"Exchanges have always had more than economic significance: values circulate and encounters become institutionalized. This volume explores the changing meaning of the circulation of second-hand goods from the Renaissance to today, and thereby examines the blurring of boundaries between market, gifts, and charity. It describes the actors of the market - official entities such as corporations, recognized professions, and established markets but also the subterranean circulation that develops around the need for money. The complex layers that not only provide for numerous intermediaries but also include the many men and women who, as sellers or buyers, use these circulations on countless occasions are also examined." --Book Jacket.

Exchanges have always had more than economic significance: values circulate and encounters become institutionalized. This volume explores the changing meaning of the circulation of second-hand goods from the Renaissance to today, and thereby examines the blurring of boundaries between market, gifts, and charity. It describes the actors of the market - official entities such as corporations, recognized professions, and established markets but also the subterranean circulation that develops around the need for money. The complex layers that not only provide for numerous intermediaries but also include the many men and women who, as sellers or buyers, use these circulations on countless occasions are also examined.

Import and export stability is examined under two alternative nominal exchange rate anchors, the U.S. dollar and the SDR. Stability under the two pegs depends critically on import and export elasticity with respect to exchange rates. The implications of import and export elasticity for an optimal currency basket are also explored. The elasticity estimates for the GCC countries suggest that the SDR peg may not outperform the dollar peg in improving external stability. Nevertheless, switching to some other nominal exchange rate anchor may improve external stability, a possibility that remains to be explored.

Focusing on market microstructure, Harris (chief economist, U.S. Securities and Exchange Commission) introduces the practices and regulations governing stock trading markets. Writing to be understandable to the lay reader, he examines the structure of trading, puts forward an economic theory of trading, discusses speculative trading strategies, explores liquidity and volatility, and considers the evaluation of trader performance. Annotation (c)2003 Book News, Inc., Portland, OR (booknews.com).