bluuebunny/crossref_metadata_2025_split huggingface dataset:
Linear Programming
Authors: Afriat S. N. 
Published: October 2003

AbstractThis is the third of five chapters on optimal programming (the typical mathematics of economics) and related issues as related to choice making. It discusses linear programming, which might appear to be a special case of convex programming, but is more substantial, and is really an embodiment of the theory of systems of linear inequalities (as reflected here). This chapter initiates the subject with reference to systems of linear inequalities and natural questions about them, and all LP (linear programming) theorems are encountered simply in pursuing those. Theorems about linear inequalities that have uses directly on their own are also derived (and are illustrated in many places in this book). The eight sections of the chapter are: linear inequalities; separation theorems; theorems of alternatives; polyhedra and polytopes; LP Duality Theorem; the pivot operation; the Simplex Algorithm; and BASIC program.
John Law: Economic Theorist and Policy-maker
Authors: Murphy Antoin E. 
Published: October 2003

AbstractDespite his popular reputation as a rake and a gambler, John Law (1671–1729) left a remarkable legacy of economic concepts at a time when economic conceptualization was very much at an embryonic stage. His vision of a monetary and financial system was more of the twenty‐first rather than the eighteenth century. Law believed in an economy of banknotes and credit where specie had no role to play. He was the first economic writer to use concepts such as demand and supply, the demand for and supply of money, the money‐in‐advance requirement, the circular flow of income, and the law of one price. Law was able to implement his economic theory in the form of economic policy during the Mississippi System that he created. This produced Europe's first stock market boom and crash. The collapse of the Mississippi System and closely afterwards the crash of the South Sea Bubble led to a lasting impression of Law as a failure. This book seeks to dispel this view.
The Rise and Rise of the Mississippi Company, 1719
Authors: Murphy Antoin E. 
Published: October 2003

AbstractIn 1719, Law was successful in taking over all of the trading companies, the rights to the Mint, and the tax farms. He had created a giant holding company. In August 1719, he proposed taking over the totality of the French national debt. The Company's share price rose from 500 in the Spring to over 10,000 in the Autumn of 1719. Massive financial speculation took place on Rue Quincampoix.
A Specie‐Less France, 1720
Authors: Murphy Antoin E. 
Published: October 2003

AbstractBecause of his success with the Mississippi Company, John Law was appointed Contrôlleur Général des Finances in January, 1720. This meant he was the equivalent of the Prime Minister. Further speculation in the share price of the Mississippi Company took place through the options market. Law's attempts to keep the public using shares or paper money led to the introduction of laws against the use and the holding of gold and silver. Problems with the share price support operation in Feb and Mar, 1720.
Richard Cantillon: Entrepreneur and Economist
Authors: Murphy Antoin E. 
Published: October 2003

Abstract
This book analyses the career and writings of the enigmatic Irish‐born economist Richard Cantillon, a banker and entrepreneur. Cantillon's work is examined in the context of the stock market speculation generated by John Law's Mississippi System and the South Sea Bubble of 1720. Cantillon was an active trader in this period and made a considerable fortune by correctly anticipating the market crashes of both the Mississippi Company and the South Sea Bubble.
Cantillon's Essai sur la nature du commerce en général (1755) was one of the great analytical works of economics of the eighteenth century. In it, Cantillon showed how to construct a basic model of the macroeconomy and the role of money in such a model. Cantillon was the first to introduce the role of the entrepreneur into economic analysis. He also provided considerable insights into value theory, the circular flow of income, the monetary approach to the balance of payments, and the law of one price. It is contended that his book represents an intellectual refutation of John Law's System. Cantillon's murder in London in 1734 raises some intriguing questions as to what exactly may have happened.
Cantillon's Early Career
Authors: Murphy Antoin E. 
Published: October 2003

Abstract
Cantillon's links with the Jacobite banker, Sir Daniel Arthur, are shown. Cantillon's early career is traced showing how he worked for James Brydges, later the Duke of Chandos, the Paymaster General of the Forces Abroad and one of the biggest war profiteers of the eighteenth century. Cantillon acted as a type of accountant for Brydges in Spain towards the end of the War of the Spanish Succession.
Cantillon's Début as a Banker in Paris, 1714–1717
Authors: Murphy Antoin E. 
Published: October 2003

Abstract
Cantillon took over the Parisian‐based banking business of his cousin, the Chevalier Richard Cantillon, during the period 1714–17. One of his early transactions involved discounting a bill of exchange for the former Tory minister Bolingbroke who had fled from London to Paris.
John Law and Richard Cantillon: The First Mississippi Fortune — Phase One
Authors: Murphy Antoin E. 
Published: October 2003

Abstract
Cantillon's financial career was closely linked with that of John Law (1671–1729). Law wished to solve France's twin crises, the shortage of money and the high level of state indebtedness, through the establishment of a bank issuing paper money and a trading company to take over the national debt. Cantillon bought into the shares of the Mississippi Company at an early stage and made his first fortune by buying and selling its shares.
Some Aspects of Linked Product and Credit Market Contracts Among Risk‐Neutral Agents
Authors: Bell Clive , Srinivasan T. N. 
Published: October 2003

Abstract
The authors explore, in a principal‐agent model of interlinking of production credit and crop marketing, the terms of equilibrium contracts under risk neutrality; in particular, they examine the situation in which one of the two relevant instruments—the rate of commission on crop sale and the rate of interest on credit—is redundant.
The Socialist System
Authors: Kornai Janos 
Published: October 2003

AbstractThis book presents a comprehensive analysis of socialist economics. It addresses the reasons for the early successes of socialist systems, and the reasons for their gradual breakdown. There are twenty‐eight chapters, of which the first two (in Part One of the book) are introductory. The remaining chapters are arranged in two further parts. Part Two, (chapters 3–15), deals with classical socialism, defined as the political structure and economy that developed in the Soviet Union under Stalin and in China under Mao Zedong, and emerged in the smaller countries of Eastern Europe and in several Asian, African, and Latin American countries. Part Three, (chapters 16–24), deals with the processes of reform, such as the changes started in Hungary under Kádár in 1968 or in the Soviet Union under Gorbachev in 1985, which were designed to renew the socialist system. The final, political conclusion is that Stalinist classical socialism is repressive and inefficient, but nevertheless constitutes a coherent system which slackens and contradicts itself when it starts to reform; hence reform is doomed to fail. An appendix provides a bibliography on the post‐socialist transition.
The Antecedents and Prototypes of the System
Authors: Kornai János 
Published: October 2003

AbstractThis chapter begins with an outline of the Marxian image of socialism, and of the three socialist‐system prototypes: the revolutionary‐transitional system (the transition from capitalism to socialism), the classical system (or classical socialism), and the reform system (or reform socialism). This is followed by short analyses of the system before the socialist revolution, and of the revolutionary transition towards the classical system.
Investment and Growth
Authors: Kornai János 
Published: October 2003

AbstractThis chapter addresses long‐term economic planning under the classical socialist system. The first two sections describe the motives of the participants and the centralized institutional framework of the investment process. The remaining sections examine the structure and dynamics of economic growth—investment in relation to consumption, priorities in the allocation of investments, relations between production factors and output, growth cycles, the measurement of aggregate output, and the forced growth that is characteristic of the socialist system.
Employment and Wages
Authors: Kornai János 
Published: October 2003

AbstractA survey is made of the allocation of labour under classical socialism. This looks at the characteristics of labour allocation in the short and long term, and the behaviour of those taking part in short‐term labour allocation and their relations to each other. The different sections of the chapter discuss the road to full employment; the development of chronic labour shortage; direct bureaucratic control of employment and wages; employer–employee relations in the factory; and bureaucratic and market influences on wages.
Shortage and Inflation: The Phenomena
Authors: Kornai János 
Published: October 2003

Abstract
Shortage is explained basically in terms of the inherent characteristics of the classical socialist system. The examination concentrates on the system's constant, lasting features, with factors influencing short‐term fluctuations in shortage phenomena covered, at most, in passing. Attention is trained on parts of the phenomena that distinguish socialism from other systems (primarily capitalism), and the focus in the analysis of production is mainly on the publicly owned sector. The different sections of the chapter are shortage phenomena and the shortage economy; the process of demand adjustment; horizontal and vertical shortage; shortage and surplus; market regimes: the buyer's and seller's market; normal shortage and normal surplus; and open, declared, and hidden inflation.
Self‐Management
Authors: Kornai János 
Published: October 2003

AbstractThe introduction of self‐management into firms in public ownership is an important tendency during the process of reform of classical socialism, although it is less radical than the intrusion of the private sector. Its basic principle is that the head of the firm is chosen by the workers rather than appointed from above as in a state‐owned firm; the workforce also disposes over the residual income after costs and taxes. The chapter discusses self‐management as an intellectual and political trend; political relations in self‐management—whether it is voluntarily initiated or imposed from above (as in the case of Yugoslavia, which is described); the economic effects of self‐management; relations between manager and workers; and ethical coordination.
Concluding Remarks
Authors: Kornai János 
Published: October 2003

AbstractThe final chapter provides a summary and appraisal of the reform process of classical socialism, and takes a further look forward at the transformation that supersedes the system. The four sections of the chapter are the depth and radicalism of the changes, and the main line of causality; the incoherence of the tendencies to reform; reforms and public sentiment; and preview: the socialist system's legacy and postsocialism.
International Economic Organization: Banking, Finance, and Trade in Europe Between the Wars
Authors: Feinstein Charles H. , Temin Peter , Toniolo Gianni 
Published: October 2003

AbstractProvides an overview of inter‐war international economic relations, with particular emphasis on the causes of the Great Depression of 1929–33. Four explanations for the failure of inter‐war policy and performance are identified and discussed. These are (1) the problems of structural imbalance arising from the disruptive effects of the First World War, and from post‐war changes in technology and in patterns of demand; (2) the inability of the UK and the unwillingness of the US to provide the central bank leadership necessary for the successful operation of the restored gold standard; (3) the grip on policy‐makers of outmoded political and financial ideologies, evident in the insistence on substantial payments of reparations and in the attachment to the gold standard; and (4) the absence of international cooperation between the major powers and their reluctance to abide by the ‘rules of the game’ under the gold standard.
Method in the Madness? Banking Crises Between the Wars, an International Comparison
Authors: Jonker Joost , van Zanden Jan Luiten 
Published: October 2003

Abstract
This investigation of the banking crises experienced in 12 European industrial countries and the USA attempts to establish a common pattern and to identify explanations for the timing and occurrence of the crises. The authors find that all crises occurred during years of deflation, but not every deflationary shock led to a run on the banks. In their view, the reasons why banks in some countries were vulnerable to such shocks, and others were not, are closely related to the differing degrees of inflation experienced during and just after the First World War. The conclusion drawn from the study is that the poor quality of the banks’ assets and the reduction in the liquidity associated with the increased commitments to industry were a leading cause of banking crises, but that nevertheless this lending had been a rational policy for the banks in countries that had suffered rapid inflation during and after the war.
German and British Monetary Policy, 1919–1932
Authors: Balderston Theo 
Published: October 2003

AbstractBalderston contrasts the exchange rate and monetary policies in Germany with those in Britain. He examines the economic and political determinants of the monetary and fiscal policies adopted in the two countries in the 1920s, and their contrasting attitudes to the defence of the currency under the gold standard. He concludes that although the failure of central banks to cooperate hastened the collapse of the gold standard, it was in each case the uncertainty of market expectations with respect to the currencies that was of primary importance. Given this uncertainty, the level of support needed to maintain confidence in the two parities would have been much larger than in earlier gold standard crises (such as 1890 or 1907), and was probably not feasible.
Off Gold and Back Again: Finnish and Swedish Monetary Policies1914–1925
Authors: Haavisto Tarmo , Jonung Lars 
Published: October 2003

Abstract
Sweden went back to gold at the pre‐war parity, whereas Finland returned at the existing rate, accepting the depreciation of the markka that had occurred over the war and early post‐war years. The authors use a quantity‐theory framework to investigate the results of the divergent exchange rate and monetary policies followed by the two countries. The Swedish economy was forced to undergo a severe contraction, while Finland escaped the need for such an adjustment at the cost of a higher rate of inflation, and enjoyed a post‐war boom on the basis of its devalued currency. However, this was not the result of a deliberate choice on the part of the Finnish authorities: it was rather that the central bank lacked the resources needed to support the markka.
Banking in Germany, 1918–1939
Authors: Hardach Gerd 
Published: October 2003

Abstract
The focus of this chapter is not on the short‐term fluctuations experienced by the German banks during the inter‐war period, but on the structural change that ultimately resulted in the formation of a national banking system. The banking system of the early twentieth century was not a rational construct, but had evolved over the previous hundred years and consisted of a mixture of quite different financial intermediaries defined by a combination of legal provisions, ownership, economic philosophy, and business structure. Post‐war hyperinflation was followed by financial reconstruction, but the system collapsed in the banking crisis of 1931 and was reorganized under the Banking Law of 1934 as a monopolistic structure under strict government surveillance. The resulting system fitted the Nazi regime of armament and autarky, but was not an adequate model for the expanding world economy created after World War II.
Italian Banking, 1919–1936
Authors: Toniolo Gianni 
Published: October 2003

Abstract
Examines the evolution of the Italian banking industry, with particular reference to the behaviour of the mixed (universal) banks, and to the relief operations that culminated in extensive state involvement in industry. The process began with the banking crisis of 1921–22, when the State used the Bank of Italy to rescue both—a major bank and a large industrial concern. In the 1920s, the banks acquired industrial stocks on a massive scale, and many ended with risky and illiquid portfolios. When industrial demand collapsed in 1931, there was the potential for a major banking crisis, and this was only averted by substantial secret loans and last‐resort credits to the banks from the State and the Bank of Italy. State ownership of the industrial concerns was formally recognized by the creation in 1933 of IRI (Istituto per la Ricostruzione Industriale), and the banking system was reorganized under the Banking Act of 1936.
Banking in France in the Inter‐War Period
Authors: Lescure Michel 
Published: October 2003

AbstractThe inter‐war years were a period of decay for the French banks. Their problems began during the inflationary years of the First World War and continued until the stabilization of the franc in 1926. There was a sharp fall in the total assets of the banking system relative to the national income and in the real value of their capital funds, and also a reduction in the share of their resources devoted to loans and credits to enterprises. There was a limited recovery at the end of the 1920s, but then a succession of crises, first in 1930 and 1931 and then again in 1934. The crises were relatively mild but particularly affected the universal banks, and the smaller regional and personal banks, rather than the large joint‐stock banks and the specialized banks.
From Imperial to Regional Banking: The Austrian Banking System, 1918–1938
Authors: Weber Fritz 
Published: October 2003

Abstract
The central theme of this study of the Austrian banking system is the problem created by the impact on the large Viennese banks of the break‐up of the Austro‐Hungarian Empire. These banks were unwilling to accept the loss of their traditional spheres of influence. Instead of reorganizing their activity on the basis of a small national Austrian business, they attempted to maintain their previous position in Czechoslovakia and other newly independent states. The failure of this strategy and the steady accumulation of losses led eventually to the collapse of the Boden‐Credit‐Anstalt in 1929. Further repercussions followed in the spring of 1931, when the position of the Austrian Creditanstalt, the country's leading bank, became untenable and it was forced to ask for state support. The policy of contraction that the Austrian banks had been unwilling to accept at the beginning of the 1920s was thus forced upon them by the end of the decade, with major consequences for both the banking system and the Austrian currency.
Budgetary Policy, Money Supply, and Banking in Bulgaria Between the Wars
Authors: Berov Ljuben 
Published: October 2003

Abstract
The first stage in the financial history of Bulgaria after the First World War was a period of hyperinflation and currency depreciation, associated with large budget deficits and rapid expansion of the money supply. This continued until 1923, when the situation was brought under a degree of control by a coup d’etat and restrictions on public expenditure. The economic crisis of 1929–33 saw a sharp fall in prices and a further change in the general direction of policy from a broadly free market to intensive state intervention. This included state controls on the prices of grain and some industrial products, the creation of state monopoly enterprises, and intervention in the exchange regime and in foreign trade. The inter‐war periods also saw the emergence of a central bank with responsibility for the note issue.
Commercial Banking in Britain Between the Wars
Authors: Capie Forrest 
Published: October 2003

AbstractBritain had a highly developed financial sector and the salient features of banking in the inter‐war period included an experienced central bank and a small number of large, financially stable, commercial banks. Their structure was based on large branch networks rather than unit banks and this, together with the absence of universal banks, proved extremely stable in the face of the world economic depression. The British banking system did not experience the shocks that caused crises in many other countries, and it is probable that its stability provided protection for the real economy.
Banking, Public Finance, and the Economy: Greece, 1919–1933
Authors: Dertilis George B. , Costis Constantine 
Published: October 2003

Abstract
Three chronic economic problems afflicted Greece during the inter‐war period: the deficit on the trade account, high public expenditure combined with comparatively low revenues, and a heavy public debt that contributed to more or less permanent monetary problems. The banking system that operated in this environment was characterized by a high degree of monopoly and a low degree of specialization, and was dominated by the large and powerful National Bank of Greece. The National Bank had virtually exclusive rights for currency issue, but it did not accept the obligations of a proper central bank in respect of the discount‐rate policy, open‐market operations, and the need to play a stabilizing role in the economy. However, it did on occasion act as lender‐of‐last‐resort, and this was of considerable benefit to the banking sector.
Spanish Banking in the Inter‐War Period
Authors: Martín‐Aceña Pablo 
Published: October 2003

AbstractDuring the inter‐war years, the Spanish financial system evolved from unit to branch banking, with an increase in the size and sphere of influence of the big banks, and a higher degree of concentration. The system became more diverse and also more involved in the financing of industry. The Bank of Spain was forced to accept its role as the central bank and to function more as a lender‐of‐last‐resort than as an independent institution, though it did so reluctantly and its performance was not always adequate. The relationship between the banks and the state expanded, with the mixed banks playing a crucial role in the financing of the public deficit. Overall, the system in Spain showed greater stability than many others in Europe.
Co-integration, Error Correction, and the Econometric Analysis of Non-Stationary Data
Authors: Banerjee Anindya , Dolado Juan J. , Galbraith John W. , Hendry David 
Published: October 2003

Abstract
This book considers the econometric analysis of both stationary and non‐stationary processes, which may be linked by equilibrium relationships. It provides a wide‐ranging account of the main tools, techniques, models, concepts, and distributions involved in the modelling of integrated processes (i.e. those that accumulate the effects of past shocks). Since the focus is on equilibrium concepts, including co‐integration and error‐correction, the analysis begins with a discussion of the application of these concepts to stationary empirical models. Later chapters show how integrated processes can be reduced to this case by suitable transformations that take advantage of co‐integrating (equilibrium) relationships. The concepts of co‐integration and error‐correction models are shown to be fundamental in this modelling strategy. Practical modelling advice and empirical illustrations are provided.
Knowledge of econometrics, statistics, and matrix algebra at the level of a final‐year undergraduate or first‐year graduate course in econometrics is sufficient for most of the book. Other mathematical tools are described as they arise.