Gordon L. Clark, Maryann P. Feldman, Meric S. Gertler, and Dariusz Wójcik (eds)
The New Oxford Handbook of Economic Geography is the most comprehensive and significant statement about the value and potential of economic geography in 2017. Sixty-six leading economists and geographers from around the world investigate the rival theories and perspectives that have sustained the development of economic geography. The Handbook also focuses on linkages, including those between inequality, instability, and sustainability in the global economy; economic behaviour, strategies, and practices; mobility and creativity; resources and development; and distribution and consumption. The Handbook is concerned with theories and perspectives that are relevant to economic geography today. The book is split into eight parts, providing comprehensive coverage of the following themes: Grounded in Place; Conceptual Foundations; Innovation; The Firm; Work; Finance; Resources and the Environment; and Strategies for Development
Christopher J. Berry, Maria Pia Paganelli, and Craig Smith (eds)
Célestin Monga and Justin Yifu Lin (eds)
This volume, the second of the Oxford Handbook of Africa and Economics, aims at reassessing the economic policies and practices observed across the continent since independence. It offers a collection of analyses by some of the leading economists and development thinkers of our time, and reflects a wide range of perspectives and viewpoints—even on the same topic. Africa's emergence as a potential economic powerhouse in the years and decades ahead amply justifies the scope and ambition of the book.
Célestin Monga and Justin Yifu Lin (eds)
This handbook (the first of two volumes) opens up the diverse acuity of commentary on exciting topics, and in the process challenges and stimulates the quest for knowledge. Wide-ranging in its scope, themes, language, and approaches, this volume explores, examines, and assesses economic thinking on Africa, and Africa's contribution to the discipline. The editors bring a set of powerful resources to this endeavor, most notably a team of internationally- renowned economists whose diverse viewpoints are complemented by the perspectives of philosophers, political scientists, and anthropologists. The set of analyses and reflections presented here try to endow each subject with depth and discovery.
Jeffrey S. Racine, Liangjun Su, and Aman Ullah (eds)
This volume, edited by Jeffrey Racine, Liangjun Su, and Aman Ullah, contains the latest research on nonparametric and semiparametric econometrics and statistics. These data-driven models seek to replace the “classical” parametric models of the past, which were rigid and often linear. Chapters by leading international econometricians and statisticians highlight the interface between econometrics and statistical methods for nonparametric and semiparametric procedures. They provide a balanced view of new developments in the analysis and modeling of applied sciences with cross-section, time series, panel, and spatial data sets. The major topics of the volume include: the methodology of semiparametric models and special regressor methods; inverse, ill-posed, and well-posed problems; different methodologies related to additive models; sieve regression estimators, nonparametric and semiparametric regression models, and the true error of competing approximate models; support vector machines and their modeling of default probability; series estimation of stochastic processes and some of their applications in Econometrics; identification, estimation, and specification problems in a class of semilinear time series models; nonparametric and semiparametric techniques applied to nonstationary or near nonstationary variables; the estimation of a set of regression equations; and a new approach to the analysis of nonparametric models with exogenous treatment assignment.
Christopher J. Coyne and Peter Boettke (eds)
The Oxford Handbook of Austrian Economics provides an overview of the main methodological, analytical, and practical implications of the Austrian school of economics. This intellectual tradition in economics and political economy has a long history that dates back to Carl Menger in the late nineteenth century. The various contributions discussed in this book all reflect this "tension" of an orthodox argumentative structure (rational choice and invisible hand) to address heterodox problem situations (uncertainty, differential knowledge, ceaseless change).The Austrian economists, from the founders to today, seek to derive the invisible-hand theorem from the rational-choice postulate via institutional analysis in a persistent and consistent manner. The Handbook, which consists of nine parts, and 34 chapters, covers a variety of topics including: methodology, microeconomics (market process theory and spontaneous order), macroeconomics (capital theory and Austrian business cycle theory, and free banking), institutions and organizational theory, political economy, development and social change, and the 2008 financial crisis. The goals of the volume are twofold. First, to introduce readers to some of the main theories and insights of the Austrian school. Second, to demonstrate how Austrian economics provides a set of tools for making original and novel scholarly contributions to the broader economics discipline. By providing insight into the central Austrian theories, the volume will be valuable to those who are unfamiliar with Austrian economics. At the same time, it will be appealing to those already familiar with Austrian economics, given its emphasis on Austrian economics as a live and progressive research program in the social sciences.
Allen N. Berger, Philip Molyneux, and John O. S. Wilson (eds)
The Oxford Handbook of Banking, second edition provides an overview and analysis of developments and research in banking written by leading researchers in the field. This handbook will appeal to graduate students of economics, banking and finance, academics, practitioners, regulators and policymakers. Consequently, the book strikes a balance between abstract theory, empirical analysis, and practitioner and policy-related material. The handbook is split into five parts. Part I, The Theory of Banking, examines the role of banks in the wider financial system, why banks exist, how they function, and their corporate governance and risk management practices. Part II deals with bank performance and operations. A range of issues are covered including bank performance, financial innovation and technological change. Aspects relating to small business, consumer and mortgage lending are analyzed together with securitization, shadow banking, and payment systems. Part III, entitled Regulatory and Policy Perspectives, discusses central banking, monetary policy transmission, market discipline, and prudential regulation and supervision. Part IV of the book covers various macroeconomic perspectives in banking. This part includes a discussion of systemic risk and banking and sovereign crises, the role of the state in finance and development as well as how banks influence real economic activity. The final Part V examines International Differences in Banking Structures and Environments. This part of the handbook examines banking systems in the United States, European Union, Japan, Africa, Transition countries, and the developing nations of Asia and Latin America.
John Geweke, Gary Koop, and Herman Van Dijk (eds)
Bayesian econometric methods have enjoyed an increase in popularity in recent years. Econometricians, empirical economists, and policymakers are increasingly making use of Bayesian methods. The Oxford Handbook of Bayesian Econometrics is a single source about Bayesian methods in specialized fields. It contains articles by leading Bayesians on the latest developments in their specific fields of expertise. The volume provides broad coverage of the application of Bayesian econometrics in the major fields of economics and related disciplines, including macroeconomics, microeconomics, finance, and marketing. It reviews the state of the art in Bayesian econometric methodology, with articles on posterior simulation and Markov chain Monte Carlo methods, Bayesian nonparametric techniques, and the specialized tools used by Bayesian time series econometricians such as state space models and particle filtering. It also includes articles on Bayesian principles and methodology.
Eyal Zamir and Doron Teichman (eds)
The past twenty years have witnessed a surge in behavioral studies of law and law-related issues. These studies have challenged the application of the rational-choice model to legal analysis and introduced a more accurate and empirically grounded model of human behavior. This integration of economics, psychology, and law is breaking exciting ground in legal theory and the social sciences, shedding a new light on age-old legal questions as well as cutting-edge policy issues. The Oxford Handbook of Behavioral Economics and Law brings together leading scholars of law, psychology, and economics to provide an up-to-date and comprehensive analysis of this field of research, including its strengths and limitations as well as a forecast of its future development. Its twenty-nine chapters are organized into four parts. The first part provides a general overview of behavioral economics. The second part comprises four chapters introducing and criticizing the contribution of behavioral economics to legal theory. The third part discusses specific behavioral phenomena, their ramifications for legal policymaking, and their reflection in extant law. Finally, the fourth part analyzes the contribution of behavioral economics to fifteen legal spheres ranging from core doctrinal areas such as contracts, torts, and property to areas such as taxation and antitrust policy.
Dennis C. Mueller (ed.)
The financial crisis that began in 2008 and its lingering aftermath have caused many intellectuals and politicians to question the virtues of capitalist systems. This book analyzes both the strengths and weaknesses of capitalist systems. The volume opens with articles on the historical and legal origins of capitalism. These are followed by articles describing the nature, institutions, and advantages of capitalism: entrepreneurship, innovation, property rights, contracts, capital markets, and the modern corporation. The next set of articles discusses the problems that can arise in capitalist systems including monopoly, principal agent problems, financial bubbles, excessive managerial compensation, and empire building through wealth-destroying mergers. Two subsequent articles examine in detail the properties of the “Asian model” of capitalism as exemplified by Japan and South Korea, and capitalist systems where ownership and control are largely separated as in the United States and United Kingdom. The volume concludes with an article on capitalism in the twenty-first century by Nobel Prize winner Edmund Phelps.
Paul Oslington (ed.)
Publication of this Oxford Handbook of Christianity and Economics reflects the emergence of economics and religion as a new interdisciplinary field. Most of the questions addressed in the new interdisciplinary field and this volume have been discussed for many years in disciplines such as economics, sociology, development studies philosophy, theologyand history. What is new is bringing together these older discussions so that gainful trade in techniques and ideas can take place. The focus of this volume is the deeper intellectual issues at stake in the encounter between Christian theology and economics, but these issues are highly relevant to contemporary issues.
Shu-Heng Chen, Mak Kaboudan, and Ye-Rong Du (eds)
Being published as a celebration of the 60th anniversary of John von Neumann’s “Theory of Self-Reproducing Automata,” this handbook attempts to provide a unique reflection on the nature of computational economics and finance (CEF) in light of natural computationalism. We restructure CEF by including both nature-inspired computing and natural computing. This new framework allows us to have a view of CEF much broader than just the conventional algorithmic consideration. The book begins with a historical review of computational economics (CE), tracing its history far back to the era of analog computing. In these early days, advancements were mainly made using the idea of natural computing, and the subjects pursued by CE were the computing system as a whole, not just numerical computing. The handbook then is organized by distinguishing computing from computing systems. Six chapters (Chapters 2 to 7) are devoted to the former. They together present a review on the recent progresses in CE, as illustrated by the computation of rational expectations, general equilibrium, risk, and volatility. The subsequent 16 chapters are devoted to the computing-systemic view of CE, including natural-inspired computing (Chapters 8 to 12) and network, agent-based computing and neural computing (Chapters 13 to 23). In addition to providing alternative approaches to forecasting, investment strategies and risk management, etc., they enable us to have a 'natural' or more realistic description of the economy, starting from its decision makers; hence, market-design or policy-design issues involving different levels of the economy, be microscopic, mesoscopic and macroscopic, can be simultaneously addressed and coherently integrated. The handbook concludes with a chapter on what we may hope from CE by providing an in-depth review on the epistemological aspects of computation.
Alexander Lipton and Andrew Rennie (eds)
From the late 1990s, the spectacular growth of a secondary market for credit through derivatives has been matched by the emergence of mathematical modelling analysing the credit risk embedded in these contracts. This book aims to provide a broad and deep overview of this modelling, covering statistical analysis and techniques, modelling of default of both single and multiple entities, counterparty risk, Gaussian and non-Gaussian modelling, and securitisation. Both reduced-form and firm-value models for the default of single entities are considered in detail, with extensive discussion of both their theoretical underpinnings and their practical usage in pricing and risk. For multiple entity modelling, the now-notorious Gaussian copula is discussed, with analysis of its shortcomings, as well as a wide range of alternative approaches, including multivariate extensions to both firm-value and reduced form models, and continuous-time Markov chains. One important case of multiple entities modelling – counterparty risk in credit derivatives – is further explored, in two dedicated articles. Alternative non-Gaussian approaches to modelling are also discussed, including extreme-value theory and saddle-point approximations to deal with tail risk. Finally, the recent growth in securitisation is covered, including house price modelling and pricing models for asset-backed CDOs. The current credit crisis has brought modelling of the previously arcane credit markets into the public arena. This book provides discussion of the mathematical modelling that underpins both credit derivatives and securitisation. Though technical in nature, the pros and cons of various approaches attempt to provide a balanced view of the role that mathematical modelling plays in the modern credit markets.
Jens Forssbæck and Lars Oxelheim (eds)
In recent years, the term “transparency” has emerged as one of the most popular and keenly-touted concepts around. In the economic-political debate, the principle of transparency is often advocated as a prerequisite for accountability, legitimacy, policy efficiency, and good governance, as well as a universal remedy against corruption, corporate and political scandals, financial crises, and a host of other problems. Increased transparency is a bearing ideal behind regulatory reform in many areas, including financial reporting and banking regulation. Individual governments as well as multilateral bodies have launched broad-based initiatives to enhance transparency in both economic and other policy domains. Parallel to these developments, the concept of transparency has seeped its way into academic research in a wide range of social science disciplines, including the economic sciences. This increased importance of transparency in economics and business studies has called for a reference work that surveys existing research on transparency and explores its meaning and significance in different areas. This book is such a reference. Comprised of authoritative yet accessible contributions by leading scholars, this Handbook addresses questions such as: What is transparency? What is the rationale for transparency? What are the determinants and the effects of transparency? And is transparency always beneficial, or can it also be detrimental (if so, when)? This volume offers an up-to-date account of existing work on and approaches to transparency in economic research, discusses open questions, and provides guidance for future research, all from a blend of disciplinary perspectives.
Rachel Croson and Gary E. Bolton (eds)
Individuals, groups, and societies all experience conflict, and attempt to resolve it in numerous ways. The Oxford Handbook of Economic Conflict Resolution brings together scholars from multiple disciplines to offer perspectives on the current state and future challenges in negotiation and conflict resolution. It aims to act as an aid in identifying new research topics. It hopes also to provide a guide to current debates and identify complementarities between approaches taken by different disciplines and the insights which those approaches generate. Leading researchers from the fields of economics, psychology, organizational behavior, policy, and other fields have contributed articles. The volume is organized to juxtapose purposefully contributions from different fields to enable cross-fertilization between the disciplines and to generate new and creative approaches to studying the topic. These articles provide a lens into current scholarship, and a window into the potential future of this field. The confluence of research perspectives represented here aims to identify further synergies and advances in the understanding of conflict resolution.
Michael P. Clements and David F. Hendry (eds)
This text provides up-to-date coverage of both new developments and well-established fields in the sphere of economic forecasting. The articles aim to provide accounts of the key concepts, subject matter, and techniques in a number of diverse but related areas. It covers the ways in which the availability of ever more plentiful data and computational power have been used in forecasting, either in terms of the frequency of observations, the number of variables, or the use of multiple data vintages. Greater data availability has been coupled with developments in statistical theory and economic theory to allow more elaborate and complicated models to be entertained; the volume provides explanations and critiques of these developments. These include factor models, DSGE models, restricted vector autoregressions, and non-linear models, as well as models for handling data observed at mixed frequencies, high-frequency data, multiple data vintages, and methods for forecasting when there are structural breaks, and how breaks might be forecast. Also covered are areas that are less commonly associated with economic forecasting, such as climate change, health economics, long-horizon growth forecasting, and political elections. Econometric forecasting has important contributions to make in these areas, as well as their developments informing the mainstream. In the early twenty-first century, climate change and the forecasting of health expenditures and population are topics of pressing importance.
Brian Nolan, Wiemer Salverda, and Timothy M. Smeeding (eds)
The Oxford Handbook of Economic Inequality presents a challenging analysis of economic inequality, focusing primarily on economic inequality in highly-developed countries. This comprehensive and authoritative volume contains twenty-seven original contributions on topics ranging from gender to happiness, from poverty to top incomes, and from employers to the welfare state. The authors give their view on scientific research in their fields of expertise and add their own visions for future research.
John Komlos and Inas R. Kelly (eds)
The Oxford Handbook of Economics and Human Biology provides an extensive and insightful overview of how economic conditions affect human well-being and how human health influences economic outcomes. The book addresses both macro and micro factors, as well as their interaction, providing new understanding of complex relationships and developments in economic history and economic dynamics. Among the topics explored is how variation in height, whether over time, among different socioeconomic groups, or in different locations, is an important indicator of changes in economic growth and economic development, levels of economic inequality, and economic opportunities for individuals. The book covers a broad geographic range: Africa, Latin and North America, Asia, and Europe. Its temporal scope ranges from the late Iron Age to the present. Taking advantage of recent improvements in data collection and economic methods, the book also explores how humans’ biological conditions influence and are influenced by their economic circumstances, including poverty. Among the issues addressed are how height, body mass index (BMI), and obesity can affect and are affected by productivity, wages, and wealth. How family environment affects health and well-being is examined, as is the importance of both pre-birth and early-childhood conditions for subsequent economic outcomes. The volume shows that well-being is a salient aspect of economics, and the new toolkit of evidence from biological living standards enhances understanding of how industrialization, commercialization, income distribution, the organization of health care, social status, and the redistributive state affect such human attributes as physical stature, weight, and the obesity epidemic in historical and contemporary populations.
Douglas Cumming (ed.)
The topic of entrepreneurial finance involves many issues, including but not limited to the risks and returns to being an entrepreneur, financial contracting, business planning, capital gaps and the availability of capital, market booms and busts, public policy and international differences in entrepreneurial finance stemming from differences in laws, institutions and cultures. As these issues are so extremely broad and complex, the academic and practitioner literature on the topic usually focuses on at most one or two of these issues at a time. This book provides a comprehensive picture of issues dealing with different sources of entrepreneurial finance, and of different issues with financing entrepreneurs. It comprises contributions from forty-eight authors based in twelve different countries. The book is organized into seven parts, the first of which introduces the issues, explains its organization, and briefly summarizes the contributions made by the authors in each of the articles. Part II covers the topics pertaining to financing new industries and the returns and risk to being an entrepreneur. Part III deals with entrepreneurial capital structure. Part IV discusses business planning, funding and funding gaps in entrepreneurial finance with a focus on credit markets. Part V provides analyses of the main alternative sources of entrepreneurial finance. Part VI considers issues in public policy towards entrepreneurial finance. Part VII considers international differences in entrepreneurial finance, including analyses of entrepreneurial finance in weak institutional environments as well as microfinance.
Mark D. White (ed.)
The Oxford Handbook of Ethics and Economics provides a timely and thorough survey of the various ways ethics can, does, and should inform economic theory and practice. The first part of the book, Foundations, explores how the most prominent schools of moral philosophy relate to economics; asks how morals relevant to economic behavior may have evolved; and explains how various approaches to economics incorporate ethics into their work. The second part, Applications, looks at the ethics of commerce, finance, and markets; uncovers the moral dilemmas involved with making decisions regarding social welfare, risk, and harm to others; and explores how ethics is relevant to major topics within economics, such as health care and the environment. A concluding chapter turns the table, recommending some lessons that ethics can learn from economics. With esteemed contributors from economics and philosophy, The Oxford Handbook of Ethics and Economics is designed to be a resource for scholars in both disciplines (and related fields such as political science, sociology, and psychology) as well as “consumers” of economics, such as policymakers, journalists, and laypersons. It highlights the close relationship between ethics and economics in the past while also laying a foundation for further integration going forward.