Product Description: Since the early 1990s, culture, in the sense of norms and values, has entered economic analysis again, whereas it was totally absent from mainstream economics during most of the second half of the twentieth century. The disappointing results of mainstream economics and developments in the world economy triggered an awareness of the relevance of the context in which people make decisions...read more

Product Description: Institutions have both positive and negative effects on economic performance. The theoretical and empirical understanding of the roles played by institutions, norms and culture in the functioning of markets still is limited. This book contributes to a better understanding of the role played by institutions in economic life and to more balanced and better founded policy decisions related to the (re)structuring of industrial economies in response to the structural changes - internationalisation of the economies, the advances in information and communication technology and the ageing of populations - they all are confronted with...read more (view table of contents, read Amazon.com's description)

Product Description: 1.1 Some characteristics of the floating exchange rate system The flexible exchange rate system has functioned far less satisfactorily than many anticipated in 1973, when the major industrialized countries decided to let their currencies float...read more