International Finance in Emerging Markets Issues, Welfare Economics
The book "International Finance in Emerging Markets" reviews contemporary issues in international monetary and financial economics in an emerging financial market using the example of Thailand. The book adopts the elements of new welfare economics and asy
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Songporn Hansanti Sardar M.N. Islam Peter Sheehan
International Finance in Emerging Markets Issues, Welfare Economics Analyses and Policy Implications
Physica -Verlag A Springer Company
International Finance in Emerging Markets
Songporn Hansanti Peter Sheehan
●
Sardar M.N. Islam
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International Finance in Emerging Markets Issues, Welfare Economics Analyses and Policy Implications
Physica-Verlag A Springer Company
Authors Dr. Songporn Hansanti Head of International Business Department Kasetsart University Faculty of Management Sciences Postmail Box 107 40/852 Prachaniveth 3 Thasai, Muang, Nonthaburi Thailand 11000 [email protected]
Professor Sardar M.N. Islam Professor and Director Decision Sciences and Modelling Program CSES, Victoria University Melbourne Australia [email protected]
Professor Peter Sheehan Professor and Director Centre for Strategic Economic Studies Victoria University Melbourne Australia [email protected]
ISBN 978-3-7908-2043-0
e-ISBN 978-3-7908-2044-7
DOI: 10.1007/978-3-7908-2044-7 Contributions to Economics ISSN 1431-1933 Library of Congress Control Number: 2008923470 © 2008 Physica-Verlag Heidelberg This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permissions for use must always be obtained from Physica-Verlag. Violations are liable for prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: WMXDesign GmbH, Heidelberg Printed on acid-free paper 987654321 springer.com
Preface
This book reviews the contemporary issues in international monetary and financial economics (such as financial liberalisation, crisis, exchange rate determination, capital control, domestic capital market reform, etc.) in an emerging financial market such as Thailand from a welfare economic perspective, highlighting the social welfare implications of these issues. This book also suggests a normative social approach (as formalised in the new3 welfare economics paradigm) (see Islam 2001a,b ; for a discussion of this concept) for analysing and addressing these issues and formulating appropriate policies. Undertaking the above tasks, the asymmetric information paradigm and other elements of the new3 welfare economics paradigm are adapted in analysing the international financial issues of Thailand, their causes and economic and social welfare consequences. The last two decades have been a critical period for Thailand’s development
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