1,037 research outputs found
Can the Eurozone countries still live together happily ever after?
No full textAfter the Greek public debt crisis and the bilateral loans to Greece from the other members of the European Monetary Union (EMU), in May 2010 the Ecofin Council launched the European Financial Stabilization Mechanism (EFSM). In June of the same year the EMU countries instituted the European Financial Stability Facility (EFSF). These two mechanisms, which are charged with providing support to EMU countries in “exceptional difficulty”, received their baptism of fire with Ireland in January 2011 and successfully made their first bond issue on the market.
Marcello Messori of the University of Rome argues in this CEPS Policy Brief that the solution to Europe’s sovereign debt problems cannot be entrusted to the two stability funds, not even in tandem with the International Monetary Fund. He constructs a new solution, drawing on various other proposals, which should allow the EMU countries to ‘live together happily ever after’, but unlike many fairy tales and some policy proposals, it makes no promises of a free lunch
Innovation et profit chez Marx, Schumpeter et Keynes
No full textThe analysis of the capitalist process of accumulation is deeply examined by Marx, Keynes and Schumpeter. To compare the theories of these three authors requires, in particular, to analyze the financing of and the changes in the production activity. In this paper we sum up, first, the Schumpeterian outline of the cyclical development. From this starting point, we derive some critiques of both the Keynesian analysis and the Schumpeterian interpretation of Keynes. By integrating the weakness of these two authors, it is possible to suggest an unorthodox interpretation of the open problems in Marx.Marcello MESSORI
Université de Calabre L'analyse du processus capitaliste d'accumulation est bien exposée dans les schémas de Marx, Keynes et Schumpeter. La comparaison entre les théories de ces trois auteurs implique, en particulier, l'examen du financement et des changements de l'activité de production. Dans cet écrit nous étudions, d'abord, le schéma schumpéterien de l'évolution cyclique. Ceci donne le moyen de souligner quelques faiblesses par rapport à l'analyse keynésienne aussi bien qu'à l'interprétation schumpéterienne de Keynes. L'intégration entre les maillons manquants des théories de ces deux auteurs permet de présenter d'une façon différente de celle habituelle les problèmes non résolus de la théorie de Marx.Messori Marcello. Innovation et profit chez Marx, Schumpeter et Keynes. In: Cahiers d'économie politique, n°10-11, 1985. L'hétérodoxie dans la pensée économique. Marx - Keynes - Schumpeter, sous la direction de Ghislain Deleplace et Patrick Maurisson. pp. 229-256
Euro area policy mix: From horizontal to vertical coordination
Get PDFA new CEPR Policy Insight by Marco Buti and Marcello Messori argues that the forceful policy response of the EU and its member states to the COVID Pandemic, and in particular the move to a more structured ‘vertical’ coordination between national and EU fiscal policies, has led to a more balanced euro area policy mix, which has allowed the rapid absorption of the euro area’s dramatic recession and favoured a strong bouncing back of its economy in the current year.
Moving forward, the authors argue that transitioning to a structured vertical coordination between national and EU budgets would help ensure an adequate fiscal stance for the future, and avoid the overburdening of the single monetary policy
L'offre et la demande de crédit chez Schumpeter
No full textThe purpose of the paper is to analyze the role which, according to Schumpeter, is played by bank financing in the realization of innovative and imitative processes for the opening of various periods of cyclical evolution. The limits of an analysis in terms of supply and demand of credit are stressed, because of the instability of the demand curve and the interdependence of supply and demand curves. Formal treatment of the market for credit allows to show that time differences in the streams of bank financing for the various agent groups do not require the operation of institutionnal rules.L'objet de l'article est d'examiner le rôle que remplit chez Schumpeter le financement bancaire, dans la réalisation des processus d'innovation et d'imitation à l'ouverture des différentes périodes de l'évolution cyclique. L'accent est mis sur les limites d'une analyse en termes d'offre et de demande de crédit, en raison de l'instabilité de la courbe de demande et de l'interdépendance entre les courbes d'offre et de demande. La formalisation du fonctionnement du marché du crédit permet de montrer que la séparation temporelle entre les flux de financement bancaire des divers groupes d'agents ne requiert pas l'intervention de règles institutionnelles.Messori Marcello. L'offre et la demande de crédit chez Schumpeter. In: Cahiers d'économie politique, n°13, 1987. Conceptions de la monnaie : un enjeu théorique. pp. 131-152
The role of central fiscal capacity in connecting the EU’s domestic and global agendas
Get PDFThe EU’s domestic and international agendas are usually discussed in different fora and follow separate tracks. Given the fallout from the Covid crisis and the dramatic consequences of the Russian invasion of Ukraine, this paper argues that these agendas should eventually merge. A central fiscal capacity is a key element for reconciling the EU’s domestic and international goals. Domestically, it would help to achieve a balanced policy mix and ensure an adequate supply of European public goods, and globally it would give credibility to the geo-economic role of the EU.https://voxeu.org/article/reconciling-eu-s-domestic-and-global-agendasA shorter version of this paper was published in VoxEU (Buti and Messori 2022)
La théorie de la demande effective: quelques commentaires sur le schéma de R. Torrens
No full textIn his article, La théorie de la demande effective chez R. Torrens (cf. above), C. Benetti argues that the originality of Torrens' theory rests upon the concepts of effective demand and general overproduction. However, Torrens' demonstration of general overproduction is considered obscure by Benetti. This note points out that the crucial issue is the different rule of exchanges chosen by Torrens and Benetti, respectively. By making the appropriate assumptions on the rule of exchanges, it is possible to build up a case which is different, both, from Torrens' and Benetti 's. In this case, general overproduction does not arise either in a barter or in a monetary model. Thus, the problem of the right interpretation of Torrens' rule of exchanges remains unsettled. Further research should address the question of the links between money and general overproduction in Torrens' model.Dans son article, La théorie de la demande effective chez / ?. Torrens (cf. ci- dessus), C. Benetti avance la thèse que l'originalité de l'analyse de Torrens réside dans les concepts de demande effective et de surproduction générale. Toutefois, Benetti juge la démonstration de la surproduction générale chez Torrens ambiguë. Cette note vise à montrer que le problème est la règle différente des échanges adoptée par Torrens et par Benetti. Si l'on attribue à l'auteur anglais une règle des échanges différente de celle choisie par Benetti, il est possible de proposer deux contre-exemples par rapport aux schémas de Torrens et de Benetti. Dans ces contre-exemples, un système de troc aussi bien qu'un système avec échanges monétaires ne débouchent pas sur la surproduction générale. Le point en discussion reste donc celui de l'interprétation correcte de la règle des échanges chez Torrens. En tout cas, il serait intéressant de préciser les liens entre les aspects monétaires et la surproduction générale chez Torrens.Messori Marcello. La théorie de la demande effective : quelques commentaires sur le schéma de R. Torrens.. In: Cahiers d'économie politique, n°12, 1986. La demande effective dans la pensée classique : reproduction et crises économiques. Etudes sraffaiennes. Etudes sur Marx. pp. 41-56
Consolidation, ownership structure and efficiency in the Italian banking system
No full textThis paper aims to analyze the effects of Italian banking consolidation during the nineties on the efficiency of the financial system, on competition in the market forbanking and financial services, and on the reallocation of bank ownership. Whereas a review of the recent theoretical and empirical literature shows that none of these aspects has received an unequivocal solution, an analysis of the Italian case indicates that the banking consolidation processes were accompanied by gains in efficiencyand competitiveness. Consolidation did not, however, offset the increasing distortions in the ownership structure of a large part of the Italian banking groups
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