Finance, Growth and Inequality最新文献

{"title":"From trilemma to dilemma: monetary policy after the Bretton Woods world","authors":"Hasan Cömert","doi":"10.4337/9781788973694.00020","DOIUrl":"https://doi.org/10.4337/9781788973694.00020","url":null,"abstract":"","PeriodicalId":299087,"journal":{"name":"Finance, Growth and Inequality","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123437785","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":"Linking the real and financial sectors of the economy: the major contribution of post-Keynesians","authors":"J. Leclaire","doi":"10.4337/9781788973694.00022","DOIUrl":"https://doi.org/10.4337/9781788973694.00022","url":null,"abstract":"","PeriodicalId":299087,"journal":{"name":"Finance, Growth and Inequality","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122093765","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":"Financialization and bancarization of Argentina, Brazil and Mexico: financial services transformations from the post-crisis period","authors":"Alicia Girón, Marcia Solorza","doi":"10.4337/9781788973694.00011","DOIUrl":"https://doi.org/10.4337/9781788973694.00011","url":null,"abstract":"","PeriodicalId":299087,"journal":{"name":"Finance, Growth and Inequality","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128325148","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":"Measuring finance for the economy and finance for finance","authors":"M. Spanò","doi":"10.4337/9781788973694.00008","DOIUrl":"https://doi.org/10.4337/9781788973694.00008","url":null,"abstract":"This work proposes a new approach to measuring the creation of finance in excess of the quantity needed by the real economy, and to assess how finance is distributed across sectors. The methodology is validated by examining yearly changes that occurred in sectorial balance sheets in 14 founder countries of the European Union from 1995 to 2015. Measuring the superfluous amount of finance in Europe is relevant for at least three reasons. First, a general reason is that finance is crucial in economic analysis. In modern industrialised economies the economic system is a monetary economy of production, where the production of goods and services cannot take place without the opportune creation and circulation of financial capital. Finance is needed in each period to both reactivate existing real activities and provide funds for new activities (Schumpeter, 1912; Keynes, 1937; Graziani, 2003; Godley and Lavoie, 2007; Keen, 2010).1 The present study empirically identifies the flows of finance that are inessential to carry out the process of economic production and provides the basis for a discussion on reforms aimed at restoring and safeguarding the crucial role of the financial system. The second reason is that the role of finance has changed in quality and quantity over the last three decades. This has been investigated by a strand of studies on the financialisation of the economy which has addressed different aspects: single individuals enhancing indebtedness, risk-taking positions and participation in financial markets (Lapavistas, 2011; Martin, 2002); corporate management increasingly targeted at maximising shareholder value (Gallino, 2005; Krippner, 2005); financial assets increasingly used as sources of profitability instead of real production (Epstein, 2005; Erturk et al., 2008; Pollin, 2007; Van Treeck, 2009). The financialisation of the economy has also been associated with income polarisation and inequality (Onaran et al., 2011; Palma, 2009; Stockhammer, 2015), with endogenous financial instability and global imbalances (Crotty, 2008;","PeriodicalId":299087,"journal":{"name":"Finance, Growth and Inequality","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116778557","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":"Private pension funds in emerging economies: from broken promises to financialisation","authors":"Bruno Bonizzi, Diego Guevara","doi":"10.4337/9781788973694.00010","DOIUrl":"https://doi.org/10.4337/9781788973694.00010","url":null,"abstract":"This is a draft chapter / article. The final version is available in Finance, Growth and Inequality: Post-Keynesian Perspectives edited by Louis-Philippe Rochon and Virginie Monvoisin, published in 2019, Edward Elgar Publishing Ltd https://www.e-elgar.com/shop/finance-growth-and-inequality The material cannot be used for any other purpose without further permission of the publisher, and is for private use only.","PeriodicalId":299087,"journal":{"name":"Finance, Growth and Inequality","volume":"97 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116321242","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":"Macroeconomic implications of inequality and household debt: European evidence","authors":"J. Perraton","doi":"10.4337/9781788973694.00013","DOIUrl":"https://doi.org/10.4337/9781788973694.00013","url":null,"abstract":"A growing recent literature has examined the macroeconomic implications of household debt. Recent analysis has linked household debt to rising inequality across developed economies leading to stagnant or declining real incomes for middle and lower income households. Wages stagnated with their decoupling from productivity growth and rising inequality; households maintained consumption with falling savings and rising indebtedness. This consumption behaviour can be understood in terms of emulation of consumption patterns through a relative income effect. A range of authors have argued household debt was central to the global financial crisis. More generally it has been argued that with rising inequality aggregate demand was only been sustained by this process of rising household indebtedness before the crisis and since then recovery has been held back by limited growth in household incomes and such recovery as has been achieved has generated by renewed rises in household debt.","PeriodicalId":299087,"journal":{"name":"Finance, Growth and Inequality","volume":"139 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117049223","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":"How can policy tackle inequality in the 21st century?","authors":"H. Szymborska","doi":"10.4337/9781788973694.00014","DOIUrl":"https://doi.org/10.4337/9781788973694.00014","url":null,"abstract":"","PeriodicalId":299087,"journal":{"name":"Finance, Growth and Inequality","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114554076","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":"Notes on dual economy conceptions in economic analysis","authors":"D. Leadbeater","doi":"10.4337/9781788973694.00024","DOIUrl":"https://doi.org/10.4337/9781788973694.00024","url":null,"abstract":"","PeriodicalId":299087,"journal":{"name":"Finance, Growth and Inequality","volume":"165 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115549820","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":"Introduction: moving forward","authors":"Louis-Philippe Rochon, Virginie Monvoisin","doi":"10.4337/9781788973694.00006","DOIUrl":"https://doi.org/10.4337/9781788973694.00006","url":null,"abstract":"The financial crisis that began in 2007 has generally shown the weaknesses of neoclassical theories and policies, in particular by highlighting the irrelevance of modern macro models such as the Dynamic Stochastic General Equilibrium (DSGE) model and its microfoundations, which has come under considerable attack in the last few years, even from the mainstream. Indeed, as Lavoie (2018, p. 15) observes, “there is considerable dissatisfaction with the current state of mainstream macroeconomics”, leading The Economist (2009) to refer to the “turmoil among macroeconomists”. As early as 2009, Krugman (2009a, Internet) was claiming “[t]he economics profession mistook beauty, clad in impressive-looking mathematics, for truth”. More recently, he once again criticised the quest for microfoundations (see 2013, Internet), arguing “so the truth was that microfoundations in macroeconomics had its moment, but failed utterly at the one thing it was sold, above all, as being able to do – namely, give a better explanation of why nominal shocks have real effects. Time, you might think, to reconsider the project”. A few years earlier, Solow, in a 2010 address to the United States Congress, disapprovingly claimed “I do not think that the currently popular DSGE models pass the smell test” (see Solow, 2010). More recently, the Oxford Review of Economic Policy has dedicated two entire issues to the mainstream criticism, although a careful reading of the various contributions reveals the schism is not as deep (see Rochon and Rossi, 2018). Indeed, most articles are of the opinion that the problem with the DSGE model and its failure to predict the crisis or to suggest any meaningful policies since, is because of the lack of the right kind of microfoundations, or what King (2012, p. 150) describes as a debate over “our [microfoundations] are better than yours”. There is no general call for the abandonment or replacement of DSGE models. Far from it. Rather, many are proposing amending the model and nothing more. Indeed, there are calls for the introduction of financial frictions, and other such imperfections, all in the aim of moving away from the RARE (rational expectations, representative agent) DSGE model (see King, 2012). Yet, attempts","PeriodicalId":299087,"journal":{"name":"Finance, Growth and Inequality","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130131059","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 transmission of monetary policy in the US: testing the credit channel and the role of endogenous money","authors":"Nathan w. Perry, Carlos Schönerwald","doi":"10.4337/9781788973694.00018","DOIUrl":"https://doi.org/10.4337/9781788973694.00018","url":null,"abstract":"","PeriodicalId":299087,"journal":{"name":"Finance, Growth and Inequality","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123488866","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}