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on Heterodox Microeconomics |
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Issue of 2018‒07‒30
twenty papers chosen by Carlo D’Ippoliti Università degli Studi di Roma “La Sapienza” |
| By: | Jérôme Ballet |
| Abstract: | The rapprochement between anthropology and economics is not a new subject of debate. Economic anthropology, whose very survival has largely been attributed to Marxism, remains a minor field of interest within anthropology and perhaps even more so within economics. Over recent years, researchers have argued that anthropology and economics should be interwoven, but few conceptual and empirical analyses have taken up the cause. The aim of this article is to promote a microeconomic anthropology. We discuss a contextual methodology and illustrate its advantages by way of interpersonal transfers. |
| Keywords: | Transfers, Contextualism, Rights and Obligations, Social Anthropology |
| JEL: | D01 B41 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:grt:wpegrt:2018-14&r=hme |
| By: | Joel Rabinovich (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | One aspect in which nonfinancial corporations are said to be financialised is that they emulate the asset and income structure of financial corporations. This is what we call the financial rentieralization hypothesis. In this article we show that the evidence used to sustain it, in the US setting, has to be reconsidered. Our findings show that, contrary to the financial rentieralization hypothesis, financial income averages 2.5% of total income since the '80s while net financial profit gets more negative as percentage of total profit for nonfinancial corporations. In terms of assets, some of the alleged financial assets actually reflect other activities in which nonfinancial corporations have been increasingly engaging: internationalization of production, activities refocusing and M&As. |
| Abstract: | L'une des définitions de la financiarisation d'une société non financière est le fait qu'elle ac-quiert la structure de revenus et d'actifs des sociétés financières. C'est ce que nous appelons l'hypothèse de rentierisation financière. Dans cet article, nous montrons que les données à l'origine de cette hypothèse, dans le cas des Etats-Unis, doivent être reconsidérées. Nos résultats constatent que, contraire-ment à l'hypothèse de rentierisation financière, les revenus financiers représentent en moyenne 2,5% des revenus totaux depuis les années 1980, tandis que le profit financier net pèse négativement sur les profits totaux des sociétés non financières. En termes d'actifs, certains des actifs dits financiers sont en réalité issus d'autres activités dans lesquelles les sociétés non financières sont de plus en plus engagées : internationalisation de la production, recentrage sur des activités principales, fusions et acquisitions. |
| Keywords: | financialisation of the non-financial corporation, firm strategy, corporate governance, USA,Mots clés: financiarisation des entreprises non financières, stratégie des firmes, gouvernement d'entreprise,États-Unis |
| Date: | 2018–01–24 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-01691435&r=hme |
| By: | Julien VASTENAEKELS (Centre d’études du développement durable – Université Libre de Bruxelles, Belgium); Jérôme PELENC (Centre d’études du développement durable – Université Libre de Bruxelles, Belgium) |
| Abstract: | It is now widely acknowledged that the development of conventional capitalist food systems has provoked multiple social, environmental and economic problems which are undermining the sustainability of the agro-food industry. As a response, many bottom-up, solution-oriented initiatives have flourished. Among them, food cooperatives have brought together citizens, producers, entrepreneurs, distributors and other actors to build alternative, sustainable, local food systems along the entire food supply chain. The capacity of these diverse cooperatives to move the economy towards sustainability remains unclear. To investigate this, we conducted a qualitative study involving three food cooperatives in Belgium. By examining how they have implemented two cooperative principles, we explored to what extent they are helping to “re-embed” the economy in society. From an empirical point of view, we offer a typology of food cooperatives and their “re-embedding potential” as a new research hypothesis. The typology has two dimensions: (i) surplus distribution i.e. from “investment-fuelled action” to “community-fuelled action” and (ii) the relationships between consumers and producers i.e. from “purely commercial relationships” to “cooperative partnerships”. It has enabled us to contrast the paradoxes inherent to cooperatives and their potential to transform the economy brick by brick with their values and ethics. |
| Keywords: | food cooperatives; cooperative principles; sustainable food; embeddedness; market economy |
| JEL: | P13 D22 |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:crc:wpaper:1805&r=hme |
| By: | Claude Gamel (LEST - Laboratoire d'économie et de sociologie du travail - AMU - Aix Marseille Université - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Although they lived a century apart, Hayek might be considered as the liberal counterpart of Marx: not only both carried out transdisciplinary studies but they also used a dialectic approach. According to Hayek, the evolution of human societies can't remain under control because the " spontaneous social order " is opposed to " organisations " , which rests upon a conflict between two kinds of rationality at the epistemological level (I). That opposition can only be overcome, in the legal order, through the fine tracking of " abstract rules of just conduct " (II). However Hayek's pessimistic view remains and results from the divergence, in the field of economics, between the rules necessary for the market order and a conception of justice in society which is too ambitious and can even destroy it (III). In conclusion, we ask the question of which safeguards are relevant nowadays to make liberal societies survive, as Hayek sought. |
| Abstract: | Hayek peut être considéré, à un siècle de distance, comme l'homologue libéral de Marx, non seulement par le caractère transdisciplinaire de la réflexion, mais surtout par le recours à une démarche dialectique. Selon Hayek, l'évolution non maîtrisable des sociétés humaines oppose « ordre social spontané » et « organisations » et repose sur un conflit de « rationalité » d'ordre épistémologique (I). Cette opposition ne peut être surmontée, dans l'ordre juridique, qu'au prix du repérage délicat de « règles abstraites de juste conduite » (II). Le pessimisme propre à Hayek résulte alors, dans le champ de l'économie, de la divergence entre les règles nécessaires à l'ordre du marché et une conception trop ambitieuse de la justice en société qui risque de le détruire (III). D'où l'évocation, en conclusion, de la pertinence aujourd'hui des garde-fous à mettre en place, pour que, selon Hayek, les sociétés libérales puissent malgré tout survivre. |
| Keywords: | Rules of just conduct,Liberalism, Dialectics, Spontaneous order,Organisations, Dialectique,Libéralisme, Ordre spontané, Organisations, Règles de juste conduite |
| Date: | 2018–07–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-01830570&r=hme |
| By: | Tunde Adeleke (Iowa State University, African American Studies Program) |
| Abstract: | Diversity remains a contested and controversial subject. The depiction of America as a nation of diverse peoples remains visionary and aspirational. Molding America into one nation out of multiple and complex entities seems insurmountable. Black Americans have vigorously contested the representation of America as diverse and multicultural. A truly diverse and multicultural nation, critics contend, has to eradicate all trappings of ethno-cultural hegemony. Even as she strives for ?a more perfect union? America seems incapable of transcending the historical legacies of slavery and racism. From the ?melting pot? to the ?salad bowl? and more recent characterizations, America seems incapable of becoming an embodiment of her diverse peoples. An increasingly alienated black American population conceptualizes America within the discourse of alienation as a nation of permanently fractured racial and cultural identities. These blacks seek an alternative and countervailing African-derived protest identity?Afrocentrism. Thus they reject E Pluribus Unum (Out of many, one). Though America may seem multicultural, the ideal of one nation unifying and representing multiple cultures remains a distant and elusive aspiration. Skeptical of diversity, and distrustful of Multiculturalism, Afrocentrists offer an alternative African-centered philosophy of inclusiveness which, not surprisingly, critics denounce as inherently hegemonic and a negation of America?s celebration of plurality. This paper discusses the historical, social and cultural underpinnings of contemporary discourses and counter narratives about the prospects of diversity in America. It examines the challenges that Afrocentrism represents for defining what being ?American? truly means. There are two critical questions at the core of this paper: First, would multiple hyphenated American identities become the norm? Second, what are the implications of essentialist constructions of the black experience and identity for diversity and multiculturalism in America? |
| Keywords: | Diversity, Multiculturalism, Afrocentrism, African-Centered, Ethno-Cultural |
| Date: | 2017–07 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:5407249&r=hme |
| By: | Joanna Tyrowicz (Institute for Labour Law and Industrial Relations in the European Union IAAEU), Trier University); Karolina Goraus (University of Warsaw); Lucas van der Velde (Warsaw School of Economics) |
| Abstract: | Women in developed economies have experienced an unparalleled increase in employment rates, to the point that the gap with respect to men was cut in half. This positive trend has often been attributed to changes in the opportunity costs of working (e.g. access to caring facilities) and the opportunity costs of not-working (notably, relative growth in wages in positions more frequently occupied by women, improved educational attainment). Meanwhile, the gender employment gaps were stagnant in transition economies. Admittedly, employment equality among genders was initially much higher in transition countries. We exploit this unique evidence from transition and advanced countries, to analyze the relationship between the institutional environment and the (adjusted) gender employment gaps. We estimate comparable gender employment gaps on nearly 1500 micro databases from over 40 countries. Changes in both types of the opportunity costs exhibited strong correlation with gender employment equality where the gap was larger, i.e. advanced economies. We provide some evidence that these results are not explained away by transition-related phenomena. We argue that the observed divergence in time trends reflects a level effect: the lower the gender employment gap, the lower the strength of the relationship between gender employment equality and the opportunity costs of working. An implication from our study is that the existing instruments might be insufficient to further reduce the gender employment gap. |
| Keywords: | employment, gender gaps, opportunity cost of working, transition, non-parametric estimates |
| JEL: | J2 J7 |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:iaa:dpaper:201806&r=hme |
| By: | Mehrdad Vahabi (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This paper explores the evolution of Kornai's thought on General Equilibrium Theory (GET) and his position on mainstream economics. Three moments in this evolution will be highlighted starting by rejecting GET and advocating disequilibrium in Anti-Equilibrium (1971). While Kornai does not treat the 'equilibrium paradigm' as irrelevant, he suggests an alternative paradigm, namely economic systems theory that he further develops in the eighties as 'system paradigm'. Economics of Shortage (1980) marks a second phase in which Kornai distinguishes Walrasian equilibrium from normal state or Marshallian equilibrium. In this phase, he supports Marshallian equilibrium rather than disequilibrium. Finally By Force of Thought (2006) is a critical self-appraisal in which Kornai considers Anti-Equilibrium as a 'failure' and acknowledges GET as a benchmark of an ideal competitive market. He now advocates a Walrasian equilibrium as an abstract reference model but refuses to consider this model as a description of reality. In this sense, he refuses the New Classical economics. Paradoxically however, his original heterodox concept of 'soft budget constraint', irreconcilable with standard microeconomics, has been integrated in new microeconomics as an optimal intertemporal strategy of a maximizing agent in the absence of credible commitments. It will be argued that Kornai's so-called failure is rather related to his half-in, half-out mainstream position, while his institutionalist system paradigm is still a heterodox research project of the future. |
| Keywords: | Disequilibrium, Economic Systems Theory, General Equilibrium Theory,Marshallian and Walrasian Equilibrium, New Microeconomics, Normal State, System Paradigm |
| Date: | 2017–09–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-01583569&r=hme |
| By: | Putra, Adhitya |
| Abstract: | ABSTRACT This article confirms that Al-Ghazali's socio-economic thinking is rooted in the Islamic welfare concept. The method used in this paper is literature research that is reading and reviewing various sources related to the topic. The conclusion of Al-Ghazali's economic thought is the voluntary exchange and market evolution which includes demand, supply, price, profit and market ethics as well as usury and the role of the state in the advancement of the public economy. |
| Keywords: | Keywords: Al-Ghazali, Islamic Economics, Theory of exchange, Evolution of the market |
| JEL: | B00 |
| Date: | 2018–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:87292&r=hme |
| By: | Mujahidin, Muhamad |
| Abstract: | This article describes the economic thinking of Ibn Khaldun. This study uses the historical approach of Islamic economic thinking through textual exegesis. The results of this study indicate the economic concept of Ibn Khaldun implying an economic system that requires five components is the Shari'a, government, society, ownership, free and fair economic activity. |
| Keywords: | Islamic Economics, Ibn Khaldun, Social, Fair, Free |
| JEL: | A10 A11 A13 B00 B11 E20 |
| Date: | 2018–03–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:87192&r=hme |
| By: | Gupta, Avinash |
| Abstract: | The article is essentially a book-review of Professor Vijay Joshi's recent work, '"India's Long Road: The Search for Prosperity". In this critical essay, I take a slightly revisionist approach when it comes to a 'typical'book review. For example, the length of this article goes well-beyond the standard convention. The ‘deviation’ from rules, however, has specific objectives. I have critically analyzed Dr. Joshi’s work and in so doing include relevant evidences, debates and questions not just from economics but also from other disciplines such as history and political science. |
| Keywords: | Underdevelopment, critical analysis, political and social dynamics in policy |
| JEL: | A23 B5 B52 H25 L5 N6 O1 O25 P26 |
| Date: | 2018–07–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:87534&r=hme |
| By: | Solís, Patricio |
| Abstract: | En este trabajo se analiza la movilidad social intergeneracional en México desde un enfoque multidimensional. Se parte de una perspectiva que considera la desigualdad distributiva o de condición y la desigualdad de oportunidades como rasgos estructurales de la sociedad mexicana que se refuerzan mutuamente. Se propone que el análisis de la movilidad social intergeneracional en sus dimensiones educativa, ocupacional y económica es importante para evaluar la magnitud de la desigualdad de oportunidades. Los resultados revelan la persistencia de altas tasas absolutas de movilidad intergeneracional ascendente educativa y ocupacional, pero una baja movilidad económica. También muestran que en las tres dimensiones existe una alta asociación neta entre los orígenes y destinos sociales de las personas, lo que es indicativo de la alta desigualdad de oportunidades que prevalece en el país. Finalmente, existe una muy baja asociación entre la movilidad educativa y ocupacional y la movilidad económica, lo que sugiere una devaluación de la movilidad ascendente en la escolaridad y el mercado de trabajo. Estos resultados indican que para lograr una mejora sustantiva en los niveles de bienestar de la población es necesario no solo generar más y mejores oportunidades de movilidad ocupacional y económica, sino también promover los cambios estructurales e institucionales que garanticen la distribución equitativa de esas oportunidades. |
| Keywords: | MOVILIDAD SOCIAL, IGUALDAD DE OPORTUNIDADES, EDUCACION, EMPLEO, CONDICIONES ECONOMICAS, DISTRIBUCION DEL INGRESO, INDICADORES SOCIALES, SOCIAL MOBILITY, EQUAL OPPORTUNITY, EDUCATION, EMPLOYMENT, ECONOMIC CONDITIONS, INCOME DISTRIBUTION, SOCIAL INDICATORS |
| Date: | 2018–07–20 |
| URL: | http://d.repec.org/n?u=RePEc:ecr:col031:43768&r=hme |
| By: | George APOSTOLAKIS (Nyenrode Business Universiteit, Department of Economics, University of Crete); Gert VAN DIJK (Department of Social Sciences, Wageningen University, Wageningen, The Netherlands; TIAS School for Business and Society, Tilburg University, Tilburg, The Netherlands; Centre for Entrepreneurship, Governance & Stewardship, Nyenrode Business Universiteit, Breukelen, The Netherlands.) |
| Abstract: | The theoretical structure and management of a cooperative organization have not changed much during the last decades. Most importantly, the role of the members’ council in corporate governance remains neglected in the contemporary cooperative literature. In this paper, we offer a new perspective on how cooperative organizations can cope with future challenges by re-establishing the role of the members’ council and the members in cooperative organizations |
| Keywords: | cooperative models; members’ council; random selection; deliberative democracy |
| JEL: | P13 D23 D72 L30 L31 |
| Date: | 2018–04 |
| URL: | http://d.repec.org/n?u=RePEc:crc:wpaper:1804&r=hme |
| By: | Sarah Dobson; Jennifer Winter (University of Calgary); Brendan Boyd |
| Abstract: | In this paper we provide a comparison of the coverage of Canadian carbon pricing systems. We define coverage as the proportion and types of emissions priced under the various systems, by emissions source. We compare provincially announced pricing systems to the federal benchmark (the minimum coverage provinces must meet) and the federal backstop, the pricing system that will be imposed on provinces with insufficient coverage or who opt to not develop their own policies. For those provinces that have not yet introduced a carbon price we look only at coverage under the federal benchmark and the federal backstop. We find the majority of provincial pricing systems meet or exceed the federal benchmark. Our results also point to the importance of additional complementary policies to address significant sources of unpriced emissions, primarily in agriculture and fugitive sources. |
| URL: | http://d.repec.org/n?u=RePEc:clg:wpaper:2018-07&r=hme |
| By: | Stavros, Drakopoulos |
| Abstract: | Although social scientists have been investigating the nature and impact of job satisfaction for many decades, economists only started to investigate job satisfaction systematically in the late 1980’s. Almost from the first systematic studies of job satisfaction by economists, the research potential of the notion of pay level comparisons was realized. The idea of pay level comparisons in job satisfaction has proven particularly useful also because it has important implications for a number of standard theoretical and economic policy results. However, the inclusion of the variable of comparison wage in job satisfaction and the resulting supporting empirical findings, are in sharp contrast to the orthodox approach, given that in mainstream economic theory an individuals’ utility is assumed to be a function of absolute income only. Despite the important theoretical and policy implications, mainstream economic theory has not paid much heed to the job satisfaction conceptual formulations and empirical findings. The paper argues that there are methodological reasons for this state of affairs which seem to be linked to the subjective well-being research in general, and to the job satisfaction literature in particular. A strong mistrust against the method of stated preferences and the inherent methodological bias against the integration of psychological findings, are suggested as the two prime reasons. Although a few prominent figures in job satisfaction research have realized the mainstream methodological attitude, it is necessary that job satisfaction specialists should consider more seriously the basic components of mainstream economic methodology that relate to their research field. |
| Keywords: | job satisfaction; pay level comparisons; wages; economic methodology |
| JEL: | B41 I31 J28 J30 |
| Date: | 2018–07–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:87711&r=hme |
| By: | Juan Pablo Navarrete Ruiz |
| Abstract: | En el presente documento se realiza un breve análisis del pensamiento de autores clásicos aún vigentes para el estudio económico de la sociedad moderna, con el fin de comparar sus metodologías de análisis con las metodologías actuales. Específicamente, se hace seguimiento al supuesto de agentes representativos y las consecuencias que su consideración tiene en los modelos de crecimiento neoclásicos básicos a partir de los cuales se hace política económica. Se reconoce la importancia de los supuestos en conjunto dentro del análisis neoclásico y su formalización, pero se considera su impacto en el análisis de los efectos distributivos del crecimiento y la desigualdad. Se encuentra que se debe tener especial precaución al sacar conclusiones de modelos que integren a este supuesto debido a que los efectos redistributivos no son despreciables. |
| Keywords: | Agente representativo, supuestos, desigualdad, macroeconomía |
| JEL: | B31 D01 E13 |
| Date: | 2018–07–16 |
| URL: | http://d.repec.org/n?u=RePEc:col:000176:016423&r=hme |
| By: | Halima Jibril; Annina Kaltenbrunner; Effi Kesidou |
| Abstract: | This article contributes to the literature on the financial constraints of innovation in two ways. First, we examine whether financialisation has transformed the relation between finance and innovation by assessing the association between companies' financial relations, both on the liability side and the asset side of their balance sheets, and intangible assets. Second, this is the first study that examines theoretically and empirically the link between financialisation and innovation in the context of emerging markets using the population of publicly listed companies in Brazil over the period 2011-2016. We find evidence that whilst financial liabilities do not affect investments on intangibles, higher financial assets and financial profits discourage investments on intangibles. Other indicators of financialisation are not significant. Thus, our results support the crowding-out hypothesis that financialisation i.e. companies' increased tendency to hold financial assets and generate revenue from financial income rather than their underlying operations, discourages investments on innovation. |
| Keywords: | Financialisation, Intangible assets, Innovation-driven growth, Emerging economies |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:imk:fmmpap:27-2018&r=hme |
| By: | Fudge, Judy.; Hobden, Claire. |
| Abstract: | Domestic workers have long provided a range of services for families from cleaning and cooking to caring for children, the elderly and disabled, to driving household members and tending gardens. Despite the crucial services they provide, in many countries, domestic work is characterised by a high incidence of informal arrangements and contributes significantly to informality especially among women. The level of organization of the domestic work sector varies dramatically from country to country. In some countries, domestic workers are hired informally, by word of mouth, through social networks. In other countries, intermediaries – such as agencies, digital platforms, coops and others – play a role in recruiting, placing, and employing domestic workers. As the role of these intermediaries increases, questions arise about the impact intermediaries have on formalizing domestic work and providing decent work for domestic workers. |
| Keywords: | domestic worker, recruitment, employment service, private employment agency, informal employment, decent work |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:ilo:ilowps:994989393002676&r=hme |
| By: | Olkhov, Victor |
| Abstract: | This paper presents a quantitative model of financial transactions between economic agents on economic space. Risk ratings of economic agents play role of their coordinates. Aggregate amounts of agent’s financial variables at point x define macro financial variables as functions of time and coordinates. Financial transactions between agents define evolution of agent’s financial variables. Aggregate amounts of financial transactions between agents at points x and y define macro financial transactions as functions of x and y. Macro transactions determine evolution of macro financial variables. To describe dynamics and interactions of macro transactions we derive hydrodynamic-like equations. Description of macro transactions permits model evolution of macro financial variables and hence develop dynamics and forecasts of macro finance. As example for simple model interactions between macro transactions we derive hydrodynamic-like equations and obtain wave equations for their perturbations. Waves of macro transactions induce waves of macro financial variables on economic space. Diversities of financial waves of macro transactions and macro financial variables on economic space in simple models uncover internal complexity of macro financial processes. Any developments of financial models and forecast should take into account financial wave processes and their influences. |
| Keywords: | Macro Finance; Risk Ratings; Economic Space; Wave Equations |
| JEL: | C02 E32 G00 G17 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:87316&r=hme |
| By: | Raphael Bergoeing; Facundo Piguillem |
| Abstract: | In this paper, we analyze the desirability of allowing cooperative banks to participate in the interbank market in Chile. We find that it is desirable, as long as the quality of the cooperative’s governance is not too deficient relative to traditional commercial banks. On the one side, when cooperative banks do participate in the interbank market, both, the probability of financial crisis and the volatility of GDP, raise; but on the other, because the cooperative’s inclusion generates large efficiency gains in the financial sector, GDP and aggregate welfare substantially increase. We conclude that there is no policy reason to exclude cooperatives from the Chilean interbank market. Key words: |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:edj:ceauch:337&r=hme |
| By: | Raquel Ramos (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | The currencies of a few emerging market economies (EME) have being following a specific dynamic since the early 2000s: they are strongly connected to financial markets internationally , appreciating in moments of tranquility and presenting sharp depreciations in peaks of uncertainty. What is the mechanism behind this specific dynamic that contradicts mainstream exchange-rate theories? To answer this question, this article applies the Minskyan framework to the context of money managers and their portfolio allocation decisions. The approach allows the analysis of these currencies through money managers' decisions, putting forward that these might float according to their balance-sheet constraints-reasons not related to the currencies themselves, but to money managers' assets, liabilities, and currency mismatch. The result is a dynamic characterized by deviation-amplifying system, the opposite of the equilibrium-seeking mechanism needed for clearing markets, and high frequency of depreciations associated to the global extent of these institutions' balance-sheet. |
| Keywords: | Exchange rates,emerging market economies,Minsky |
| Date: | 2017–10–19 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-01619118&r=hme |