1,720,989 research outputs found
Entre el partido, la Universidad y la Municipalidad : los radicales universitarios y la política en Santa Fe (2007-2015)
Get PDFIncome distribution and economic cycles in an open-economy supermultiplier model
No full textWe build a structuralist supermultiplier model for a small open economy with two sources of autonomous demand, government expenditures and exports. We find that, in the long run, there is a limit for government spending: its growth rate cannot exceed that of exports without generating an external crisis. However, there is a strong role for public policy, since there is nothing that automatically leads the economy to its maximum growth rate compatible with the external constraint to growth. In the short run, we find an additional restriction, related to income distribution. Since higher wages increase consumption and economic activity, they also require more imports, potentially leading to unsustainable debt growth. Therefore, there is a maximum real wage compatible with external equilibrium. If real wages targeted by unions exceed those compatible with balance-of-payments equilibrium, the economy can display economic cycles between capacity utilisation, income distribution and indebtedness, marked by permanent inflation.Fil: Dvoskin, Ariel. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Banco Central de la República Argentina; Argentina. Universidad Nacional de San Martín; ArgentinaFil: Torchinsky Landau, Matías. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de San Martín; Argentin
An international multi-sectoral approach to financialisation
No full textMany studies attempted to measure the degree of financialisation of an economy, generally on a country-by-country basis, given the heterogeneity of indicators and data availability. In this paper, a simple but common measure of financialisation of non-financial corporations (NFCs) is developed, namely, the participation of services provided by the financial sector (both directly and indirectly) on their value-added creation process, inspired by the methodology developed by Dávila-Fernández and Punzo (2020). To do this, we use the inter-country input-output (ICIO) matrices built by the OECD, which allow us to understand the role played by the financial sector (local or foreign) in the ‘value-added production function’ of NFCs from 45 industries, in 67 countries for the period 1995–2018. We find three main stylised facts. First, the financial sector plays a relevant role in the value-added creation process of NFCs, and its importance has increased during the last years, although there is high diversity among countries. Second, this process has been heterogeneous when different productive sectors are considered. Primary industries evidenced a low degree of financialisation, while manufacturing and the service sector generally presented a higher reliance on finance. Third, between 1995 and the global financial crisis, NFCs increased their dependence on foreign financial value-added, followed by a partial reversion of this process. Moreover, the origin of these exports of financial services changed: while some traditional financial hubs such as the UK, Switzerland and Japan decreased their importance as providers of financial value-added to NFCs, China, Russia and India became important global players.Fil: Torchinsky Landau, Matías. Universidad Nacional de San Martín. Instituto de Altos Estudios Sociales; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentin
Autonomía de la política monetaria y formación de activos externos en argentina (2003-2023): una aplicación del principio de la compensación
No full textEn este artículo se analiza el impacto de las operaciones expansivas del Banco Centralen una economía “bimonetaria” como la argentina, donde la moneda doméstica nodesempeña plenamente su función como reserva de valor. En línea con el “principio dela compensación” postkeynesiano, se demuestra que las acciones expansivas de laautoridad monetaria, ya sea mediante la compra de divisas o el financiamiento al tesoro,son compensadas automáticamente sin afectar a la base monetaria. Sin embargo, estacompensación no se produce únicamente a través de la emisión de pasivos remuneradospor parte del Banco Central, como es el caso estándar, sino también mediante la ventade divisas a residentes para la formación de activos externos (FAE).Para llevar a cabo este análisis, se estima un modelo VAR mensual utilizando datos dela hoja de balance y el balance cambiario del Banco Central de la República Argentina(BCRA) para el período comprendido entre 2003 y 2023. Se distingue entre la comprabruta de reservas internacionales y la venta de divisas a residentes. Adicionalmente, sediferencia entre períodos según la vigencia de controles de cambio, hallando que estosreducen el impacto de la expansión del activo del BCRA en la formación de activosexternos.La validez del principio de la compensación en economías bimonetarias implica que,al igual que en el caso estándar, la autoridad monetaria puede establecer la tasa deinterés de manera autónoma en la medida en la que el balance de pagos sea sostenible.Sin embargo, el hecho de que la compensación ocurra parcialmente a través de la ventade divisas a residentes afecta negativamente al propio balance de pagos, lo que podríallevar al Banco Central a elevar las tasas de interés, o al gobierno a restringir el gastopúblico para reducir el tamaño de la hoja de balance de la autoridad monetaria. Así, laincapacidad de la moneda doméstica para cumplir su función como reserva de valorlimita el margen para la implementación de políticas fiscales y monetarias expansivas.Fil: Torchinsky Landau, Matías. Universidad Nacional de San Martín; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentin
The Argentine economy through the lens of an adapted Mundell–Fleming model for small open peripheral economies
No full textThis paper investigates the limits fiscal and monetary policies face in small openeconomies, where economic growth can be constrained by the balance of payments.To do so, we proceed in three steps. First, we review some usually neglected stringentassumptions of the Post-Keynesian interpretation of the IS-LM-BP model, regarding theroles played by the exchange rate and the interest rate in re-establishing external equilibrium. Second, we adapt this model to consider the specificities of peripheral economies. Third, we illustrate the model’s functionality and implications, drawing upon the experience of the Argentine economy, a country where the external sector has recurrently constrained output growth.Fil: Dvoskin, Ariel. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de San Martín. Instituto de Altos Estudios Sociales; ArgentinaFil: Feldman, Germán David. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de San Martín. Instituto de Altos Estudios Sociales; Argentina. Universidad Nacional Arturo Jauretche; ArgentinaFil: Torchinsky Landau, Matías. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de San Martín. Instituto de Altos Estudios Sociales; Argentin
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Limits to fiscal and monetary policy in small open economies
No full textEste artículo estudia cómo el balance de pagos puede limitar el crecimiento y la distribución del ingreso en una economía pequeña y abierta tanto al comercio como a los flujos financieros internacionales, así como reducir el espacio para la implementación de políticas fiscales y monetarias autónomas. El análisis se realiza a partir de la extensión de un modelo de crecimiento económico basado en el supermultiplicador sraffiano para considerar flujos comerciales y financieros en un marco de dinero endógeno. Una política fiscal expansiva favorece el crecimiento del producto, pero también tiene un efecto negativo en el balance de pagos al incrementar las importaciones. Esto permite derivar el valor del gasto público que maximiza el nivel de producto sin dar lugar a un desequilibrio externo. La política monetaria también posee un rol significativo sobre la dinámica del sector externo, dado que mayores tasas de interés domésticas pueden atraer flujos financieros y por lo tanto divisas. Sin embargo, esta relación no es monótona, pues los flujos financieros pueden financiar el déficit comercial, pero también generar pagos de intereses que demandan divisas. Este trade off permite obtener una tasa de interés que maximiza el espacio externo, de lo cual resulta que, y bajo ciertas condiciones, aumentos en la tasa de interés puedan viabilizar mejoras en el salario real. Finalmente, se compara una política de endeudamiento en moneda doméstica con otra en moneda extranjera. Encontramos que, ante una crisis externa, la primera permite recomponer el stock de divisas con mayor rapidez y de manera menos contractiva que la segunda, pero no necesariamente es capaz de acomodar tasas de crecimiento económico más elevadas.In this paper we examine how the balance-of-payments constraint can limit output and income distribution in a small economy open to both commercial and financial flows, as well as constrain fiscal and monetary policies. We do so by extending a Sraffian supermultiplier growth model to consider current and capital accounts and endogenous money. Expansive fiscal policy boosts output and its long run growth rate, but also has a negative impact on the balance-of-payments by increasing the demand for imports. Based on these results, we derive the value of government spending that maximises output maintaining external equilibrium. Monetary policy can also play a significant role in the external sector, since high domestic interest rates can attract foreign financial flows. It does so in a non-monotonic way, since, by providing foreign currency, these flows can finance the external deficit resulting from a high output level, but they can also lead to a higher interest burden on the balance-of-payments. This trade off allows us to find the level of the interest rate that maximises external space. This also implies that raising interest rates might allow for better real wages. Finally, we compare the case of domestic and foreign denominated debt, finding that the former is less contractionary and allows for a faster recovery of reserves, but does not lead to higher growth rates.Fil: Dvoskin, Ariel. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de San Martín. Instituto de Altos Estudios Sociales; Argentina. Banco Central de la República Argentina; ArgentinaFil: Torchinsky Landau, Matías. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de San Martín. Instituto de Altos Estudios Sociales; Argentin
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