发达经济体是否越来越依赖金融市场的投机活动和财政刺激来推动疲弱的经济增长?

Wenfa Ng
{"title":"发达经济体是否越来越依赖金融市场的投机活动和财政刺激来推动疲弱的经济增长?","authors":"Wenfa Ng","doi":"10.6084/m9.figshare.3437765.v3","DOIUrl":null,"url":null,"abstract":"Perceptions of economic trends and growth rates around the world over the past two decades, especially in advanced economies, suggests that the world is in a period of low growth without external stimulus delivered via speculative activities in the financial markets or fiscal stimulus. But is the intuition backed up by real data? If real, is the concept specific to the contemporary environment where there is increased (and increasing) integration of the world’s financial markets coupled with a global savings glut and a shortfall in aggregate demand? More precisely, does the observed phenomenon describes periodic gyration in economic activities, local or global; or is it just a name to annotate a period of economic history unlikely to repeat itself? In addition, what are the factors that have potentiated (observed) surreal economic readout: rapid growth followed by sharp drop in economic activities in many emerging economies over the last decade? Is herd behavior, bundled structured products or bonds (of questionable risk profile), high speed trading and dark pools, alone or in combination, pushing trading activities on various financial markets to artificially high levels? Do the above mask deeper problems such as low rates of wage growth (relative to inflation), which manifest, at the population level, as reasonable GDP growth rates, but increased income inequality?","PeriodicalId":11044,"journal":{"name":"delete","volume":"210 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2016-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Are Advanced Economies Increasingly Reliant on Speculative Activities in Financial Markets and Fiscal Stimulus to Nudge Anemic Growth Upwards?\",\"authors\":\"Wenfa Ng\",\"doi\":\"10.6084/m9.figshare.3437765.v3\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Perceptions of economic trends and growth rates around the world over the past two decades, especially in advanced economies, suggests that the world is in a period of low growth without external stimulus delivered via speculative activities in the financial markets or fiscal stimulus. But is the intuition backed up by real data? If real, is the concept specific to the contemporary environment where there is increased (and increasing) integration of the world’s financial markets coupled with a global savings glut and a shortfall in aggregate demand? More precisely, does the observed phenomenon describes periodic gyration in economic activities, local or global; or is it just a name to annotate a period of economic history unlikely to repeat itself? In addition, what are the factors that have potentiated (observed) surreal economic readout: rapid growth followed by sharp drop in economic activities in many emerging economies over the last decade? Is herd behavior, bundled structured products or bonds (of questionable risk profile), high speed trading and dark pools, alone or in combination, pushing trading activities on various financial markets to artificially high levels? Do the above mask deeper problems such as low rates of wage growth (relative to inflation), which manifest, at the population level, as reasonable GDP growth rates, but increased income inequality?\",\"PeriodicalId\":11044,\"journal\":{\"name\":\"delete\",\"volume\":\"210 1\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2016-07-13\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"delete\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.6084/m9.figshare.3437765.v3\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"delete","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.6084/m9.figshare.3437765.v3","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 1

摘要

对过去20年世界各地(尤其是发达经济体)经济趋势和增长率的看法表明,世界正处于低增长时期,没有通过金融市场投机活动或财政刺激提供的外部刺激。但这种直觉有真实数据支持吗?如果这是真的,那么这个概念是否只适用于当前的环境,即全球金融市场日益一体化,同时全球储蓄过剩和总需求不足?更准确地说,观察到的现象是否描述了局部或全球经济活动的周期性波动;或者,它只是一个名称,用来说明一段不太可能重演的经济史?此外,是什么因素加剧了(观察到的)超现实的经济解读:在过去十年中,许多新兴经济体的经济活动在快速增长之后急剧下降?羊群行为、捆绑结构性产品或债券(风险状况可疑)、高速交易和暗池,单独或共同推动各种金融市场的交易活动达到人为的高水平吗?以上是否掩盖了更深层次的问题,如工资增长率低(相对于通货膨胀),这在人口层面上表现为合理的GDP增长率,但却加剧了收入不平等?
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Are Advanced Economies Increasingly Reliant on Speculative Activities in Financial Markets and Fiscal Stimulus to Nudge Anemic Growth Upwards?
Perceptions of economic trends and growth rates around the world over the past two decades, especially in advanced economies, suggests that the world is in a period of low growth without external stimulus delivered via speculative activities in the financial markets or fiscal stimulus. But is the intuition backed up by real data? If real, is the concept specific to the contemporary environment where there is increased (and increasing) integration of the world’s financial markets coupled with a global savings glut and a shortfall in aggregate demand? More precisely, does the observed phenomenon describes periodic gyration in economic activities, local or global; or is it just a name to annotate a period of economic history unlikely to repeat itself? In addition, what are the factors that have potentiated (observed) surreal economic readout: rapid growth followed by sharp drop in economic activities in many emerging economies over the last decade? Is herd behavior, bundled structured products or bonds (of questionable risk profile), high speed trading and dark pools, alone or in combination, pushing trading activities on various financial markets to artificially high levels? Do the above mask deeper problems such as low rates of wage growth (relative to inflation), which manifest, at the population level, as reasonable GDP growth rates, but increased income inequality?
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
自引率
0.00%
发文量
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信