{"title":"Introduction: continuing the debate on Islamic finance","authors":"Carlo D’Ippoliti","doi":"10.13133/2037-3643/12462","DOIUrl":"https://doi.org/10.13133/2037-3643/12462","url":null,"abstract":"The brief editorial note introduces the new issue of the journal. The present issue contains the second article of a three-installments series on Islamic finance, followed by an article on industrial policy in the midst of the Eurozone crisis and a historical account of some early writings by Minsky on macro-prudential regulation. JEL codes : P43, E12, A11 Keywords : introduction, Minsky, Islamic finance","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2014-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66229899","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 to Pareto’s sociology","authors":"Norberto Bobbio","doi":"10.13133/2037-3643/11678","DOIUrl":"https://doi.org/10.13133/2037-3643/11678","url":null,"abstract":"The essay by the well-known philosopher Bobbio, reviews the Treaty of General Sociology by Pareto, recently republished in Italy. Bobbio describes and comments on Pareto’s Treaty, which he considers both as a prodigy and an unusual piece of work, and as a “deformed creature”.","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2014-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66229492","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 balance of payments of developing countries","authors":"A. Maddison","doi":"10.13133/2037-3643/11645","DOIUrl":"https://doi.org/10.13133/2037-3643/11645","url":null,"abstract":"72 1024x768 In spite of the large literature on development and the growing number of estimates of future trade or savings “ gaps ” there are no acceptable or consistent estimates showing the past history or existing state of the balance of payments of developing countries as a group. Moreover, assessing the likely impact of changes in trade or aid policies designed to help the developing world depends on understanding the present situation. The present paper fills this statistical gap, which is so important for policy discussions. The estimates provided are crude, however, they shed light on the magnitude and interrelations of important problems. Normal 0 14 /* Style Definitions */ \u0000 table.MsoNormalTable \u0000 {mso-style-name:\"Tabella normale\"; \u0000 mso-tstyle-rowband-size:0; \u0000 mso-tstyle-colband-size:0; \u0000 mso-style-noshow:yes; \u0000 mso-style-parent:\"\"; \u0000 mso-padding-alt:0pt 5.4pt 0pt 5.4pt; \u0000 mso-para-margin:0pt; \u0000 mso-para-margin-bottom:.0001pt; \u0000 mso-pagination:widow-orphan; \u0000 font-size:10.0pt; \u0000 font-family:\"Times New Roman\";}","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2014-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66229482","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":"Money substitutes and interest rate determination: the Australian case","authors":"V. Argy","doi":"10.13133/2037-3643/11642","DOIUrl":"https://doi.org/10.13133/2037-3643/11642","url":null,"abstract":"72 1024x768 The paper describes a test carried out to asses the significance of money substitutes in interest rate determination in Australia in the years 1953-1963. The test involved a comparison of four simple alternative hypotheses where four independent variables correspond to four alternative indices of liquidity. According to the results, the author infers that making an explicit allowance for money substitutes does not contribute to the explanation of the behaviour of the rate of interest, parallelling the results obtained from other studies. Normal 0 14 \u0000st1:*{behavior:url(#ieooui) } \u0000 /* Style Definitions */ \u0000 table.MsoNormalTable \u0000 {mso-style-name:\"Tabella normale\"; \u0000 mso-tstyle-rowband-size:0; \u0000 mso-tstyle-colband-size:0; \u0000 mso-style-noshow:yes; \u0000 mso-style-parent:\"\"; \u0000 mso-padding-alt:0pt 5.4pt 0pt 5.4pt; \u0000 mso-para-margin:0pt; \u0000 mso-para-margin-bottom:.0001pt; \u0000 mso-pagination:widow-orphan; \u0000 font-size:10.0pt; \u0000 font-family:\"Times New Roman\";}","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2014-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66229472","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":"Monetarism and fiscalism","authors":"D. Fand","doi":"10.13133/2037-3643/11564","DOIUrl":"https://doi.org/10.13133/2037-3643/11564","url":null,"abstract":"Monetarism and Fiscalism have emerged as two alternative stabilisation strategies that are in contention at this time. Monetarism seeks to control the monetary aggregates in order to stabilise the growth in money income, while Fiscalism centres its policies on controlling the degree of stimulus or restraint in the budget. The present work examines the substantive differences between Monetarists and Fiscalists concerning the theory or money, the theory of interest rates and prices, the theory of fiscal policy, and their respective views on rules, guidelines, discretion etc. This analysis of their aggregative theories is then used to identify some essential analytical and policy differences between Monetarists and Fiscalists, form any other differences that reflect transitory factors and may therefore diminish in time.","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2014-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66229409","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":"Devaluation-bias and the Bretton Woods system","authors":"S. I. Katz","doi":"10.17016/IFDP.1971.2","DOIUrl":"https://doi.org/10.17016/IFDP.1971.2","url":null,"abstract":"The exchange-rate system established at Bretton Woods was intended to combine a fixity of the par-value of each member’s currency in the short run with a flexibility of the parity in the longer-run. Because of this emphasis on the fixity of the spot rates and of the parity in the short run, the Fund’s par-value system can be regarded as a variant of fixed exchange rates. The presumption that there is a devaluation-bias in present international monetary arrangements rests primarily on the hypothesis that under any variant of a fixed exchange rate the deficit country is more likely to be forced unwillingly to devalue than the surplus country is to be forced unwillingly to appreciate. The present paper considers the validity of the presumption that a devaluation-bias does exist under the Fund’s system of the adjustable peg. The author reviews the actual experience among Fund members in making changes in the par-value and then considers the analytical and statistical evidence which might throw light on this experience.","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2013-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67549820","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 U.K. 1978-82 “monetarist experiment”: why economists still disagree","authors":"N. Healey","doi":"10.13133/2037-3651/11178","DOIUrl":"https://doi.org/10.13133/2037-3651/11178","url":null,"abstract":"The reasons why economists disagree are complex. This paper is a case study in the limitations of empirical research as a means of resolving these differences. It reviews the evidence generated by the 1979-82 monetarist experiment and reveals the strategies different schools of thought have employed to construct radically different interpretations of events. Contrary to to Friedman’s famous dictum that “the differences between economists are empirical rather than theoretical”, this paper concludes that economists are divided by issues that run far deeper.","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2013-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66230018","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":"An international comparison of the causes of changes in the debt service ratio 1980-1985","authors":"H. Gibson, A. Thirlwall","doi":"10.13133/2037-3651/11384","DOIUrl":"https://doi.org/10.13133/2037-3651/11384","url":null,"abstract":"The forces leading up to the debt crisis of the 1980s go back a long way. As a country experiences a rising ratio of debt service payments to export earnings so its default risk increases. World indicators show that interest rates were on a rising trend when commodity prices were on a downward trend. However, this is a simplistic analysis. The authors disaggregate the ratio into five components: a change in the volume of debt; a change in the rate of amortisation; a change in the rate of interest; a change in the volume of exports; a change in the price of exports. The article examines these independently in the light of the available data. Results suggest that rescheduling policy is uncoordinated and that debt-management methods can be improved.","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2013-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66230146","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 composition of the investment under conditions of non uniform changes","authors":"J. Halévi","doi":"10.1057/978-1-137-47529-9_16","DOIUrl":"https://doi.org/10.1057/978-1-137-47529-9_16","url":null,"abstract":"","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2013-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"58222018","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":"Determinants and trends of Italian financial policy","authors":"M. Sarcinelli","doi":"10.13133/2037-3643/11088","DOIUrl":"https://doi.org/10.13133/2037-3643/11088","url":null,"abstract":"Italian financial policy in the eighties has been aimed mainly at improving the relevant segments and achieving a better mix of the whole range of instruments and intermediaries. Two other trends - privatisation and deregulation - have been much less to the fore than the rest of the world. The author provides a broad overview of the state of Italian financial policy, looking at economic circumstances and macro-economic policies, financial innovation, the deregulation-regulation process and privatisation.","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2013-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66229818","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}