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on Post Keynesian Economics |
| By: | Nancy Birdsall, Christian Meyer, Alexis Sowa |
| Abstract: | The politics, rules, and institutions of cooperation among nations have not kept up with the demands from global citizens for changes in the global political order. Whether norms and policies can make the global politics of managing the global economy more effective, more legitimate, and more responsive to the needs of the bottom half of the world’s population, for whom life remains harsh, remains to be seen. There is some cause for optimism, however: citizens everywhere are becoming more aware of and active in seeking changes in the global norms and rules that could make the global system and the global economy fairer—in processes if not outcomes—and less environmentally harmful. |
| Keywords: | global economic governance, role of citizens, citizen activism, public opinion, global middle class, international financial institutions, World Bank, IMF, United Nations, income inequality, climate change, global public goods, political legitimacy |
| JEL: | F02 D31 D63 H87 |
| Date: | 2013–06 |
| URL: | http://d.repec.org/n?u=RePEc:cgd:wpaper:329&r=pke |
| By: | Joseph V. Spadaro; Sérgio H. Faria; Anil Markandya |
| Abstract: | The transportation sector is a major contributor to global greenhouse gas emissions, accounting for around one-quarter of current annual emissions. Surface transportation (passenger vehicles, buses, rail, and freight transportation) contributes 75% of total emissions, with the remaining 25% allocated equally between air and water transport. According to the recently released 5th Assessment Report of the IPCC (September 2013), the transportation sector is expected to grow significantly in future years, particularly in rapidly developing countries around the world, and will therefore be one of a few key drivers of increasing global warming. Unless there is a major political effort and consumer willingness to change current energy consumption patterns and travel modes over the next few decades, transport-related emissions are likely to double by 2050 relative to levels observed in 2010. Because of the contribution of transportation to climate change and its impact on urban air quality, a comparative assessment of potential carbon emission reductions and health benefits of reduced particulate matter emissions was undertaken considering several low carbon pathways for development of the urban road transport sector up to 2050. As a result, we conclude that aggressive changes will be needed to scale back future emissions by 20% (or more) compared to present day emissions. These changes will impact vehicle fuel economy (+50%), urban mobility patterns (lower private car demand and greater use of public transportation), choice of alternative fuels (less use of petroleum-based fuels and greater use of biofuels and electrons) and electricity generation mix (greater use of renewables, carbon capture technologies for limiting fossil fuel carbon emissions, and/or nuclear energy). Public acceptance is fundamental to bring about changes in consumer attitudes and behaviour. Given the long lead times required for research, development, demonstration and deployment of new technologies, the time to act is now if we are to limit the global mean surface temperature increase to within 2°C above preindustrial levels. |
| Keywords: | transportation; biofuels; climate change; low carbon pathways; carbon price; electricity decarbonisation; health impacts; DALY. |
| Date: | 2013–11 |
| URL: | http://d.repec.org/n?u=RePEc:bcc:wpaper:2013-14&r=pke |
| By: | Nicholas Bloom |
| Abstract: | This review article tries to answer four questions: (i) what are the stylized facts about uncertainty over time; (ii) why does uncertainty vary; (iii) do fluctuations in uncertainty matter; and (iv) did higher uncertainty worsen the Great Recession of 2007-2009? On the first question both macro and micro uncertainty appears to rise sharply in recessions. On the second question the types of exogenous shocks like wars, financial panics and oil price jumps that cause recessions appear to directly increase uncertainty, and uncertainty also appears to endogenously rise further during recessions. On the third question, the evidence suggests uncertainty is damaging for short-run investment and hiring, but there is some evidence it may stimulate longer-run innovation. Finally, in terms of the Great Recession, the large jump in uncertainty in 2008 potentially accounted for about one third of the drop in GDP. |
| Keywords: | Uncertainty, risk, volatility, investment |
| JEL: | E2 E3 O3 O4 |
| Date: | 2013–12 |
| URL: | http://d.repec.org/n?u=RePEc:cep:cepops:038&r=pke |
| By: | Suleymanov, Elchin; Alirzayev, Elvin |
| Abstract: | In this study we investigated government hand in the Global Financial Crisis. Before, during and after crisis government attempted to solve and avoid the turmoil. But did he succeed? Beginning with low interest rates set by FED, US government political pressures to enable more Americans to buy homes, unrestrained financial system despite of regulations and fines, human greedy were the main reasons for Great Recession. More than 30 years of deregulation and reliance on self-regulation by financial institutions was the one big reason for crisis. Besides showing the stages crisis passed, the paper also examines penalties government gave to the financial intermediaries for breaking law in past related to crisis. Showing the emerging process of crisis, the article mainly restricted on US economy - where was the epicenter of problem - and government, while the U.S. financial system stumbles, it may take the rest of the world down with it.The actuality of the topic is that it was also a social crisis because, unemployment in US had reached to 50 millions which means they also lost their social insurances, and 16 million families had lost their homes. Several corporations bankrupted, in spite of more than these were saved by government. While financial crisis turned into social and economic turmoil it became government prior issue to solve. |
| Keywords: | Global Financial Crisis, US economy, government failure, crisis recovery |
| JEL: | G0 G01 G3 G30 G38 H5 |
| Date: | 2013–10–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:51592&r=pke |