International Review of Applied Economics最新文献_第10页

Economists’ competitiveness letter 经济学家竞争力信

IF 2.2

International Review of Applied Economics Pub Date : 2022-05-04 DOI: 10.1080/02692171.2022.2092321

Economists former UK-regulators

引用次数: 0

Reviving financial markets – a critical assessment of the single resolution mechanism 复兴金融市场——对单一处置机制的批判性评估

IF 2.2

International Review of Applied Economics Pub Date : 2022-05-04 DOI: 10.1080/02692171.2022.2093339

Mariana Mortágua, Izaura Solipa

{"title":"Reviving financial markets – a critical assessment of the single resolution mechanism","authors":"Mariana Mortágua, Izaura Solipa","doi":"10.1080/02692171.2022.2093339","DOIUrl":"https://doi.org/10.1080/02692171.2022.2093339","url":null,"abstract":"ABSTRACT The creation of the Banking Union, set to be an integrated financial framework for the Eurozone, should be better understood as part of a larger process of governing through financial markets, where policy-makers resort to market-based instruments and policies for governance purposes, thus forming an alignment with the interests of financial elites. This paper assesses the Single Resolution Mechanism and highlights overlooked aspects of its design and decision-making process that are actively strengthening and further integrating market-based finance in the European banking system. The resolution framework and its underlying conditionalities imposed by the limited public intervention toolkit and the European State Aid regime are promoting banking capital concentration and the marketization of more traditional banking systems. Meanwhile, the discretionary decisions imposed by the European technocratic body reinforces the integration agenda, with often detrimental effects for the member states of the Southern Periphery. While the Banking Union has the overall goal of financial stability and increased convergence between member states, the outcomes of the Single Resolution Mechanism point to an increase in market-based finance and riskier business models at the expense of smaller and more traditional banking systems, fostering too-big-to-fail institutions and further deepening the already rooted intra-euro divergences.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":"36 1","pages":"403 - 423"},"PeriodicalIF":2.2,"publicationDate":"2022-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46592969","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

Population and economic growth in developed countries 发达国家的人口与经济增长

IF 2.2

International Review of Applied Economics Pub Date : 2022-05-04 DOI: 10.1080/02692171.2022.2069688

T. Lianos, Nicholas Tsounis, Anastasia Pseiridis

引用次数: 0

The coming financial crisis 即将到来的金融危机

IF 2.2

International Review of Applied Economics Pub Date : 2022-05-04 DOI: 10.1080/02692171.2022.2112858

J. Michie

{"title":"The coming financial crisis","authors":"J. Michie","doi":"10.1080/02692171.2022.2112858","DOIUrl":"https://doi.org/10.1080/02692171.2022.2112858","url":null,"abstract":"ABSTRACT The 2007–2008 international financial crisis was the worst since the 1929 Wall Street Crash – triggering the 1930s Great Depression, the rise of fascism and Hitler in Europe, and the Second World War. In the 1930s there were reforms to tackle the causes – particularly in the US with Roosevelt’s New Deal – including splitting banks’ ‘casino’ from ‘high street’ operations, and strengthening trade union rights. Following the Second World War, there were global reforms, including exchange controls to prevent cross-border financial speculation. But in the post-1980s era of privatisation and deregulation, these reforms were lobbied against and generally abandoned. The resulting speculative orgy, accompanied inevitably by increased inequality, led to the 2007–2008 international financial crisis. Reforms were promised, including increasing the degree of corporate diversity in the financial services sector, and creating ‘resolution’ plans for banks to prevent their collapse. However, the promised reforms regarding corporate diversity were reneged upon. Resolution plans were adopted in the UK, but in Europe this is being driven in a way that will strengthen the power of finance that created the problem in the first place. And the UK Government wants the regulator to promote the ‘competitiveness’ of financial services, which was tried before, and didn’t end well.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":"36 1","pages":"291 - 301"},"PeriodicalIF":2.2,"publicationDate":"2022-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59406507","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

Correction Notice 调整通知

IF 2.2

International Review of Applied Economics Pub Date : 2022-05-04 DOI: 10.1080/02692171.2022.2106708

引用次数: 0

Banking diversity, financial complexity and resilience to financial shocks: evidence from Italian provinces 银行业的多样性、金融复杂性和对金融冲击的抵御能力：来自意大利各省的证据

IF 2.2

International Review of Applied Economics Pub Date : 2022-05-04 DOI: 10.1080/02692171.2022.2090521

B. Pisicoli

引用次数: 1

The state's response to the crisis of neoliberalism: a comparison of the net social wage in China and the United States, 1992-2017 国家对新自由主义危机的回应:1992-2017年中美社会净工资比较

IF 2.2

International Review of Applied Economics Pub Date : 2022-04-08 DOI: 10.1080/02692171.2022.2056155

Katherine A. Moos, Hao Qi

引用次数: 0

Financialisation in developing countries: approaches, concepts, and metrics 发展中国家的金融化：方法、概念和衡量标准

IF 2.2

International Review of Applied Economics Pub Date : 2022-03-17 DOI: 10.1080/02692171.2022.2052714

C. Lapavitsas, A. Soydan

引用次数: 8

Is the most unproductive firm the foundation of the most efficient economy? Penrosian learning confronts the neoclassical fallacy 生产率最低的企业是效率最高的经济的基础吗?彭罗斯式学习面对新古典主义谬误

IF 2.2

International Review of Applied Economics Pub Date : 2022-03-15 DOI: 10.1080/02692171.2021.2022296

William Lazonick

{"title":"Is the most unproductive firm the foundation of the most efficient economy? Penrosian learning confronts the neoclassical fallacy","authors":"William Lazonick","doi":"10.1080/02692171.2021.2022296","DOIUrl":"https://doi.org/10.1080/02692171.2021.2022296","url":null,"abstract":"ABSTRACTEdith Penrose’s The Theory of the Growth of the Firm provides an intellectual foundation for a theory of innovative enterprise, which is essential to any attempt to explain productivity growth, employment opportunity, and income distribution. Penrose’s theory of the firm is also an antidote to the absurdity that has been taught by PhD economists to millions of college students for over seven decades: the most unproductive firm is the foundation of the most efficient economy. The dissemination of this ‘neoclassical fallacy’ to a mass audience began with Paul A. Samuelson’s textbook, Economics: An Introductory Analysis, first published in 1948. Over the decades, the neoclassical fallacy has persisted through 18 revisions of Samuelson, Economics and in its countless ‘economics principles’ clones. This essay challenges the intellectual hegemony of neoclassical economics by exposing the illogic of its foundational assumptions about how a modern economy operates and performs. To get beyond the neoclassical fallacy, economists must be trained in a ‘historical transformation’ methodology that integrates history and theory. It is a methodology in which theory serves as both a distillation of what we have learned from the study of history and a guide to what we need to learn about reality as the ‘present as history’ unfolds.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":"42 8","pages":""},"PeriodicalIF":2.2,"publicationDate":"2022-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138512756","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

Not all zombies are created equal. A Marxist-Minskyan taxonomy of firms: United States, 1950-2019 并不是所有的僵尸都生而平等。马克思-明斯基的企业分类:美国，1950-2019

IF 2.2

International Review of Applied Economics Pub Date : 2022-03-07 DOI: 10.1080/02692171.2022.2045911

Nicolás Águila, Juan M. Graña

{"title":"Not all zombies are created equal. A Marxist-Minskyan taxonomy of firms: United States, 1950-2019","authors":"Nicolás Águila, Juan M. Graña","doi":"10.1080/02692171.2022.2045911","DOIUrl":"https://doi.org/10.1080/02692171.2022.2045911","url":null,"abstract":"ABSTRACT The ‘zombie’ literature emphasizes the financial characteristics of firms and focuses on financial channels to explain their rise. This is incomplete because it conflates together firms with very different productive characteristics. Drawing on Marx and Minsky’s insights, we build a taxonomy of firms showing both their productive and financial characteristics based on the rate of profit of enterprise and the interplay between its three determinants: the profit rate, the difference between the profit and the interest rate, and the leverage ratio. Considering the different possible combinations of these variables, we classify firms into seven types: normal and regular small capitals (hedge finance); speculative small, super small, and leveraged small capitals (speculative finance); and financially stressed small and zombie capitals (Ponzi finance). We show the composition and evolution of U.S. listed firms as well as relevant descriptive statistics by type of firm from 1950 to 2019. Our main finding is that the principal problem of U.S. firms is productive, not financial, as there is a high share of firms with increasingly negative profitability even before the payment of interest and despite having relatively low leverage.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":"37 1","pages":"3 - 22"},"PeriodicalIF":2.2,"publicationDate":"2022-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44498470","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