Pub Date : 2023-04-21DOI: 10.15446/cuad.econ.v42n88.102923
Martín Esteban Seoane Salazar, Herlan André Argandoña Zubieta
The theory of value aims to explain the way prices function as a coordination mechanism of market societies. A coherent approach to the theory of value must be monetary and, in addition, it must analyze the dynamics of the economy in a disaggregated manner, considering the interdependent relations between the different individual economic activities. Here, we review the main monetary models of theories of value, both neoclassical and classical-Marxian. We analyze their scope and limits and conclude by highlighting a dilemma they face between their results’ generality and specificity.
{"title":"The limits of monetary approaches to the theory of value","authors":"Martín Esteban Seoane Salazar, Herlan André Argandoña Zubieta","doi":"10.15446/cuad.econ.v42n88.102923","DOIUrl":"https://doi.org/10.15446/cuad.econ.v42n88.102923","url":null,"abstract":"The theory of value aims to explain the way prices function as a coordination mechanism of market societies. A coherent approach to the theory of value must be monetary and, in addition, it must analyze the dynamics of the economy in a disaggregated manner, considering the interdependent relations between the different individual economic activities. Here, we review the main monetary models of theories of value, both neoclassical and classical-Marxian. We analyze their scope and limits and conclude by highlighting a dilemma they face between their results’ generality and specificity.","PeriodicalId":42391,"journal":{"name":"Cuadernos de Economia-Spain","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41550730","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 : 2023-04-21DOI: 10.15446/cuad.econ.v42n88.104706
Hernando Matallana
China and the USA are caught up in an exacting and complex competition for world hegemony. Both countries seek to instrumentalise the world market to their advantage and deploy their global power strategies at monetary, financial and economic levels, the USA as a means to maintain its global hegemony China to challenge this order and establish its own dominance. The current function of the national currency of the largest international net debtor as the dominant world money entails a systemic market-logical contradiction. Rising tensions between the USA and its allies and China will not be reduced by the renminbi becoming a world money.
{"title":"World money, China and the USA and global mercantilism. A Monetary-Keynesian interpretation","authors":"Hernando Matallana","doi":"10.15446/cuad.econ.v42n88.104706","DOIUrl":"https://doi.org/10.15446/cuad.econ.v42n88.104706","url":null,"abstract":"China and the USA are caught up in an exacting and complex competition for world hegemony. Both countries seek to instrumentalise the world market to their advantage and deploy their global power strategies at monetary, financial and economic levels, the USA as a means to maintain its global hegemony China to challenge this order and establish its own dominance. The current function of the national currency of the largest international net debtor as the dominant world money entails a systemic market-logical contradiction. Rising tensions between the USA and its allies and China will not be reduced by the renminbi becoming a world money.","PeriodicalId":42391,"journal":{"name":"Cuadernos de Economia-Spain","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46332224","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}
There are controversies regarding the applicability of Modern Money Theory (MMT) to emerging countries. In this paper, we shed light on this debate by analyzing the monetary sovereignty and fiscal policy regime in Brazil from 1999 to 2019. An empirical assessment shows the government has a considerable ‘degree’ of monetary sovereignty. However, fiscal rules imposed many restrictions on the State’s capacity to spend, subordinating fiscal policy to austerity. As there are no major macroeconomic constraints to Brazilian monetary sovereignty, it is necessary to change fiscal rules to reorient fiscal policy towards full employment in line with MMT prescriptions.
{"title":"MMT, monetary sovereignty and fiscal policy space in Brazil (1999-2019)","authors":"Norberto Montani Martins, Isadora Bonitz Silva Gomes","doi":"10.15446/cuad.econ.v42n88.102926","DOIUrl":"https://doi.org/10.15446/cuad.econ.v42n88.102926","url":null,"abstract":"There are controversies regarding the applicability of Modern Money Theory (MMT) to emerging countries. In this paper, we shed light on this debate by analyzing the monetary sovereignty and fiscal policy regime in Brazil from 1999 to 2019. An empirical assessment shows the government has a considerable ‘degree’ of monetary sovereignty. However, fiscal rules imposed many restrictions on the State’s capacity to spend, subordinating fiscal policy to austerity. As there are no major macroeconomic constraints to Brazilian monetary sovereignty, it is necessary to change fiscal rules to reorient fiscal policy towards full employment in line with MMT prescriptions.","PeriodicalId":42391,"journal":{"name":"Cuadernos de Economia-Spain","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48995860","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 : 2023-04-21DOI: 10.15446/cuad.econ.v42n88.102898
Marcelo Bruchanski, A. Molinari
Regional Payment Agreements (RPAs) replicate, on a regional scale, John M. Keynes’s proposal at the Bretton Woods Conference, based on the recording and subsequent clearing of transactions. The analysis of the three “founding” RPAs from the Golden Age (Finland-USSR, European Payments Union and the LAFTA-LAIA Agreement on Reciprocal Payments and Credits) suggests that, in general, these agreements fulfiled their objectives: saving foreign currency and promoting trade. Hence, RPAs would present an alternative to currency convertibility for current account transactions.
{"title":"Regional payment agreements: An alternative to currency convertibility?","authors":"Marcelo Bruchanski, A. Molinari","doi":"10.15446/cuad.econ.v42n88.102898","DOIUrl":"https://doi.org/10.15446/cuad.econ.v42n88.102898","url":null,"abstract":"Regional Payment Agreements (RPAs) replicate, on a regional scale, John M. Keynes’s proposal at the Bretton Woods Conference, based on the recording and subsequent clearing of transactions. The analysis of the three “founding” RPAs from the Golden Age (Finland-USSR, European Payments Union and the LAFTA-LAIA Agreement on Reciprocal Payments and Credits) suggests that, in general, these agreements fulfiled their objectives: saving foreign currency and promoting trade. Hence, RPAs would present an alternative to currency convertibility for current account transactions.","PeriodicalId":42391,"journal":{"name":"Cuadernos de Economia-Spain","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46338272","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 : 2023-04-21DOI: 10.15446/cuad.econ.v42n88.102874
Federico Gutiérrez Naranjo
This article studies the institutional framework and the empirical evolution of Colombian public debt for the period 2001-2020 within a post-Keynesian approach. The objective is to render clear the potential that debt emission has as a macroeconomic policy instrument, and consequently to propose various policy routes for Colombian government. These policy routes suggest a different path than the one indicated by the orthodox economic tradition that has ruled the policy practiced in Colombia. In particular, taking into account the institutional and external limitations of fiscal policy, the revival of the ‘Development Bank’ inside the Central Bank of Colombia, and insist in and the need of cooperation and coordination of macroeconomic policies with the countries of the region are insisted.
{"title":"Public debt in Colombia: a post-Keynesian and institutionalist analysis","authors":"Federico Gutiérrez Naranjo","doi":"10.15446/cuad.econ.v42n88.102874","DOIUrl":"https://doi.org/10.15446/cuad.econ.v42n88.102874","url":null,"abstract":"This article studies the institutional framework and the empirical evolution of Colombian public debt for the period 2001-2020 within a post-Keynesian approach. The objective is to render clear the potential that debt emission has as a macroeconomic policy instrument, and consequently to propose various policy routes for Colombian government. These policy routes suggest a different path than the one indicated by the orthodox economic tradition that has ruled the policy practiced in Colombia. In particular, taking into account the institutional and external limitations of fiscal policy, the revival of the ‘Development Bank’ inside the Central Bank of Colombia, and insist in and the need of cooperation and coordination of macroeconomic policies with the countries of the region are insisted.","PeriodicalId":42391,"journal":{"name":"Cuadernos de Economia-Spain","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48497158","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 : 2023-04-21DOI: 10.15446/cuad.econ.v42n88.102922
Ignacio Martínez Fernández, Miguel A. Alonso Neira, Luis Palma Martos
As Bagus and Howden (2010) highlighted, one of the paths to achieve a more fruitful understanding of the business cycle involves examining saving as a heterogeneous analytical category. The aim of this paper is to continue this line of inquiry using the capital-based framework developed by Garrison (2001). This paper contributes to the literature by studying the impact of heterogenous savings on economic growth and business cycles in a capital-based macroeconomics framework. With this aim the implications of disaggregated saving is analysed by means of the differential market signals that are generated by cash-build savings (Pătruți, 2017) and loanable funds accessible through the credit markets.
{"title":"Disaggregated savings. Some implications for a capital-based macroeconomic framework","authors":"Ignacio Martínez Fernández, Miguel A. Alonso Neira, Luis Palma Martos","doi":"10.15446/cuad.econ.v42n88.102922","DOIUrl":"https://doi.org/10.15446/cuad.econ.v42n88.102922","url":null,"abstract":"As Bagus and Howden (2010) highlighted, one of the paths to achieve a more fruitful understanding of the business cycle involves examining saving as a heterogeneous analytical category. The aim of this paper is to continue this line of inquiry using the capital-based framework developed by Garrison (2001). This paper contributes to the literature by studying the impact of heterogenous savings on economic growth and business cycles in a capital-based macroeconomics framework. With this aim the implications of disaggregated saving is analysed by means of the differential market signals that are generated by cash-build savings (Pătruți, 2017) and loanable funds accessible through the credit markets.","PeriodicalId":42391,"journal":{"name":"Cuadernos de Economia-Spain","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46458788","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}
El artículo propone una perspectiva conceptual para la compresión de la relación organización-entorno (O-E), desde el marco evolutivo. La revisión acude a perspectivas de estudio relacionadas con este campo. La teoría evolutiva es utilizada como marco para la comprensión del comportamiento de los sistemas sociales. El trabajo referencia el marco ontológico evolutivo planteado por el economista evolutivo Kurt Dopfer, que entiende a la organización como un sistema de reglas. Finalmente, se establece la discusión sobre las contribuciones que se lograrían desde la perspectiva teórica propuesta, en el estudio del comportamiento organizacional, especialmente, comprendiendo a la organización como un sistema de actividades desarrolladas en ambientes cambiantes, en los que es posible la adaptación.
{"title":"La relación organización- entorno: Los aportes desde la ontología y la economía evolutiva de Kurt Dopfer","authors":"Guido Angello Castro-Ríos, Ángela Lucía Noguera Hidalgo","doi":"10.15446/cuad.econ.v41n87.95102","DOIUrl":"https://doi.org/10.15446/cuad.econ.v41n87.95102","url":null,"abstract":"El artículo propone una perspectiva conceptual para la compresión de la relación organización-entorno (O-E), desde el marco evolutivo. La revisión acude a perspectivas de estudio relacionadas con este campo. La teoría evolutiva es utilizada como marco para la comprensión del comportamiento de los sistemas sociales. El trabajo referencia el marco ontológico evolutivo planteado por el economista evolutivo Kurt Dopfer, que entiende a la organización como un sistema de reglas. Finalmente, se establece la discusión sobre las contribuciones que se lograrían desde la perspectiva teórica propuesta, en el estudio del comportamiento organizacional, especialmente, comprendiendo a la organización como un sistema de actividades desarrolladas en ambientes cambiantes, en los que es posible la adaptación. ","PeriodicalId":42391,"journal":{"name":"Cuadernos de Economia-Spain","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44982364","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 : 2022-12-02DOI: 10.15446/cuad.econ.v41n87.86019
Jair Neftali Ojeda Joya, Oscar Enrique Guzmán Silva
En este artículo, se calculan multiplicadores fiscales de gasto e impuestos, con información mensual para Colombia, en el periodo 2001-2019. Asimismo, se estudia el efecto de la reacción de política monetaria sobre el tamaño de estos multiplicadores. Se calculan las funciones de impulso-respuesta, derivadas de la estimación de vectores autorregresivos, en los que la identificación de choques está basada en algunos signos de las respuestas. Para los ejercicios contrafactuales, se contrarresta la reacción inicial de política monetaria con un choque de tasa de interés del mismo tamaño y con signo opuesto.
{"title":"Multiplicadores fiscales y política monetaria en Colombia. Un análisis contrafactual","authors":"Jair Neftali Ojeda Joya, Oscar Enrique Guzmán Silva","doi":"10.15446/cuad.econ.v41n87.86019","DOIUrl":"https://doi.org/10.15446/cuad.econ.v41n87.86019","url":null,"abstract":"En este artículo, se calculan multiplicadores fiscales de gasto e impuestos, con información mensual para Colombia, en el periodo 2001-2019. Asimismo, se estudia el efecto de la reacción de política monetaria sobre el tamaño de estos multiplicadores. Se calculan las funciones de impulso-respuesta, derivadas de la estimación de vectores autorregresivos, en los que la identificación de choques está basada en algunos signos de las respuestas. Para los ejercicios contrafactuales, se contrarresta la reacción inicial de política monetaria con un choque de tasa de interés del mismo tamaño y con signo opuesto.","PeriodicalId":42391,"journal":{"name":"Cuadernos de Economia-Spain","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41328431","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 : 2022-12-02DOI: 10.15446/cuad.econ.v41n87.89520
Jorge Luis Sanchez Arevalo, Gabriela Moreira De Sousa, Rodrigo Malta Meurer
O estudo analisa a relação de causalidade entre o indicador bursátil brasileiro em relação a outros indicadores de bolsa de valores. Especificamente, o tempo de estudo incorpora a crise mundial causada pela covid-19 e a guerra pelo preço do petróleo. Utilizaram-se as séries diferenciadas, considerando a existência de raiz unitária; posteriormente, realizou-se a estimação do modelo VAR e a causalidade de Granger. Nos resultados, verifica-se que a causalidade entre o Ibovespa com o S&P500 e o Nikkei é bidirecional. Esses resultados são consistentes ao relacionar o grau de intercâmbio comercial e de origem do investimento estrangeiro no Brasil.
{"title":"Efeito causal entre o indicador de bolsa de valores Ibovespa e os indicadores Shangai, S&P 500, Merval y Nikkei","authors":"Jorge Luis Sanchez Arevalo, Gabriela Moreira De Sousa, Rodrigo Malta Meurer","doi":"10.15446/cuad.econ.v41n87.89520","DOIUrl":"https://doi.org/10.15446/cuad.econ.v41n87.89520","url":null,"abstract":"O estudo analisa a relação de causalidade entre o indicador bursátil brasileiro em relação a outros indicadores de bolsa de valores. Especificamente, o tempo de estudo incorpora a crise mundial causada pela covid-19 e a guerra pelo preço do petróleo.\u0000Utilizaram-se as séries diferenciadas, considerando a existência de raiz unitária; posteriormente, realizou-se a estimação do modelo VAR e a causalidade de Granger. Nos resultados, verifica-se que a causalidade entre o Ibovespa com o S&P500 e o Nikkei é bidirecional. Esses resultados são consistentes ao relacionar o grau de intercâmbio comercial e de origem do investimento estrangeiro no Brasil.","PeriodicalId":42391,"journal":{"name":"Cuadernos de Economia-Spain","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46798670","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}
Este trabajo analiza la asociación entre la segregación ocupacional de género y las modalidades de empleo en las microempresas colombianas, como un aporte al estudio de la desigualdad en el mercado laboral, entre hombres y mujeres, evaluado, por lo regular, desde la disparidad salarial. A través de estimaciones de datos panel de la Encuesta de Microestablecimientos 2012-2016 de Colombia, los hallazgos sugieren que, a diferencia de la población masculina, la femenina es menos empleada, primero, en los oficios industriales y comerciales, en comparación con los de servicios; y, segundo, en el trabajo remunerado, en comparación con el no remunerado.
{"title":"Segregación ocupacional de género y empleo en microempresas de Colombia","authors":"Marlyn Vanessa Vargas Rojas, Rubén Castillo Tabares","doi":"10.15446/cuad.econ.v41n87.89151","DOIUrl":"https://doi.org/10.15446/cuad.econ.v41n87.89151","url":null,"abstract":"Este trabajo analiza la asociación entre la segregación ocupacional de género y las modalidades de empleo en las microempresas colombianas, como un aporte al estudio de la desigualdad en el mercado laboral, entre hombres y mujeres, evaluado, por lo regular, desde la disparidad salarial. A través de estimaciones de datos panel de la Encuesta de Microestablecimientos 2012-2016 de Colombia, los hallazgos sugieren que, a diferencia de la población masculina, la femenina es menos empleada, primero, en los oficios industriales y comerciales, en comparación con los de servicios; y, segundo, en el trabajo remunerado, en comparación con el no remunerado.","PeriodicalId":42391,"journal":{"name":"Cuadernos de Economia-Spain","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43739605","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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