This book discusses the role played by the exchange rate in the economy and the pros and cons of fixed and flexible rates are discussed. The classification of exchange rate regimes is examined from theoretical, practical and historical perspectives. Macroeconomic performance under various exchange rate regimes is assessed, followed by a survey of models of exchange rate regime choice. Some factual case studies are presented and related to the theoretical foundations, including the choice of exchange rate regime in the post-conflict case of Iraq.
The contributions are concerned with the theoretical and empirical analyses of fixed and flexible exchange rate systems, the role of central bank and other government policies in such systems, the prospects, workings and effects of a European Monetary System, and capital mobility and economic integration.
The plight of Britain's homeless today is shown to be strikingly similar to that of the roving vagrant and vagabond of history. Through the centuries the number of rootless people has fluctuated wildly, with varying proportions of hardened petty criminal, social scrounger and bereft innocent. Official attitudes contributed to the portrayal of the indigent traveller as someone who consistently verged on criminality and was blameworthy for their own miserable condition. Over the centuries emergent laws persistently repressed the alleged threats of the unruly vagrant while largely ignoring causal factors like economic fluctuation, bad harvests, disease and war. Monitoring historical legislative change contributes to the debate concerning the disturbing inconsistency of there being so many homeless people existing on the fringe of modern democracies. Without this historical association of economic, social and political change, it is easy to ignore the past and seek simplistic explanations based entirely on current events.
This book analyzes the determinants and effectiveness of corporate governance in an integrated model drawing on contingency theory and employing structural equation modeling (SEM). Business competition as an environmental factor and strategy as an organizational factor are important determinants of corporate governance, while organizational performance and earnings quality are two dimensions of its effectiveness. This book focuses on the relationship between corporate governance and earnings management, and shows that corporate governance is effective in improving earnings quality and reducing accounting and governance risks. The authors also question the relation between corporate governance and company performance and present results of their analysis in this book.