1,721,469 research outputs found
Aggiustamento regionale,integrazione dei mercati finanziari e redistribuzione fiscale in un'unione monetaria
No full textThe work extends the Mundell-Fleming model to a regional context in conditions of uncertainty and imbalance, thus making necessary changes to the basic structure of the original model. The necessity of such an expansion stems from several reasons. First, the new model allows to analyse the static and dynamic effects of asymmetric shocks of a stochastic or systematic character that affect a small region of a currency area. Second, at the level of regional economics there is still a lack of a theoretical model capable of synthesising the effects of monetary and fiscal policies in a context of tight interdependence between the financial sector, public sector and the real sector. Finally, within the sphere of regional economics there is a clear dividing line between short-term and long-term analysis. Aggregate demand policies can generate radically different effects in the long run as opposed to the short-run, regardless of the changes induced by the supply side. The author illustrates the main features that differentiate the model presented with the traditional Mundell-Fleming model. Then, the structure of the model is presented in formal terms and an analysis is performed of stochastic asymmetric shocks of a monetary and real nature that affect a small regional economy. Finally, the impact effects and the long-term dynamic effects of permanent shocks are analysed
La competitività industriale nell’Unione Europea: un confronto tra l’Italia e i Paesi dell’Europa orientale
Full text linkDuring the crisis the Italian industry suffered a sharp contraction of output and employment.
An opposite trend showed the New Member States (NMS) in Eastern Europe, to which
continued the process of industrial relocation of Italian firms. The analysis of Unit Labor
Cost (ULC), measured in Purchasing Power Parity, shows that this competitive gap stems
from two factors. The first is of real character and relates to the low growth of labor
productivity in the Italian industry. The second factor is of a monetary nature and relates to
the undervaluation of the exchange rate of the currencies of the NMS with the euro
Bubbles, External Imbalances and Demand for International Liquidity in the Bretton Woods II System
Full text linkGlobal structural factors both monetary and real played a prominent role in the burst of subprime crisis: 1) the Bretton Woods II international monetary system; 2) the reduction of US real investment return compared with competing countries. We develop a theoretical model to analyze the impact of these factors and macroeconomic policies on US current account and asset prices. The excess saving of U.S. nonfinancial corporations from 2000-2001 has undermined the stability of the Bretton Woods II system. Accommodative US monetary and fiscal policies have mitigated the imbalances but in the long term structural factors have prevailed. Only a recovery of US real capital profitability can ensure long run coexistence between present model of global development and current international monetary system
Unequal Exchange in International Trade: A General Model
Full text linkIncreasing world inequality and mass migration make the topic of unequal exchange ever more important. In literature, two main sources of unequal exchange have been identified: differences in industrial specialization and differences in factors remunerations between countries. Many empirical studies measured the quantitative dimension of value transfers. However, the lack of a coherent theoretical framework limited empirical research.
A disaggregated model of world economy with heterogeneous labour and non-specific commodities is presented on the grounds of the New Interpretation of Marx’s LTV. The model is able to explain, within a coherent theoretical framework, all the various forms of international value transfers, without incurring in traditional impasses. The social distribution of benefits/losses of unequal exchange emerges as a pragmatic and historical question rather than a theoretical one.
Recent empirical approaches based on the difference between nominal and PPP exchange rates could only partially capture the full extent of unequal exchange in world economy. The operational character of the model provides a consistent theoretical basis for further empirical research on international value transfers deriving from the unfair distribution of value added in trade between countries and between social classes
Fisco, finanza pubblica e crisi economica: la necessità di una grande operazione riformatrice
No full textL'Italia vive oggi contemporaneamente tre gravi emergenze. La prima è di carattere sociale: precarietà nel mondo del lavoro, perdita di potere d'acquisto dei salari e delle pensioni, estensione della fascia di povertà ad ampi strati del lavoro dipendente. La seconda emrgenza è quella economica: stagnazione permanente inframmezzata da periodi di vera e propria recessipne, deindustrializzazione diffusa, deficit crescente negli scambi commerciali con l'estero. A queste si accompagna nuovamente un'emergenza finanziaria: il debito pubblico è tornato a crescere e il deficit pubblico viaggia stabilmente ben al di sopra dei vincoli europei.In questa situazione, la politica di risanamento finanziario deve essere anche strumento di redistribuzione del reddito e della ricchezza e di promozione dello sviluppo compatibile
Crisis and Global Imbalances: the Fragility of the Current International Monetary Sysytem.
No full textGlobal structural factors both monetary and real played a prominent role in the burst of the subprime
crisis: 1) the so-called Bretton Woods II international monetary system; 2) the reduction of US
real investment return compared with competing countries. We develop a two-country partial equilibrium
model to analyze the impact of these factors and macroeconomic policies on the US current account and
asset prices. The excess savings of US nonfinancial business sector from 2000-2001 has undermined the
stability of the Bretton Woods II system. Accommodative US monetary and fiscal policies have mitigated
the imbalances but in the long term structural factors prevailed. Only a recovery of the US real capital
profitability can ensure long run coexistence between the present model of global development and current
international monetary system
Is There Social or Monetary Dumping in the European Union? Manufacturing Competitiveness in Central and Eastern Europe
Full text linkObjective: The aim of this article is to define and estimate the extent of different possible
forms of macroeconomic dumping in the manufacturing industry within the European
single market, performed by five major Central Eastern European countries (Bulgaria,
Czech Republic, Hungary, Poland and Romania; CEE-5) in the aftermath of the
Eastern EU enlargement (2004-2016).
Research Design & Methods: Based on the appropriate definition and decomposition of
Nominal Unit Labour Cost in Purchasing Power Parity, CEE-5 social and monetary dumping
has been analysed by panel data econometrics and descriptive statistics methods.
Findings: Macroeconomic dumping is a determinant driver of CEE-5 manufacturing cost
comparative advantages, but it has a negative relation to progress in labour productivity.
The analysis highlights two distinct competitive strategies, one performed by the
Czech Republic and Poland mainly based on social dumping, while the other, performed
by Hungary, Bulgaria and Romania, primarily focused on monetary dumping.
Implications & Recommendations: Macroeconomic dumping could represent only
a temporary measure to promote structural convergence, failing which it becomes an
obstacle to economic modernisation.
Contribution & Value Added: The article presents an accurate overview of macroeconomic
dumping within the EU by using an original methodology able to differentiate
between different forms of macroeconomic dumping
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