INTERNATIONAL JOURNAL OF POLITICAL ECONOMY最新文献

{"title":"The Long-Term Vulnerabilities of Spanish Capitalism in Light of the COVID-19 Pandemic: A Political Economy Approach","authors":"Pedro M. Rey-Araújo, Luis Buendía","doi":"10.1080/08911916.2022.2046350","DOIUrl":"https://doi.org/10.1080/08911916.2022.2046350","url":null,"abstract":"Abstract This article explores the evolution of Spain’s capitalism during the last decades in order to unveil the factors underlying the harshness with which the COVID-19 pandemic has impacted Spain. We present a twofold thesis. On the one hand, we argue that Spanish capitalism has harbored certain internal vulnerabilities, relative to its productive specialization, its labor market, its welfare institutions, and indebtedness levels, which successive boom and busts have reproduced and ultimately exacerbated. On the other hand, we contend that these various vulnerabilities have abruptly come to the fore with the irruption of the COVID-19 pandemic, thus accounting for its singularly dramatic consequences. In order to substantiate our hypotheses, we provide a political economy analysis of the recent trajectory of Spanish capitalism. The economic boom initiated in the 1990s developed various vulnerabilities, which the years following the onset of the Great Recession did not attenuate and to which various others were added during the last expansion phase, all coming to the fore with the sudden outbreak of the COVID-19 pandemic.","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":"46317658","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":"COVID-19 Challenges to the European Economic and Monetary Union: Institutional Responses, Growth Strategies, and Future Prospects in a Changing Macroeconomic Environment—Introduction","authors":"G. De Angelis","doi":"10.1080/08911916.2022.2048552","DOIUrl":"https://doi.org/10.1080/08911916.2022.2048552","url":null,"abstract":"This special issue aims to answer three questions: How is European economic governance adapting to the COVID-19 crisis? How are member states’ economic policies adjusting to the current crisis and adapting to the European response? How is the COVID-19 health and economic crisis expected to impact their growth policies and reform trajectories? Seeking to answer these questions, the special issue aims to assess the impact of COVID-19 on the core elements of the political economy of adaptation and adjustment in the eurozone. One decade after the eurozone crisis, the COVID-19 induced crisis has revamped the reform process in the European Economic and Monetary Union, prompting a new wave of policy and institutional changes in the Economic and Monetary Union of the European Union (EMU). The perhaps most significant change has consisted in the common effort to fend off the COVID19-induced collective, systemic risks in a more symmetric and mutually supportive way than had happened previously. The policy response rested not only on several tools that were already part of the toolboxes that different European institutions, primarily the Commission and the European Central Bank (ECB), had at their disposal but also through the Member States’ coordinated effort to relaunch investment levels through common bonds emissions (an instrument that had been up to then subject to harsh and unresolved controversies) while momentarily steering away from debt levels reduction. As Sebastian Dullien effectively points out in his contribution, old and new eurozone reforms have all contributed to the COVID-19 crisis having thus far a different, and more equitable, outcome than the 2009 eurozone crisis. This is so, to the extent that the instituted facility (The Next-generation EU) has targeted countries in a proportion roughly corresponding to the estimated negative impact of the crisis (Watzka and Watt 2020). Additionally, the ECB’s Pandemic Emergency Purchase Programme admits for an equally “flexible” application of the capital key. The COVID-19-induced reforms raise two kinds of questions. The first refers to their longterm consequences for the EMU institutional architecture. The second refers to the Member States’ macroeconomic trajectories against the background of the crisis’ long-term consequences","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":"46376392","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":"Ten Years On, Two Crises Later: Evaluating EMU Institutional Reforms Since 2010","authors":"Sebastian Dullien","doi":"10.1080/08911916.2022.2046311","DOIUrl":"https://doi.org/10.1080/08911916.2022.2046311","url":null,"abstract":"Abstract The article systematically reviews EMU governance reforms implemented, policy instruments introduced and further institutional reforms currently under discussion with a view of how far they have addressed the institutional shortcomings of the euro-area architecture, which have led to the euro crisis of 2010ff. It further explores how far these reforms have helped to prevent a replay of that crisis when the COVID-19 pandemic hit the euro area. To this end, the article first reviews the academic debate about the causes of the euro crisis that started with the Greek sovereign debt crisis in 2010. In a second step, it evaluates the reforms implemented since the onset of the euro crisis and during the COVID-19 crisis with regard in how far these reforms have addressed or could address the causes of the crisis and gives an outlook on potential forthcoming problems.","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":"42022334","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":"A New Role for the European Stability Mechanism in Post-COVID-19 EMU? Explaining the Failure of the Pandemic Crisis Support and Assessing Ways Forward","authors":"G. De Angelis","doi":"10.1080/08911916.2022.2048551","DOIUrl":"https://doi.org/10.1080/08911916.2022.2048551","url":null,"abstract":"Abstract Since the establishment of the Pandemic Crisis Support, it has been hypothesized that the European Stability Mechanism might play a new role in stabilizing investments in the European Economic and Monetary Union through a targeted support for the financing of European public goods. The article inquires into the changes in the European Stability Mechanism’s institutional design that could make this possible. It starts by analyzing its lending policy, its accountability structure, and the structure of incentives that underlie negotiations at the Board of Governors. The article then explains the failure of the Pandemic Crisis Support against the background of a neo-institutionalist analysis of the two-level games that develop at intergovernmental fora, and does so through an investigation of the 2020 negotiations that led to the institution of the Pandemic Crisis Support, first, and the The Next Generation EU, later on. Finally, it illustrates which alterations in the institutional design of the European Stability Mechanism could represent a different, and more favorable, structure of incentives for lenders and borrowers.","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":"42225194","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":"Editor’s Note: Alain Parguez in Memoriam (1940–2022)","authors":"M. Seccareccia","doi":"10.1080/08911916.2022.2068229","DOIUrl":"https://doi.org/10.1080/08911916.2022.2068229","url":null,"abstract":"","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":"44763256","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":"Varieties of Capitalism, Growth Regimes, and Structural Change in Eurozone Core and Peripheral Countries: Germany as a Role Model for Portugal?","authors":"Marta Vaz Silva, João Carlos Lopes","doi":"10.1080/08911916.2021.2001249","DOIUrl":"https://doi.org/10.1080/08911916.2021.2001249","url":null,"abstract":"Abstract This article aims at analyzing the structural changes that occurred in the Portuguese economy after the 2010/2013 sovereign debt crisis, compared with what occurred in Germany and using the current debate surrounding the new reform of the Eurozone as a backdrop. We thus intend to find out whether a peripheral southern economy like Portugal and the Eurozone’s core economy (Germany) have become closer and, if so, what that means in terms of the sustainability of the Eurozone as a set of different economies sharing the same currency. The study is framed in an institutional political economy approach (Varieties of Capitalism) and a macroeconomic post-Keynesian perspective (demand-led growth regimes), as well as a structural analysis of economic complexity and product specialization of these contrasting economies.","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2021-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42136604","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 Indian Banking System, Financial Fragility, and Deregulation","authors":"Alicia Girón, Jacobo Silva","doi":"10.1080/08911916.2021.2001245","DOIUrl":"https://doi.org/10.1080/08911916.2021.2001245","url":null,"abstract":"Abstract Indian banking has undergone structural changes from financial reform and the process of deregulation during the 1990s. Added to this is a new element, the COVID-19 pandemic, and its effects on the banking system. The categories of concentration and centralization of capital and the increasing instability of banking institutions will enable an assessment of banking fragility as well as the impact and repercussions of the pandemic. The economic fragility of India's banking system has been a constant over the past few decades. The objective of this article is to analyze the profitability of the banking system, the banks’ non-performing loans and the government's strategy to prevent a banking crisis.","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2021-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44330035","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":"Assessing the Macroeconomic Effects of COVID-19 in an Empirical SFC Model for Denmark","authors":"M. Byrialsen, H. Raza","doi":"10.1080/08911916.2021.2001194","DOIUrl":"https://doi.org/10.1080/08911916.2021.2001194","url":null,"abstract":"Abstract The COVID-19 pandemic has tossed the world into a state of uncertainty, not only from a health point of view but also from an economic perspective. Most countries have adopted a strategy of strict lockdowns, leading to a fall in production and a rise in unemployment. From an economic perspective, this lockdown has erupted in supply-and-demand shocks in the economy. In order to investigate the potential impact of these shocks, we develop a post-Keynesian empirical Stock-Flow Consistent (SFC) model for Denmark. The impact of these shocks is analyzed in three different scenarios. Overall, our simulation results indicate that temporary (1 year) shocks in the economy will lead to a fall in output but a quick recovery, whereas persistent shocks can lead to a full-blown economic crisis. We find that the impact of these shocks can be lowered by public intervention in the form of fiscal stimulus, which can reduce the impact of these shocks and also improve the speed of economic recovery. We also address the economic consequences of financing this stimulus, and whether such a policy response is feasible. Our main conclusion is that fiscal stimulus seems to be an effective and affordable policy option available to Denmark.","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2021-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45820957","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 Assessment of Samuelson’s Ricardo-Sraffa Trade Model","authors":"G. Brondino, Ariel Dvoskin","doi":"10.1080/08911916.2021.2001193","DOIUrl":"https://doi.org/10.1080/08911916.2021.2001193","url":null,"abstract":"Abstract This article assesses Samuelson’s attempt to introduce Sraffa’s framework of “production of commodities by means of commodities” to the neoclassical-Ricardo trade model. We slightly modify Samuelson’s model to consider, on the one hand, more commodities than countries and, on the other hand, a positive rate of interest and full international (finance) capital mobility. In the first case, comparative advantage is unable to predict the direction of trade. In the second case, the principle does not warrant the existence of trade. In conclusion, a closer look at the neoclassical-Ricardian trade model through the lenses of Sraffa casts more doubts than certainties of the comparative advantage theory.","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2021-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44536407","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":"A Friendly Critique of Minsky's Financial Instability Hypothesis","authors":"Wesley C. Marshall","doi":"10.1080/08911916.2021.2001248","DOIUrl":"https://doi.org/10.1080/08911916.2021.2001248","url":null,"abstract":"Abstract This article critiques Minsky's Financial Instability Hypothesis, arguing that fraud is a missing element in his theory and the central element in the speculative bubbles that caused “it” to happen twice in the last century in the United States.","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2021-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46657466","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}