ERN: Institutional Change & Economic Growth (Topic)最新文献

{"title":"Lachmann and Shackle: On the Joint Production of Interpretation Instruments","authors":"Erwin Dekker, Pavel Kuchar","doi":"10.2139/ssrn.3072489","DOIUrl":"https://doi.org/10.2139/ssrn.3072489","url":null,"abstract":"In this chapter, we present fragments of previously unpublished correspondence between Ludwig Lachmann and G. L. S. Shackle on the nature of institutions. This correspondence allows us to rationally reconstruct a theory of institutions, which extends Lachmann’s theoretical work. Shackle pointed out to Lachmann that institutions might be inputs into economic activities and that they themselves may be reproduced and transformed by these activities. Lachmann in turn contended that institutions consist of “instruments of interpretation.” We develop the concept of “instruments of interpretation” as a subset of institutions. These instruments are mental models and cognitive tools which are (1) inputs complementary to capital goods (2) jointly produced, reproduced, and transformed through economic activity. We suggest that in contrast to privately produced capital goods, parts of the institutional infrastructure are produced jointly as shared goods because the use of certain institutional elements is non-exclusive and non-subtractable; these elements – instruments of interpretation – are produced and reproduced by sharing and contributions through a process of joint production. This chapter explicitly connects two different but essential themes in Lachmann’s work: capital, and institutions. By combining these two strands of Lachmann’s work, we are able to demonstrate that there is a cross-complementarity between institutional orders and capital structures. This connection in turn provides a thicker understanding of the workings of markets.","PeriodicalId":144069,"journal":{"name":"ERN: Institutional Change & Economic Growth (Topic)","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127556870","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Industrial Sector in Q1 2019: Output Growth Is Hampered by Insufficient Domestic Demand","authors":"S. Tsukhlo","doi":"10.2139/ssrn.3381613","DOIUrl":"https://doi.org/10.2139/ssrn.3381613","url":null,"abstract":"In the first months of 2019, Russian industry preserved output growth amid the recovery of the sales upward dynamics and around zero balance estimates of finished goods inventory. Nearly half of enterprises consider insufficient demand a major setback for significant output growth. Nevertheless, grounds for optimism remain regarding output plans and workers recruitment. The scale of investment satisfied around two thirds of industrial enterprises.","PeriodicalId":144069,"journal":{"name":"ERN: Institutional Change & Economic Growth (Topic)","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132407371","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Chinese Economy in the New Era","authors":"Lawrence J. Lau","doi":"10.1111/1468-0106.12300","DOIUrl":"https://doi.org/10.1111/1468-0106.12300","url":null,"abstract":"The “new era”, a term introduced by President Xi Jinping, may also be identified as the Xi era, during which China will be transformed from a moderately well‐off to a strong and wealthy nation. In the new era, the Chinese Government will deepen economic reform, widen economic opening and enhance the quality of economic growth. / Our projections show that by 2020, Chinese real GDP per capita, in 2017 prices, will exceed US$10,000, an economic development milestone. By 2031, Chinese real GDP will surpass US real GDP (US$29.4 trillion vs US$29.3 trillion), making China the largest economy in the world. However, Chinese real GDP per capita will still lag behind the US significantly, amounting to only one‐quarter of that of the United States. By 2050, Chinese real GDP will reach US$82.6 trillion, compared to US$51.4 trillion for the United States. However, in terms of real GDP per capita, China will still lag significantly behind, at US$53,000, slightly less than the current level of US real GDP per capita, compared to US$134,000 for the United States.","PeriodicalId":144069,"journal":{"name":"ERN: Institutional Change & Economic Growth (Topic)","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122252509","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Global Trends and National Goals: Russia Approaches a New Model of Economic Growth","authors":"V. Mau","doi":"10.32609/J.RUJE.5.35234","DOIUrl":"https://doi.org/10.32609/J.RUJE.5.35234","url":null,"abstract":"This paper deals with global trends and their influence on Russian economic and social performance. A new economic crisis is looming, and the lack of institutional reforms, which were put on the agenda by the crisis of 2008–2009, is a source of current concern. In 2018 Russian authorities announced a set of national goals and projects as the central point of social and economic policy for 2018–2024. The new economic growth policy includes the shift from the demand-side growth model to the supply-side one, broad implementation of project methods in economic policy, and continuation of conservative fiscal and monetary policy.","PeriodicalId":144069,"journal":{"name":"ERN: Institutional Change & Economic Growth (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127883330","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Russian Industry 2018: Stagnant but Not in Crisis","authors":"S. Tsukhlo","doi":"10.2139/ssrn.3339227","DOIUrl":"https://doi.org/10.2139/ssrn.3339227","url":null,"abstract":"2018 was a tough year for the Russian industry, according to surveys. On the one hand, there were no visible crisis-related changes, but on the other hand, positive trends of 2017 slowed in 2018, affecting industrial enterprises’ assessments of the situation in the industry. The pace of recovery from stagnation slackened.","PeriodicalId":144069,"journal":{"name":"ERN: Institutional Change & Economic Growth (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121083461","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Three-Year Budget: A Maneuver in Favor of Productive Expenditures","authors":"S. Belev, T. Tischenko, Anna Komarnitskaya","doi":"10.2139/ssrn.3290548","DOIUrl":"https://doi.org/10.2139/ssrn.3290548","url":null,"abstract":"The draft law “On the Federal Budget in 2019 and the 2020-2021 Planned Period” suggests a budget maneuver in favor of productive expenditures. The federal budget is to become the main source of growth of the Russian economy in the next three years. There are problems related to the budget stability that limit funding of new expenditure obligations without borrowing of funds on the debt market.","PeriodicalId":144069,"journal":{"name":"ERN: Institutional Change & Economic Growth (Topic)","volume":"72 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127669266","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Multinational Corporations and Institutions","authors":"C. Kant","doi":"10.2139/ssrn.2909320","DOIUrl":"https://doi.org/10.2139/ssrn.2909320","url":null,"abstract":"This paper examines whether the recent conclusion that foreign direct investment (FDI) has a positive effect on institutions in developing countries depends on a country having reached a certain threshold level of institutional quality. The relevant literature has recently coalesced around the view effects of capital account globalization on growth are elusive; its main benefit is likely to be collateral. We examine the collateral impact on institutions of investment through a multinational corporation and using cross-section analysis. We show FDI’s positive effect on institutions in developing countries is driven by upper middle income countries. When the institutional quality is very low, FDI cannot lift it; when it reaches a middle level, it can. In view of persistent global inequality, and failure of developing countries to catch-up, and recent emphasis on “fundamental” causes of growth (like institutions) as distinguished from “proximate” causes like physical capital, labor in efficiency units, and technology of the Solow model, understanding how institutions may be affected is important.","PeriodicalId":144069,"journal":{"name":"ERN: Institutional Change & Economic Growth (Topic)","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123390731","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Effect of Bank Market Power on Economic Growth in Africa: The Role of Institution","authors":"A. Idun, A. Aboagye, G. Bokpin","doi":"10.2139/ssrn.3247937","DOIUrl":"https://doi.org/10.2139/ssrn.3247937","url":null,"abstract":"We provide empirical investigations into the nexus between bank market power economic growth using nationalized bank data from 44 African countries from 2002 to 2015. The paper also explores how institutional quality factors influence the mechanisms through which banks with market power influence economic growth. Finally, the paper analyzed how the level of bank market power interact with sub-regional integration to induce economic growth across six sub-regions in Africa. We employed the first differences GMM model to achieve the above objectives. The results show that less competitive banking systems in Africa induce economic growth. In addition, institutional quality improvement induces positive economic growth and improves the degree at which bank market power affects economic growth. The influence of institutional quality on economic growth however vary depending on specific institutional factors even when we differentiated the effect of the level of bank market power. In West Africa, the competitive nature of the banking environment induces economic growth but the less competitive nature in the banking environment of the other sub-regions discourages economic growth. The results call for policy directions that improve economic and political institutions as well as the competitiveness of sub-regional banking environment.","PeriodicalId":144069,"journal":{"name":"ERN: Institutional Change & Economic Growth (Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114235777","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Determining the Role of Banks in the Financing of Innovative Development Processes of the Economy","authors":"D. Zavadska","doi":"10.30525/2256-0742/2018-4-3-68-73","DOIUrl":"https://doi.org/10.30525/2256-0742/2018-4-3-68-73","url":null,"abstract":"The paper states that the success of Ukraine’s development, in the context of the transition to the model of Ukraine’s innovative development, contributes to a clear choice of priorities, among which the main thing is to ensure high rates of economic growth. The role of banks in reproductive processes is proved, which corresponds to modern problems of innovative development of the Ukrainian economy. The scientific approaches of various economic theories (neoclassical, monetarist, Keynesian, institutional, and the concept of financial mediation) are investigated. Advantages of studying the world experience of economic theory are to determine its connection with banking activities. But this does not entail the task of carrying out a complete historical study of all economic concepts relating to the impact on the economic development of the financial market itself and its subjects. The author highlighted the task of studying the relationship of development, participation of banking sector actors, and trends in the development of new paradigms in the theory of financial intermediation. The purpose of the article is to conduct an analysis of the theoretical provisions on determining the role of banks in financing innovative development of the economy. Methodology. The information base of the research is the results of scientific research results in determining the influence of the monetary sphere, interest rates, production, investments, and state on the processes of reproduction of the economy, published in monographic studies and publications in periodicals. During the research, methods of logical generalization, comparative analysis, system approach that takes into account the dynamic functional dependence between the state of the whole, development and the balance of its constituent elements are used. Results. The article emphasizes that the issue of activating the activity of banks in the investment market has become particularly significant. A critical analysis of research and development of leading scholars has led to the conclusion that there is no generally accepted idea of determining the place and role of banks in the growth of the country’s economy. It is established that the representatives of neoclassical theories of mediation most thoroughly considered the theoretical positions regarding the definition of the role of banks in the revitalization of economic growth. Practical implementation. The practical significance is in the fact that scientific research clearly, understandably, and consistently proves the importance of the participation of banks in reproductive processes. The results obtained in the future will be used to develop recommendations for defining the directions of interaction between banks and enterprises of the real sector of the Ukrainian economy in order to enhance the processes of bank financing of innovation development of the economy. Value/novelty. The article substantiates the special role of banks in economic grow","PeriodicalId":144069,"journal":{"name":"ERN: Institutional Change & Economic Growth (Topic)","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115500862","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Nature of Finance – Growth Relationship: Evidence from a Panel of Oil-Producing Countries","authors":"Oro Ufuo Oro, P. Alagidede","doi":"10.2139/ssrn.3190069","DOIUrl":"https://doi.org/10.2139/ssrn.3190069","url":null,"abstract":"The position of research on the relationship between financial sector development and economic growth remains largely inconclusive. Several authors believe the relationship is monotonic while others show that it is non-linear. A section of growth literature indicates that this relationship varies, depending on the country’s specific context and the quality of its institutions. This paper examines the nature of the finance - growth relationship in a panel of oil-producing countries. We aim at determining the point of threshold where the relationship is non-linear and changes abruptly. We employ dynamic panel GMM and panel threshold regressors to analyse data from 30 oil-producing and 30 non-oil producing countries. Our results confirm the notion of “too much finance” using evidence of threshold in the relationship. We report evidence that this threshold varies from country to country depending on the states of institutions maintained in each country. We compare the finance-growth relationship in oil producing and the non-oil producing countries, the result is quite revealing. The non-oil producing countries outperform the oil-producing. Our paper agrees and disagrees with several recent studies on this topic. We discuss policy implications of our findings and make recommendation for reforms.","PeriodicalId":144069,"journal":{"name":"ERN: Institutional Change & Economic Growth (Topic)","volume":"76 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133036214","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}