European Journal of Economics and Economic Policies Intervention最新文献

The territorial logic of an export-led growth strategy: Israel’s regime change after the Second Intifada 出口导向型增长战略的领土逻辑：第二次起义后以色列的政权更迭

European Journal of Economics and Economic Policies Intervention Pub Date : 2024-01-01 DOI: 10.4337/ejeep.2024.0125

A. Krampf

引用次数: 0

From export boom to private debt bubble: a macroeconomic policy regime assessment of Canada’s shifting growth regime 从出口繁荣到私人债务泡沫：对加拿大增长机制转变的宏观经济政策制度评估

European Journal of Economics and Economic Policies Intervention Pub Date : 2024-01-01 DOI: 10.4337/ejeep.2023.0114

Theodore Klassen

{"title":"From export boom to private debt bubble: a macroeconomic policy regime assessment of Canada’s shifting growth regime","authors":"Theodore Klassen","doi":"10.4337/ejeep.2023.0114","DOIUrl":"https://doi.org/10.4337/ejeep.2023.0114","url":null,"abstract":"This paper examines the emergence of private debt-led growth in Canada since the Global Financial Crisis (GFC) by means of a growth regimes and macroeconomic policy regime assessment. Examining each of the four business cycles in the 1983–2020 period, roughly encompassing the entirety of the neoliberal period, results demonstrate the emergence of a ‘rising’ weakly export-led growth regime in the early 1990s, a shift to a ‘falling’ weakly export-led regime by 2001, and a turn to a debt-led private demand regime since the GFC. The macroeconomic policy regime then identifies the structural changes and policy factors that have contributed to Canada’s shifting growth regime. While price competitiveness played an important role in the first three cycles, it failed to re-establish an export-led regime in the post-GFC period due to decreased non-price competitiveness. Instead, the post-GFC combination of low real interest rates, which encouraged the accumulation of private debt and fiscal policy, which ex post did not address the negative financial balances of the household sector, supported the turn to private debt-led growth.","PeriodicalId":504521,"journal":{"name":"European Journal of Economics and Economic Policies Intervention","volume":"319 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140521136","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

Book review: Toporowski, Jan (2022): Interest and Capital: The Monetary Economics of Michał Kalecki, Oxford (208 pages, Oxford University Press, ISBN 978-0198816232) 书评：Toporowski, Jan (2022)：Interest and Capital：米哈乌-卡莱基的货币经济学》，牛津（208 页，牛津大学出版社，ISBN 978-0198816232）

European Journal of Economics and Economic Policies Intervention Pub Date : 2023-12-01 DOI: 10.4337/ejeep.2023.03.09

Marc Lavoie

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Book review: Jin, Keyu (2023): The New China Playbook, New York (368 pages, Viking, hardcover, ISBN-13: ‎978-1984878281) 书评：Jin, Keyu (2023)：新中国玩法》，纽约（368 页，维京出版社，精装，ISBN-13：978-1984878281）

European Journal of Economics and Economic Policies Intervention Pub Date : 2023-12-01 DOI: 10.4337/ejeep.2023.03.10

Junaid Jahangir

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House price cycles, housing systems, and growth models 房价周期、住房体系和增长模型

European Journal of Economics and Economic Policies Intervention Pub Date : 2023-12-01 DOI: 10.4337/ejeep.2023.0121

Karsten Kohler, Benjamin Tippet, Engelbert Stockhammer

{"title":"House price cycles, housing systems, and growth models","authors":"Karsten Kohler, Benjamin Tippet, Engelbert Stockhammer","doi":"10.4337/ejeep.2023.0121","DOIUrl":"https://doi.org/10.4337/ejeep.2023.0121","url":null,"abstract":"The paper provides a framework for theorising the role of house price cycles in national growth models. We synthesise Minskyan approaches with comparative political economy (CPE) by arguing that institutions influence the extent to which countries experience what we call ‘house-price-driven growth models’. First, we argue that house price dynamics have been undertheorised in existing growth models analysis. Finance-led models can be properly understood only against the background of rising house prices that stimulate consumption through wealth effects and investment through construction. Second, we identify behavioural and Minskyan theories of housing cycles as suitable frameworks to theorise the impact of housing on growth. However, this literature does not provide an analysis of cross-country differences in housing cycles. Third, drawing on the CPE literature on housing systems, we argue that factors such as private homeownership and mortgage-credit encouraging institutions can explain differences in the intensity of housing cycles. We provide preliminary empirical support for this framework from a cross-country analysis. Our results show strong cross-country heterogeneity in the intensity of housing cycles. Countries with more intense house price cycles also tend to exhibit more volatile business and debt cycles. Homeownership rates and mortgage-credit encouraging institutions are positively correlated with the volatility of house price cycles.","PeriodicalId":504521,"journal":{"name":"European Journal of Economics and Economic Policies Intervention","volume":"77 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139187613","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

FDI-led growth models: Sraffian supermultiplier models of export platforms and tax havens 以外国直接投资为主导的增长模式：出口平台和避税地的斯拉夫超乘数模型

European Journal of Economics and Economic Policies Intervention Pub Date : 2023-12-01 DOI: 10.4337/ejeep.2023.0110

Ryan Woodgate

{"title":"FDI-led growth models: Sraffian supermultiplier models of export platforms and tax havens","authors":"Ryan Woodgate","doi":"10.4337/ejeep.2023.0110","DOIUrl":"https://doi.org/10.4337/ejeep.2023.0110","url":null,"abstract":"This paper develops two Sraffian supermultiplier models of two different kinds of economies that are dependent upon foreign direct investment (FDI): the ‘export platform FDI-led’ growth model and the ‘tax haven FDI-led’ growth model. The former is driven by the growth of the exports of foreign-owned firms and is associated with greenfield FDI inflows, whereas the latter is driven by the growth of profits booked at foreign-owned shell companies that are partly absorbed through taxation and is associated with intangible FDI inflows. The two models achieve demand, output, and income growth via fundamentally different channels yet appear similarly export-led given how profit shifting artificially inflates the net exports of tax havens. Based on these models, a set of empirical indicators are proposed to differentiate export-platform from tax haven economies. In contrast to Bohle/Regan (2021), who characterise output growth in both Hungary and Ireland as being led by the exports of foreign-owned firms, the model and indicators proposed here support the hypothesis that Ireland is closer to the tax haven FDI-led growth model whereas Hungary is better approximated by the export platform FDI-led model.","PeriodicalId":504521,"journal":{"name":"European Journal of Economics and Economic Policies Intervention","volume":"49 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139191529","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

Dependency revisited: commodities, commodity-related capital flows and growth models in emerging economies 重新审视依赖性：新兴经济体的商品、与商品相关的资本流动和增长模式

European Journal of Economics and Economic Policies Intervention Pub Date : 2023-12-01 DOI: 10.4337/ejeep.2023.0107

Michael Schedelik, A. Nölke, Christian May, Alexandre Gomes

{"title":"Dependency revisited: commodities, commodity-related capital flows and growth models in emerging economies","authors":"Michael Schedelik, A. Nölke, Christian May, Alexandre Gomes","doi":"10.4337/ejeep.2023.0107","DOIUrl":"https://doi.org/10.4337/ejeep.2023.0107","url":null,"abstract":"The growth model perspective has provided avenues for bridging comparative and international political economy, mainly regarding the Global Financial Crisis and developments within the eurozone. This article aims to contribute to this endeavor by highlighting the joint effects of capital flows and commodity price swings on growth models in emerging capitalist economies. While the literature on dependent financialization has primarily focused on debt-led growth in the Global South, we spell out the negative implications of commodity-based export-led growth. To this end, we first present a stylized depiction of commodity dependence and provide descriptive statistical evidence of its global prevalence. Subsequently, we trace the co-movement of capital flows to emerging economies and commodity prices. We argue that this ‘commodity–finance nexus’ reinforces the pro-cyclical nature of commodity-based growth, financial volatility, and the vulnerability to global boom–bust cycles. Furthermore, we demonstrate that the conventional method for establishing growth models by calculating the relative contributions to growth is ill-suited to capture the commodity-based export-led growth model of highly commodity-dependent economies. Finally, we identify commodity price movements and fiscal policies as major drivers of growth, with an important role for domestic politics as an intervening variable.","PeriodicalId":504521,"journal":{"name":"European Journal of Economics and Economic Policies Intervention","volume":"30 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139193437","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

Growth regimes, dominant social blocs and growth strategies: towards varieties of export-led growth regimes and strategies in Turkey and Poland 增长制度、主导社会集团和增长战略：土耳其和波兰出口导向型增长制度和战略的变种

European Journal of Economics and Economic Policies Intervention Pub Date : 2023-12-01 DOI: 10.4337/ejeep.2023.0123

Ümit Akçay, Benjamin Jungmann

引用次数: 0

The impact of the COVID-19 pandemic on industrial policy in Germany and the European Union – the case of the automotive industry COVID-19 大流行病对德国和欧盟工业政策的影响--以汽车工业为例

European Journal of Economics and Economic Policies Intervention Pub Date : 2023-08-01 DOI: 10.4337/ejeep.2023.0112

Helena Gräf, Salome Topuria

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Macroeconomic policy and policy spaces during the COVID-19 pandemic – case studies from Germany, Brazil and India COVID-19 大流行期间的宏观经济政策和政策空间--德国、巴西和印度的案例研究

European Journal of Economics and Economic Policies Intervention Pub Date : 2023-08-01 DOI: 10.4337/ejeep.2023.0111

Bruno De Conti, Hansjörg Herr, Praveen Jha, Z. Nettekoven

{"title":"Macroeconomic policy and policy spaces during the COVID-19 pandemic – case studies from Germany, Brazil and India","authors":"Bruno De Conti, Hansjörg Herr, Praveen Jha, Z. Nettekoven","doi":"10.4337/ejeep.2023.0111","DOIUrl":"https://doi.org/10.4337/ejeep.2023.0111","url":null,"abstract":"Theoretical analysis, empirical development and case studies show that room to manoeuvre stabilising macroeconomic policies during the COVID-19 crisis in the years 2020 and 2021 were fundamentally different in the Global South and Global North. The latter used extensive discretionary fiscal and monetary policy, whereas the former used monetary policy only in a very limited way and fiscal policy to a much smaller extent than in the Global North. While the main reason for this difference is, inter alia, the position of countries in the global hierarchy of currencies, the political orientation of governments in general and towards COVID-19 also played a significant role. The income effects of the pandemic for the poor in Germany were moderate, but disastrous in the Global South, as evidenced by case studies on Brazil and especially India. As a result, the global pandemic added to the trend of increasing inequalities in income and wealth distribution, both within and between countries. Some shortcomings of policies during the pandemic include not raising taxes on higher income or wealth groups, implementing steps towards a global tax system or supporting international capital controls to increase the space for national policies.","PeriodicalId":504521,"journal":{"name":"European Journal of Economics and Economic Policies Intervention","volume":"7 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139352486","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