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Climate change and macroeconomic policy space in developing and emerging economies 发展中经济体和新兴经济体的气候变化和宏观经济政策空间
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-06-23 DOI: 10.1080/01603477.2022.2084630
Anne Löscher, Annina Kaltenbrunner
{"title":"Climate change and macroeconomic policy space in developing and emerging economies","authors":"Anne Löscher, Annina Kaltenbrunner","doi":"10.1080/01603477.2022.2084630","DOIUrl":"https://doi.org/10.1080/01603477.2022.2084630","url":null,"abstract":"Abstract This paper addresses the macroeconomic challenges stemming from the double affectedness of climate change and dependence on external finance in peripheral countries. The paper uses the Post-Keynesian concept of an asset’s own rate of return to assess how susceptibility to the combined effects of erratic capital flows and the vulnerability vis-à-vis the physical and transitional risks of climate change reduces macroeconomic policy space. Climate change and mitigation strategies are said to contribute to financial instability ensuing flight-to-quality of international investors. This translates into higher external financial fragility in low income countries with a high degree of commodity dependence—with increased exchange rate volatility and devaluating pressure deteriorating affected countries’ currencies’ liquidity premia and the expectation of their short-term exchange rates as result. Consequently, policy-makers in affected countries are forced to commit to investor-friendly policies and high interest rates to uphold their currencies’ acceptance. The susceptibility to the physical risks of climate change and mitigation hence contributes to the self-perpetuating nature of international monetary asymmetries and hierarchies.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"46 1","pages":"113 - 141"},"PeriodicalIF":1.0,"publicationDate":"2022-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42410003","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
The global financial cycle and external debt: effects on growth and distribution in emerging and developing economies 全球金融周期和外债:对新兴和发展中经济体增长和分配的影响
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-06-15 DOI: 10.1080/01603477.2022.2068032
P. Bortz, Gabriel Michelena, Fernando Toledo
{"title":"The global financial cycle and external debt: effects on growth and distribution in emerging and developing economies","authors":"P. Bortz, Gabriel Michelena, Fernando Toledo","doi":"10.1080/01603477.2022.2068032","DOIUrl":"https://doi.org/10.1080/01603477.2022.2068032","url":null,"abstract":"Abstract The global financial cycle (GFCy), driven by international monetary conditions and global risk perceptions, is a major driver of capital flows to and out of emerging and developing economies (EDEs), reflected in external indebtedness. This paper analyzes the impact of the GFCy on the economic performance of EDEs borrowing in international markets. Rising external borrowing generates appreciating pressures on the exchange rate and lowers the cost of external borrowing. The overall impact of these reinforcing effects acts over investment, debt servicing and the current account balance. We conduct simulation exercises which show that rising external debt coupled with lax external financial conditions have a detrimental impact on economic activity and creates inflationary pressures through the effect of financial costs and the reaction of nominal wage demands. We show that capital control measures increase the degrees of freedom of monetary authorities.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"45 1","pages":"476 - 502"},"PeriodicalIF":1.0,"publicationDate":"2022-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48669721","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
Lost in consolidation? Declining public investment, multiplier effects and alternatives to the path of fiscal consolidation in Portugal 在整合中迷失?公共投资下降、乘数效应以及葡萄牙财政整顿道路的替代方案
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-06-02 DOI: 10.1080/01603477.2022.2077764
Vicente Ferreira
{"title":"Lost in consolidation? Declining public investment, multiplier effects and alternatives to the path of fiscal consolidation in Portugal","authors":"Vicente Ferreira","doi":"10.1080/01603477.2022.2077764","DOIUrl":"https://doi.org/10.1080/01603477.2022.2077764","url":null,"abstract":"Abstract This paper deals with one of the most pressing concerns that Eurozone periphery economies will face in the near future: how to achieve a sustained recovery from the COVID-19 crisis while dealing with growing public debt-to-GDP ratios. The paper assesses the macroeconomic relationship between public spending, economic growth and debt sustainability. We use a TSLS method to perform the econometric estimation of the public spending multiplier for a panel of 11 Eurozone economies over the 1995–2019 period. We find evidence that the multiplier is positive and close to 1,8, suggesting that the benefits of promoting public investment exceed its initial financing cost. As a result, we conclude that debt sustainability is not only compatible with, but in fact improved by a more expansive fiscal policy and present an alternative policy path for the Portuguese economy in the 2021–2025 period based on this conclusion.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"45 1","pages":"359 - 385"},"PeriodicalIF":1.0,"publicationDate":"2022-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46232832","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
Watery Rose Apple: A Comprehensive Review of Its Traditional Uses, Nutritional Value, Phytochemistry, and Therapeutic Merits against Inflammation-Related Disorders. 含水玫瑰苹果：全面评述其传统用途、营养价值、植物化学以及对炎症相关疾病的治疗功效。
3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-05-29 eCollection Date: 2022-01-01 DOI: 10.1155/2022/7502185
Mouna Yassir, Widad Ben Bakrim, Mona F Mahmoud, BadrEddine Drissi, Lamfeddal Kouisni, Mansour Sobeh
{"title":"Watery Rose Apple: A Comprehensive Review of Its Traditional Uses, Nutritional Value, Phytochemistry, and Therapeutic Merits against Inflammation-Related Disorders.","authors":"Mouna Yassir, Widad Ben Bakrim, Mona F Mahmoud, BadrEddine Drissi, Lamfeddal Kouisni, Mansour Sobeh","doi":"10.1155/2022/7502185","DOIUrl":"10.1155/2022/7502185","url":null,"abstract":"<p><p>The myrtle family, Myrtaceae, constitutes over 5500 species, and <i>Syzygium</i> is considered the largest genus of the flowering plants within the family. The watery rose apple, <i>Syzygium aqueum</i>, is a traditional medicinal plant with various bioactive compounds distributed in all plant parts. These include phenolic compounds, flavonoids, tannins, terpenoids, and essential oils. <i>S. aqueum</i> extracts and their isolated compounds showed multiple beneficial biological effects such as antibacterial, antifungal, antidiabetic, analgesic, antimalarial, antioxidant, anti-inflammatory, and anticancer activities. This review is aimed at discussing all the available information about the nutritional value, traditional uses, and therapeutic properties of the leaves, fruit, and stem bark of the plant, in addition to the distribution of phytoconstituents in its different parts as well as recommend future research directions on this species to promote its clinical uses.</p>","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"6 1","pages":"7502185"},"PeriodicalIF":0.0,"publicationDate":"2022-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9168099/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81181790","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Link between private debt and public surplus in Spain 西班牙私人债务与公共盈余之间的联系
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-05-16 DOI: 10.1080/01603477.2022.2068035
Eduardo Garzón Espinosa, Bibiana Medialdea García, Esteban Cruz Hidalgo, Carlos Sánchez Mato
{"title":"Link between private debt and public surplus in Spain","authors":"Eduardo Garzón Espinosa, Bibiana Medialdea García, Esteban Cruz Hidalgo, Carlos Sánchez Mato","doi":"10.1080/01603477.2022.2068035","DOIUrl":"https://doi.org/10.1080/01603477.2022.2068035","url":null,"abstract":"Abstract Throughout recent history, the Spanish economy registered a fiscal surplus only between 2005 and 2007. Analysts agree that this surplus was a product of the extraordinary economic growth, but they often fail to notice that it was based on similarly exceptional growth in private debt, which was a necessary condition for achieving fiscal surplus. This finding can be illuminated from the vantage of sectoral balances: in economies that usually run a current account deficit, such as Spain’s, a public surplus can be achieved only in situations characterized by a credit bubble. To verify this idea we examine the impact that the Spanish real estate and credit bubble had on public accounts, and we also estimate an econometric model of autoregressive vectors. The results corroborate the working hypothesis: Spain’s only fiscal surplus in recent years was achieved thanks to the largest private indebtedness process in the country’s history. This evidence could have important implications in terms of economic policy, because economies with regular current account deficits such as Spain could have difficulties in achieving their fiscal goals without experiencing credit booms.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"45 1","pages":"454 - 475"},"PeriodicalIF":1.0,"publicationDate":"2022-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43832825","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
Estimation of a long run regime for growth and demand through different filtering methods 通过不同的过滤方法对增长和需求的长期状态进行估计
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-05-05 DOI: 10.1080/01603477.2022.2068033
Joana David Avritzer
{"title":"Estimation of a long run regime for growth and demand through different filtering methods","authors":"Joana David Avritzer","doi":"10.1080/01603477.2022.2068033","DOIUrl":"https://doi.org/10.1080/01603477.2022.2068033","url":null,"abstract":"Abstract This paper discusses the possibility of estimating a long run relationship between income distribution and growth. As emphasized by Blecker, the neo-Kaleckian empirical literature has focused on the estimation of a short run relationship. This paper contributes to the debate by looking at a long term relationship through the use of filtering methods. We first estimate the long run component (or “trend” component) of the relevant variables using various types of filters. Second, we run causality tests and frequentist estimations to test for the relationship between the estimated trend components. We find that there is little difference between the results of each filter and there is empirical evidence for long run relationship between the rate of capacity utilization and income distribution. We also find that there is some empirical evidence for long run wage-led growth.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"45 1","pages":"408 - 428"},"PeriodicalIF":1.0,"publicationDate":"2022-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45922047","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
Capital productivity and the decreasing wage share in the United States: a Keynesian Approach 美国的资本生产率和工资份额的下降:一个凯恩斯主义的方法
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-05-02 DOI: 10.1080/01603477.2022.2068034
Carles Manera, F. Navinés, José A. Pérez-Montiel, Javier Franconetti
{"title":"Capital productivity and the decreasing wage share in the United States: a Keynesian Approach","authors":"Carles Manera, F. Navinés, José A. Pérez-Montiel, Javier Franconetti","doi":"10.1080/01603477.2022.2068034","DOIUrl":"https://doi.org/10.1080/01603477.2022.2068034","url":null,"abstract":"Abstract We argue that in the US there is a causal relationship running unidirectionally from negative shocks in capital productivity to negative variations in the wage share. We sustain that, faced with a capital productivity decrease, the US firm sector pushes wages down to maximize the rate of profit. Through asymmetric SVAR techniques that are robust to endogeneity and structural breaks; we show that decreases in capital productivity unidirectionally cause decreases in the wage share. We offer some possible explanations for that.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"45 1","pages":"429 - 453"},"PeriodicalIF":1.0,"publicationDate":"2022-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47087969","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
Remembering Geoff Harcourt (1931–2021): a post-Keynesian pioneer 追忆杰夫•哈考特(1931-2021):后凯恩斯主义先驱
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-04-03 DOI: 10.1080/01603477.2022.2068036
S. Cornish, John Hawkins
{"title":"Remembering Geoff Harcourt (1931–2021): a post-Keynesian pioneer","authors":"S. Cornish, John Hawkins","doi":"10.1080/01603477.2022.2068036","DOIUrl":"https://doi.org/10.1080/01603477.2022.2068036","url":null,"abstract":"Abstract Geoff Harcourt was esteemed for the quality of his prolific scholarship. He was a pioneering post-Keynesian economist who specialized in capital theory. But he also wrote on many other theoretical areas as well as contributing to policy debates and writing intellectual biographies. In addition to his published work, he made a remarkable contribution as a teacher and mentor, encouraging, supporting and guiding countless students and colleagues. His contributions to economics and public policy are therefore far more than the work he wrote himself. Generous, collegiate, encouraging and sympathetic, he was an outstanding person as well as a great economist.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"45 1","pages":"169 - 183"},"PeriodicalIF":1.0,"publicationDate":"2022-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42015317","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: 3
Financialization of South Korean non-financial firms: an empirical analysis of the impacts on firms’ real and research and development investments 韩国非金融企业的金融化：对企业实物投资和研发投资影响的实证分析
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-01-24 DOI: 10.1080/01603477.2022.2027786
J. Jo, Yeyoul Yu
{"title":"Financialization of South Korean non-financial firms: an empirical analysis of the impacts on firms’ real and research and development investments","authors":"J. Jo, Yeyoul Yu","doi":"10.1080/01603477.2022.2027786","DOIUrl":"https://doi.org/10.1080/01603477.2022.2027786","url":null,"abstract":"Abstract This study explores financialization’s effects on corporate innovation using data on 711 firms taken from the KIS-Value database (1994–2019) and the generalized method of moments (GMM) model. Scholars warn that aiming solely to maximize shareholders’ interests and short-term financial investments places non-financial firms’ entrepreneurship at risk. Long-term R&D and real investments decline as a result, leading to stagnant growth. This study investigates whether empirical findings from the US and the UK, where financialization negatively affects corporations’ real and R&D investments, apply to the South Korean market. We find that the financialization of South Korean non-financial firms has damaged both real and R&D investments. The first channel of financialization, increased financial investments, reduces real investments and R&D spending. Furthermore, the second channel of financialization, profit-sharing, reduces corporate innovation. The more that South Korean non-financial firms adhere to dividend payments and stock buybacks, the greater the negative impacts on real and R&D investments are.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"45 1","pages":"184 - 209"},"PeriodicalIF":1.0,"publicationDate":"2022-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42791745","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
Technology and productivity: a critique of aggregate indicators 技术与生产力：对综合指标的批判
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-01-02 DOI: 10.1080/01603477.2022.2029491
F. Block
{"title":"Technology and productivity: a critique of aggregate indicators","authors":"F. Block","doi":"10.1080/01603477.2022.2029491","DOIUrl":"https://doi.org/10.1080/01603477.2022.2029491","url":null,"abstract":"Abstract Economic analysts have used trends in total factor productivity (TFP) to evaluate the effectiveness with which economies are utilizing advances in technology. However, this measure is problematic on several different dimensions. First, the idea that it is possible to separate out the relative contribution to economic output of labor, capital, and technology requires ignoring their complex interdependence in actual production. Second, since TFP growth has declined in recent decades in all of the developed market societies, there is good reason to believe that the decline is an artifact of the slower rates of economic growth that are linked to austerity policies. Third, reliance on TFP assumes that measures of the gross domestic product are accurately capturing changes in economic output, even as the portion of the labor force producing tangible goods has declined substantially. Finally, there are other indicators that suggest that current rates of technological progress might be as strong or stronger than in earlier decades.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"45 1","pages":"1 - 23"},"PeriodicalIF":1.0,"publicationDate":"2022-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42774263","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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