|
on Heterodox Microeconomics |
|
Issue of 2019‒02‒11
twenty-two papers chosen by Carlo D’Ippoliti Università degli Studi di Roma “La Sapienza” |
| By: | Jos\'e Moran; Jean-Philippe Bouchaud |
| Abstract: | We study networks of firms with Leontief production functions. Relying on results from Random Matrix Theory, we argue that such networks generically become unstable when their size increases, or when the heterogeneity in productivities/connectivities becomes too strong. At marginal stability and for large heterogeneities, we find that the distribution of firm sizes develops a power-law tail, as observed empirically. Crises can be triggered by small idiosyncratic shocks, which lead to "avalanches" of defaults characterized by a power-law distribution of total output losses. We conjecture that evolutionary and behavioural forces conspire to keep the economy close to marginal stability. This scenario would naturally explain the well-known "small shocks, large business cycles" puzzle, as anticipated long ago by Bak, Chen, Scheinkman and Woodford. |
| Date: | 2019–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1901.09629&r=all |
| By: | Meng, Bingchun; Huang, Yanning |
| Abstract: | In this article we consider the Double Eleven shopping festival as a major discursive site where the hegemony of what we call patriarchal capitalism with Chinese characteristics is articulated. The state, the market, the corporations, and the media, both mainstream and social media, all played an important role in building up a national spending spree that is deeply embedded in the current class and gender structure of China. The phenomenon of Double Eleven emerged at a time when state capitalism has been overwriting socialist institutions, while patriarchal ideology being further intensified through consumerism. As a consequence, the intersectionality of class and gender become increasingly manifest in the Chinese society. We start with a brief overview of the trajectory of gender politics in China since 1949, with specific focus on how the socialist project of seeking gender equality was gradually replaced by the quest for ‘womanhood’ and ‘femininity’. We then discuss, using both secondary sources and our own analysis of news coverage of Double Eleven, why maintaining a high level of consumer demand is of crucial importance for the Chinese state and what the state’s role has been in configuring the hegemonic gender order. A brief section on ideology and discourse lays out the conceptual framework of our analysis. It is at the intersection of a dissipating socialist ethos, emerging economic stagnation and ascending consumerism that the sexist discourse in relation to Double Eleven proliferates, and this is the analytical focus of our empirical section. We elaborate on the theoretical implications of the empirical analysis before concluding. |
| JEL: | N0 |
| Date: | 2017–07–19 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:75196&r=all |
| By: | Hélène Tordjman (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: | Cela fait longtemps que la nature est entrée dans le processus capitaliste dans ses dimensions matérielles, terre, ressources agricoles et minières, sous la forme de biens tangibles donc. Depuis quelques décennies, un phénomène nouveau apparaît. Des dimensions de la nature sont requalifiées en information, en services et en actifs financiers pour pouvoir à leur tour faire l'objet d'échanges marchands. Autrement dit une nouvelle classe de marchandises fictives apparaît (Karl Polanyi (1944)). Plutôt que de les nommer « immatérielles », je préfère parler de dématérialisation, car il s'agit d'un processus institutionnel, juridique et politique construit et voulu, et non d'une immanence. Analysant le cas des services écosystémiques, cet article propose une catégorisation permettant de comprendre comment l'institution marchande remo-dèle ainsi de grands pans de la nature, en trois grands moments. Le premier est celui de la qualification de la marchandise, qui vise à en définir les contours précis, la doter d'une mesure et de droits de propriété. Le deuxième processus est celui de l'évaluation, où l'objet considéré acquiert une valeur monétaire de référence. On parle quelquefois de monétisation. Le troisième et dernier moment de la création d'une marchandise fictive est celui de la valorisation. Il s'agit de dispositifs contractuels et/ou marchands qui transforment les valeurs en prix. Ce n'est qu'à cette ultime étape que de la valeur est effectivement créée, c'est-à-dire du capital. Malgré le caractère apparemment immatériel de ces nouvelles marchandises, les conséquences de leur création sur la nature et les relations que nous entretenons avec elle sont tout à fait matérielles. |
| Date: | 2018–12–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-01948581&r=all |
| By: | Robert Boyer (PJSE - Paris-Jourdan Sciences Economiques - ENS Paris - École normale supérieure - Paris - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique, IDA - Institut des Amériques - M.E.N.E.S.R. - Ministère de l'Éducation nationale, de l’Enseignement supérieur et de la Recherche) |
| Abstract: | Distinctive political compromises prevailed and explained various brands of capitalism observed from WWII to the early 1990s. Is this key finding by régulation research been still valid given the wide diffusion of common structural changes since the 2000s: slow productivity in the industrialized world, overwhelming impact of finance, rise of inequalities within many Nation-States in response to deregulation, social and political polarization, open conflict between capitalism and democracy, the trading place between mature and emerging economies? These stylized facts challenge most economic theories but they can be explained by an institutionalist and historical approach that also helps in redesigning a relevant macroeconomic approach. Each capitalism brand displays specific complementarities among institutional forms and their growing interactions imply more their complementarity than their frontal competition. Consequently, all capitalisms have been transformed but they do not converge towards a canonical configuration. The rise of nationalist movements may challenge the present international relations but they should not underestimate the economic and social costs of their protectionist strategy. |
| Keywords: | Capitalism variety,Institutional complementarity,Global finance,Internationalization,Deregulation,National and international inequality,Capitalism and democracy,International relations |
| Date: | 2018–09 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-01908095&r=all |
| By: | Mario Coccia |
| Abstract: | Technological parasitism is a new theory to explain the evolution of technology in society. In this context, this study proposes a model to analyze the interaction between a host technology (system) and a parasitic technology (subsystem) to explain evolutionary pathways of technologies as complex systems. The coefficient of evolutionary growth of the model here indicates the typology of evolution of parasitic technology in relation to host technology: i.e., underdevelopment, growth and development. This approach is illustrated with realistic examples using empirical data of product and process technologies. Overall, then, the theory of technological parasitism can be useful for bringing a new perspective to explain and generalize the evolution of technology and predict which innovations are likely to evolve rapidly in society. |
| Date: | 2019–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1901.09073&r=all |
| By: | Pereyra, Francisca. |
| Keywords: | domestic worker, women workers, workers rights, social dialogue, comment, labour legislation |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:ilo:ilowps:995011493002676&r=all |
| By: | Dosi, Giovanni; Virgillito, Maria Enrica |
| Abstract: | The reflections which follow build on two interrelated questions, namely, first, whether we are witnessing another “industrial revolution”, and second, what is the impact of technological transformations upon the current dynamics of the socio-economic fabric, especially with respect to employment, income distribution, working conditions and labour relations. We argue that the processes of innovation and diffusion of what we could call “intelligent automation” are likely to change, or more likely reinforce, the patterns of distribution of income and power, which have been there well before the arrival of the technologies we are concerned about: some are indeed intrinsic features of capitalism since its inception, while others are features of the last thirtyforty years. First, we shall offer a fresco of such tendencies which certainly preceded any potential “Fourth Industrial Revolution” but are going to be amplified by the latter. Second, we discuss the features of such possible new techno-economic paradigms. Third, we examine the relationships between technology, productivity and growth, and the ensuing impact on jobs, division of labour, distribution of knowledge, power, and control. Finally, we address some policy implications. |
| Keywords: | Social fabric,technology,macroeconomic development,division of labour,knowledge,inequality |
| JEL: | O10 E6 D63 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:316&r=all |
| By: | Kei Katahira; Yu Chen; Gaku Hashimoto; Hiroshi Okuda |
| Abstract: | Simultaneous reproduction of all financial stylized facts is so difficult that most existing stochastic process-based and agent-based models are unable to achieve the goal. In this study, by extending the decision-making structure of Minority Game, we propose a novel agent-based model called "Speculation Game," for a better reproducibility of the stylized facts. The new model has three distinct characteristics comparing with preceding agent-based adaptive models for the financial market: the enabling of nonuniform holding and idling periods, the inclusion of magnitude information of price change in history, and the implementation of a cognitive world for the evaluation of investment strategies with capital gains and losses. With these features, Speculation Game succeeds in reproducing 10 out of the currently well studied 11 stylized facts under a single parameter setting. |
| Date: | 2019–02 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1902.02040&r=all |
| By: | Nathanael Colin (TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet [Saint-Étienne] - CNRS - Centre National de la Recherche Scientifique); Thomas Delcey (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Hayek and Fama are sometimes seen as proposing a comparable theory of prices. Hayek proposes to understand prices as information conveyer from the process of competition, while Fama defines efficiency as the fact that all information in a market is integrated in assets prices. This close up ignores huge differences between the authors. This paper explains how a lineage between Hayek and the theory of informational efficiency of Fama can be illustrated while taking into account these differences. We introduce in order to defend this claim a distinction between methodology and epistemology: methodology is seen as the way an author operationalizes his broader conceptions whereas epistemology is defined as the core conception of his theory. We particularly emphasise a homogeneous shift in the epistemology of Hayek and the theory of efficiency. We conclude that this shift gives a content to what some authors called neoliberalism as a form of Weltanshauung. |
| Keywords: | Efficient Market Hypothesis,Information,Epistemology of Economics,Hayek,Fama,Price Theory,Neoliberalism |
| Date: | 2018–11–24 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-01933895&r=all |
| By: | Snower, Dennis J. |
| Abstract: | This vision brief may be summarized by the following points. First, the crisis of the liberal world order arises from a misalignment of our social, economic and political domains of activity, along with a resulting destabilization of our physical environment. The integration of the global economy has generated problems that extend beyond our current bounds of social and political cooperation. Second, extending our social cooperation - on which basis our political cooperation can be extended as well - requires the creation of the appropriate moral narratives. These narratives must guide business strategies, public policies and civic activities. Third, these narratives must be supplemented by multilevel governance structures that address challenges at the scale - micro, meso and macro - at which these chal-lenges arise. Finally, past human experience in developing moral narratives, supported by multilevel governance structures, suggests guidelines for a future form of multilateralism that enables us to meet this challenge. |
| Keywords: | economy,polity,society,environment,liberal world order,social cooperation,multilevel governance,narratives |
| JEL: | A12 A13 A14 F02 H11 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwedp:20196&r=all |
| By: | Pereyra, Francisca. |
| Abstract: | A partir del año 2015 se puso en marcha la primera experiencia de diálogo social de las trabajadoras domésticas argentinas. El ámbito previsto a estos efectos – la Comisión Nacional de Trabajo en Casas Particulares – fue diseñado en el marco de una nueva y superadora ley del sector sancionada en 2013 (Ley 26.844). Se trata de una mesa de negociación tripartita en la que participan organizaciones de trabajadoras preexistentes, organizaciones de empleadores adaptadas y/o diseñadas para cumplir ese rol y el Poder Ejecutivo. Las negociaciones que han tenido lugar en estos primeros años son calificadas por todos los participantes como una experiencia altamente positiva. En un contexto inflacionario,los primeros acuerdos alcanzados han tendido a centrase en las actualizaciones salariales. No obstante, las trabajadoras también han planteado demandas laborales adicionales, evidenciando expectativas más amplias relativas al rol de la institución. Adicionalmente, se ha señalado que el gobierno tiende a desempeñar un papel preponderante en la dinámica de la mesa de negociación. Por esta razón, el trabajo busca detectar aspectos que se deben fortalecer entre las organizaciones de trabajadoras y empleadores afin de contribuir a disminuir el peso de la intervención oficial. Más allá de estas primeras experiencias, la puesta en marcha de esta instancia de negociación constituye en sí misma un avance de suma importancia.Allí, las trabajadoras domésticas cuentan por primera vez con un espacio institucional para incidir sobre sus condiciones laborales, antes determinadas unilateralmente por el gobierno. |
| Abstract: | In 2015, the first experience of social dialogue for Argentinean domestic workers took place. The space provided for this purpose – the National Commission of Work in Private Households – was designed within the framework of a new and improved law for domestic workers sanctioned in 2013 (Law 26.844).The initiative constitutes a tripartite negotiating table composed of pre-existing organizations of workers, organizations of employers adapted and/or designed to fulfill that role and the government. Negotiations that have taken place in these early years are described by all participants as a highly positive experience. Within an inflationary context, the agreements so far have been focused on salary updates. However, workers have also raised additional labour demands, showing broader expectations regarding the role of this institution. Additionally, it has been pointed out that the government tends to acquire a preponderant role in the dynamics of the negotiation table. Therefore, the work also seeks to detect aspects to be strengthened among the organizations of workers and employers, which could contribute to reduce the weight of official intervention. Beyond these first experiences, the start-up of this instance of negotiation constitutes in itself a breakthrough of great importance. This is because domestic workers have, for the first time, an institutional space to influence their working conditions, which were previously stipulated unilaterally by the government. |
| Keywords: | domestic worker, women workers, workers rights, social dialogue, labour legislation, comment |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:ilo:ilowps:995011492802676&r=all |
| By: | Ludwig List (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 goal of this paper is to conduct a meta-regression analysis (MRA hereafter) regarding the effects of the Kaldor-Verdoorn effect-the relation between output/demand and productivity. The Kaldor-Verdoorn effect has been subject to many econometric studies and while the overwhelming majority of them finds a positive overall effect, there is no consensus on its size-the results vary quite a bit, especially according to the chosen econometric specification. This MRA estimates a 'true value' of the Kaldor-Verdoorn effect without interference from potential publication selection bias via the use of multivariate MRA. A series of moderator variables is used to check for their effect of excess variation, including amongst others the year of publication, the sectors and the countries studied. This MRA study uses available data from 22 published studies with 303 estimations of the Kaldor-Verdoorn effect. When examining the primary literature as a whole, there seems to be publication bias. While there seems to exist a genuine Kaldor-Verdoorn effect, its size varies considerably depending on the specification chosen. |
| Keywords: | Kaldor-Verdoorn effect,Productivity,Meta-regression analysis,Effective demand,Learning by doing |
| Date: | 2018–11–14 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-01922249&r=all |
| By: | Henri-Paul Rousseau (PSE - Paris School of Economics, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | The purpose of this paper is to present a schematic of the interactions between the government as the REGULATOR of financial institutions and the government as the INSURER of financial institutions while taking into account the long-term feedback relationships between the size and the scope of the financial sector and the level of public debt resulting from financial crises over time. The analysis concludes that at certain high level of public debt and size of the expected support of the financial sector by the government, the regulator and /or the central bank may have to "stabilize" the situation, but there may be cases where the support becomes socially "unacceptable." |
| Date: | 2019–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:psewpa:halshs-01993612&r=all |
| By: | Keane, Webb |
| Abstract: | Unrealistic assumptions underlying neo-classical economic theory have been challenged by both behavioral economics and studies of moral economy. But both challengers share certain features with neo-classical theory. Complementing them, recent work in the anthropology of ethics shows that economic behavior is not reducible to either individual psychology or collective norms. This approach is illustrated with studies of transactions taking place at the borders between market rationality and relationships among persons - organ donation and sex work. The paper argues that the inherent value accorded to social relations tends to resist instrumentalization and that the biases that dealing with other people introduce into reasoning are not flaws but part of the core functions of rationality. |
| Keywords: | ethics,moral economy,behavioral economics,organ donation,sex work,gifts,social interaction,rationality |
| JEL: | A10 D01 D63 D91 Z13 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwedp:20199&r=all |
| By: | Rense Nieuwenhuis; Teresa Munzi; Jörg Neugschwender; Heba Omar; Flaviana Palmisano |
| Abstract: | This discussion paper provides an updated analysis of gendered economic inequality in high- and middle-income countries. A review of the literature demonstrates that such an analysis needs to explicitly recognize that gender, poverty and (economic) inequality are intrinsically linked. Specifically, the paper addresses two sets of questions: First, how do intrafamily resource allocation and distribution patterns both reflect and shape gender inequalities in power and well-being, and what factors—including policyrelated ones—can mitigate these inequalities? Second, how do families as gendered institutions contribute to broader socio-economic inequalities, and what can be done to reduce/reverse these inequalities? Using data from the LIS Database, this paper shows considerable differences among 42 countries with respect to how likely women were to have their own income. The period from 2000 to 2010/2014 saw increasing rates of own incomes as well as women’s incomes constituting larger shares in total household income. A key finding is that in countries where many women have an income of their own, relative poverty rates are lower. The comparative analyses, combined with a review of the literature, suggest that welfare state arrangements that support working women not only improve the overall employment rates of women but also help to prevent particularly women in low-income households from living in dependence and instead to have an income of their own—thus reinforcing the potential for poverty reduction. Moreover, institutional contexts that are generally conducive to women’s employment tend to be effective across family forms. |
| Date: | 2019–01 |
| URL: | http://d.repec.org/n?u=RePEc:lis:liswps:759&r=all |
| By: | Alain Béraud (THEMA - Théorie économique, modélisation et applications - UCP - Université de Cergy Pontoise - Université Paris-Seine - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | In 1955, Franco Modigliani wrote his lecture notes for the Carnegie Institute of Technology. This document, entitled Preliminary Notes on the Theory of Money and Interest in the Framework of General Equilibrium Analysis, has remained unpublished. Working within a temporary equilibrium model similar to that developed by Hicks in Value and Capital, Modigliani proposes a monetary theory similar to but different from that proposed by Patinkin in Money, Interest and Prices. It establishes that this model does not necessarily have an equilibrium if prices and wages are flexible. It shows that the propositions usually associated with quantitative theory-the dichotomy between the monetary and real sectors, the neutrality of money, the parallelism of price and money movements-are not generally verified. It introduces wage and price rigidity into the general equilibrium model to construct an appropriate framework for the study of monetary policies. This innovative text is important for understanding how monetary theory was conceived and taught in the United States in the 1950s. Mots clefs: Modigliani, Théorie monétaire, Effet d'encaisse réelle, Théorie quantitative |
| Abstract: | Modigliani et la question de l'existence d'un équilibre dans un modèle à prix flexibles Résumé. En 1955, Franco Modigliani rédigea les notes du cours qu'il donnait au Carnegie Institute of Technology. Ce document, qui porte le titre de Preliminary Notes on the Theory of Money and Interest in the Framework of General Equilibrium Analysis, est resté inédit. Travaillant dans le cadre d'un modèle d'équilibre temporaire voisin de celui que Hicks avait développé dans Value and Capital, Modigliani proposait une reconstruction de la théorie monétaire voisine mais différente de celle que Patinkin développera dans Money, Interest and Prices. Il établit que ce modèle n'a pas nécessairement un équilibre si les prix et les salaires sont flexibles. Il montre que les propositions habituellement associées à la théorie quantitative-la dichotomie entre secteur monétaire et secteur réel, la neutralité de la monnaie, le parallélisme de l'évolution des prix et de la monnaie-ne sont pas généralement vérifiées. Il introduit dans le modèle d'équilibre général la rigidité des salaires et des prix pour construire un cadre approprié pour l'étude des politiques monétaires. Ce texte novateur est important pour comprendre la façon dont la théorie monétaire était conçue et enseignée aux États-Unis dans les années 1950. |
| Keywords: | Modigliani,Monetary theory,Real balance effect,Quantitative theory |
| Date: | 2018–09–27 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01968579&r=all |
| By: | van Dalen, Harry (Tilburg University, Center For Economic Research) |
| Abstract: | What role do personal values play in the practice of economists? By means of a survey among economists working inside and outside academia in the Netherlands we present novel insights into their personal value structure, how they differ from the average citizen, and how it impacts their economic views and their methodological choices. Three overarching values summarize the value structure of economists: achievement, serving the public interest, and conformity to rules. Subsequent tests are performed to see whether these values affect: (1) their opinion on economic propositions; and (2) their attitudes towards methodological principles in economics. For the majority of economic propositions personal values matter. Especially the value to serve the public interest has a strong effect on their economic view. Furthermore, it seems that economists who value achievement are the ones who are more likely to embrace mainstream methodological principles: thinking predominantly in terms of efficiency, rationality and competition, believing that economic knowledge is objective and transparently produced and in agreement with Milton Friedman’s view on positive economics. Female economists are at some notable points less convinced of market solutions and have more trust in the government in serving the public interest. |
| Keywords: | values; economists; public policy; consensus; methodology; gender |
| JEL: | A11 A13 B4 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiucen:bda08972-cae2-4c5b-be28-c7317680e272&r=all |
| By: | Jennifer Hinton; Donnie Maclurcan |
| Abstract: | In this book, we outline a model of a non-capitalist market economy based on not-for-profit forms of business. This work presents both a critique of the current economic system and a vision of a more socially, economically, and ecologically sustainable economy. The point of departure is the purpose and profit-orientation embedded in the legal forms used by businesses (e.g., for-profit or not-for-profit) and the ramifications of this for global sustainability challenges such as environmental pollution, resource use, climate change, and economic inequality. We document the rapid rise of not-for-profit forms of business in the global economy and offer a conceptual framework and an analytical lens through which to view these relatively new economic actors and their potential for transforming the economy. The book explores how a market consisting of only or mostly not-for-profit forms of business might lead to better financial circulation, economic equality, social well-being, and environmental regeneration as compared to for-profit markets. |
| Date: | 2019–02 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1902.01398&r=all |
| By: | Gruber, Marc. |
| Abstract: | There are nearly 30 million culture and media workers globally, and their work makes a significant contribution to their respective countries’ social and economic development. The creative and collaborative nature of their work – compounded by continuous technological developments – has resulted in a proliferation of diverse working arrangements for culture and media workers, including freelance, self-employment, and part-time work. Such arrangements can offer independence, flexibility and employment opportunities, but can also affect their working conditions, their ability to participate in collective bargaining or fully enjoy freedom of association, as well as their access basic social protection. The present analysis brings to light the extremely diversified employment conditions and decent work issues within these sectors. It also highlight gaps and policy options to ensure that specific types of employment relationships, and the need for flexibility and independence among the workers in the culture and media sectors, do not undermine these workers’ right to equitable treatment, regardless of their contractual relationship. It also provides concrete guidance around measures needed to ensure that workers in the media and culture sectors can adapt to the work of the future, including actions to adjust the market and (re)training these workers in the light of technological developments. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:ilo:ilowps:995012793402676&r=all |
| By: | Christophe Beaurain (GEOLAB - Laboratoire de Géographie Physique et Environnementale - CNRS - Centre National de la Recherche Scientifique - IR SHS UNILIM - Institut Sciences de l'Homme et de la Société - UNILIM - Université de Limoges - Inrap - Institut national de recherches archéologiques préventives - UBP - Université Blaise Pascal - Clermont-Ferrand 2 - UCA - Université Clermont Auvergne); Chedrak Chembessi (GEOLAB - Laboratoire de Géographie Physique et Environnementale - CNRS - Centre National de la Recherche Scientifique - IR SHS UNILIM - Institut Sciences de l'Homme et de la Société - UNILIM - Université de Limoges - Inrap - Institut national de recherches archéologiques préventives - UBP - Université Blaise Pascal - Clermont-Ferrand 2 - UCA - Université Clermont Auvergne, CRAD - Centre de recherche en aménagement et développement - Université Laval) |
| Date: | 2018–05–17 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01952301&r=all |
| By: | Messina M. Giuseppe. |
| Keywords: | forced labour, definition, labour legislation, comment, institutional framework, labour inspection, state intervention, Argentina |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:ilo:ilowps:995011493202676&r=all |
| By: | Ítalo Pedrosa (Federal University of Rio de Janeiro - UFJR (.)); Dany Lang (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: | In Minsky's Financial Instability Hypothesis (FIH), financial fragility of non-financial firms tends to increase endogenously over the cycle along with the macroeconomic leverage ratio. This analysis has been criticized for two main complementary reasons: firstly, it does not duly consider the aggregate pro-cyclicallity of profits; secondly, due to an overly aggregate analysis, some inferences about the relation between aggregate leverage and systemic fragility are potentially misleading. In this paper, we take these criticisms into account by building an agent-based stock-flow consistent model which integrates the real and financial sides of the economy in a fundamentally dynamic environment. We calibrate and simulate our model and show that the dynamics generated are in line with empirical evidence both at the micro and the macro levels. We create a financial fragility index and examine how systemic financial fragility relates to the aggregate leverage along the cycle. We show that our model yields both Min-skian regimes, in which the aggregate leverage increases along with investment, and Steindlian regimes, where investment brings leverage down. Our key findings are that the sensitivity of financial fragility to aggregate leverage is not as big as assumed in the literature; and that the distribution of profits amongst firms does matter for the stability of the system, both statically (immediately for financial fragility) and dynamically (because of the dynamics of leverage). |
| Keywords: | financial fragility,firms,leverage,cash flow,distribution |
| Date: | 2018–11–28 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-01937186&r=all |