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Journal of Post Keynesian Economics最新文献

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Bank capital regulation and the Modigliani-Miller Theorem: a Post-Keynesian perspective 银行资本管制与Modigliani-Miller定理：后凯恩斯主义视角
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2023-01-23 DOI: 10.1080/01603477.2023.2167094
George Dotsis, Konstantinos I Loizos
{"title":"Bank capital regulation and the Modigliani-Miller Theorem: a Post-Keynesian perspective","authors":"George Dotsis, Konstantinos I Loizos","doi":"10.1080/01603477.2023.2167094","DOIUrl":"https://doi.org/10.1080/01603477.2023.2167094","url":null,"abstract":"Abstract This paper challenges the validity for bank regulation of the Modigliani-Miller (MM) Theorems. We argue that the Modigliani–Miller analysis cannot be applied to banks because when lending creates deposits the asset side of banks varies together with the liability side and equity behaves more like a sticky variable. Hence, from an endogenous money point of view and Minsky’s Financial Instability Hypothesis (FIH), much of the debate on bank capital adequacy rules is misleading because: First, it is not at a bank’s discretion to decide the mix of its funding when it provides credit. Secondly, bank liability management might have implications for financial stability as far as it reduces the liquidity in the economy. Bank regulation in the lines of MM Theorems misses both points as long as it disregards the endogenous process of money supply and the effects of financial fragility. In this sense, refutation of the validity of MM Theorems for bank regulation lends support to a Minskian cash-flow oriented bank regulation for the detection of Ponzi finances.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"46 1","pages":"219 - 242"},"PeriodicalIF":1.0,"publicationDate":"2023-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48571048","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
Modern post-Keynesian approaches: continuities and ruptures with monetary circuit theory 现代后凯恩斯主义方法:与货币循环理论的连续性与断裂
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2023-01-23 DOI: 10.1080/01603477.2023.2167092
É. Berr, Virginie Monvoisin
{"title":"Modern post-Keynesian approaches: continuities and ruptures with monetary circuit theory","authors":"É. Berr, Virginie Monvoisin","doi":"10.1080/01603477.2023.2167092","DOIUrl":"https://doi.org/10.1080/01603477.2023.2167092","url":null,"abstract":"Abstract Stock-flow-consistent models (SFC) and modern monetary theory (MMT) are growing in popularity. Both are part of post-Keynesian theory and provide it with a modeling tool for the former and political proposals for the latter. However, these new modern post-Keynesian approaches share features with monetary circuit theory: their accounting framework, the hierarchy of agents and economic flows, and the importance of the Keynes’s finance motive. This article examined the fundamental elements of these new approaches to establish their links with monetary circuit theory.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"46 1","pages":"359 - 377"},"PeriodicalIF":1.0,"publicationDate":"2023-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59183864","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
A Kaleckian model of growth and distribution considering the effects of the urban informal sector 考虑城市非正规部门影响的卡列肯增长和分配模型
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-11-17 DOI: 10.1080/01603477.2022.2134033
H. Paiva, J. G. Oliveira, J. Teixeira
{"title":"A Kaleckian model of growth and distribution considering the effects of the urban informal sector","authors":"H. Paiva, J. G. Oliveira, J. Teixeira","doi":"10.1080/01603477.2022.2134033","DOIUrl":"https://doi.org/10.1080/01603477.2022.2134033","url":null,"abstract":"Abstract In this paper we present an effort to integrate the informal sector into a neo-Kaleckian growth and distribution model. While informality is a relevant issue to all developing countries, our work is motivated mainly by the Brazilian case, where recent growth of informal employment occurs amid stagnation of the formal sector. We seek to shed light on the relationship between the expansion of both sectors and their influences on economic performance, using as theoretical background the reproduction scheme from Kalecki, now considering the informal sector into the model. Also, we seek to examine the extent to which the expansion of the informal activities can be helpful or harmful for the formal economy in the long run. Our model is consistent with observed empirical facts and reinforces some theoretical and empirical results, for instance, the resilience of the informal activity, its growth at times of economic expansion as well as in times of recession, and its ultimate dependence on the formal economy.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"46 1","pages":"65 - 86"},"PeriodicalIF":1.0,"publicationDate":"2022-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46286503","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
Fiscal sustainability under a paper standard: two paradigms 纸本位下的财政可持续性：两种范式
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-11-17 DOI: 10.1080/01603477.2022.2144383
Andrea Terzi
{"title":"Fiscal sustainability under a paper standard: two paradigms","authors":"Andrea Terzi","doi":"10.1080/01603477.2022.2144383","DOIUrl":"https://doi.org/10.1080/01603477.2022.2144383","url":null,"abstract":"Abstract This paper investigates the theoretical foundations of fiscal sustainability and the policy prescription that when the trajectory of public debt is above a certain threshold, priority should be given to fiscal consolidation. The author contends that the assumption that the government sector is subject to an intertemporal budget constraint can be validated only within a real-exchange economy where money is neutral and public debt entails the absorption of private savings. Conversely, when the economy is viewed as a system of interlocking balance sheets under a paper standard, public debt may prompt higher prices but not an inflation overhang forcing monetization or default. Another justification regards the quality of spending when policymakers’ incentives create a deficit bias, but this must be balanced against the need to flexibly provide safe financial assets to offer fiscal support when needed. In conclusion, limiting fiscal action within an intertemporal budget constraint is unwarranted under a paper standard and generates deflationary effects, underlining the urgent need that Europe move decisively toward the creation of a coordinated fiscal policy joined to a permanent capacity to issue EU debt. This is today’s most urgently needed reform for the economic, social, and political sustainability of the European Union.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"46 1","pages":"1 - 31"},"PeriodicalIF":1.0,"publicationDate":"2022-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41562638","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
International financial integration and economic growth in developing and emerging economies: an empirical investigation 国际金融一体化与发展中经济体和新兴经济体的经济增长:一项实证研究
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-11-14 DOI: 10.1080/01603477.2022.2146591
Samuel Costa Peres, André Moreira Cunha, Luiza Peruffo
{"title":"International financial integration and economic growth in developing and emerging economies: an empirical investigation","authors":"Samuel Costa Peres, André Moreira Cunha, Luiza Peruffo","doi":"10.1080/01603477.2022.2146591","DOIUrl":"https://doi.org/10.1080/01603477.2022.2146591","url":null,"abstract":"<p><b>Abstract</b></p><p>This paper explores the relationship between international financial integration (IFI), external vulnerability and economic growth. It proposes a taxonomy of typical IFI profiles and applies it to a sample of 90 developing and emerging economies (DEEs) for the 1992–2016 period using a dynamic panel data model. Drawing from a Post Keynesian and Structuralist analytical framework, it argues that what matters for economic growth is less the degree of IFI <i>per se</i> and more the profile, or “quality,” of this integration. The results suggest that DEEs which succeed in integrating into global financial markets under a more balanced and autonomous profile may experience, at best, negligible benefits for economic growth, while a more financially dependent and vulnerable profile exacerbates the risks of financial globalization, undermining growth in the long run. Moreover, the growth path in the latter tends to be more affected by external financial shocks, even though systemic shocks also impact the former.</p>","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"30 4","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138526922","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
Real estate assets, heterogeneous firms, and debt stability 房地产资产、异质企业与债务稳定性
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-11-11 DOI: 10.1080/01603477.2022.2136096
Jinsong Wang, Luoqiu Tang, Yueqiao Li
{"title":"Real estate assets, heterogeneous firms, and debt stability","authors":"Jinsong Wang, Luoqiu Tang, Yueqiao Li","doi":"10.1080/01603477.2022.2136096","DOIUrl":"https://doi.org/10.1080/01603477.2022.2136096","url":null,"abstract":"","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"1 1","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-11-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45040780","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
The Baran Ratio, investment, and British economic growth and development 巴兰比率、投资与英国经济增长与发展
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-10-31 DOI: 10.1080/01603477.2022.2134034
Thomas E. Lambert
{"title":"The Baran Ratio, investment, and British economic growth and development","authors":"Thomas E. Lambert","doi":"10.1080/01603477.2022.2134034","DOIUrl":"https://doi.org/10.1080/01603477.2022.2134034","url":null,"abstract":"<p><b>Abstract</b></p><p>Investment in capital, new technology, and agricultural techniques has not been considered an endeavor worthwhile in a medieval economy because of a lack of strong property rights and no incentive on the part of lords and barons to lend money to or grant rights to peasant farmers. Therefore, the medieval economy and standards of living at that time often have been characterized as non-dynamic and static due to insufficient investment in innovative techniques and technology. Paul Baran’s concept of the economic surplus is applied to investment patterns during the late medieval, mercantile, and early capitalist stages of economic growth in England and the UK. This paper uses Zhun Xu’s Baran Ratio concept to try to develop general trends to demonstrate and reinforce other historical accounts of these times that a productive and sufficient level of public and private investment out of accumulated capital income, taxation, and rents does not have a real impact on economic per capita growth until around the 1600 s in Britain. This would also be about the time of capitalism’s ascent as the dominant economic system in England. Even then, dramatic increases in investment and economic growth do not appear until the late 18th Century when investment more consistently becomes more than one hundred percent of the level of the domestic economic surplus and takes in government spending. The types of investment, threshold amounts of investment out of profits and rents along with government spending seem to matter when it comes to a growth path raising GDP per capita and national income per capita to higher levels. Although much of this knowledge perhaps is embodied in current historical accounts, the Baran Ratio nicely summarizes and illustrates the importance of levels of investment to economic growth.</p>","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"20 2","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138526930","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
Empirical analysis of the financial fragility of Russian enterprises using the financial instability hypothesis 基于金融不稳定假说的俄罗斯企业财务脆弱性实证分析
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-10-31 DOI: 10.1080/01603477.2022.2134036
E. Perepelkina, I. Rozmainsky
{"title":"Empirical analysis of the financial fragility of Russian enterprises using the financial instability hypothesis","authors":"E. Perepelkina, I. Rozmainsky","doi":"10.1080/01603477.2022.2134036","DOIUrl":"https://doi.org/10.1080/01603477.2022.2134036","url":null,"abstract":"Abstract This paper conducts an empirical analysis of the financial instability hypothesis on Russian data. The main literature on this topic has been reviewed, and two financial fragility indexes—developed by Mulligan and by Torres Filho with coauthors—to determine whether Russian firms are in a hedge, speculative or Ponzi regime are used. To do empirical analysis, 371 Russian firms from nine industries—Agriculture, Construction, Investment, Light Industry, Power Industry, Machinery, Steel Industry, Trade, and also Oil, Gas, and Chemicals Industry—were selected, and these panel data include observations from 2005 to 2020. This period includes three cases of falling GDP in Russia: 2008–2009, 2014–2015, and 2020. After identifying the regime of firms according to the two above-mentioned criteria, we make a logistic regression on the base of the Nishi approach to determine what affects a firm’s probability of becoming a Ponzi unit. According to our analysis, the increase in GDP and Profitability leads to declining in the Russian firms’ probability to become Ponzi, whereas the rise in Short-term Debt results in the growing probability to have a fragile financing regime. In general, speculative financing dominated, and Construction, Investment, Power Industry, and Machinery were the most fragile sectors.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"46 1","pages":"243 - 273"},"PeriodicalIF":1.0,"publicationDate":"2022-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43701324","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
Household debt, student loan forgiveness, and human capital investment: a neo-Kaleckian approach 家庭债务、学生贷款减免和人力资本投资：新卡莱卡方法
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-10-17 DOI: 10.1080/01603477.2022.2134035
G. Serra
{"title":"Household debt, student loan forgiveness, and human capital investment: a neo-Kaleckian approach","authors":"G. Serra","doi":"10.1080/01603477.2022.2134035","DOIUrl":"https://doi.org/10.1080/01603477.2022.2134035","url":null,"abstract":"Abstract This paper aims to analyze the sustainability of student debt in the US. For this purpose, I build a neo-Kaleckian model in which households can borrow to either consume or invest in human capital. Next, I calibrate the model using US data to simulate the economic effects of specific policies such as student loan forgiveness. To my knowledge, this is the first study that considers household borrowing for two different purposes, consumption and human capital accumulation, in a demand-led macro-modeling framework. The main findings are that (i) household debt is sustainable in the long run (i.e., the debt servicing is compatible with the long-term economic growth) for a consumption level greater than 90% of household income; (ii) new borrowing boosts short-term economic activity while having ambiguous long-term effects because of its outcomes to household indebtedness and debt servicing; and (iii) student loan cancelation has only short-run economic effects, whereas reducing loan interest rates and changing the eligibility criterion for student loan forgiveness result in long-term effects.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"46 1","pages":"173 - 206"},"PeriodicalIF":1.0,"publicationDate":"2022-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49109198","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
The nature of money under a commodity standard: exogenous or endogenous? 商品标准下的货币本质：外生还是内生？
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-10-17 DOI: 10.1080/01603477.2022.2134031
G. Feldman
{"title":"The nature of money under a commodity standard: exogenous or endogenous?","authors":"G. Feldman","doi":"10.1080/01603477.2022.2134031","DOIUrl":"https://doi.org/10.1080/01603477.2022.2134031","url":null,"abstract":"Abstract The aim of the present article is to discuss the nature of money under a commodity standard. The notion of money supply endogeneity, endorsed by Post-Keynesian (PK) scholars within the institutional framework of modern credit economies, is extended to the case of a gold standard regime by recourse to the view of early classical economists, which highlights the endogenous determination of the supply of precious metals in a long-period position. This interpretation represents a more robust and natural extension of the PK approach than the neoclassical quantity-theoretic framework employed by several PK scholars to give account of the normal working of this monetary system.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"46 1","pages":"207 - 218"},"PeriodicalIF":1.0,"publicationDate":"2022-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46142038","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
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