Review of Keynesian Economics最新文献

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The international currency system revisited 重新审视国际货币体系
IF 1.6 3区 经济学
Review of Keynesian Economics Pub Date : 2022-01-01 DOI: 10.4337/roke.2022.04.01
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引用次数: 1
Book review: Mark G. Hayes, The Economics of Keynes: A New Guide to The General Theory (Edward Elgar Publishing, Cheltenham, UK and Northampton, MA, USA 2006, ISBN 978-1-84844-056-2) 288 pp. 书评:Mark G. Hayes,《凯恩斯经济学:通论新指南》(Edward Elgar Publishing, Cheltenham, UK and Northampton, MA, USA 2006, ISBN 978-1-84844-056-2) 288页。
IF 1.6 3区 经济学
Review of Keynesian Economics Pub Date : 2022-01-01 DOI: 10.4337/roke.2022.04.07
{"title":"Book review: Mark G. Hayes, The Economics of Keynes: A New Guide to The General Theory (Edward Elgar Publishing, Cheltenham, UK and Northampton, MA, USA 2006, ISBN 978-1-84844-056-2) 288 pp.","authors":"","doi":"10.4337/roke.2022.04.07","DOIUrl":"https://doi.org/10.4337/roke.2022.04.07","url":null,"abstract":"","PeriodicalId":45671,"journal":{"name":"Review of Keynesian Economics","volume":"99 1","pages":""},"PeriodicalIF":1.6,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70743394","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Understanding the consequences of IMF surcharges: the need for reform 理解IMF附加费的后果:改革的必要性
IF 1.6 3区 经济学
Review of Keynesian Economics Pub Date : 2022-01-01 DOI: 10.4337/roke.2022.03.03
J. Stiglitz, K. Gallagher
{"title":"Understanding the consequences of IMF surcharges: the need for reform","authors":"J. Stiglitz, K. Gallagher","doi":"10.4337/roke.2022.03.03","DOIUrl":"https://doi.org/10.4337/roke.2022.03.03","url":null,"abstract":"The International Monetary Fund (IMF) provides a global public good when it lends emer-gency balance-of-payments support to countries that otherwise could not access such financing at comparable terms. No country borrows from the IMF lightly, and only does so as a last resort in the face of an economic crisis. In exchange for IMF lending, governments sur-render some sovereignty, self-determination of their economic policies, and implicitly admit that the government, on its own, could not manage the travails through which it is going. A lesser-known but also costly trade-off is that the IMF imposes significant surcharges – akin to the penalty rates imposed by banks – on countries with large borrowings from the IMF that are not paid back within a relatively short time. Indeed, IMF surcharges are pro-cyclical financial penalties imposed on countries precisely at a time when they can least afford them. This brief note examines the economic implications of the surcharges from a global distributive perspective. In so doing, the authors stress the need to eliminate excessive surcharges in the COVID-19 era and call for a more fundamental reform of IMF financing. © 2022 Edward Elgar Publishing Ltd.","PeriodicalId":45671,"journal":{"name":"Review of Keynesian Economics","volume":"1 1","pages":""},"PeriodicalIF":1.6,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70742558","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Testing the global extent of the endogenous-money hypothesis: a panel vector autoregression approach – Online appendix 检验内生货币假说的全球范围:面板向量自回归方法-在线附录
IF 1.6 3区 经济学
Review of Keynesian Economics Pub Date : 2022-01-01 DOI: 10.4337/roke.2022.03.09
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引用次数: 1
Globalization of capital, erosion of economic policy sovereignty, and the lessons from John Maynard Keynes 资本全球化,经济政策主权的侵蚀,以及约翰·梅纳德·凯恩斯的教训
IF 1.6 3区 经济学
Review of Keynesian Economics Pub Date : 2021-10-28 DOI: 10.4337/roke.2021.04.04
Biagio Bossone
{"title":"Globalization of capital, erosion of economic policy sovereignty, and the lessons from John Maynard Keynes","authors":"Biagio Bossone","doi":"10.4337/roke.2021.04.04","DOIUrl":"https://doi.org/10.4337/roke.2021.04.04","url":null,"abstract":"This article observes that current macroeconomic policy modeling, centered on domestic agents or agencies, fails to recognize the role that global investors play in determining the space for effective domestic macroeconomic policies, and argues that these actors must be brought to the center of macro analysis if one wants to understand how policies work in the global financial context. The article describes the key features of global investors, discusses their power to determine the prices at which public-sector liabilities (money and debt) trade in the international markets, and considers how this power affects the effectiveness of macroeconomic policies by national governments. As a result, no government is truly sovereign in a globalized world, and every government is subject to an intertemporal budget constraint (IBC), although, of course, not all governments are born equal and not all IBCs are equally binding: government IBCs are elastic, endogenous to global investor decisions, and yet ineluctable. The article concludes that choosing the correct country policy stance in today's financial global context would benefit from revisiting some of the key policy lessons that John Maynard Keynes left with us, considering his deep knowledge of global financial markets and how they affect country economies.","PeriodicalId":45671,"journal":{"name":"Review of Keynesian Economics","volume":" ","pages":""},"PeriodicalIF":1.6,"publicationDate":"2021-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48031869","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Financialization revisited: the economics and political economy of the vampire squid economy 金融化重访:吸血鬼鱿鱼经济的经济学与政治经济学
IF 1.6 3区 经济学
Review of Keynesian Economics Pub Date : 2021-10-28 DOI: 10.4337/roke.2021.04.02
T. Palley
{"title":"Financialization revisited: the economics and political economy of the vampire squid economy","authors":"T. Palley","doi":"10.4337/roke.2021.04.02","DOIUrl":"https://doi.org/10.4337/roke.2021.04.02","url":null,"abstract":"This paper explores the economics and political economy of financialization using Matt Taibbi's vampire squid metaphor to characterize it. The paper makes five innovations. First, it focuses on the mechanics of the ‘vampire squid’ process whereby financialization rotates through the economy, loading sector balance sheets with debt. Second, it identifies the critical role of government budget deficits for the financialization process. Third, it identifies the critical role of central banks, which are the lynchpin of the system and now serve as de facto guarantors of the value and liquidity of private sector liabilities. Fourth, the paper argues financialization imposes a form of policy lock-in. Fifth, it argues financialization transforms popular attitudes and understandings, thereby generating political support despite poor economic outcomes. In effect, there is a politics of financialization that goes hand-in-hand with the economics. The paper concludes with some observations on why mainstream macroeconomics has no equivalent construct to financialization and discusses the disquieting unexplored terrain that the economy is now in.","PeriodicalId":45671,"journal":{"name":"Review of Keynesian Economics","volume":" ","pages":""},"PeriodicalIF":1.6,"publicationDate":"2021-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41903105","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Book review: Geoff Mann, In the Long Run, We are All Dead: Keynesianism, Political Economy, and Revolution (Verso Books, London, UK 2017) 432 pp. 书评:杰夫·曼,《长期来看,我们都死了:凯恩斯主义、政治经济学和革命》(Verso Books,伦敦,英国,2017)432页。
IF 1.6 3区 经济学
Review of Keynesian Economics Pub Date : 2021-10-28 DOI: 10.4337/roke.2021.04.07
Nina Eichacker
{"title":"Book review: Geoff Mann, In the Long Run, We are All Dead: Keynesianism, Political Economy, and Revolution (Verso Books, London, UK 2017) 432 pp.","authors":"Nina Eichacker","doi":"10.4337/roke.2021.04.07","DOIUrl":"https://doi.org/10.4337/roke.2021.04.07","url":null,"abstract":"","PeriodicalId":45671,"journal":{"name":"Review of Keynesian Economics","volume":" ","pages":""},"PeriodicalIF":1.6,"publicationDate":"2021-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44821200","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
China: capital flight or renminbi internationalization? 中国:资本外逃还是人民币国际化?
IF 1.6 3区 经济学
Review of Keynesian Economics Pub Date : 2021-10-28 DOI: 10.4337/roke.2021.04.06
Paulo Van Noije, Marina Zucker-Marques, Marina Zucker-Marques
{"title":"China: capital flight or renminbi internationalization?","authors":"Paulo Van Noije, Marina Zucker-Marques, Marina Zucker-Marques","doi":"10.4337/roke.2021.04.06","DOIUrl":"https://doi.org/10.4337/roke.2021.04.06","url":null,"abstract":"During 2014–2016, many analysts have claimed the occurrence of a capital flight in China due to the reduction of the country's foreign reserves by over US$800 billion. This paper aims therefore to answer the question: did China really undergo a capital flight in this period? Its methodology includes a detailed analysis of the Chinese external stocks and flows between 2014 and 2016, and an examination of the currency hierarchy and the international usage of the renminbi (RMB). The authors conclude: the fall in the foreign reserves that occurred in China in 2015–2016 was partially due to (i) a strategy of the Chinese government to diversify its international assets; and (ii) Chinese residents (private entities) increasing their foreign-asset holdings. Besides that, there did indeed occur a capital flight in China in 2015–2016, mostly due to a reduction of the non-resident deposits and loans, but these outflows were partially in RMB. Due to that core difference, the effects on the domestic economy are much lower. Furthermore, the RMB outflows may contribute to the internationalization of the RMB.","PeriodicalId":45671,"journal":{"name":"Review of Keynesian Economics","volume":" ","pages":""},"PeriodicalIF":1.6,"publicationDate":"2021-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43784947","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Rent-seeking and asset-price inflation: a total-returns profile of economic polarization in America 寻租和资产价格通胀:美国经济两极分化的总回报概况
IF 1.6 3区 经济学
Review of Keynesian Economics Pub Date : 2021-10-28 DOI: 10.4337/roke.2021.04.01
M. Hudson
{"title":"Rent-seeking and asset-price inflation: a total-returns profile of economic polarization in America","authors":"M. Hudson","doi":"10.4337/roke.2021.04.01","DOIUrl":"https://doi.org/10.4337/roke.2021.04.01","url":null,"abstract":"This paper reconstructs the National Income and Product Accounts to add asset-price (‘capital’) gains to national income to derive a measure of total returns. It also treats rent-extraction as a charge against national income and GDP, not as a contribution to national output. Segregating the Finance, Insurance, and Real Estate sector from the rest of the private sector shows that most growth in wealth and income derives from rentier activities – from the dynamic of finance capitalism more than that of industrial capitalism.","PeriodicalId":45671,"journal":{"name":"Review of Keynesian Economics","volume":" ","pages":""},"PeriodicalIF":1.6,"publicationDate":"2021-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42883394","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
Financialization, premature deindustrialization, and instability in Latin America 拉丁美洲的金融化、过早去工业化和不稳定
IF 1.6 3区 经济学
Review of Keynesian Economics Pub Date : 2021-10-28 DOI: 10.4337/roke.2021.04.03
Esteban Pérez Caldentey, M. Vernengo
{"title":"Financialization, premature deindustrialization, and instability in Latin America","authors":"Esteban Pérez Caldentey, M. Vernengo","doi":"10.4337/roke.2021.04.03","DOIUrl":"https://doi.org/10.4337/roke.2021.04.03","url":null,"abstract":"The paper analyses the relation between premature deindustrialization in Latin America and what is termed premature financialization. Premature financialization is defined as a turn to finance, organized as an industrial concern, which is a vehicle for accumulation before the process of industrialization has reached maturity. This contrasts with developed countries where financialization occurs after an advanced stage of economic and social development has been reached, and where the growth of the financial sector, beyond a certain threshold, can be detrimental to economic activity. The paper examines the consequences of premature financialization for investment, growth, and financial stability.","PeriodicalId":45671,"journal":{"name":"Review of Keynesian Economics","volume":" ","pages":""},"PeriodicalIF":1.6,"publicationDate":"2021-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47640357","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 12
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