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Manufactoring, economic growth, and real exchange rate: Empirical evidence in panel data and input-output multipliers 制造业、经济增长和实际汇率：面板数据和投入产出乘数中的经验证据
IF 0.7
PSL Quarterly Review Pub Date : 2020-04-28 DOI: 10.13133/2037-3643_73.292_3
L. Gabriel, L. Ribeiro, Frederico G. Jayme, J. Oreiro
{"title":"Manufactoring, economic growth, and real exchange rate: Empirical evidence in panel data and input-output multipliers","authors":"L. Gabriel, L. Ribeiro, Frederico G. Jayme, J. Oreiro","doi":"10.13133/2037-3643_73.292_3","DOIUrl":"https://doi.org/10.13133/2037-3643_73.292_3","url":null,"abstract":"This paper investigates the effects of manufacturing and of the real exchange rate (RER) on real per capita income growth. We use dynamic panel models and the calculation of output and employment multipliers for a diversified sample of countries from 1990 to 2011. Three important results can be highlighted. First, we provide new evidence that manufacturing is the most important tradable sector for achieving greater real per capita income growth for developing countries. Second, the  greater a country’s gap in relation to the  technological frontier, the greater the positive effect of an undervalued RER on the real per capita income growth rate. Finally, the manufacturing industry’s  output multipliers and employment multipliers in the developing countries are higher than those in in developed ones, in all years analyzed. JEL codes : F43, L16, R15","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46962726","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}
引用次数: 16
Inflation Targets Regime and global financial cycle: An assessment for the Brazilian economy 通胀目标制度与全球金融周期:对巴西经济的评估
IF 0.7
PSL Quarterly Review Pub Date : 2020-04-28 DOI: 10.13133/2037-3643_73.292_2
E. Araujo, E. Araujo, Mateus Ramalho Ribeiro da Fonseca, P. Silva
{"title":"Inflation Targets Regime and global financial cycle: An assessment for the Brazilian economy","authors":"E. Araujo, E. Araujo, Mateus Ramalho Ribeiro da Fonseca, P. Silva","doi":"10.13133/2037-3643_73.292_2","DOIUrl":"https://doi.org/10.13133/2037-3643_73.292_2","url":null,"abstract":"In light of the global financial cycle (GFC), this paper investigates the effectiveness of monetary policy in Brazil since the adoption of the inflation targeting regime. The theoretical section analyses monetary policy from the New Macroeconomic Consensus perspective, emphasizing the implications of the GFC. It also contrasts central bank theory with the post-Keynesian critique. For the empirical investigation, a Markov-switching vector autoregressive model is estimated from January 2000 to December 2017, combining the common variables from the empirical literature with the proxy for the GFC. The main results suggest that greater financial instability has a direct effect on domestic inflation . JEL codes : C14, E12, E42","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44306988","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}
引用次数: 0
A new currency for West African states: The theoretical and political conditions of its feasibility 西非国家新货币：可行性的理论和政治条件
IF 0.7
PSL Quarterly Review Pub Date : 2020-04-28 DOI: 10.13133/2037-3643_73.292_1
Massimo Amato, K. Nubukpo
{"title":"A new currency for West African states: The theoretical and political conditions of its feasibility","authors":"Massimo Amato, K. Nubukpo","doi":"10.13133/2037-3643_73.292_1","DOIUrl":"https://doi.org/10.13133/2037-3643_73.292_1","url":null,"abstract":"Recent developments in the monetary situation in West Africa, in particular the transformation for the CFA franc area and the project to build a single currency for the CEDEAO/ECOWAS, require a systematic review of the assumptions underlying the formation of monetary unions. The article provides a critical review of the traditional theoretical foundations of optimal currency areas (OCAs) and their subsequent amendments, in light of the problems that emerged in the most relevant monetary unions. On specific points, a comparison is made between the eurozone and the CFA zone. The article then investigates the specific characteristics of the monetary area affected by the reform project, and finally it indicates the main lines along which the project of a common currency to all the states that currently make up the CEDEAO/ECOWAS could evolve, identifying four possible alternative roadmaps. JEL codes : F33, F53, F45","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48456556","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}
引用次数: 6
Regional economic growth in China from a Kaldorian perspective: A comparative study of Nanjing and Suzhou 卡尔多里安视角下的中国区域经济增长:南京与苏州的比较研究
IF 0.7
PSL Quarterly Review Pub Date : 2020-01-01 DOI: 10.13133/2037-3643_73.295_2
A. Gomes
{"title":"Regional economic growth in China from a Kaldorian perspective: A comparative study of Nanjing and Suzhou","authors":"A. Gomes","doi":"10.13133/2037-3643_73.295_2","DOIUrl":"https://doi.org/10.13133/2037-3643_73.295_2","url":null,"abstract":"This paper sets out to analyse and compare the growth performances of two Chinese cities, Nanjing and Suzhou. Their growth performances have varied over time, with one city outperforming the other in some periods, and with the reverse scenario taking place in other times. In order to explain this phenomenon, this study makes use of a Kaldorian analytical framework, highlighting key notions such as demand-led growth, path-dependency, lock-in  effects and inter-relatedness. It will be argued that regional economic growth is explained by the match – or otherwise – between a city’s productive structure and China’s national aggregate demand composition. JEL codes :P25; R11; N95 Download Online appendix","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66230233","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}
引用次数: 0
What do tests of the relationship between employment and technical progress hide 就业和技术进步之间关系的测试隐藏了什么
IF 0.7
PSL Quarterly Review Pub Date : 2020-01-01 DOI: 10.13133/2037-3643_73.295_5
J. Felipe, Donna Faye Bajaro, Gemma Estrada, J. Mccombie
{"title":"What do tests of the relationship between employment and technical progress hide","authors":"J. Felipe, Donna Faye Bajaro, Gemma Estrada, J. Mccombie","doi":"10.13133/2037-3643_73.295_5","DOIUrl":"https://doi.org/10.13133/2037-3643_73.295_5","url":null,"abstract":"R The debate about whether technical progress causes technological unemployment, as the Luddites argued in the early 19 th century, has recently resurfaced in the context of new technologies and automation and the so-called Fourth Industrial Revolution. We review the main issues and then consider in detail the studies of Autor and Salomons (2017, 2018). They find that after both direct and indirect effects are accounted for, technical change is, on the aggregate, employment-augmenting. They find no evidence that technical change (proxied by the growth of productivity) reduces employment growth. We demonstrate that the regressions they estimate are problematic because they approximate an accounting identity. One or two variables in the identity (output growth or both output growth and capital growth) are omitted, which implies that the coefficient of productivity growth suffers from omitted-variable bias. As the omitted variable is known, we can have a good idea of what the statistical results must be. We conclude that, unfortunately, their work does not shed light on the question they address. JEL codes : E24, O30, O47","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66230264","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}
引用次数: 0
Editorial: books and debates in economics 社论:经济学的书籍和辩论
IF 0.7
PSL Quarterly Review Pub Date : 2020-01-01 DOI: 10.13133/2037-3643_73.295_1
Carlo D’Ippoliti
{"title":"Editorial: books and debates in economics","authors":"Carlo D’Ippoliti","doi":"10.13133/2037-3643_73.295_1","DOIUrl":"https://doi.org/10.13133/2037-3643_73.295_1","url":null,"abstract":"This editorial note introduces to the current issue of the journal. On occasion of the centenary of the birth of Paolo Sylos Labini, to whom our journal is dedicated, Economia civile has devoted a special issue Moneta e Credito to the continuing topicality of his thought. Among the new initiatives of the Review, we highlight here the call for submissions of extensive book review articles, which we aim will be a further tool to foster the economic debate on our pages. JEL codes : B31, A11, H63","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66230188","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}
引用次数: 0
Deindustrialization, economic complexity and exchange rate overvaluation: the case of Brazil (1998-2017) 去工业化、经济复杂性与汇率高估:以巴西为例(1998-2017)
IF 0.7
PSL Quarterly Review Pub Date : 2020-01-01 DOI: 10.13133/2037-3643_73.295_3
J. Oreiro, Luciano Luiz Manarin, Paulo Gala
{"title":"Deindustrialization, economic complexity and exchange rate overvaluation: the case of Brazil (1998-2017)","authors":"J. Oreiro, Luciano Luiz Manarin, Paulo Gala","doi":"10.13133/2037-3643_73.295_3","DOIUrl":"https://doi.org/10.13133/2037-3643_73.295_3","url":null,"abstract":"We analyze the determinants of the deindustrialization of the Brazilian economy in the period between 1998 and 2017. This is a typical example of ‘premature deindustrialization’ in the sense that the major reason for the fall in the manufacturing share has not been the increase in per-capita income but rather real exchange rate overvaluation. In the Brazilian case, real exchange rate overvaluation results both from an appreciation of the real effective exchange rate, and an increase in the equilibrium value of the real exchange rate, the “industrial equilibrium exchange rate” of the new developmentalist literature. The elimination of the real exchange rate overvaluation requires not only the adoption of a macroeconomic policy regime in which some kind of real exchange rate targeting is adopted, but also industrial policies designed for increasing the economic complexity of the Brazilian economy and, hence, to reduce the equilibrium value of the real exchange rate. JEL codes : O11, O14, O24","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66230248","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}
引用次数: 9
The Age of Fragmentation by Alessandro Roncaglia: A Review Article 亚历山德罗·隆卡利亚的《分裂的时代》:一篇评论文章
IF 0.7
PSL Quarterly Review Pub Date : 2020-01-01 DOI: 10.13133/2037-3643_73.295_4
A. Thirlwall
{"title":"The Age of Fragmentation by Alessandro Roncaglia: A Review Article","authors":"A. Thirlwall","doi":"10.13133/2037-3643_73.295_4","DOIUrl":"https://doi.org/10.13133/2037-3643_73.295_4","url":null,"abstract":"This article gives a thorough critical review of Alessandro Roncaglia’s latest book The Age of Fragmentation: A History of Contemporary Economic Thought. The volume covers the antecedents of modern economics – the ideas of Wicksell, Keynes and Schumpeter in particular – followed by the post-war 2 ‘revolutions’ in microeconomics, macroeconomics and applied economics, including econometrics. Heterodox views of post-Keynesian economics; Marxism; institutional and evolutionary economics; post-utilitarian theorists; ethics, and welfare are also considered. JEL codes : B1, B2, B3, B5","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66230256","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}
引用次数: 1
Stefano Fenoaltea (1943-2020) 费诺拉·斯蒂法诺（1943-2020）
IF 0.7
PSL Quarterly Review Pub Date : 2020-01-01 DOI: 10.13133/2037-3643_73.295_6
Donald N. McCloskey
{"title":"Stefano Fenoaltea (1943-2020)","authors":"Donald N. McCloskey","doi":"10.13133/2037-3643_73.295_6","DOIUrl":"https://doi.org/10.13133/2037-3643_73.295_6","url":null,"abstract":"Obituary of Stefano Fenoaltea (1943-2020), economic historian and longtime collaborator of this journal. The author recalls her personal encounter with Stefano Fenoaltea and shortly but vividly summarizes his character and their friendship over the decades. JEL codes : B32, N13, N14","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66230281","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}
引用次数: 0
Banking concentration and financial reorganization: Greece, Portugal, and Spain in the post-crisis period 银行业集中与金融重组:后危机时期的希腊、葡萄牙和西班牙
IF 0.7
PSL Quarterly Review Pub Date : 2019-12-01 DOI: 10.13133/2037-3643_72.291_2
Alicia Girón, Monika Meireles, Andrea Reyes
{"title":"Banking concentration and financial reorganization: Greece, Portugal, and Spain in the post-crisis period","authors":"Alicia Girón, Monika Meireles, Andrea Reyes","doi":"10.13133/2037-3643_72.291_2","DOIUrl":"https://doi.org/10.13133/2037-3643_72.291_2","url":null,"abstract":"This article aims to analyze how banking concentration and financial reorganization have occurred during the post-crisis period in Greece, Portugal and Spain, highlighting the continuity of three worrisome trends related to financial stability: an increase in bank asset volume, centralization of capital, and lower average profitability for banking activities. The methodological approach combines the review of the heterodox economic literature with the analysis of the financial statistics of the main banks in the three countries in the interpretation of the crisis. The article is divided into four sections: the first part briefly discusses the theoretical nature of the process of concentration and centralization of bank capital; the second section discusses the role of banks in the Eurozone crisis; the third section examines some statistics on the dynamics of the banking sector in both countries; and some conclusions are made in the final section.  JEL codes: B26, G01, G2, G21","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48553105","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}
引用次数: 0
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