduate School of Business, Stanford University

and Lasse Heje PedersenStern School of Business, New York University

This book explores the effect of liquidity on asset prices, liquidity variations over time and how liquidity risk affects prices.2013 228 x 152 mm 289pp 32 b/w illus. 27 tables 978-0-521-19176-0 Hardback US$99.00978-0-521-13965-6 Paperback US$34.99


Computation and Modelling in Insurance and FinanceErik BølvikenUniversitetet i Oslo

This practical introduction outlines methods for analysing actuarial and fi nancial risk at a fairly elementary mathematical level suitable for graduate students, actuaries and other analysts in the industry who could use simulation as a problem solver. Numerous exercises with R-code illustrate the text.International Series on Actuarial Science

2014 247 x 174 mm 704pp 80 b/w illus. 45 tables 550 exercises 978-0-521-83048-5 Hardback US$120.00Publication March 2014


TEXTBOOK

Actuarial Mathematics for Life Contingent RisksSecond editionDavid C. M. DicksonUniversity of Melbourne

Mary R. HardyUniversity of Waterloo, Ontario

and Howard R. WatersHeriot-Watt University, Edinburgh

Three leaders in actuarial science give a modern perspective on life contingencies. Balancing rigour and intuition, and emphasizing applications,


Finance / International economics 15


this modern text is ideal for university courses and actuarial exam preparation. This second edition includes brand new chapters and exercises, and will prepare students for the new-style MLC exam.

Review of the fi rst edition:‘The book is well written, well organized, and easy to read. It may be an excellent textbook for both undergraduate and graduate programs in actuarial science. It is also a rich source of useful information for practitioners of the actuarial profession and fi nancial risk managers who seek a practical and inspiring guide to liability cash fl ow modeling and valuation.’Scandinavian Actuarial Journal

Contents: Preface to the Second Edition; 1. Introduction to life insurance; 2. Survival models; 3. Life tables and selection; 4. Insurance benefi ts; 5. Annuities; 6. Premium calculation; 7. Policy values; 8. Multiple state models; 9. Joint life and last survivor benefi ts; 10. Pension mathematics; 11. Yield curves and non-diversifi able risk; 12. Emerging costs for traditional life insurance; 13. Participating and universal life insurance; 14. Emerging costs for equity-linked insurance; 15. Option pricing; 16. Embedded options; A. Probability theory; B. Numerical techniques; C. Simulation; D. Tables; References; Index.International Series on Actuarial Science

2013 228 x 152 mm 616pp 50 b/w illus. 90 tables 210 exercises 978-1-107-04407-4 Hardback US$89.00


Solutions Manual for Actuarial Mathematics for Life Contingent RisksSecond editionDavid C. M. DicksonUniversity of Melbourne

Mary R. HardyUniversity of Waterloo, Ontario

and Howard R. WatersHeriot-Watt University, Edinburgh

This must-have manual provides solutions to all exercises in the authors’ groundbreaking text, which is required reading for the SOA Exam MLC, and covers virtually the whole syllabus for the UK Subject CT5 exam. Over 200 solutions give insight as well as exam preparation. Companion spreadsheets are freely available online.International Series on Actuarial Science

2013 228 x 152 mm 227pp978-1-107-62026-1 Paperback US$32.99


Probability for FinanceEkkehard KoppUniversity of Hull

Jan MalczakAGH University of Science and Technology, Krakow

and Tomasz ZastawniakUniversity of York

Students and instructors alike will benefi t from this rigorous, unfussy text. It keeps a clear focus on the basic probabilistic concepts required for an understanding of fi nancial market models, including independence, conditioning and limit theorems for random sequences. Motivational examples, careful proofs and plenty of exercises facilitate self-study.Mastering Mathematical Finance

2013 228 x 152 mm 208pp 12 b/w illus. 150 exercises 978-1-107-00249-4 Hardback US$80.00978-0-521-17557-9 Paperback US$39.99Publication November 2013


The Origins, History, and Future of the Federal ReserveA Return to Jekyll IslandEdited by Michael D. BordoRutgers University, New Jersey

and William RoberdsFederal Reserve Bank of Atlanta

This book contains essays presented at the November 2010 conference held to mark the centenary of the famous 1910 Jekyll Island meeting of leading American fi nanciers and the US Treasury. The fi nal chapter records a panel discussion of Fed policy making by the current and former senior Federal Reserve offi cials.

‘The 2010 Jekyll Island conference assembled preeminent scholars who have spent a lifetime studying central banking and the Federal Reserve. The historical perspective provided by these scholars offers continuing insights into the great issues confronting central banks. Not only students of central banking, but also general readers, will learn from this book.’Robert Hetzel, Federal Reserve Bank of Richmond, and author of The Great Recession

Studies in Macroeconomic History



International economics

The Political Economy of Transnational Tax ReformThe Shoup Mission to Japan in Historical ContextEdited by W. Elliot BrownleeUniversity of California, Santa Barbara

Eisaku IdeKeio University, Tokyo

and Yasunori FukagaiYokohama National University, Japan

These essays explore the history of the US tax mission to Japan during the occupation following World War II. Carl Shoup was appointed to create a new tax system for Japan. This volume examines the intellectual world of Shoup and his colleagues, describes their collaboration with Japan and analyzes the mission’s effects.2013 228 x 152 mm 472pp 8 b/w illus. 10 tables 978-1-107-03316-0 Hardback US$110.00Publication November 2013


TEXTBOOK

International Economics and BusinessNations and Firms in the Global EconomySecond editionSjoerd BeugelsdijkRijksuniversiteit Groningen, The Netherlands

Steven BrakmanRijksuniversiteit Groningen, The Netherlands

Harry GarretsenRijksuniversiteit Groningen, The Netherlands

and Charles van MarrewijkUniversiteit Utrecht, The Netherlands

With a new title (following the successful fi rst edition of Nations and Firms in the Global Economy), this second edition undergraduate textbook combines the dual perspectives of international economics and international business, exploring key principles of the world economy and the theory and practice of globalization through an integrated lens.

‘A monumental achievement. The only international economics textbook on the market that appropriately describes the role of the fi rm in the global economy.’Alain Verbeke, Haskayne School of Business, University of Calgary and Solvay Business School, University of Brussels


16 International economics

Contents: Preface; Part I. Introduction: 1. The global economy; 2. Getting the numbers right; Part II. Firms, Trade, and Location: 3. Trade, comparative advantage, and competition; 4. Modern trade theory: the role of the fi rm; 5. Trade restrictions and trade policy; 6. Firms, location, and distance; 7. Managing across borders; Part III. Capital, Currency, and Crises; 8. Exchange rates; 9. Currency crises and exchange rate policy; 10. Gains from international capital mobility; 11. Financial crises, fi rms, and the open economy; 12. The Great Recession; Part IV. Consequences of Globalization; 13. Globalization and growth; 14. Globalization and inequality; References; Index.2013 247 x 174 mm 596pp 151 b/w illus. 66 tables 978-1-107-03672-7 Hardback US$130.00978-1-107-65416-7 Paperback US$60.00


Community Capitalism in ChinaThe State, the Market, and CollectivismXiaoshuo HouSt Lawrence University, New York

Hou offers the ‘both/and’ perspective and discusses the intertwining of the economy, the state and social relations. Focusing on three villages in China – Nanjie, Huaxi and Shangyuan – with collectively owned enterprises, villagers become shareholders in these enterprises and receive social welfare benefi ts and/or dividends.

‘Community Capitalism in China is a welcome addition to the body of research on economic reform in China. It is a beautiful example of the ways in which grounded research can both illuminate eye-opening stories about transforming economies and also advance our theoretical understanding of the forces driving that transformation. Professor Hou also boldly steps beyond the tired state-versus-market mindset, offering a fresh view of how China’s economy works.’Doug Guthrie, Dean, The George Washington School of Business

2013 228 x 152 mm 164pp 16 b/w illus. 6 maps 8 tables 978-1-107-03046-6 Hardback US$90.00


The Decade of the MultilatinasJavier SantisoESADE Business School

Latin American multinationals (multilatinas) have been central in the rise of emerging markets in the last few decades. This book analyses the trends, the countries and the fi rms involved, and explores the implications for the US, China, Spain and the rest of Europe.

‘The continued growth in global trade and investment is rapidly forcing us to rethink the way we look at the role of the emerging economies. Early in this long process, the focus was on local production in these economies, based on cheap labor and abundant resources. But much more is going on. This timely book focuses on the impressive international expansion of Latin corporations, an important topic that thus far has not received much attention. I highly recommend it to all audiences.’Arminio Fraga, Founder of Gávea Investimentos (acquired by JP Morgan) and former Governor of the Central Bank of Brazil



Public Procurement Regulation in AfricaEdited by Geo QuinotUniversity of Stellenbosch, South Africa

and Sue ArrowsmithUniversity of Nottingham

Examines the regulatory rules on public procurement in selected African countries and provides a comparative analysis of key regulatory issues.2013 228 x 152 mm 445pp 7 tables 978-1-107-02832-6 Hardback US$135.00


The IMF and Global Financial CrisesPhoenix Rising?Joseph P. JoyceWellesley College, Massachusetts

Joyce traces the IMF’s actions to promote international fi nancial stability from the Bretton Woods era through the recent recession.2013 228 x 152 mm 257pp 17 b/w illus. 19 tables 978-0-521-87417-5 Hardback US$50.00


WTO Disciplines on Subsidies and Countervailing MeasuresBalancing Policy Space and Legal ConstraintsDominic CoppensSidley Austin LLP

Academics, policy makers and staff of international institutions will all be intrigued by this legal analysis of the complex WTO rules on subsidies and the discussion of whether these rules overly confi ne governments’ policy space to pursue legitimate objectives, such as economic development, environmental protection, and recovery in times of crisis.Cambridge International Trade and Economic Law

2014 228 x 152 mm 672pp 6 b/w illus. 978-1-107-01477-0 Hardback US$150.00Publication February 2014


The Foundations of Worldwide Economic IntegrationPower, Institutions, and Global Markets, 1850–1930Edited by Christof DejungUniversität Konstanz, Germany

and Niels P. PeterssonSheffi eld Hallam University

The essays in this volume discuss worldwide economic integration between 1850 and 1930, challenging the popular description of the period after 1918 as one of deglobalisation. By showing that institutionalism altered its shape in circumstances that challenged international trade, and presenting case studies from various countries, this book offers a fresh perspective on economic globalisation.

‘It has become commonplace to argue that institutions and rules matter greatly to economic performance. But how did these institutions and rules emerge and take the particular shapes that they did? Christof Dejung’s and Niels P. Petersson’s signifi cant collection takes a sustained look at global trade in the late nineteenth and early twentieth centuries and shows how European merchants, Indian peasants, imperial statesmen, and others, constructed these institutions and rules. Far from a defi nite set of tools, the institutions that enabled global trade were the outcome of sustained social contestation on local marketplaces, in national politics, and across ocean-spanning trade networks. Power is back to the debate


International economics / History of economic thought and methodology 17


on institutions – and this book is a must-read for anyone interested in this important story.’Sven Beckert, Harvard University

Cambridge Studies in the Emergence of Global Enterprise



Trading SpacesForeign Direct Investment Regulation, 1970–2000Sonal S. PandyaUniversity of Virginia

This book examines why countries dismantled FDI restrictions over the period 1970–2000. It features statistical analyses of the most comprehensive dataset of industry-level FDI regulations to date. It also highlights the economic and political foundations of global economic integration and the growing economic confl icts between advanced economics and large emerging markets.Political Economy of Institutions and Decisions

2014 228 x 152 mm 200pp 11 b/w illus. 23 tables 978-1-107-04034-2 Hardback US$90.00Publication January 2014


Financial Crises and the Politics of Macroeconomic AdjustmentsStefanie WalterUniversität Heidelberg

This book explains why governments respond differently to macroeconomic problems and why necessary reforms are sometimes delayed until a serious fi nancial crisis erupts. Empirical analyses at both the individual level across a broad range of countries and case studies of national policy responses to fi nancial and economic crises in Asia and Eastern Europe support the argument.Political Economy of Institutions and Decisions



History of economic thought and methodology

The Economics of EconomistsInstitutional Setting, Individual Incentives and Future ProspectsEdited by Alessandro LanteriAmerican University of Beirut

and Jack VromenErasmus Universiteit Rotterdam

In this volume, leading scholars investigate the profession of academic economists. The book addresses timely topics such as the consequences of the fi nancial crisis on the discipline, as well as pluralism in research, academic organizations, teaching methodology, gender issues and professional ethics. Its interdisciplinary approach will attract a broad readership.2014 228 x 152 mm 350pp 13 b/w illus. 24 tables 978-1-107-01570-8 Hardback c. US$99.00Publication May 2014


Money as God?The Monetisation of the Market and its Impact on Religion, Politics, Law and EthicsEdited by Jürgen von HagenUniversität Bonn

and Michael WelkerUniversität Heidelberg

A fascinating interdisciplinary study of the impact of the monetisation of market transactions on all aspects of our social, political, legal and spiritual lives. This book brings together economists, theologians, historians, political scientists and lawyers to develop a comprehensive view of the nature and the social role of money.2014 228 x 152 mm 466pp 3 b/w illus. 10 tables 978-1-107-04300-8 Hardback c. US$99.00Publication March 2014


American Labor and Economic CitizenshipNew Capitalism from World War I to the Great DepressionMark HendricksonUniversity of California, San Diego

In the 1920s, a diverse group of social investigators and policy makers addressed a range of long-standing and seemingly intractable problems, confi dent that the period provided a unique moment full of opportunities. Led by Herbert Hoover, the group came to understand that a new, fair and prosperous version of capitalism could be achieved through steady economic growth.

‘Mark Hendrickson has crafted an important narrative that explains how early twentieth-century American business leaders, social scientists, and political activists worked to regulate, stabilize, and strengthen a newly confi gured national economy. He demonstrates how their efforts were ironically paralleled by the emerging resistance of marginalized and underrepresented groups (women, African Americans, and Mexican Americans) to the worst excesses of an economic system that, while possessed of many virtues, also subsisted on inequality and injustice.’Michael A. Bernstein, Tulane University



The Dimensions of ConsequentialismEthics, Equality and RiskMartin PetersonTechnische Universiteit Eindhoven, Holland

Consequentialism is a major theory of ethics. This book introduces a new type of consequentialist theory, according to which an act’s moral rightness depends on a number of separate dimensions, such as individual wellbeing, equality and risk. This multidimensional perspective helps articulate views about ethics in a precise, theoretical framework.2013 228 x 152 mm 224pp 2 b/w illus. 13 tables 978-1-107-03303-0 Hardback US$90.00



18 History of economic thought and methodology / Economics (general)

The Institutionalist Movement in American Economics, 1918-1947Science and Social ControlMalcolm RutherfordUniversity of Victoria, British Columbia

This book deals with the institutionalist movement in American economics, a movement that was a signifi cant part of American economics in the interwar period. This movement emphasized the importance of institutions, an empirical approach and the need for new forms of ‘social control’.

‘This book establishes, more thoroughly than any previous study, the breadth and importance of the interwar institutionalist movement in the United States. It is likely to become the standard work on an episode that is central to the history of American economics in the twentieth century.’Roger E. Backhouse, University of Birmingham

Historical Perspectives on Modern Economics

2013 229 x 152 mm 424pp 9 tables 978-1-107-62608-9 Paperback US$39.99


Transforming Modern MacroeconomicsExploring Disequilibrium Microfoundations, 1956–2003Roger E. BackhouseUniversity of Birmingham

and Mauro BoianovskyUniversidade de Brasília

This book tells the story of the search for disequilibrium micro-foundations for macroeconomic theory.Historical Perspectives on Modern Economics



Economics (general)

KEY REFERENCE

The Cambridge History of CapitalismVolume 1: The Rise of Capitalism: From Ancient Origins to 1848General Editor Larry NealUniversity of Illinois, Urbana-Champaign

and Jeffrey G. WilliamsonHarvard University, Massachusetts

The fi rst volume of The Cambridge History of Capitalism provides a comprehensive account of the evolution of capitalism from its earliest beginnings. Starting with its distant origins in ancient Babylon, successive chapters trace progression up to the ‘Promised Land’ of capitalism in America. Adopting a wide geographical coverage and comparative perspective, the international team of authors discuss the contributions of Greek, Roman and Asian civilizations to the development of capitalism, as well as the Chinese, Indian and Arab empires. They determine what features of modern capitalism were present at each time and place, and why the various precursors of capitalism did not survive. Looking at the eventual success of medieval Europe and the examples of city-states in northern Italy and the Low Countries, the authors address how British mercantilism led to European imitations and American successes, and ultimately, how capitalism became global.Contributors: Larry Neal, Michael Jursa, Alain Bresson, Willem M. Jongman, Étienne de la Vaissière, R. Bin Wong, Tirthankar Roy, Şevket Pamuk, Karl Gunnar Persson, Luciano Pezzolo, Oscar Gelderblom, Joost Jonker, Patrick Karl O’Brien, Richard Salvucci, Morten Jerven, Ann M. Carlos, Frank D. Lewis, C. Knick Harley, Jeremy Atack, José Luís Cardoso2014 228 x 152 mm 592pp 28 b/w illus. 5 maps 13 tables 978-1-107-01963-8 Hardback US$130.00Publication January 2014


KEY REFERENCE

The Cambridge History of CapitalismVolume 2: The Spread of Capitalism: From 1848 to the PresentGeneral Editor Larry NealUniversity of Illinois, Urbana-Champaign

and Jeffrey G. WilliamsonHarvard University, Massachusetts

The second volume of The Cambridge History of Capitalism provides an authoritative reference on the spread and impact of capitalism across the world, and the varieties of responses to it. Employing a wide geographical coverage and strong comparative outlook, a team of leading scholars explore the global consequences that capitalism has had for industry, agriculture and trade, along with the reactions by governments, fi rms and markets. The authors consider how World War I halted the initial spread of capitalism, but global capitalism arose again by the close of the twentieth century. They explore how the responses of labor movements, compounded by the reactions by political regimes, whether defensive or proactive, led to diverse military and welfare consequences. Benefi cial results eventually emerged, but the rise and spread of capitalism has not been easy or smooth. This defi nitive volume will have widespread appeal amongst historians, economists and political scientists.Contributors: Kevin H. O’Rourke, Jeffrey G. Williamson, Robert C. Allen, Giovanni Federico, Kristine Bruland, David C. Mowery, Ron Harris, Geoffrey Jones, Randall Morck, Bernard Yeung, Ranald Michie, Harold James, Gareth Austin, Mark Harrison, Jeffry Frieden, Ronald Rogowski, Michael Huberman, Peter H. Lindert, Leandro Prados de la Escosura, Larry Neal2014 228 x 152 mm 544pp 26 b/w illus. 14 tables 978-1-107-01964-5 Hardback US$130.00Publication January 2014


KEY REFERENCE

The Cambridge History of CapitalismEdited by Larry Nealand Jeffrey Williamson

The Cambridge History of Capitalism is a comprehensive two-volume work that provides an authoritative account of the evolution of capitalism and its spread and impact across the world. Adopting a wide geographical coverage and strong comparative perspective, an international team of leading scholars delve deep into the historical roots


Economics (general) 19


of capitalism and provide a defi nitive reference on the global development of capitalism and the varieties of responses to it. Volume I traces the rise of capitalism from distant origins in ancient Babylon to modern times, determining what features of modern capitalism were present at each time and place, and why the various precursors of capitalism did not survive. Volume II explores the global consequences that capitalism has had for industry, agriculture and trade, along with the reactions by governments, fi rms and markets. These groundbreaking volumes will have widespread appeal amongst historians, economists and political scientists.Contributors: Larry Neal, Michael Jursa, Alain Bresson, Willem M. Jongman, Étienne de la Vaissière, R. Bin Wong, Tirthankar Roy, Şevket Pamuk, Karl Gunnar Persson, Luciano Pezzolo, Oscar Gelderblom, Joost Jonker, Patrick Karl O’Brien, Richard Salvucci, Morten Jerven, Ann M. Carlos, Frank D. Lewis, C. Knick Harley, Jeremy Atack, José Luís Cardoso, Kevin H. O’Rourke, Jeffrey G. Williamson, Robert C. Allen, Giovanni Federico, Kristine Bruland, David C. Mowery, Ron Harris, Geoffrey Jones, Randall Morck, Bernard Yeung, Ranald Michie, Harold James, Mark Harrison, Jeffry Frieden, Ronald Rogowski, Michael Huberman, Peter H. Lindert, Leandro Prados de la Escosura2014 228 x 152 mm 1400pp 54 b/w illus. 5 maps 27 tables 978-1-107-03694-9 2 Volume SetUS$230.00Publication January 2014


Democracy and its Elected EnemiesAmerican Political Capture and Economic DeclineSteven Rosefi eldeUniversity of North Carolina, Chapel Hill

and Daniel Quinn MillsHarvard Business School

This book reveals that American politicians have usurped their constitutional authority, substituting their economic and political sovereignty for the people’s. Rosefi elde and Mills contend that this usurpation is the source of America’s economic decline and fading international power, and provide an action plan for restoring ‘true’ democracy in which politicians only provide the services people vote for within the civil and property rights protections set forth in the constitution.

Advance praise:‘Once again Rosefi elde and Mills take no prisoners. Neither the right nor the left emerge unscathed from this withering account of the

decay of American democracy. While this book may not comfort the affl icted, it should certainly affl ict the comfortable. And what’s more, it should make readers think.’Stephen J. Blank, Strategic Studies Institute, United States Army War College

2013 228 x 152 mm 216pp 1 b/w illus. 978-1-107-01265-3 Hardback US$95.00Publication November 2013


Economic Politics in the United StatesThe Costs and Risks of DemocracySecond editionWilliam R. KeechDuke University, North Carolina

This book evaluates democratic institutions and processes with respect to their impact on macroeconomic performance. The deterioration in fi scal discipline has made it clear how important informal institutions are, and this second edition demonstrates this. Although polarization has increased, it would not be as consequential with stronger informal institutions, especially those of budget balance over the business cycle.

Advance praise:‘In this important new edition, Bill Keech, one of the fi rst political scientists to apply macroeconomic tools and research to political questions, revisits his prior inquiry on the ‘health’ of economic politics. But, in doing so, he also extends his discussion to incorporate many new fi ndings in macro political economy. These additional results enhance our understanding of how and how well representative government performs. What is more, this book refl ects the author’s qualities: clear in exposition and sober in outlook. Very few social scientists have his scholarly breadth to engage the varied literatures from different disciplines – and even fewer could have written a contribution like this.’Jim Granato, University of Houston

2013 228 x 152 mm 312pp 8 b/w illus. 8 tables 978-1-107-00414-6 Hardback US$95.00978-0-521-17867-9 Paperback US$32.99Publication November 2013


Paying for the Liberal StateThe Rise of Public Finance in Nineteenth-Century EuropeEdited by José Luís CardosoUniversidade de Lisboa

and Pedro LainsUniversidade de Lisboa

This book is about the rise and development of taxation systems, expenditure programs, and debt regimes in Europe from the early nineteenth century to the beginning of World War I. Its main purpose is to describe and explain the process by which fi nancial resources were raised and managed.

‘Historians have long puzzled over the fact that taxes, government spending, and government debt rose as a share of the economy at the same time that institutions became more liberal in the sense of allowing, and lightly taxing, freer markets. This well-structured team study reconciles global patterns with the diversity of eight countries’ individual trajectories across the long nineteenth century. Yes, successful development did follow a general evolution in fi scal structure, yet the national departures from the global path prove as instructive as the average tendency itself.’Peter H. Lindert, University of California, Davis

2013 229 x 152 mm 326pp 50 b/w illus. 1 map 28 tables 978-1-107-68648-9 Paperback US$35.99


Constitutional MoneyA Review of the Supreme Court’s Monetary DecisionsRichard H. Timberlake

This book analyzes nine Supreme Court decisions that dealt primarily with money, monetary events and monetary policy, from McCulloch v. Maryland in 1819 to the Gold Clause Cases in 1934–5. It explains how both the gold standard and central bank work and how the Federal Reserve became unconstitutional.

‘Richard H. Timberlake provides a tour de force on the history and unconstitutionality of the US government’s meddling in the US monetary system. Constitutional Money is the defi nitive reference in its fi eld, a true classic.’Kevin Dowd, University of Durham

2013 228 x 152 mm 257pp 3 tables 978-1-107-03254-5 Hardback US$95.00



20 Economics (general) / Also of interest

HIGHLIGHT

An Economic Theory of Greed, Love, Groups, and NetworksPaul FrijtersUniversity of Queensland

With Gigi FosterUniversity of New South Wales, Sydney

In this groundbreaking work, Paul Frijters presents a unifi ed theory of human behaviour. He incorporates tractable defi nitions of love and power, and the dynamics of groups and networks, into the traditional mainstream economic view to answer fundamental questions about our socioeconomic system.

‘What I particularly like about this book is the serious and fruitful extension of the homo oeconomicus by including love and loyalty. An attentive reader will greatly benefi t from this easy-to-read book.’Bruno S. Frey, Distinguished Professor of Behavioural Science, Warwick Business School

2013 228 x 152 mm 450pp 9 b/w illus. 978-1-107-02627-8 Hardback US$99.00978-1-107-67894-1 Paperback US$34.99


TEXTBOOK

Australia in the Global EconomyContinuity and ChangeSecond editionDavid MeredithUniversity of Oxford

and Barrie DysterUniversity of New South Wales, Sydney

Explores the evolution of Australia’s position in the global economy from the start of the twentieth century through to today.2013 247 x 174 mm 442pp 52 b/w illus. 978-1-107-68383-9 Paperback US$83.00


NEW IN PAPERBACK

Violence and Social OrdersA Conceptual Framework for Interpreting Recorded Human HistoryDouglass C. NorthWashington University, St Louis

John Joseph WallisUniversity of Maryland, College Park

and Barry R. WeingastStanford University, California

Integrates the problem of violence into a larger framework, showing how economic and political behavior are closely linked.2013 228 x 152 mm 338pp978-1-107-64699-5 Paperback US$27.99Also available978-0-521-76173-4 Hardback US$35.99


Productivity ConvergenceTheory and EvidenceEdward N. WolffNew York University

A vast new literature on the sources of economic growth has now accumulated. This book critically reviews the most signifi cant works in this fi eld and summarizes what is known today about the sources of economic growth. Each chapter emphasizes the factors that appear to be most important in explaining growth performance.Cambridge Surveys of Economic Literature

2014 228 x 152 mm 510pp 50 b/w illus. 47 tables 978-0-521-66284-0 Hardback US$140.00978-0-521-66441-7 Paperback US$60.00Publication January 2014


Also of interest

HIGHLIGHT

Dangerous Neighbors: Volcanoes and CitiesGrant Heiken

What are the real risks posed by a volcanic eruption near a city – what is fact and what is myth? How have volcanic eruptions affected cities in the past, and how can we learn from these events? Why do communities continue to develop in such locations, despite the obvious threat? In this fascinating book, Grant Heiken explores global examples of cities at risk from volcanoes, from Italy, the US, Mexico,

Ecuador, The Philippines, Japan and New Zealand, providing historical and contemporary eruption case studies to illustrate volcanic hazards, and cities’ efforts to respond to them, both good and poor. He shows that truly successful volcanic hazard mitigation cannot be accomplished without collaboration between experts in geology and natural hazards, public health, medicine, city and infrastructure planning, and civil protection. This is a topical and engaging read for anyone interested in the history and future activity of these dangerous neighbors.2013 228 x 152 mm 196pp 57 b/w illus. 978-1-107-03923-0 Hardback US$30.00


The Politics of SpeciesReshaping our Relationships with Other AnimalsEdited by Raymond CorbeyTilburg University and Leiden University

and Annette LanjouwArcus Foundation

Bringing together experts from a range of disciplines, this volume identifi es the key barriers to a defi nition of moral respect that includes nonhuman animals. The chapters link scientifi c data with normative and philosophical refl ections, offering unique insight into controversial issues around the ethical, political and legal status of other species.2013 247 x 174 mm 310pp 34 b/w illus. 1 table 978-1-107-03260-6 Hardback US$99.00


Oil in the EnvironmentLegacies and Lessons of the Exxon Valdez Oil SpillEdited by John A. WiensPRBO Conservation Science, California, and University of Western Australia, Perth

A critical examination of nearly 25 years of scientifi c study, this book provides a synthesis of scientifi c information on long-term spill effects. It features contributions from scientists directly involved in studying the Exxon Valdez oil spill, providing an invaluable guide for future studies and unravelling the consequences of environmental disruption.2013 246 x 189 mm 482pp 4 b/w illus. 101 colour illus. 12 maps 27 tables 978-1-107-02717-6 Hardback US$120.00978-1-107-61469-7 Paperback US$48.00



Also of interest 21


Food System SustainabilityInsights From duALIneEdited by Catherine EsnoufInstitut National de la Recherche Agronomique (INRA), Paris

Marie RusselInstitut National de la Recherche Agronomique (INRA), Paris

and Nicolas BricasCentre de Co-opération Internationale en Recherche Agronomique pour le Développement (CIRAD), Paris

This book brings together the key conclusions and insights from the duALIne project, presenting state-of-the-art research in food sustainability and identifying priority areas for further study. It will provide a valuable resource for researchers, decision-makers and stakeholders in the food industry.2013 247 x 174 mm 312pp 41 b/w illus. 978-1-107-03646-8 Hardback US$99.00


Successful Agricultural Innovation in Emerging EconomiesNew Genetic Technologies for Global Food ProductionEdited by David J. BennettSt Edmund’s College, Cambridge

and Richard C. JenningsUniversity of Cambridge

For professionals implementing change to improve agricultural effi ciencies in the face of population growth and climate change, those studying and those looking to be better informed, this book provides an authoritative review. Renowned experts examine the successful implementation of the recent advances in plant genetic sciences in emerging economies.2013 228 x 152 mm 453pp 60 b/w illus. 978-1-107-02670-4 Hardback US$110.00


TEXTBOOK

Sustainability ScienceBert J. M. de VriesUniversiteit Utrecht, The Netherlands

Textbook surveys key issues of sustainability – energy, nature, agro-food, resources, economics – for advanced undergraduate and graduate level courses.

‘Achieving some sort of sustainability will be THE focus of global societies in the twenty-fi rst century. To be successful, our leaders will need a perspective of centuries, the full breadth of scientifi c insights,

system thinking skills, great cultural sensitivity, and an awareness of spiritual values. All of these are offered in this wonderful, unique text, which will be useful for decades.’Dennis Meadows, co-author of The Limits to Growth

Contents: 1. Introduction; 2. The systems dynamics perspective; 3. In search of sustainability: past civilizations; 4. The world in the past 300 years: the Great Acceleration; 5. Sustainability: concerns and defi nitions; 6. Quality of life: on values, knowledge and worldviews; 7. Energy fundamentals; 8. On knowledge and models; 9. Ecosystems; 10. Human populations and human behaviour; 11. Agro-food systems; 12. Renewable resources: water, fi sh and forest; 13. Non-renewable resources: the industrial economy; 14. Towards a sustainable economy; 15. Outlook on the futures.2013 253 x 177 mm 605pp 147 b/w illus. 19 colour illus. 26 tables 978-1-107-00588-4 Hardback US$120.00978-0-521-18470-0 Paperback US$50.00


Making the Modern American Fiscal StateLaw, Politics, and the Rise of Progressive Taxation, 1877–1929Ajay K. MehrotraIndiana University

Making the Modern American Fiscal State chronicles the rise of the US system of direct and progressive taxation, providing historical perspective on the intellectual, legal and administrative foundations of the current US tax regime. Ajay K. Mehrotra explores what tax reformers at the turn of the twentieth century accomplished and how their limited achievements were contested at nearly every turn.

Advance praise:‘Mehrotra has crafted a narrative that is fundamental to understanding the modern American state. By unearthing the intellectual, economic, political, and emotional spade work required to lay the groundwork for a major conceptual change in public policy, he shows how a highly decentralized, politicized, and indirect method of taxation was transformed into a centralized, neutrally administered, direct method of taxation with great potential to achieve redistributive ends.’Brian Balogh, University of Virginia

Cambridge Historical Studies in American Law and Society

2013 228 x 152 mm 432pp 8 b/w illus. 978-1-107-04392-3 Hardback US$90.00Publication November 2013



22 Index

A Acemoglu, Daron ....................................2Actuarial Mathematics for Life

Contingent Risks ................................14Advances in Economics and Econometrics 2After the Great Recession ......................10Against the Consensus ............................9Allen, Thomas J. .......................................5Allen, William A. ....................................10American Labor and Economic

Citizenship .........................................17Amihud, Yakov ......................................14Analytics of Uncertainty and

Information, The ...................................5Andrews, Matt ......................................12Arellano, Manuel .....................................2Arrowsmith, Sue ....................................16Aslund, Anders ......................................13Australia in the Global Economy ............20Azzalini, Adelchi ......................................3

B Backhouse, Roger E. ..............................18Barrientos, Armando ..............................12Barron, Jennie .........................................8Behavioral Rationality and

Heterogeneous Expectations in Complex Economic Systems ..................4

Behavioural Public Policy .........................6Bennett, David J. ...................................21Best, Jacqueline .....................................11Beugelsdijk, Sjoerd ................................15Bikchandani, Sushil .................................5Boianovsky, Mauro ................................18Bordo, Michael D. ..................................15Bossche, Peter Van den ............................7Botzen, W. J. Wouter ................................9Bouma, Jetske .........................................9Bølviken, Erik ........................................14Brakman, Steven ...................................15Bricas, Nicolas .......................................21Brooks, Chris .........................................13Brose, Margarita S. .......................... 13, 14Brousseau, Eric ........................................5Brouwer, Roy ...........................................9Brownlee, W. Elliot ................................15Building Technology Transfer within

Research Universities ............................5

C Cambridge History of Capitalism, The .....18Cameron, A. Colin ...................................2Capabilities, Gender, Equality .................11Capitanio, Antonella ................................3Cardoso, José Luís .................................19Carpenter, Daniel.....................................6Chadha, Jagjit S. ....................................10Chakrabarti, Bikas K. ...............................1Chakraborti, Anirban ...............................1Chakravarty, Satya R. ...............................1Champ, Bruce ........................................10Chatterjee, Arnab ....................................1Clements, Kenneth W. ............................10Coffman, D’Maris ..................................11Comim, Flavio .......................................11Community Capitalism in China .............16Computation and Modelling in

Insurance and Finance ........................14Constitutional Money ............................19

Coppens, Dominic .................................16Corbey, Raymond ..................................20Countouris, Nicola ...................................7Currencies, Commodities and

Consumption ......................................10Cynamon, Barry Z. .................................10

D Dangerous Neighbors: Volcanoes and

Cities .................................................20de Vries, Bert J. M. .................................21Decade of the Multilatinas, The ..............16Dejung, Christof ....................................16Dekel, Eddie ............................................2Democracy and its Elected Enemies........19Denev, Alexander ..................................14Developments in Macro-Finance Yield

Curve Modelling .................................10Dickson, David C. M......................... 14, 15Dimensions of Consequentialism, The ....17Dosi, Giovanni .........................................6Durré, Alain C. J. ....................................10Dynamic Models for Volatility and Heavy

Tails .....................................................2Dyster, Barrie .........................................20

E Econometric Modelling with Time Series...3Economic Politics in the United States ....19Economic Reform in India ......................12Economic Theory of Greed, Love, Groups,

and Networks, An ...............................20Economics of Agglomeration ...................3Economics of Economists, The ................17Econophysics of Income and Wealth

Distributions .........................................1Enfors, Elin ..............................................8Enste, Dominik H. ....................................9Esnouf, Catherine ..................................21Essential Microeconomics ........................4

F Falkenmark, Malin ...................................8Fazzari, Steven ......................................10Feldman, Allan M. ...................................4Finance .................................................14Financial Crises and the Politics of

Macroeconomic Adjustments ..............17Flood, Mark D. ................................ 13, 14Folke, Carl ...............................................8Food System Sustainability .....................21Foster, Gigi ............................................20Foundations of Worldwide Economic

Integration, The ..................................16Fouque, Jean-Pierre ...............................14Franses, Philip Hans .................................1Freedland, Mark ......................................7Freeman, Scott ......................................10Frijters, Paul ..........................................20From Financial Crisis to Stagnation ........10Fujita, Masahisa ......................................3Fukagai, Yasunori ..................................15

G Galambos, Louis ......................................6Game Theory ...........................................4Garretsen, Harry ....................................15GEA Writing Team ...................................9

Generalized Vectorization, Cross-Products, and Matrix Calculus ...............1

Ginsburg, Tom .......................................11Glachant, Jean-Michel .............................5Global Energy Assessment .......................9Global Problems, Smart Solutions ............6Globalization and the Distribution of

Wealth ...............................................13Globalizing Oil ........................................9Governing Failure ..................................11Greenberg, Edward .................................1Grossman, Peter Z. ..................................8Guellec, Dominique .................................5

H Handbook of Financial Data and Risk

Information ........................................14Handbook of Financial Data and Risk

Information I ......................................13Handbook of Financial Data and Risk

Information II .....................................13Handbook on Systemic Risk ...................14Hardy, Mary R.................................. 14, 15Harris, David ...........................................3Harvey, Andrew C. ...................................2Haslag, Joseph ......................................10Heiken, Grant ........................................20Hendrickson, Mark ................................17Hirshleifer, Jack........................................5Holland, Mike ..........................................8Hommes, Cars .........................................4Hope, Nicholas C. ..................................12Hou, Xiaoshuo ......................................16How Capitalism Was Built ......................13How Much have Global Problems Cost

the World? .........................................12How Much is Clean Air Worth? ................8Hughes, Llewelyn ....................................9Hurn, Stan ...............................................3

I Ide, Eisaku.............................................15IMF and Global Financial Crises, The ......16In the Shadow of Violence .....................13Institutionalist Movement in American

Economics, 1918-1947, The ................18Insurance and Behavioral Economics ........6International Economics and Business ....15International Liquidity and the Financial

Crisis ..................................................10Introduction to Bayesian Econometrics .....1Introductory Econometrics for Finance....13

J Jennings, Richard C. ...............................21Joyce, Joseph P. .....................................16Joyce, Michael A. S. ................................10

K Kacowicz, Arie M. ..................................13Keech, William R....................................19Kochar, Anjini ........................................12Kopp, Ekkehard .....................................15Krishna, Dilip ................................... 13, 14Kunreuther, Howard C. .............................6Kuttner, Robert ......................................10


Index 23


L Lains, Pedro ...........................................19Langsam, Joseph A. ...............................14Language of Law and Economics, The ......3Lanjouw, Annette ..................................20Lannerstad, Mats ....................................8Lanteri, Alessandro ................................17Lavelle, Kathryn C. ...................................7Law and Development of Middle-

Income Countries ...............................11Law and Policy of the World Trade

Organization, The .................................7Lee, Keun ..............................................12Leonard, Adrian .....................................11Leone, Tiziana..........................................7Less Green and Pleasant Land, A .............8Li, Shi ....................................................11Limits of Institutional Reform in

Development, The ...............................12Lin, Justin Yifu .........................................9Lomborg, Bjørn ................................. 6, 12

M Mackin, Glenn David ...............................7Maclean, Norman ....................................8Madiès, Thierry ........................................5Making the Modern American Fiscal

State ..................................................21Malczak, Jan .........................................15Managing Extreme Climate Change

Risks through Insurance ........................9Manufacturing of Markets, The ................5Maresso, Anna ........................................7Market Liquidity ....................................14Marrewijk, Charles van ..........................15Martin, Vance ..........................................3Maschler, Michael....................................4McCauley, Joseph L. ................................1McMorrow, Stacey ...................................6Mehrotra, Ajay K. ..................................21Mendelson, Haim ..................................14Meredith, David ....................................20Milberg, William ......................................5Mills, Daniel Quinn ................................19Modeling Monetary Economies ..............10Money and Banks in the American

Political System.....................................7Money as God? .....................................17Mor, Vincent ............................................7Moss, David A. ........................................6

N Nadakavukaren Schefer, Krista ...............13Nature’s Wealth ......................................9Neal, Larry ...................................... 11, 18Nichols, Bill ..................................... 13, 14Noll, Roger ............................................12North, Douglass C. .......................... 13, 20Nussbaum, Martha C. ............................11

O O’Shea, Rory P. ........................................5Oil in the Environment ...........................20Oliver, Adam ............................................6Origins, History, and Future of the

Federal Reserve, The ...........................15

Our Uncommon Heritage .........................8Outsourcing Economics ...........................5

P Palley, Thomas I. ....................................10Pandya, Sonal S. ....................................17Papyrakis, Elissaios ..................................9Parisi, Francesco ......................................3Patent Markets in the Global Knowledge

Economy ..............................................5Pauly, Mark V. ..........................................6Paying for the Liberal State ....................19Pedersen, Lasse Heje .............................14Peerenboom, Randall.............................11Perrings, Charles ......................................8Peterson, Martin ....................................17Petersson, Niels P. ..................................16Political Economy of Transnational Tax

Reform, The ........................................15Politics of Social Welfare in America, The ..7Politics of Species, The ...........................20Portfolio Management under Stress .......14Poverty and the International Economic

Legal System ......................................13Prager, Jean-Claude .................................5Preventing Regulatory Capture ................6Probability for Finance ...........................15Productivity Convergence ......................20Prospect Theory .......................................5Public Procurement Regulation in Africa .16

Q Questioning Credible Commitment ........11Quinot, Geo ..........................................16

R Rabl, Ari ..................................................8Rebonato, Riccardo ...............................14Regression Analysis of Count Data ...........2Regulating Long-Term Care Quality ..........7Resocialising Europe in a Time of Crisis ....7Riley, John G. ....................................... 4, 5Rising Inequality in China ......................11Roberds, William ...................................15Rockström, Johan ....................................8Rosefi elde, Steven .................................19Russel, Marie ........................................21Rutherford, Malcolm ..............................18

S Santiso, Javier .......................................16Santoro, Michael A. ...............................14Sarno, Lucio ..........................................10Sato, Hiroshi ..........................................11Schneider, Friedrich ..................................9Schumpeterian Analysis of Economic

Catch-up ............................................12Serrano, Roberto .....................................4Setterfi eld, Mark ....................................10Shadow Economy, The .............................9Sheffrin, Steven M. ..................................6Short Course in Intermediate

Microeconomics with Calculus, A ..........4Sicular, Terry ..........................................11Skew-Normal and Related Families, The ...3

Social Assistance in Developing Countries ...........................................12

Solan, Eilon .............................................4Solutions Manual for Actuarial

Mathematics for Life Contingent Risks 15Spadaro, Joseph V. ...................................8Srinivasan, T. N. .....................................12Stochastic Calculus and Differential

Equations for Physics and Finance .........1Strauss, Ronald J. ...................................14Successful Agricultural Innovation in

Emerging Economies ..........................21Sustainability Science ............................21

T Tax Fairness and Folk Justice ....................6Third Industrial Revolution in Global

Business, The ........................................6Thisse, Jacques-Francois ...........................3Timberlake, Richard H. ...........................19Time Series Models for Business and

Economic Forecasting ...........................1Trading Spaces ......................................17Transforming Modern Macroeconomics ..18Travel Industry Economics ........................6Trivedi, Pravin K. ......................................2Turkington, Darrell A. ...............................1

U U.S. Energy Policy and the Pursuit of

Failure ..................................................8

V van Beukering, Pieter J. H. ........................9van der Wijst, Nico ................................14Violence and Social Orders ....................20Vogel, Harold L. .......................................6von Hagen, Jürgen ................................17Vromen, Jack.........................................17

W Wakker, Peter P. .......................................5Wall Street Values .................................14Wallis, John Joseph .......................... 13, 20Walter, Stefanie .....................................17Water Resilience for Human Prosperity .....8Waters, Howard R. ........................... 14, 15Webb, Steven B. ....................................13Weingast, Barry R. ........................... 13, 20Welker, Michael .....................................17Wiens, John A. .......................................20Williamson, Jeffrey ................................18Williamson, Jeffrey G. ............................18Winkler, Deborah .....................................5Wolff, Edward N. ...................................20WTO Disciplines on Subsidies and

Countervailing Measures ....................16

Z Zamir, Shmuel .........................................4Zastawniak, Tomasz ..............................15Zdouc, Werner .........................................7


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SOLAROpening to the East: Shipping Between Europe and Asia, 1770�1830

ARIAS Building Fiscal Capacity in Colonial Mexico: From Fragmentation to Centralization

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257 Institutional change and information productionFabio Landini

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329 The formation of growth coalitions: the role of the rural sectorRichard Grabowski

351 Positional goods and Robert Lee Hale’s legal economicsMassimiliano Vatiero

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ArticlesIs Georgia the Next “New” Wine-Exporting Country?Kym Anderson

The Price Premium for Organic Wines: Estimating a Hedonic Farm-Gate Price EquationAlessandro Corsi and Steinar Strøm

Do Fine Wines Blend with Crude Oil? Seizing the Transmission of Mean and Volatility Between Two Commodity PricesElie I. Bouri

Valuing Vineyards: A Directional Distance Function ApproachRobin Cross, Rolf Färe, Shawna Grosskopf and William L. Weber

What Is Making Vineyard Investment in Northwest Victoria, Australia, Slow to Adjust?Emayenesh Seyoum-Tegegn and Chris Chan

Book and Film ReviewsBenjamin Lewin: In Search of Pinot NoirReviewed by John W. Haeger

Jancis Robinson, Julia Harding and José Vouillamoz: Wine Grapes: A Complete Guide to 1,368 Vine Varieties, including their Origins and FlavoursReviewed by Kym Anderson

Robin von Holdt: Top 100 South African Wines and Wine Lists, 2012/2013Reviewed by Nick Vink

Elmarie Swart and Izak Smit: The Essential Guide to South African Wines: Terroir and TravelReviewed by Nick Vink

Philip van Zyl (ed.): Platter’s South African Wine Guide 2013Reviewed by Nick Vink

Johan F.M. Swinnen: The Economics of BeerReviewed by John Kwoka

Sky Pinnick (Director and Producer): Boom Varietal: The Rise of Argentine MalbecReviewed by David J. Hoaas

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