186,681 research outputs found
The Rise of European Unemployment: A Synopsis
Full text linkUnemployment in the European Union has risen from a modest 2% in 1970 to 8.3% in 2002, a level not seen since the Great Depression. In this draft introduction for his new book, The Rise of European Unemployment: A Keynesian Approach, economist Engelbert Stockhammer argues that changes in the relationship between the financial sector and the real sector of the economy, a phenomenon he labels “financialization,” is at the root of the slowdown.
Financialization and the Global Economy
Full text linkIn this chapter from the forthcoming book, The Political Economy of Financial Crises, edited by Gerald Epstein and Martin H. Wolfson, (Oxford University Press, 2012) Engelbert Stockhammer�discusses ‘financialization’, i.e. changes in the role of the financial sector. This will highlight (1) changes in household behavior, in particular with regards to household debt, (2) changes in the behaviour of non-financial businesses, such as shareholder value orientation and increased financial activity and (3) changes in the financial sector, in particular the emergence of the (hardly regulated) shadow banking sector, a shift towards household credit (rather than business credit) and a shift to investment banking/fee generating business. Second, the chapter discusses the international dimension of financialization. Here the liberalization of capital flows and its consequences, the determination of exchange rates by capital flows (rather than by current account disequilibria), will be discussed. International financial liberalization has not fulfilled the neoliberal promise of generating investment-based growth, but rather has given rise to a series of financial crises that were typically driven by a swing of capital inflows (‘capital flow bonanza’) followed by capital flow reversals. Third, the chapter offers an interpretation of the finance-dominated accumulation regime as having given rise to two distinct growth models (based on Stockhammer 2010): a credit-financed consumption-driven growth model (mostly in Anglo-Saxon countries) and a export-driven growth model (in Germany, Japan, and, possibly, China). Both growth models suffer from a structural demand deficiency, which is due to wage suppression, but each try to overcome this by different means (credit-financed consumption or export orientation). The chapter thus highlights how financialization with its domestic and international effects have interacted with a polarization of income distribution to generate the structural imbalances that led to the crisis 2007-09.
Peripheral Europe’s Debt and German Wages. The Role of Wage Policy in the Euro Area
Full text linkThe paper argues that the Greek debt crisis, as well as those of other Southern European countries and Ireland, has to be seen in macroeconomic context. The sum of the public sector balance, the (domestic) private sector balance and the current account deficit (or equivalently: the capital inflows) has to add up to zero. By implication in a country that has a current account deficit either the private sector or the public sector has to run a deficit. Therefore the peripheral countries can only solve their public debt problems if there is a change in German current account surpluses. The paper explores the implications of this for wage policy in the euro zone.
Beyond Antiquarianism: A Review of Current Theoretical Issues in German-speaking Prehistoric Archaeology - ADDENDUM
No full textIn the above mentioned article (Hofmann and Stockhammer 2017) there was an asterisk proceeding ‘Kerstin P. Hofmann’, which has now been moved to proceed ‘Philipp W. Stockhammer’ to indicate that both authors are corresponding authors for this article.</jats:p
Late Helladic Imported Pottery at Tell eṣ-Ṣâfi/Gath
No full textFragments of thirty-six Aegean-type vessels were found at Tell e?-?âfi/Gath in Areas A, E, F, and P between 1996 and 2014, some of which have already been published (Gadot, Yasur-Landau, and Uziel 2012; Shai et al., this issue) and then subsequently revaluated in a broader context (Stockhammer in press). The earliest import so far can be dated to the Mycenaean pottery phase Late Helladic (LH) IIIA1, which is the late fifteenth and early fourteenth centuries B.C.E. This closed vessel of unclear shape can be considered as one of the early Mycenaean imports to the southern Levant. It reached this region in a time when the spectrum of imports was still dominated by Aegean-type pottery from Crete
Testing fundamentalist–momentum trader financial cycles: An empirical analysis via the Kalman filter
Full text linkThis paper proposes an empirical test for Minskyan financial cycles in asset prices, driven by the interaction of fundamentalist and momentum traders. Both agents’ beliefs about the future are unobserved and can be modelled in a state space model. We use the Kalman filter to identify the two behavioral rules and evaluate whether the conditions for the existence of cycles hold. The model is estimated for equity and housing prices for France, Germany, the UK and the United States, for the period 1970–2017, with annual and quarterly data. We find robust empirical support for the existence of endogenous financial cycles in equity markets for all countries and for France, the UK and the United States for housing markets.</p
Wage-led growth: An introduction
Full text linkThe past decades have witnessed falling wage shares and a polarization of personal income distribution. Average wages and average labour compensation have not kept up with productivity growth. Functional income distribution has shifted at the expense of labour. In many countries personal income distribution has also become more unequal. By many measures income inequality is worse than at any time in the 20th century. At the same time economic growth processes have become imbalanced. Financial crises have become more frequent; household debts have risen sharply; international imbalances have increased, with some countries relying excessively on export growth. This paper argues that the polarization of income distribution and the decline in the wage share play an important role in the generation of imbalanced and unequal growth, and that a pro-labour wage policy will form an important part of a policy package that generates a stable growth regime. A wage-led growth strategy is thus advocated.Wage-led growth; income distribution; Keynesian economics; economic policy
sj-pdf-1-pas-10.1177_00323292231201480 - Supplemental material for Bringing Household Finance Back In: House Prices and the Missing Macroeconomics of Comparative Political Economy
No full textSupplemental material, sj-pdf-1-pas-10.1177_00323292231201480 for Bringing Household Finance Back In: House Prices and the Missing Macroeconomics of Comparative Political Economy by James D. G. Wood and Engelbert Stockhammer in Politics & Society</p
Essen und Trinken am Mont Lassois in Burgund: Neue Erkenntnisse zu Bedeutungen und Funktionen lokaler und importierter Keramik in der frühen Eisenzeit
Full text linkFrom 2015 to 2018 the joint research project “BEFIM” conducted interdisciplinary
research to achieve a better understanding of the “Meanings and functions of
Mediterranean imports in Early Iron Age Central Europe” for which it was supported by a grant of the German Federal Ministry of Education and Research (BMBF). Within the project, large-scale organic residue analyses on pottery from important Early Iron Age settlements were performed, focusing on two key Late Hallstatt sites: the Heuneburg and the Mont Lassois. For the Mont Lassois, the results were based on the analyses of 99 ceramic vessels of both local and Mediterranean origin. We observed not only different consumption practices in the several settlement areas of the Mont Lassois, but also a complex translation process with regard to the appropriation of Mediterranean food (such as grape wine and olive oil) and consumption practices, that also showed a spatial
differentiation. For many years, scholars supposed an imitation of the Mediterranean (especially Greek style) symposium by the “Early Celts”. The new results from the organic residue analyses force us to rethink this. Apart from new insights into Early Iron Age eating and drinking practices, we gained new information on the preparation of food and on storage practices at the Mont Lassois. Furthermore, the detection of locally available goods such as bee products, millet, and a bacterial fermentation product (a beverage?) led to an enhancement of our knowledge of the extent of exploitation of these natural resources at the Mont Lassois during the Early Iron Age
Author-wise bibliometric analysis based on entropy.
No full textAuthor-wise bibliometric analysis based on entropy.</p
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