INTERNATIONAL JOURNAL OF POLITICAL ECONOMY最新文献_第5页

Wage Moderation, Regional Imbalances in Europe and the Recovery and Resilience Plan 工资放缓、欧洲地区失衡与复苏和恢复计划

IF 1.2

INTERNATIONAL JOURNAL OF POLITICAL ECONOMY Pub Date : 2022-07-03 DOI: 10.1080/08911916.2022.2145675

Giorgio Colacchio, Guglielmo Forges Davanzati

引用次数: 1

Financialization, Structural Power, and the Global Financial Crisis for Europe’s Core and Periphery 金融化、结构性权力与欧洲核心和外围的全球金融危机

IF 1.2

INTERNATIONAL JOURNAL OF POLITICAL ECONOMY Pub Date : 2022-07-03 DOI: 10.1080/08911916.2022.2145676

Nina Eichacker

{"title":"Financialization, Structural Power, and the Global Financial Crisis for Europe’s Core and Periphery","authors":"Nina Eichacker","doi":"10.1080/08911916.2022.2145676","DOIUrl":"https://doi.org/10.1080/08911916.2022.2145676","url":null,"abstract":"Abstract In the aftermath of the Global Financial Crisis (GFC), European governments intervened to support domestic financial systems; several years later, peripheral European economies were at greater risk of having domestic financial crises transform into fiscal crises. While mainstream economic thinking predicts financial markets will punish risky bank behavior with higher interest rates and punitive resolution measures, in fact, banks in core European economies, which engaged in riskier activity in the subprime mortgage market, faced preferential treatment in the aftermath of the GFC. This article argues that financialization, the increased structural economic power of financial institutions, increased the structural power of core members of the Eurozone to direct supranational policies after the GFC. It supports these claims with financial data from balance sheets for a sample of EU economies, as well as institutional analysis of the financial aspects of European integration, and the financial, monetary, and fiscal responses that followed the onset of the GFC. While banks in the Eurozone core were more likely to have engaged in risky behavior, they were more likely to receive liquidity assistance from monetary authorities like the Federal Reserve due to their activity in the US. As Eurozone governments consider how to respond to crises, such as the Covid-19 pandemic going forward, policies that more equitably support governments rescuing domestic financial actors should be considered in tandem with broader financial regulations of structurally important economic institutions.","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2022-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44908054","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

In memory of Lance Taylor 为纪念兰斯·泰勒

IF 1.2

INTERNATIONAL JOURNAL OF POLITICAL ECONOMY Pub Date : 2022-07-03 DOI: 10.1080/08911916.2022.2158643

Ozlem Omer

引用次数: 1

Colonial Roots of Modern Development Discourse 现代发展话语的殖民根源

IF 1.2

INTERNATIONAL JOURNAL OF POLITICAL ECONOMY Pub Date : 2022-04-03 DOI: 10.1080/08911916.2022.2072313

Mohammad Muaz Jalil

引用次数: 0

A History of the Relationship Between Interest Rate and Profit Rate in Heterodox Approaches Heterodox方法中利率和利润率关系的历史

IF 1.2

INTERNATIONAL JOURNAL OF POLITICAL ECONOMY Pub Date : 2022-04-03 DOI: 10.1080/08911916.2022.2072386

Riccardo Zolea

引用次数: 2

Financialisation and Macroeconomic Regimes in Emerging Capitalist Countries Before and After the Great Recession 大衰退前后新兴资本主义国家的金融化与宏观经济制度

IF 1.2

INTERNATIONAL JOURNAL OF POLITICAL ECONOMY Pub Date : 2022-04-03 DOI: 10.1080/08911916.2022.2078009

Ümit Akçay, Eckhard Hein, Benjamin Jungmann

{"title":"Financialisation and Macroeconomic Regimes in Emerging Capitalist Countries Before and After the Great Recession","authors":"Ümit Akçay, Eckhard Hein, Benjamin Jungmann","doi":"10.1080/08911916.2022.2078009","DOIUrl":"https://doi.org/10.1080/08911916.2022.2078009","url":null,"abstract":"Abstract In recent years, diverging demand and growth regimes received greater scholarly attention. Particularly, the intersection between variants of Comparative Political Economy and the post-Keynesian macroeconomic analysis provides a promising avenue for understanding the main dynamics of various growth regimes. Yet, the majority of these studies focused on the global North. We expand this analysis to the global South by examining eight large emerging capitalist economies (ECEs), Argentina, Brazil, China, India, Mexico, Russia, South Africa, and Turkey, during the periods 2000–2008 and 2009–2019. In so doing, we not only uncover the main demand and growth regimes of ECEs for the two periods but also link them to the main trends in the demand and growth regimes of developed capitalist economies (DCEs) for both periods. One main finding of our research is that ECEs did not follow the same path as DCEs after the Great Recession. While there was a clear shift in the demand and growth regimes of DCEs toward export orientation, the main pattern in the ECEs remained as the continuation of a trend that already emerged before the 2007–09 crisis, i.e., domestic demand-led regimes associated with considerable financial deficits of domestic private and/or public sectors. Finally, we provide some observations on the puzzle of resilient domestic demand-led regimes in ECEs.","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2022-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49098014","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: 11

Have We Adequately Accommodated the Non-linear Systemic-Risk of Bankruptcy-Remote Securitization within Shadow Banking? 我们是否充分地适应了影子银行破产-远程证券化的非线性系统风险?

IF 1.2

INTERNATIONAL JOURNAL OF POLITICAL ECONOMY Pub Date : 2022-04-03 DOI: 10.1080/08911916.2022.2073663

Emir J. Phillips

{"title":"Have We Adequately Accommodated the Non-linear Systemic-Risk of Bankruptcy-Remote Securitization within Shadow Banking?","authors":"Emir J. Phillips","doi":"10.1080/08911916.2022.2073663","DOIUrl":"https://doi.org/10.1080/08911916.2022.2073663","url":null,"abstract":"Abstract Securitization to attain bankruptcy remoteness separates the risks of the originator bank from the income-producing asset by structuring the asset sale between the Special Purpose Vehicle and the transferor as a “true sale” as opposed to that of financing an asset transfer. Should the transferor subsequently file for bankruptcy, the transferred assets will be exempted from the transferor’s bankruptcy estate, and the investors’ secured assets in the SPV are not at risk of loss. Once commercial banks no longer bear the risk of these bankruptcy-remote securitized loans, creeping deterioration in bank lending standards occurred/are occurring via weaker screening, lower denial rates, and misreporting of credit quality. When this type of structured finance became institutionally pervasive, what may have reduced risk at the micro-level quietly engenders non-linear systemic risk. In remedy to this, the Dodd-Frank Wall Street Reform is at best an incomplete international vision. Regulators must make-up for its inadequacies by increasing capital adequacy requirements which ensure banks operate in a prudential manner. Profit-maximization (shareholders) and capital adequacy (Society) must err on the side of capital adequacy given the public-private hybrid nature of money that is backstopped by the private-public Federal Reserve.","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2022-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59453536","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

The Greek Sovereign Crisis: A Post-Keynesian Synthesis 希腊主权危机:后凯恩斯主义的综合

IF 1.2

INTERNATIONAL JOURNAL OF POLITICAL ECONOMY Pub Date : 2022-04-03 DOI: 10.1080/08911916.2022.2086727

Léo Vigny

引用次数: 0

Alternative Views on Portuguese Stagnation: From the Euro’s Inception to the COVID-19 Pandemic 葡萄牙停滞的另一种观点：从欧元崛起到新冠肺炎大流行

IF 1.2

INTERNATIONAL JOURNAL OF POLITICAL ECONOMY Pub Date : 2022-01-02 DOI: 10.1080/08911916.2022.2046345

Diogo Martins, R. Mamede

引用次数: 2

Ireland’s Multinationals-Dominated Economy in the Pandemic: Did Big Tech and Big Pharma Save the Day? 疫情中爱尔兰跨国公司主导的经济：大型科技公司和大型制药公司拯救了这一天吗？

IF 1.2

INTERNATIONAL JOURNAL OF POLITICAL ECONOMY Pub Date : 2022-01-02 DOI: 10.1080/08911916.2022.2046347

P. Polyak

{"title":"Ireland’s Multinationals-Dominated Economy in the Pandemic: Did Big Tech and Big Pharma Save the Day?","authors":"P. Polyak","doi":"10.1080/08911916.2022.2046347","DOIUrl":"https://doi.org/10.1080/08911916.2022.2046347","url":null,"abstract":"Abstract Similar to the Eurozone crisis, Ireland engineered a more successful bounce back from the COVID-19 shock than crisis-hit peers. This article argues that the Irish path is less of a product of a generalizable export-led growth strategy, but, rather, can be explained by a set of idiosyncratic features. Using a wide array of macroeconomic indicators, the analysis assesses the opportunities and risks associated with Ireland's distinct path. It shows how strong ties to the United States, and emergence as the European hub for the world’s fastest growing firms sets Ireland apart from European peers. The US is a reliable “spender of last resort,” countercyclically spending and borrowing, boosting growth prospects of trading partners. Irish sectoral specialization in pharmaceutical manufacturing and digital services was also a boon in this crisis. The pandemic created opportunities for health-related industries; reliance on digital technologies helped digital firms. The article also finds, however, that banking on tech and pharma giants has significant limitations. First, multinationals’ accounting tricks artificially inflate economic statistics, and these two sectors are most affected. Second, to the extent that there is job-sustaining activity, it is not straightforward how the success of these sectors is transmitted to the rest of the economy. In the aftermath of the Eurozone crisis, the hospitality industry played a significant role as a “‘transmission belt,” receiving spillovers from the high value-added export sector. Since lockdowns hit hospitality the most, the social insurance function of fiscal policy is of paramount importance to ensure a more broad-based recovery.","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2022-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48596158","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: 2