1,720,999 research outputs found
The relation between Keynesian monetary theory and demand-led growth: a Sraffian exploration
Full text linkThis article integrates the Sraffian approach to demand-led growth theory with insights from Keynes’s concept of finance and from the monetary circuit approach. The paper’s first contribution is the extension of Garegnani’s interpretation of Keynes’s General Theory’s originality and limitations to Keynes’s 1937–1938 papers on ‘finance.’ In both cases, it is a question of freeing Keynes from the ties of Marginalist theory. Second, the paper identifies a complementarity between the Keynesian concept of finance, some insights from the monetary circuit, and the role attributed by the Sraffian take of demand-led growth to the autonomous components of demand, which are also Kalecki’s external markets. Finally, the authors propose a subsidiary role for the liquidity-preference theory in the context of the determination of the structure of interest rates, given the short-term base rate set by monetary authorities
Central Bank Digital Currencies: a proper reaction to private digital money?
Full text linkThe emergence of private digital currencies poses a threat to payment systems and monetary policy because they challenge all functions of money as we know them. In this paper, we focus mainly on the banking and monetary policy issues raised by stablecoins and Central Bank Digital Currencies (CBDCs). We begin by describing the current working of bank-centered payment systems. We next touch upon cryptoassets and focus on the domestic and international impact of stablecoins. We identify two problems with stablecoins: their role in the breakup of uniform currency, and as a source of financial instability due to the lack of a monetary backstop in the event of a run to withdraw funds in adverse situations. We then deal with the pros and cons of CBDCs, whether they are an adequate response to the challenges raised by stablecoins, their possible impact on monetary and banking policy, and some open economy issues. While we do not see major advantages in private digital currencies as a payment system or as an investment, we also do not find any robust motivation for the introduction of CBDCs beyond geopolitical reasons and the oversight of a technological area
Germany in the European and Global Crises
No full textMoving from the current global and European imbalances and crises, and from the consideration
of the German reaction to them, the paper explores the political economy origins of the conservative German
policy stance. It emerges that an export-oriented economy was a deliberate decision of the German elite after
WW II and that the external constraint may be regarded as appropriately designed for internal discipline and
efficiency (and vice-versa) in a self-reinforcing process. The conclusions illustrate some possible future
scenarios for Europe
Harmonic and Conflict Views in International Economic Relations: a Sraffian view
No full textResearch on the recent European financial crisis has prompted exploration of the harmonic and disharmonic views of international economic relations. The former, more liberal view is based on the Ricardian and neoclassical trade theories. The latter is derived from pre-Smithian mercantilist conflict views of international trade. Here we have investigated the contribution that Sraffian theory can offer the latter stream of thought. This contribution cannot be underestimated since it provides a rigorous analytical rebuttal of the neoclassical theory of international trade and capital flows and supports the existence of absolute advantages, which are a source of potential trade conflict between nations. Kaleckian theory may also vindicate mercantilist attention to trade surplus. Summing up, the paper is an exploration of the complementarity of the classical conflict view of income distribution and the disharmonic traditions of International Political Economy in opposition to the harmonic beliefs of economic and political liberalism
Pensions and Distribution in an Ageing Society: a Non-conventional View
No full textIn this paper I shall use a Classical-Keynesian approach to explore the sustainability of an ageing society and of PAYG within it. I begin in section 8.1 by presenting some demographic scenarios that put ageing in the context of the possible evolution of human population, also allow it to be considered in a different, more positive, perspective. This evolution can indeed be interpreted as the result of the world population approaching a stabilisation phase. Migration flows appear not to be able to reverse the ageing process. We shall then assess the impact of the demographic developments on the level of the working-age population, which is the potential labour supply, and on the proportion of old-age population over the population in working-age. The economic impact of ageing, however, cannot be assessed by mere demographic ratios and we must move from population to political economy. Section 8.2 is thus mainly devoted to discussing the impact of the demographic development on the labour market. Section 8.3 explores the financial versus the real sustainability of PAYG viewed through the lens of the alter-native economic theories
La disoccupazione tecnologica nell'ambito delle interpretazioni dell'attuale elevata disoccupazione
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Germany in the European and Global Crises
No full textIl lavoro ricostruisce su base storica e statistica le tendenze dell’economia e della politica economica in Germania, evidenziando le caratteristiche “neo-mercantiliste” del modello di sviluppo tedesco. Discute i problemi che tale modello di crescita pone in seno all’Unione Monetaria Europea e nel più ampio scenario globale.The paper reconstructs historically and statistically the trends of the German economy and economic policies. It highlights the "neo-mercantilist" features of the German economic model and discusses the problems it creates within the European Union and in the wider global economy
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