Pub Date : 2021-10-12DOI: 10.13133/2037-3643/17576
Noera Mario, Paolo Maranzano, Romano Roberto
This paper investigates the consistency of the Italian National Recovery and Resilience Plan with the economic and industrial policy objectives outlined in the “Next Generation EU” plan and the European Commission’s New European Industrial Policy. We analyze official policy documents in order to highlight some macroeconomic impact indicators with respect to the mission-based allocation of European and national financial resources. The New European Industrial Strategy is particularly challenging; industrial objectives outline a structural challenge capable of reshaping much of the industrial structure and strengthening critical value chains, especially in key sectors. Such an economic challenge requires clear strategic priorities in order to guide the economic transition. In this context, the Italian plan is particularly relevant since it brings together the largest share of European resources. The essay analyzes in detail the allocation of resources of the Italian NRRP, which—while formally adhering to the European guidelines—fails to address the priorities outlined by the EU-wide industrial strategy. JEL codes: E60, E61, E65
{"title":"The European industrial challenge and the Italian NRRP","authors":"Noera Mario, Paolo Maranzano, Romano Roberto","doi":"10.13133/2037-3643/17576","DOIUrl":"https://doi.org/10.13133/2037-3643/17576","url":null,"abstract":"This paper investigates the consistency of the Italian National Recovery and Resilience Plan with the economic and industrial policy objectives outlined in the “Next Generation EU” plan and the European Commission’s New European Industrial Policy. We analyze official policy documents in order to highlight some macroeconomic impact indicators with respect to the mission-based allocation of European and national financial resources. The New European Industrial Strategy is particularly challenging; industrial objectives outline a structural challenge capable of reshaping much of the industrial structure and strengthening critical value chains, especially in key sectors. Such an economic challenge requires clear strategic priorities in order to guide the economic transition. In this context, the Italian plan is particularly relevant since it brings together the largest share of European resources. The essay analyzes in detail the allocation of resources of the Italian NRRP, which—while formally adhering to the European guidelines—fails to address the priorities outlined by the EU-wide industrial strategy. \u0000 \u0000JEL codes: E60, E61, E65","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46248710","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 : 2021-10-12DOI: 10.13133/2037-3643/17573
M. Choi
This study’s primary concern is that exporting or multinational firms tend to be more reliant on intermediate imports with major currencies. We investigate the effects of exchange rates on value-added exports in the linkage with the exports-FDI feedback for sustainable free trade development in OECD countries. Our bilateral findings are that the exchange rate effects are greater for gross than value-added exports except for Germany and greater for intermediate goods than final goods exports except for Italy. But there are no significant differences in the effects of exchange rate changes on exports regardless of US dollar and other currencies. Meanwhile, foreign income has a positive effect on all exports, and the exports-FDI feedback has a weak positive effect on exports to China due to increased FDI into China while the value-added exports-FDI nexus has a weak positive effect on all FDIs. JEL codes: F31, F32, F40
{"title":"Major exchange rates and value-added exports","authors":"M. Choi","doi":"10.13133/2037-3643/17573","DOIUrl":"https://doi.org/10.13133/2037-3643/17573","url":null,"abstract":"This study’s primary concern is that exporting or multinational firms tend to be more reliant on intermediate imports with major currencies. We investigate the effects of exchange rates on value-added exports in the linkage with the exports-FDI feedback for sustainable free trade development in OECD countries. Our bilateral findings are that the exchange rate effects are greater for gross than value-added exports except for Germany and greater for intermediate goods than final goods exports except for Italy. But there are no significant differences in the effects of exchange rate changes on exports regardless of US dollar and other currencies. Meanwhile, foreign income has a positive effect on all exports, and the exports-FDI feedback has a weak positive effect on exports to China due to increased FDI into China while the value-added exports-FDI nexus has a weak positive effect on all FDIs. \u0000 \u0000JEL codes: F31, F32, F40","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47251103","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 : 2021-10-12DOI: 10.13133/2037-3643/17577
S. Padhi
It is assumed that Marx focuses on profits that are to be realized in larger production that permits some surplus production. This understanding underpins the importance of increasing returns embedded in employment dynamics associated with larger employment bases. This organizational form not only permits increases in profits in production but also supports employment-based learning by doing-led new investment opportunities that maintain and increase such profits. The conception of profits changes from the employment dynamics-based one, to one that relies more on market power-based returns. Accordingly, the present paper argues that empirical analyses should not focus on a falling rate of profits as such: they should rather focus on what factors make clear the behaviour of the rate of profit, and clearly distinguish between the employment dynamics-based profits and the profits that relate more to the returns to higher fixed costs. JEL codes: B5, E11, O14, P17
{"title":"Employment dynamics, increasing returns and Marx’s falling rate of profit","authors":"S. Padhi","doi":"10.13133/2037-3643/17577","DOIUrl":"https://doi.org/10.13133/2037-3643/17577","url":null,"abstract":"It is assumed that Marx focuses on profits that are to be realized in larger production that permits some surplus production. This understanding underpins the importance of increasing returns embedded in employment dynamics associated with larger employment bases. This organizational form not only permits increases in profits in production but also supports employment-based learning by doing-led new investment opportunities that maintain and increase such profits. The conception of profits changes from the employment dynamics-based one, to one that relies more on market power-based returns. Accordingly, the present paper argues that empirical analyses should not focus on a falling rate of profits as such: they should rather focus on what factors make clear the behaviour of the rate of profit, and clearly distinguish between the employment dynamics-based profits and the profits that relate more to the returns to higher fixed costs.\u0000 \u0000JEL codes: B5, E11, O14, P17","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44002274","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 : 2021-10-12DOI: 10.13133/2037-3643/17570
Carlo D’Ippoliti
This short editorial introduces a new temporary section within the journal, on the future of reformed capitalism. Many observers consider economic problems a cause of political malaise. Thence a renewed attention for political economy issues and for political developments and their relationship with the economy. In the new section, the Review welcomes contributions and comments on the foreseeable future and the options available for economic policy and for reforms at the global and/or national level. JEL codes: P11, P21, D72
{"title":"Foreword: A debate on the future of economic policy","authors":"Carlo D’Ippoliti","doi":"10.13133/2037-3643/17570","DOIUrl":"https://doi.org/10.13133/2037-3643/17570","url":null,"abstract":"This short editorial introduces a new temporary section within the journal, on the future of reformed capitalism. Many observers consider economic problems a cause of political malaise. Thence a renewed attention for political economy issues and for political developments and their relationship with the economy. In the new section, the Review welcomes contributions and comments on the foreseeable future and the options available for economic policy and for reforms at the global and/or national level. \u0000 \u0000 \u0000 \u0000 \u0000JEL codes: P11, P21, D72","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42848906","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 : 2021-09-24DOI: 10.13133/2037-3643/17564
Carlo D’Ippoliti
This short editorial introduces the contributions to a special issue celebrating the fiftieth anniversary of the Italian Statuto dei lavoratori (Charter of Workers’ Rights). Such anniversary both reaffirms how crucial workers’ movements have been for the design and implementation of progressive policies in Europe, and—by contrast—highlights current difficulties. JEL codes: J08, J28, J53
{"title":"Editorial: Italy’s “Charter of Workers’ Rights” turns fifty","authors":"Carlo D’Ippoliti","doi":"10.13133/2037-3643/17564","DOIUrl":"https://doi.org/10.13133/2037-3643/17564","url":null,"abstract":"This short editorial introduces the contributions to a special issue celebrating the fiftieth anniversary of the Italian Statuto dei lavoratori (Charter of Workers’ Rights). Such anniversary both reaffirms how crucial workers’ movements have been for the design and implementation of progressive policies in Europe, and—by contrast—highlights current difficulties. \u0000 \u0000 \u0000 \u0000 \u0000 \u0000JEL codes: J08, J28, J53","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44383949","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 : 2021-09-24DOI: 10.13133/2037-3643/17562
A. Simonazzi
The paper offers a brief reconstruction of the varying fortunes of the Charter of Workers’ Rights, interpreted in light of the evolution of economic thinking on the role of the market – especially of the labor market – and on the reversal that has been made of the role of labor policy in relation to macroeconomic policy. It is argued that much of the problems facing our economies today are due to this reversal of roles. The author concludes that industrial relations and the world of work should enter in the remit of industrial policy due to the importance that the accumulation of individual and collective knowedge within firms have for the innovation of companies and the economic system of a country, as well as for reasons of justice.
本文对《工人权利宪章》(Charter of Workers’Rights)的不同命运进行了简要的重建，并根据有关市场作用(尤其是劳动力市场)的经济思想的演变，以及劳动力政策在宏观经济政策中的作用的逆转，对其进行了解释。有人认为，当今经济面临的许多问题是由于这种角色的颠倒。作者的结论是，由于公司内部个人和集体知识的积累对公司创新和国家经济制度的重要性，以及出于正义的原因，劳资关系和工作世界应该进入产业政策的范围。
{"title":"Dignity of work and full employment","authors":"A. Simonazzi","doi":"10.13133/2037-3643/17562","DOIUrl":"https://doi.org/10.13133/2037-3643/17562","url":null,"abstract":"The paper offers a brief reconstruction of the varying fortunes of the Charter of Workers’ Rights, interpreted in light of the evolution of economic thinking on the role of the market – especially of the labor market – and on the reversal that has been made of the role of labor policy in relation to macroeconomic policy. It is argued that much of the problems facing our economies today are due to this reversal of roles. The author concludes that industrial relations and the world of work should enter in the remit of industrial policy due to the importance that the accumulation of individual and collective knowedge within firms have for the innovation of companies and the economic system of a country, as well as for reasons of justice.","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45037077","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 : 2021-09-24DOI: 10.13133/2037-3643/17563
Alessandro Roncaglia
The paper summarizes the rationale and contents of a conference held at the Accademia Nazionale dei Lincei in December 2020, celebrating the fiftieth anniversary of the Italian Statuto dei lavoratori (Charter of Workers’ Rights): a reform that represents an important advancement in Italian civic development. The paper illustrates the Charter: its attempt to reconcile, in light of the Italian Constitution, the twin and opposite characteristics of labor as sacrifice and as contributing to the social dignity of workers; and the law’s compromises between the opposite needs of the labor process (stability and flexibility of employment, employers’ freedom in hiring, the need to avoid discrimination, and so on). JEL codes: J08, J28, J48, J53, J83
{"title":"Constrictive labor and the dignity of work","authors":"Alessandro Roncaglia","doi":"10.13133/2037-3643/17563","DOIUrl":"https://doi.org/10.13133/2037-3643/17563","url":null,"abstract":"The paper summarizes the rationale and contents of a conference held at the Accademia Nazionale dei Lincei in December 2020, celebrating the fiftieth anniversary of the Italian Statuto dei lavoratori (Charter of Workers’ Rights): a reform that represents an important advancement in Italian civic development. The paper illustrates the Charter: its attempt to reconcile, in light of the Italian Constitution, the twin and opposite characteristics of labor as sacrifice and as contributing to the social dignity of workers; and the law’s compromises between the opposite needs of the labor process (stability and flexibility of employment, employers’ freedom in hiring, the need to avoid discrimination, and so on). \u0000 \u0000 \u0000 \u0000 \u0000JEL codes: J08, J28, J48, J53, J83","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44590430","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 : 2021-09-24DOI: 10.13133/2037-3643/17565
G. Pasquino
The Charter of Workers’ Rights was a major achievement of the Italian Socialist Party and of the center-left governments. This article explores some of the factors in the international context that allowed for a period of reforms in Italy. Changes in the policies of the US administration; a difficult leadership succession in the Communist Party of the Soviet Union; the renewal of the Catholic Church thanks to the Vatican Council; and the enlargement of the Italian working class plus the role of the Socialist Minister of Labor must all be given credit for a truly significant piece of legislation. The Charter also contained a vision of the future, of a new society, still to come. JEL codes: J5, K31, Z13
{"title":"Understanding the Charter of Workers’ Rights in its historical context","authors":"G. Pasquino","doi":"10.13133/2037-3643/17565","DOIUrl":"https://doi.org/10.13133/2037-3643/17565","url":null,"abstract":"The Charter of Workers’ Rights was a major achievement of the Italian Socialist Party and of the center-left governments. This article explores some of the factors in the international context that allowed for a period of reforms in Italy. Changes in the policies of the US administration; a difficult leadership succession in the Communist Party of the Soviet Union; the renewal of the Catholic Church thanks to the Vatican Council; and the enlargement of the Italian working class plus the role of the Socialist Minister of Labor must all be given credit for a truly significant piece of legislation. The Charter also contained a vision of the future, of a new society, still to come. \u0000 \u0000 \u0000 \u0000 \u0000JEL codes: J5, K31, Z13","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45680204","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 : 2021-06-07DOI: 10.13133/2037-3643/17484
Lucio Gobbi, S. Lucarelli
We investigate how the 2014-2016 depreciation of the euro against the US dollar triggered a cascade effect on the European supply chains which reduced the current account imbalances among the EU member states. In particular, we analyze the specific case ofGreece to verify whether the higher export demand towards the USA in the two main European exporting countries, Germany and Italy, increased the demand for Greek goods and services by the German and Italian economies. We employee a linear ARDL model whichis able to track short-and long-term effects of the depreciation on the industries of Greece with respect to Germany, Italy and the USA for the period 2010-2016 using bilateral monthly data. The empirical findings show that the euro depreciation increased the integration between the German and Greek production structures in various industries representing more than 35% of the entire trade between the two countries.
{"title":"ECB quantitative easing, euro depreciation and supply chains: Industry-level estimates for Germany, Italy and Greece. New prospects for a Minskyan big bank?","authors":"Lucio Gobbi, S. Lucarelli","doi":"10.13133/2037-3643/17484","DOIUrl":"https://doi.org/10.13133/2037-3643/17484","url":null,"abstract":"We investigate how the 2014-2016 depreciation of the euro against the US dollar triggered a cascade effect on the European supply chains which reduced the current account imbalances among the EU member states. In particular, we analyze the specific case ofGreece to verify whether the higher export demand towards the USA in the two main European exporting countries, Germany and Italy, increased the demand for Greek goods and services by the German and Italian economies. We employee a linear ARDL model whichis able to track short-and long-term effects of the depreciation on the industries of Greece with respect to Germany, Italy and the USA for the period 2010-2016 using bilateral monthly data. The empirical findings show that the euro depreciation increased the integration between the German and Greek production structures in various industries representing more than 35% of the entire trade between the two countries.","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47381468","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 : 2021-06-07DOI: 10.13133/2037-3643/17486
Burak Byükoğlu, Ahmet Şit, I. Eksi
In this study, new determinants of non-performing loans (NPL) for the MSCI emerging countries were investigated. For this purpose, a new index was formed using the World Bank’s Worldwide Governance Indicator data from 2002 to 2018. To test the effect of governance on NPL, we used the GMM technique. As a robustness test for GMM results, we employed the DOLSMG technique. According to the results, NPL was affected negatively by the DOI: governance index. This result could be of interest to policymakers and regulators as a macroprudential policy tool. JEL codes: C51; G21; G2 Keywords:Non-performing loans; Worldwide Governance Indicators
{"title":"Governance matters on non-performing loans: Evidence from emerging markets","authors":"Burak Byükoğlu, Ahmet Şit, I. Eksi","doi":"10.13133/2037-3643/17486","DOIUrl":"https://doi.org/10.13133/2037-3643/17486","url":null,"abstract":"In this study, new determinants of non-performing loans (NPL) for the MSCI emerging countries were investigated. For this purpose, a new index was formed using the World Bank’s Worldwide Governance Indicator data from 2002 to 2018. To test the effect of governance on NPL, we used the GMM technique. As a robustness test for GMM results, we employed the DOLSMG technique. According to the results, NPL was affected negatively by the DOI: governance index. This result could be of interest to policymakers and regulators as a macroprudential policy tool. \u0000 \u0000 \u0000 \u0000 \u0000JEL codes: \u0000C51; G21; G2 \u0000Keywords:Non-performing loans; Worldwide Governance Indicators","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47625367","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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