NBER Reporter: Summer 2000
Bureau BooksSee also: NBER Books In Progress
The Role of Foreign Direct Investment in East Asian Economic Development
The Role of Foreign Direct Investment in East Asian Economic Development, edited by Takatoshi Ito and Anne O. Krueger, is now available from the University of Chicago Press for $60. This is Volume 9 in the series NBER-East Asia Seminar on Economics.
The papers in this volume focus on the microeconomic determinants and effects of foreign direct investment (FDI), the overall structure of FDI, case studies of individual countries, and placing these findings within the context of current economic theory. The book's introduction, 12 papers, and 24 commentaries are developed from materials presented at a conference in Osaka, Japan, in June 1998.
Both Ito and Krueger are NBER Research Associates in the Program on
International Finance and Macroeconomics. Ito is also a professor in the Institute of
Economic Research at Hitotsubashi University and currently on leave and serving as
Deputy Vice Minister for International Affairs in Japan's Ministry of Finance.
Krueger is the Herald L. and Caroline L. Ritch Professor of Economics, a senior
fellow of the Hoover Institution, and director of the Center for Research on
Economic Development and Policy Reform at Stanford University.
Capital Flows and the Emerging Economies: Theory, Evidence, and Controversies
Capital Flows and the Emerging Economies: Theory, Evidence, and Controversies, edited by Sebastian Edwards, is available from the University of Chicago Press for $50. This book treats the large movements of capital that triggered the international currency crisis of 1998 and focuses particularly on the emerging economies of East Asia, Latin America, and Eastern Europe.
This NBER conference volume includes an introduction, nine papers, and eight commentaries divided into three sections: "Capital Flows to Developing Countries: Theoretical Aspects," "Cross-Country Evidence," and "Capital Flows to Latin America, Asia, and Eastern Europe."
Edwards is a Research Associate in the NBER's Programs on International Finance and Macroeconomics and International Trade and Investment. He is also the Henry Ford II Professor of International Economics at the Anderson Graduate School of Management, University of California, Los Angeles.
The Impact of International Trade on Wages
The Impact of International Trade on Wages, edited by Robert C. Feenstra, is available from the University of Chicago Press for $62.
Since the early 1980s, the U.S. economy has experienced a growing wage differential between low- and high-skill workers. Has international trade and labor market globalization devalued low-skill jobs? Has technological change increased the returns to high-skill jobs? This NBER Conference Report brings together new ideas and data sources to suggest other possibilities and to assess the specific impact of international trade on U.S. wages. It offers a thorough appraisal of the changes in the wage distribution, examining the continued effects of technology and globalization on the labor market.
The volume's editor, Robert C. Feenstra, is Director of the NBER's Program on International Trade and Investment and a professor of economics at the University of California, Davis.
Currency Crises, edited by Paul Krugman, will be available in August from the University of Chicago Press for $47.
Currency crises occur when investors flee a currency in large numbers out of concern that it might be devalued (further), thereby fueling precisely the devaluation that they feared. Although there has been considerable experience recently with currency crises -- including, for example, the Latin American debt crisis of the 1980s, the speculations on European currencies in the early 1990s, and the ensuing Mexican, South American, and Asian crises -- many questions about their causes and effects remain to be answered. This volume, the result of a conference held in Cambridge in February 1998, investigates three such issues: What drives currency crises? How do we model government behavior? And, what are the actual consequences of these crises to the real economy?
Krugman is a Research Associate in the NBER's Programs on International Finance and Macroeconomics and International Trade and Investment and a professor of economics at Princeton University.
Concentrated Corporate Ownership
Concentrated Corporate Ownership, edited by Randall K. Morck, is available from the University of Chicago Press for $62.
In most countries, ownership of corporations is concentrated in the hands of a few major stockholders, while U.S. and U.K. firms generally are widely held. This interdisciplinary volume, based on a conference held in June 1998, contributes to the current debate about the problems and opportunities associated with concentrated corporate ownership. There are 11 papers and discussions in the volume. It is divided into three parts: "The Origins of Ownership Structure," "The Law and Concentrated Corporate Ownership," and "Economic Effects of Concentrated Corporate Ownership."
Morck is the Stephen A. Jarislowsky Distinguished Professor of Finance in the School of Business at the University of Alberta. He has published extensively on corporate governance.
Administrative Aspects of Investment-Based Social Security Reform
Administrative Aspects of Investment-Based Social Security Reform, edited by John B. Shoven, will be available in August from the University of Chicago Press for $38.
This NBER conference volume presents the first comprehensive analysis of the detailed issues involved in administering a system of private accounts as part of Social Security. Exploring the range of options, the contributors agree that the administrative costs of individual accounts could be significant, but that the implementation of a prudently designed system could lower those costs substantially.
The volume's editor, John B. Shoven, is an NBER Research Associate in the Programs on Aging and Public Economics and the Charles R. Schwab Professor of Economics at Stanford University.