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on Post Keynesian Economics |
| By: | Pierre Garrouste |
| Abstract: | This paper is an attempt to compare Carl Menger and Thorstein Veblen,’s conceptions of institutions. It is shown that although Menger stresses on the emergence of institutions, Veblen is much aware of analyzing their evolution. On this basis the idea of a dialogue between the two authors is propose and its characteristics are presented. |
| Keywords: | Menger, Veblen, institutions, evolution, emergence |
| JEL: | B13 B15 D02 |
| Date: | 2008–06 |
| URL: | http://d.repec.org/n?u=RePEc:icr:wpicer:17-2008&r=pke |
| By: | Stephany Griffith-Jones (Columbia University); José Antonio Ocampo (Columbia University) |
| Abstract: | This working paper has been commissioned by the Poverty Group, Bureau for Development Policy at UNDP, to identify the transmission mechanisms of the financial crisis from developed to developing countries and to provide broad policy recommendations at the national, global and regional level. The paper identifies three mechanisms that play a key role in spreading the consequences of the financial crisis to the developing world: remittances, capital flows and trade. The policy responses take MDG achievement and poverty reduction as the central policy concern. The paper indicates that a fair number of countries have policy space to protect vulnerable groups in the short run as well as to undertake investments to build resilience and reach these goals in the longer term. Other countries will need additional development assistance to protect development achievements. The authors point to a number of factors that need to be taken into account in determining what mix of policies to deploy including the macroeconomic, fiscal and policy stance of countries and their dynamics. The paper also proposes far-reaching reforms to address the global financial crisis, which would help to put the global macroeconomic, fiscal and financial coordination mechanisms on a firmer footing. |
| Keywords: | The Financial Crisis and Its Impact on Developing Countries |
| Date: | 2009–04 |
| URL: | http://d.repec.org/n?u=RePEc:ipc:wpaper:53&r=pke |
| By: | Degol Hailu (UNDP SURF) |
| Abstract: | The recent G20 meeting in London elevated the International Monetary Fund (IMF) to a new level. Its lending capacity was tripled to US$750 billion. In the aftermath of World War II, the IMF was established to deal with declining commodity prices and deteriorating international trade. During the oil price shocks of the 1970s the IMF became lender of last resort, mainly to countries with balance of payments problems. The debt crisis of the early 1980s in Latin America gave the Fund further impetus. By the mid 1980s the IMF and the World Bank had become policy architects in low-income countries. The 1998 Asian financial crisis brought the IMF to the forefront of crisis management. In 2009, we are again at another milestone?the Fund is back with even greater influence. (...) |
| Keywords: | Is the Washington Consensus Dead? |
| Date: | 2009–04 |
| URL: | http://d.repec.org/n?u=RePEc:ipc:opager:82&r=pke |
| By: | Paul Ladd (Poverty Practice, UNDP Bureau for Development Policy) |
| Abstract: | At the London G20 Summit, participants reaffirmed their commitment to the Millennium Development Goals (MDGs) and to increasing official development assistance (ODA). This aid will be important in helping the poorest countries meet the MDGs that were agreed before the crisis, but it will probably be insufficient to tackle the additional problems caused by the current economic downturn. (...) |
| Keywords: | The 2015 Debt Crisis |
| Date: | 2009–05 |
| URL: | http://d.repec.org/n?u=RePEc:ipc:opager:84&r=pke |
| By: | Torben M. Andersen (School of Economics and Management, University of Aarhus, Denmark) |
| Abstract: | The financial crisis raises demands for fiscal policy interventions. While a fall in aggregate demand is an important consequence of the crisis, it also reflects more underlying structural problems and changes. Hence, appropriate policy designs have to take account of the nature of the crisis and the underlying need for structural changes. While fiscal policy should mainly rely on automatic stabilizers in normal situations, a more active fiscal policy strategy is called for in the present situation. The effectiveness of various types of fiscal instruments and conceivable tensions between short and long-run objectives are discussed. Past experience shows that deep recessions become persistent due to marginalization of unemployed, and therefore labour market policies have to be considered as an integral part of policy packages. Finally the question of international policy coordination is addressed. |
| Keywords: | automatic stabilizers, discretionary policy, structural changes, labour market policy |
| JEL: | E3 E6 H2 H5 |
| Date: | 2009–06–03 |
| URL: | http://d.repec.org/n?u=RePEc:aah:aarhec:2009-07&r=pke |
| By: | Damiano Bruno Silipo |
| Abstract: | Il lavoro si propone di ricostruire la teoria dell’instabilità finanziaria del capitalismo di Hyman Minsky e di valutare la sua rilevanza nella spiegazione della crisi attuale. La prima parte del lavoro è dedicata alla ricostruzione del pensiero di Minsky. Partendo da una descrizione del comportamento degli agenti economici e dalle relazioni finanziarie che si stabiliscono in un’economia capitalistica, particolare attenzione viene dedicata all’analisi minskyana del comportamento di banche e imprese e alle condizioni che determinano il livello degli investimenti e dell’attività economica. Al riguardo, si mostra come le aspettative ottimistiche e le posizioni speculative degli operatori generano il boom. D’altra parte, nel boom si pongono le premesse per la crisi, dovendo le banche finanziare le proprie attività a lungo termine con passività a breve e trovando in questa fase maggiori difficoltà a raccogliere liquidità presso i risparmiatori. La mancata restituzione dei prestiti innesca la crisi, che viene aggravata da un aumento dei tassi d’interesse e dell’avversione al rischio degli operatori. In una situazione in cui sono diffuse le posizioni speculative e ultraspeculative il fallimento di poche unità trascina le altre nella crisi finanziaria. A quest’ultima fase segue la deflazione da debiti e la depressione economica. Nella seconda parte del lavoro si ripercorrono le principali vicende della crisi attuale, mettendo in rilievo analogie e differenze con l’analisi di Minsky. In particolare si mostra come, pur nella diversità dei fattori che hanno generato l’attuale crisi finanziaria, rimane valido il contributo di Minsky sull’analisi delle determinanti del ciclo economico e sul ruolo della politica economica. Comunque, diversamente da quanto ipotizzato da Minsky, l’attuale crisi finanziaria dimostra che non solo le imprese ma anche le famiglie hanno un ruolo rilevante nella determinazione del livello e della composizione della produzione. |
| Keywords: | Instabilità Finanziaria, Capitalismo di Hyman Minsky |
| Date: | 2009–05 |
| URL: | http://d.repec.org/n?u=RePEc:clb:wpaper:200909&r=pke |