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This book uses money as a lens through which to analyze the social and economic impact of colonialism on African societies and institutions. It is the first book to address the monetary history of the colonial period in a comprehensive way, covering several areas of the continent and different periods, with the ultimate aim of understanding the long-term impact of colonial monetary policies on African societies. While grounding an understanding of money in terms of its circulation, acceptance and impact, this book shows first and foremost how the monetary systems that resulted from the imposition of colonial rule on African societies were not a replacement of the old currency systems with entirely new ones, but were rather the result of the convergence of different orders of value and monetary practices. By putting histories of people using money at the heart of the story, and connecting them to larger imperial policies, the volume provides a new and fresh perspective on the history of the establishment of colonial rule in Africa. This book is the result of a collaborative and interdisciplinary research project that has received funding by the Gerda Henkel Foundation. The contributors are both junior and senior scholars, based at universities in Europe, Africa, Asia and the US, who are all specialists on the history of money in Africa. It will appeal to an international audience of scholars and educators interested in African Studies and History, Economic History, Imperial and Colonial History, Development Studies, Monetary Studies.
The essays taken on the issues that have fascinated Calvo most as an academic, a senior advisor at the International Monetary Fund and as the chief economist at the Inter-American Development Bank: monetary and exchange rate policy, financial crises, debt, taxation and reform, and transition and growth.
This book uses money as a lens through which to analyze the social and economic impact of colonialism on African societies and institutions. It is the first book to address the monetary history of the colonial period in a comprehensive way, covering several areas of the continent and different periods, with the ultimate aim of understanding the long-term impact of colonial monetary policies on African societies. While grounding an understanding of money in terms of its circulation, acceptance and impact, this book shows first and foremost how the monetary systems that resulted from the imposition of colonial rule on African societies were not a replacement of the old currency systems with entirely new ones, but were rather the result of the convergence of different orders of value and monetary practices. By putting histories of people using money at the heart of the story, and connecting them to larger imperial policies, the volume provides a new and fresh perspective on the history of the establishment of colonial rule in Africa. This book is the result of a collaborative and interdisciplinary research project that has received funding by the Gerda Henkel Foundation. The contributors are both junior and senior scholars, based at universities in Europe, Africa, Asia and the US, who are all specialists on the history of money in Africa. It will appeal to an international audience of scholars and educators interested in African Studies and History, Economic History, Imperial and Colonial History, Development Studies, Monetary Studies. Karin Pallaver is Associate Professor of African History in the Department of History and Cultures at the University of Bologna, Italy, where she teaches Modern African History and Indian Ocean History. Her research interests lie in the social and economic history of 19th-century and early colonial East Africa, and especially in the history of money and currency. On this topic, she has published several articles and book chapters and is collaborating with various international research groups and networks.
This collection examines the design of financial systems for central and eastern European countries engaged in the transition to market-based economies. It highlights the need for better approaches to measuring performance and providing incentives in banking and for financial mechanisms to encourage private-sector growth. Written by leading European and North American scholars, the essays apply modern finance theory and empirical data to the development of new financial sectors.
This important contribution to comparative economic history examines different countries' experiences with different monetary regimes. The contributors lay particular emphasis on how the regimes fared when placed under stress such as wars and or other changes in the economic environment. Covering the experience of ten countries over the period 1700SH1990, the book employs the latest techniques of economic analysis in order to understand why particular monetary regimes and policies succeeded or failed.
January 1997 In transition economies monetary stability goes hand in hand with adjustment in the real sectors. Subsidies and central bank support of public enterprises to help maintain employment and output are ultimately financed by creating money, reducing the options for market-based monetary policy regardless of how market-oriented the monetary system. De Melo and Denizer examine monetary policy in 26 transition countries in Europe and Central Asia from 1989 to 1995. In a socialist economy money and credit are largely determined as a residual. In a market economy monetary policy plays an active role in economic management and economic efficiency is believed to be improved by variety and sophistication in financial instruments. De Melo and Denizer classify these 26 countries by the extent of market orientation in the use of instruments of monetary policy, by indicators of policy stance, and by broad measures of effectiveness. They evaluate these three dimensions by cross-country comparison over the transition period and at the time of stabilization. They find several clear patterns. By the end of 1994 slightly fewer than half the countries were relying mainly on market-oriented monetary instruments. More than half exhibited low to moderate reliance on them. Countries that quickly formulated a monetary policy response after the break from central planning were more likely to switch to market-oriented instruments. Central and Eastern European countries moved more rapidly than countries of the former Soviet Union toward these instruments. The use of credit ceilings was helpful in the year of stabilization, especially in the Central and Eastern European countries. The elimination of credit controls was associated with effective stabilization. Policy stance, as measured by base money growth and the real discount rate, was effective in helping to reverse undesirable inflation and disintermediation trends. But the relationship between effectiveness and market orientation of monetary policy instruments is less clear. Financial depth is associated with the elimination of credit ceilings and the development of markets for government paper, and inflation is associated with the elimination of directed credit and the establishment of a market-oriented refinancing window. The overall index of the market orientation of monetary policy instruments is negatively related to inflation, but the direction of causality is unclear. On balance, inflation control and financial depth seem to be more directly related to policy stance, which is in turn related to broader structural reform. Monetary stability goes hand in hand with adjustment in the real sectors. Subsidies and central bank support of public enterprises to help maintain employment and output are ultimately financed by creating money, reducing the options for market-based monetary policy regardless of how market-oriented the monetary system. This paper - a product of the Public Economics Division and the Macroeconomics and Growth Division, Policy Research Department - is part of a larger effort in the department to provide a comparative overview of the progress in transition from a planned to a market economy.
This thought-provoking book investigates the political and economic transformation that has taken place over the past three decades in Central, Eastern and Southeastern Europe (CESEE) since the fall of the Iron Curtain. Through an examination of both the successes and shortcomings of post communist reform and the challenges ahead for the region, it explores the topical issues of economic transition and integration, and highlights lessons to be learned.
The energy transition requires substantial amounts of metals such as copper, nickel, cobalt and lithium. Are these metals a key bottleneck? We identify metal-specific demand shocks, estimate supply elasticities and pin down the price impact of the energy transition in a structural scenario analysis. Metal prices would reach historical peaks for an unprecedented, sustained period in a net-zero emissions scenario. The total value of metals production would rise more than four-fold for the period 2021 to 2040, rivaling the total value of crude oil production. Metals are a potentially important input into integrated assessments models of climate change.