Pub Date : 2019-09-27DOI: 10.4337/9781788973694.00020
Hasan Cömert
{"title":"From trilemma to dilemma: monetary policy after the Bretton Woods world","authors":"Hasan Cömert","doi":"10.4337/9781788973694.00020","DOIUrl":"https://doi.org/10.4337/9781788973694.00020","url":null,"abstract":"","PeriodicalId":299087,"journal":{"name":"Finance, Growth and Inequality","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123437785","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}
Pub Date : 2019-09-27DOI: 10.4337/9781788973694.00022
J. Leclaire
{"title":"Linking the real and financial sectors of the economy: the major contribution of post-Keynesians","authors":"J. Leclaire","doi":"10.4337/9781788973694.00022","DOIUrl":"https://doi.org/10.4337/9781788973694.00022","url":null,"abstract":"","PeriodicalId":299087,"journal":{"name":"Finance, Growth and Inequality","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122093765","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}
Pub Date : 2019-09-27DOI: 10.4337/9781788973694.00011
Alicia Girón, Marcia Solorza
{"title":"Financialization and bancarization of Argentina, Brazil and Mexico: financial services transformations from the post-crisis period","authors":"Alicia Girón, Marcia Solorza","doi":"10.4337/9781788973694.00011","DOIUrl":"https://doi.org/10.4337/9781788973694.00011","url":null,"abstract":"","PeriodicalId":299087,"journal":{"name":"Finance, Growth and Inequality","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128325148","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}
Pub Date : 2019-09-27DOI: 10.4337/9781788973694.00008
M. Spanò
This work proposes a new approach to measuring the creation of finance in excess of the quantity needed by the real economy, and to assess how finance is distributed across sectors. The methodology is validated by examining yearly changes that occurred in sectorial balance sheets in 14 founder countries of the European Union from 1995 to 2015. Measuring the superfluous amount of finance in Europe is relevant for at least three reasons. First, a general reason is that finance is crucial in economic analysis. In modern industrialised economies the economic system is a monetary economy of production, where the production of goods and services cannot take place without the opportune creation and circulation of financial capital. Finance is needed in each period to both reactivate existing real activities and provide funds for new activities (Schumpeter, 1912; Keynes, 1937; Graziani, 2003; Godley and Lavoie, 2007; Keen, 2010).1 The present study empirically identifies the flows of finance that are inessential to carry out the process of economic production and provides the basis for a discussion on reforms aimed at restoring and safeguarding the crucial role of the financial system. The second reason is that the role of finance has changed in quality and quantity over the last three decades. This has been investigated by a strand of studies on the financialisation of the economy which has addressed different aspects: single individuals enhancing indebtedness, risk-taking positions and participation in financial markets (Lapavistas, 2011; Martin, 2002); corporate management increasingly targeted at maximising shareholder value (Gallino, 2005; Krippner, 2005); financial assets increasingly used as sources of profitability instead of real production (Epstein, 2005; Erturk et al., 2008; Pollin, 2007; Van Treeck, 2009). The financialisation of the economy has also been associated with income polarisation and inequality (Onaran et al., 2011; Palma, 2009; Stockhammer, 2015), with endogenous financial instability and global imbalances (Crotty, 2008;
这项工作提出了一种新的方法来衡量金融创造超过实体经济所需的数量，并评估金融如何在各个部门之间分布。通过研究1995年至2015年欧盟14个创始国部门资产负债表的年度变化，该方法得到了验证。衡量欧洲过剩的金融规模至少有三个原因。首先，一个普遍的原因是，金融在经济分析中至关重要。在现代工业化经济中，经济体系是一种货币生产经济，没有金融资本的适当创造和流通，商品和服务的生产就不可能发生。每个时期都需要资金来重新激活现有的实际活动，并为新的活动提供资金(熊彼特，1912;凯恩斯,1937;Graziani, 2003;Godley and Lavoie, 2007;敏锐,2010)。1本研究经验性地确定了对进行经济生产过程并不必要的资金流动，并为讨论旨在恢复和保障金融系统的关键作用的改革提供了基础。第二个原因是，在过去30年里，金融的作用在质量和数量上都发生了变化。这已经通过一系列关于经济金融化的研究进行了调查，这些研究涉及了不同的方面:单个人增加债务，冒险头寸和参与金融市场(Lapavistas, 2011;马丁,2002);企业管理越来越以股东价值最大化为目标(Gallino, 2005;Krippner, 2005);金融资产越来越多地被用作盈利来源，而不是实际生产(Epstein, 2005;Erturk et al.， 2008;波淋,2007;Van Treeck, 2009)。经济的金融化也与收入两极分化和不平等有关(Onaran等人，2011;帕尔马,2009;Stockhammer, 2015)，内源性金融不稳定和全球失衡(Crotty, 2008;
{"title":"Measuring finance for the economy and finance for finance","authors":"M. Spanò","doi":"10.4337/9781788973694.00008","DOIUrl":"https://doi.org/10.4337/9781788973694.00008","url":null,"abstract":"This work proposes a new approach to measuring the creation of finance in excess of the quantity needed by the real economy, and to assess how finance is distributed across sectors. The methodology is validated by examining yearly changes that occurred in sectorial balance sheets in 14 founder countries of the European Union from 1995 to 2015. Measuring the superfluous amount of finance in Europe is relevant for at least three reasons. First, a general reason is that finance is crucial in economic analysis. In modern industrialised economies the economic system is a monetary economy of production, where the production of goods and services cannot take place without the opportune creation and circulation of financial capital. Finance is needed in each period to both reactivate existing real activities and provide funds for new activities (Schumpeter, 1912; Keynes, 1937; Graziani, 2003; Godley and Lavoie, 2007; Keen, 2010).1 The present study empirically identifies the flows of finance that are inessential to carry out the process of economic production and provides the basis for a discussion on reforms aimed at restoring and safeguarding the crucial role of the financial system. The second reason is that the role of finance has changed in quality and quantity over the last three decades. This has been investigated by a strand of studies on the financialisation of the economy which has addressed different aspects: single individuals enhancing indebtedness, risk-taking positions and participation in financial markets (Lapavistas, 2011; Martin, 2002); corporate management increasingly targeted at maximising shareholder value (Gallino, 2005; Krippner, 2005); financial assets increasingly used as sources of profitability instead of real production (Epstein, 2005; Erturk et al., 2008; Pollin, 2007; Van Treeck, 2009). The financialisation of the economy has also been associated with income polarisation and inequality (Onaran et al., 2011; Palma, 2009; Stockhammer, 2015), with endogenous financial instability and global imbalances (Crotty, 2008;","PeriodicalId":299087,"journal":{"name":"Finance, Growth and Inequality","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116778557","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}
Pub Date : 2019-09-27DOI: 10.4337/9781788973694.00010
Bruno Bonizzi, Diego Guevara
This is a draft chapter / article. The final version is available in Finance, Growth and Inequality: Post-Keynesian Perspectives edited by Louis-Philippe Rochon and Virginie Monvoisin, published in 2019, Edward Elgar Publishing Ltd https://www.e-elgar.com/shop/finance-growth-and-inequality The material cannot be used for any other purpose without further permission of the publisher, and is for private use only.
{"title":"Private pension funds in emerging economies: from broken promises to financialisation","authors":"Bruno Bonizzi, Diego Guevara","doi":"10.4337/9781788973694.00010","DOIUrl":"https://doi.org/10.4337/9781788973694.00010","url":null,"abstract":"This is a draft chapter / article. The final version is available in Finance, Growth and Inequality: Post-Keynesian Perspectives edited by Louis-Philippe Rochon and Virginie Monvoisin, published in 2019, Edward Elgar Publishing Ltd https://www.e-elgar.com/shop/finance-growth-and-inequality The material cannot be used for any other purpose without further permission of the publisher, and is for private use only.","PeriodicalId":299087,"journal":{"name":"Finance, Growth and Inequality","volume":"97 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116321242","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}
Pub Date : 2019-09-27DOI: 10.4337/9781788973694.00013
J. Perraton
A growing recent literature has examined the macroeconomic implications of household debt. Recent analysis has linked household debt to rising inequality across developed economies leading to stagnant or declining real incomes for middle and lower income households. Wages stagnated with their decoupling from productivity growth and rising inequality; households maintained consumption with falling savings and rising indebtedness. This consumption behaviour can be understood in terms of emulation of consumption patterns through a relative income effect. A range of authors have argued household debt was central to the global financial crisis. More generally it has been argued that with rising inequality aggregate demand was only been sustained by this process of rising household indebtedness before the crisis and since then recovery has been held back by limited growth in household incomes and such recovery as has been achieved has generated by renewed rises in household debt.
{"title":"Macroeconomic implications of inequality and household debt: European evidence","authors":"J. Perraton","doi":"10.4337/9781788973694.00013","DOIUrl":"https://doi.org/10.4337/9781788973694.00013","url":null,"abstract":"A growing recent literature has examined the macroeconomic implications of household debt. Recent analysis has linked household debt to rising inequality across developed economies leading to stagnant or declining real incomes for middle and lower income households. Wages stagnated with their decoupling from productivity growth and rising inequality; households maintained consumption with falling savings and rising indebtedness. This consumption behaviour can be understood in terms of emulation of consumption patterns through a relative income effect. A range of authors have argued household debt was central to the global financial crisis. More generally it has been argued that with rising inequality aggregate demand was only been sustained by this process of rising household indebtedness before the crisis and since then recovery has been held back by limited growth in household incomes and such recovery as has been achieved has generated by renewed rises in household debt.","PeriodicalId":299087,"journal":{"name":"Finance, Growth and Inequality","volume":"139 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117049223","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}
Pub Date : 2019-09-27DOI: 10.4337/9781788973694.00014
H. Szymborska
{"title":"How can policy tackle inequality in the 21st century?","authors":"H. Szymborska","doi":"10.4337/9781788973694.00014","DOIUrl":"https://doi.org/10.4337/9781788973694.00014","url":null,"abstract":"","PeriodicalId":299087,"journal":{"name":"Finance, Growth and Inequality","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114554076","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}
Pub Date : 2019-09-27DOI: 10.4337/9781788973694.00024
D. Leadbeater
{"title":"Notes on dual economy conceptions in economic analysis","authors":"D. Leadbeater","doi":"10.4337/9781788973694.00024","DOIUrl":"https://doi.org/10.4337/9781788973694.00024","url":null,"abstract":"","PeriodicalId":299087,"journal":{"name":"Finance, Growth and Inequality","volume":"165 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115549820","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}
Pub Date : 2019-09-27DOI: 10.4337/9781788973694.00006
Louis-Philippe Rochon, Virginie Monvoisin
The financial crisis that began in 2007 has generally shown the weaknesses of neoclassical theories and policies, in particular by highlighting the irrelevance of modern macro models such as the Dynamic Stochastic General Equilibrium (DSGE) model and its microfoundations, which has come under considerable attack in the last few years, even from the mainstream. Indeed, as Lavoie (2018, p. 15) observes, “there is considerable dissatisfaction with the current state of mainstream macroeconomics”, leading The Economist (2009) to refer to the “turmoil among macroeconomists”. As early as 2009, Krugman (2009a, Internet) was claiming “[t]he economics profession mistook beauty, clad in impressive-looking mathematics, for truth”. More recently, he once again criticised the quest for microfoundations (see 2013, Internet), arguing “so the truth was that microfoundations in macroeconomics had its moment, but failed utterly at the one thing it was sold, above all, as being able to do – namely, give a better explanation of why nominal shocks have real effects. Time, you might think, to reconsider the project”. A few years earlier, Solow, in a 2010 address to the United States Congress, disapprovingly claimed “I do not think that the currently popular DSGE models pass the smell test” (see Solow, 2010). More recently, the Oxford Review of Economic Policy has dedicated two entire issues to the mainstream criticism, although a careful reading of the various contributions reveals the schism is not as deep (see Rochon and Rossi, 2018). Indeed, most articles are of the opinion that the problem with the DSGE model and its failure to predict the crisis or to suggest any meaningful policies since, is because of the lack of the right kind of microfoundations, or what King (2012, p. 150) describes as a debate over “our [microfoundations] are better than yours”. There is no general call for the abandonment or replacement of DSGE models. Far from it. Rather, many are proposing amending the model and nothing more. Indeed, there are calls for the introduction of financial frictions, and other such imperfections, all in the aim of moving away from the RARE (rational expectations, representative agent) DSGE model (see King, 2012). Yet, attempts
始于2007年的金融危机总体上显示了新古典主义理论和政策的弱点，特别是通过突出现代宏观模型的不相关性，如动态随机一般均衡(DSGE)模型及其微观基础，这些模型在过去几年中受到了相当大的攻击，甚至来自主流。事实上，正如Lavoie(2018，第15页)所观察到的那样，“对主流宏观经济学的现状存在相当大的不满”，导致《经济学人》(2009)将其称为“宏观经济学家之间的动荡”。早在2009年，克鲁格曼(2009a, Internet)就声称“经济学专业误把外表令人印象深刻的数学所包裹的美当成了真理”。最近，他再次批评了对微观基础的追求(见2013年，互联网)，认为“所以事实是微观基础在宏观经济学中有它的时刻，但在一件事上完全失败了，最重要的是，它能够做的——即，更好地解释为什么名义冲击有实际影响。”你可能会想，是时候重新考虑这个项目了。”几年前，索洛在2010年对美国国会的一次演讲中，不以为然地声称“我不认为目前流行的DSGE模型通过了气味测试”(见索洛，2010)。最近，《牛津经济政策评论》(Oxford Review of Economic Policy)专门用了两个完整的问题来讨论主流批评，尽管仔细阅读各种贡献会发现分歧并不那么深刻(见Rochon和Rossi, 2018)。事实上，大多数文章都认为，DSGE模型的问题及其未能预测危机或提出任何有意义的政策，是因为缺乏合适的微基金会，或者像King (2012, p. 150)所描述的那样，是一场关于“我们的[微基金会]比你们的好”的辩论。没有普遍要求放弃或更换DSGE模型。远非如此。相反，许多人只是提议修改模型，仅此而已。事实上，有人呼吁引入金融摩擦和其他类似的不完善，所有这些都是为了摆脱RARE(理性预期，代表性代理)DSGE模型(见King, 2012)。然而,尝试
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Pub Date : 2019-09-27DOI: 10.4337/9781788973694.00018
Nathan w. Perry, Carlos Schönerwald
{"title":"The transmission of monetary policy in the US: testing the credit channel and the role of endogenous money","authors":"Nathan w. Perry, Carlos Schönerwald","doi":"10.4337/9781788973694.00018","DOIUrl":"https://doi.org/10.4337/9781788973694.00018","url":null,"abstract":"","PeriodicalId":299087,"journal":{"name":"Finance, Growth and Inequality","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123488866","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}
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