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An impassioned debate has been on in the academic and policy circles regarding the undervaluation of the renminbi (RMB) yuan. This issue has emerged as one of the most contentious and thought‐provoking in the discipline of international finance. That it is undervalued is widely acknowledged. With China's emergence as an economic superpower of the future, this debate no doubt has considerable merit and ramifications. This article looks sang froid at its undervaluation, 2005 revaluation and when should the RMB yuan be further appreciated. As the Chinese economy picks up further growth momentum, the currency appreciation is expected to accelerate. This article also examines the implications of further appreciation of the RMB yuan on the Chinese and Asian economies as well as its plausible impact over the bilateral imbalances between China and US economy.

In the background of the global economic and financial crisis, one hears and reads nothing but excoriation and denunciation of globalization. The purpose of this paper is to provide an honest and objective analysis of the contemporary global economic scenario, which reveals numerous challenges that globalization engendered in different countries, country groups as well as in the global economy. This paper asserts that globalization has a positive side as well. The trauma of the continuing crisis is vitiating the enormous constructive contribution made by economic and financial globalization in the contemporary period.

The paper looks at: globalization as a welfare‐enhancing force; some front runners of globalization and particularly the ascent and economic integration of East Asia, China, India, the BRICS, etc. and latecomers to globalization.

The essential findings of this paper are that country groups like East Asia in the past and China and India at present have benefited immensely from economic and financial globalization. Rapid group in the sub‐group of economies referred to as the emerging‐market economies is made possible by economic and financial globalization. The ascent of these economic groups is changing the contours of the global economy. The newest achievement of economic and financial globalization is a favorable impact over the former non‐market economies and Africa. Both of these are regarded as challenging cases in the past.

Economic and financial globalization has remained a controversial issue. This paper takes a bold and original perspective in focusing on its favorable contributions at a time point when it is being deprecated for causing a great deal of upheaval in the global economy.

A total of 70 representatives from all continents of the world discussed the challenges of “traffic policing” in the twenty‐first century at the 7th Annual Meeting of the International Police Executive Symposium. Apart from the problems with which they have been confronted, the representatives also explained the proposed plans in their countries for finding solutions to them. There were many similar problems and similar solutions. But countries also differed from one another in many respects, reflecting their culture, economic conditions, political priorities, historical developments and other factors.

The purpose of this paper is to take a dispassionate look at the performance of the Indian economy in the light of its recent growth rate acceleration. After 2000, it recorded several years of vertiginous gross domestic product (GDP) growth rate, which made some think that the growth trajectory of the economy is shifting upwards. A careful data analysis reveals that growth optimism is misplaced. There are several areas of the economy that have suffered from limitations and long‐term neglect of the policymakers. The paper clearly and concisely enumerates them. What is disconcerting is that these long‐term weaknesses were not addressed and are still persisting. Sluggish and tardy reform implementation is one of the serious bottlenecks. In addition, in 2008, myriads of domestic and global factors coalesced to drive GDP growth rate sharply down.

This paper carefully analyzes the current economic data to examine whether the recent GDP growth rate achievement can be sustained.

The principal inference of this paper is that the growth spurt of the Indian economy is unsustainable. Although the economy has a great deal of potential, expectations of a China‐like growth in the foreseeable future are totally unrealistic.

The paper proposes a pragmatic plan to break out of this economic quagmire. The value of the paper lies in its succinct and objective analysis of the Indian economic performance, its recent past and the immediate future. Without overlooking its recent achievements, the paper provides a credible vision of the future performance of the Indian economy.

The Second International Police Executive Symposium (Oñati, May, 1995) was organized on the theme of “Challenges of policing democracies: a world perspective.” It was attended by police leaders, academics and justice professionals from 13 countries. Among them there were six emerging democracies, four established democracies, and three mixed democracies. The objectives of the symposium were established as follows: (1) to appreciate at first hand what the police in emerging democracies regarded as challenges in operating in the newly democratic political environment (the established democracies and the mixed democracies were invited to present their contemporary experiences of the “Challenges of policing democracies”); (2) to explore the similarities and the differences of the challenges, if any, from one category of democratic societies to another; and (3) to discuss the responses and the remedies adopted by various countries at different levels of democratic achievement.

This paper describes the current state of policing in Norway. Interview data were collected from police administrators, police academy instructors, and police recruits. In addition, observational data were collected from patrol ride‐alongs. The organizational structure of Norwegian police at the national level; individual police stations; police recruitment and training; traffic regulation, law enforcement, order maintenance and crime prevention; and police‐public interactions in Norway are discussed. Distinct features of the Norwegian police include a flat hierarchy, strong union influence, and informal selection methods, all of which derive from the unique sociodemographic and geographic landscape of Norway combined with the influence of British and European models of policing.

This paper focuses on the main discussion points of the 4th International Police Executive Symposium in Vienna, 1997. The symposium’s theme was international police co‐operation and particular attention was paid to current co‐operation projects, plans for the future and the lessons that can be drawn from their experiences. The results of a questionnaire covering the issues raised by the symposium are examined in light of the discussions which ensued in Vienna. It was found that the subject of international police co‐operation has strong support and that the views expressed by the participants are very widely held. The results of the questionnaire, although reflecting the views of the symposium, suggested that there are a significant number of people who have little or no knowledge of international police co‐operation.

The objective of this paper is to provide a macroeconomic assessment of the impact of global financial integration over the economies that are undergoing financial integration.

The paper focuses on several issues. It begins with examining the evidence whether financial globalization elevates growth performance of the integrating economy and supports it macroeconomic stability. It takes a nuanced view and divides the impact of financial integration into direct and indirect benefits. Second, it scrutinizes whether there are some threshold conditions, that is, in their presence and with their support, financial globalization underpins growth and stability of the capital importing economy and in their absence it cannot. Third, it delves into the oft‐cited allegation of financial globalization being a source of macroeconomic volatility and eventually financial crises. Fourth, as the evidence that emerged regarding ability of financial globalization to underpin growth was unambiguous. Policy mandarins' options are examined.

The paper finds that from a theoretical perspective, it is easy to state that integration of financial markets an potentially faster growth. Whether it happens in reality is a different matter.

The paper explores a new theme. While there are many relevant themes in financial globalization, the author has not seen any article on this theme and this paper may well be the first.

The model of policing which originated in Ireland was designed to police a foreign land and is known as the colonial system. Describes the influence of the colonial model in the development of the armed police in India, used for order maintenance rather than the prevention and detection of crime. Contrasts with the Metropolitan Police system are drawn and the history of the Indian police is outlined. Although successful in protecting British commercial and political interests in the past it no longer serves the more recent needs of India, e.g. dealing with underlying social problems, allowing democratic ideals and freedom. A civilian model needs to be developed.

Over the last two decades global cross‐border investment has increased. State‐owned and managed, sovereign‐wealth funds (SWFs), largely from the emerging‐market economies, have started playing a decisive role in underpinning, sustaining and expanding financial globalization. This paper aims to provide the reader with basic conceptual strands on the SWF, their genesis, coming into prime and recent spurt in their operations.

The paper focuses on defining SWFs and tracks their origin and growth. It explores the present and future market size of SWFs and examines the ramifications of this group of large institutional investors. It also answers the query whether anxieties about their operations are exaggerated and attempts to provide answers regarding some of the prickly policy questions.

The paper finds that, although they are an instrument of enhancing liquidity and financial resource allocation in the international capital market, they have become a source of controversies and threaten and escalation in financial protectionism.

The paper focuses on the concept of SWFs and the recent spurt in their activities and significance.