Pub Date : 2019-01-01DOI: 10.13133/2037-3643_72.291_5
W. Bandura, Canicio Dzingirai
The study aims to determine the relationship between financial development and economic growth with respect to the state of institutional quality on 27 Sub-Saharan Africa countries using a five-year averaged dataset over the period 1982-2016. The findings established evidence of a U-shaped relationship between financial development and growth which entails that more (less) finance drives (retards) growth in the region. The turning point beyond which financial development begins to contribute positively on economic growth ranges between 33% and 37%. Even though the connection is not strong, the selected institutional variables also showed both a direct and an indirect positive impact on economic growth. Financial development is positive and significant when embedded in selected well-developed institutions, which implies a complementary relationship of institutions and financial development on growth. It is therefore recommended that policy makers and responsible authorities take stringent measures to ensure the development of institutions and the financial sector for sustainable economic growth in the region. JEL codes: G20, O43
{"title":"Financial Development and Economic Growth in Sub-Saharan Africa: The Role of Institutions","authors":"W. Bandura, Canicio Dzingirai","doi":"10.13133/2037-3643_72.291_5","DOIUrl":"https://doi.org/10.13133/2037-3643_72.291_5","url":null,"abstract":"The study aims to determine the relationship between financial development and economic growth with respect to the state of institutional quality on 27 Sub-Saharan Africa countries using a five-year averaged dataset over the period 1982-2016. The findings established evidence of a U-shaped relationship between financial development and growth which entails that more (less) finance drives (retards) growth in the region. The turning point beyond which financial development begins to contribute positively on economic growth ranges between 33% and 37%. Even though the connection is not strong, the selected institutional variables also showed both a direct and an indirect positive impact on economic growth. Financial development is positive and significant when embedded in selected well-developed institutions, which implies a complementary relationship of institutions and financial development on growth. It is therefore recommended that policy makers and responsible authorities take stringent measures to ensure the development of institutions and the financial sector for sustainable economic growth in the region. JEL codes: G20, O43","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":"72 1","pages":"315-334"},"PeriodicalIF":0.7,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66230169","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 : 2019-01-01DOI: 10.13133/2037-3643_72.291_1
Carlo D’Ippoliti
The short note introduces the new issue of the Review. With this issue the journal is launching a new section, “Perspectives”, collecting contributions about topics and areas that receive insufficient attention on mainstream economics journals. These may concern replication analyses, or investigations that – although possibly of a less innovative and original character than other articles – focus on geographical regions often neglected in other journals. JEL codes: A11, A14, B50
{"title":"Adding new “Perspectives” to our debate","authors":"Carlo D’Ippoliti","doi":"10.13133/2037-3643_72.291_1","DOIUrl":"https://doi.org/10.13133/2037-3643_72.291_1","url":null,"abstract":"The short note introduces the new issue of the Review. With this issue the journal is launching a new section, “Perspectives”, collecting contributions about topics and areas that receive insufficient attention on mainstream economics journals. These may concern replication analyses, or investigations that – although possibly of a less innovative and original character than other articles – focus on geographical regions often neglected in other journals. JEL codes: A11, A14, B50","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":"72 1","pages":"255-258"},"PeriodicalIF":0.7,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66230109","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 : 2019-01-01DOI: 10.13133/2037-3643_72.291_3
R. Moreira
We contribute to the literature of monetary policy evaluation by proposing a concept and a measurement process of monetary policy velocity. Furthermore, we develop a theoretical model explaining how changes in such a velocity index are accompanied by effects in stock prices. Based on the case of Brazil’s economy from February 2003 to December 2016, our empirical findings indicate that the Brazilian Central Bank robustly affected the domestic stock market level by adjusting monetary policy velocity over time, although such effects were performed in asymmetric ways. JEL codes: E43, E52
{"title":"Monetary policy velocity and its financial effects: an empirical analysis for an emerging economy","authors":"R. Moreira","doi":"10.13133/2037-3643_72.291_3","DOIUrl":"https://doi.org/10.13133/2037-3643_72.291_3","url":null,"abstract":"We contribute to the literature of monetary policy evaluation by proposing a concept and a measurement process of monetary policy velocity. Furthermore, we develop a theoretical model explaining how changes in such a velocity index are accompanied by effects in stock prices. Based on the case of Brazil’s economy from February 2003 to December 2016, our empirical findings indicate that the Brazilian Central Bank robustly affected the domestic stock market level by adjusting monetary policy velocity over time, although such effects were performed in asymmetric ways. JEL codes: E43, E52","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":"72 1","pages":"279-295"},"PeriodicalIF":0.7,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66230119","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 : 2018-10-09DOI: 10.13133/2037-3643_71.286_2
F. Bogliacino, Daniel Rojas Lozano
The paper analyses the evolution of inequality for the largest economies of the Latin American region in the 21 st century, with separate consideration of income and wealth. The drivers of changes in inequality and possible underlying causes are examined, including the role of the new wave of leftist governments. The evidence reveals that income inequality decreased, though wealth inequality displayed a much less homogeneous pattern. Statistically, the decrease in inequality is associated with labour market changes, and especially with State redistribution through subsidies. Wealth inequality is mainly correlated with the change in the share of financial wealth. A possible causal interpretation is that the symbolic victories of the new left may have inflated social pressures, mostly in the presence of rents generated by the commodity boom.
{"title":"The evolution of inequality in Latin America in the 21st century: What are the patterns, drivers and causes?","authors":"F. Bogliacino, Daniel Rojas Lozano","doi":"10.13133/2037-3643_71.286_2","DOIUrl":"https://doi.org/10.13133/2037-3643_71.286_2","url":null,"abstract":"The paper analyses the evolution of inequality for the largest economies of the Latin American region in the 21 st century, with separate consideration of income and wealth. The drivers of changes in inequality and possible underlying causes are examined, including the role of the new wave of leftist governments. The evidence reveals that income inequality decreased, though wealth inequality displayed a much less homogeneous pattern. Statistically, the decrease in inequality is associated with labour market changes, and especially with State redistribution through subsidies. Wealth inequality is mainly correlated with the change in the share of financial wealth. A possible causal interpretation is that the symbolic victories of the new left may have inflated social pressures, mostly in the presence of rents generated by the commodity boom.","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":"71 1","pages":"279-308"},"PeriodicalIF":0.7,"publicationDate":"2018-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48437089","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 : 2018-10-09DOI: 10.13133/2037-3643_71.286_1
I. Visco
The double-dip recession that hit the Italian economy between 2008 and 2013 has caused severe difficulties for the banking sector in the last few years, which have been aggravated by cases of malfeasance. This speech discusses the response of the Bank of Italy’s supervision and the measures adopted to solve the crises that have concerned some banks. It then examines the questions still open regarding the new European financial regulation framework, especially those concerning State aid and bank resolution, as well as its flaws, including the lack of crisis management rules designed to avoid a disorderly exit of banks from the market. Finally, it looks at the main challenges facing Italy’s banking sector, i.e. recovering profitability and adjusting to changes in the production system and in technology. JEL codes : G21, G33, G38 Keywords :Italy’s banking sector, banking crises, bank resolution
{"title":"Banks and finance after the crisis: Lessons and challenges","authors":"I. Visco","doi":"10.13133/2037-3643_71.286_1","DOIUrl":"https://doi.org/10.13133/2037-3643_71.286_1","url":null,"abstract":"The double-dip recession that hit the Italian economy between 2008 and 2013 has caused severe difficulties for the banking sector in the last few years, which have been aggravated by cases of malfeasance. This speech discusses the response of the Bank of Italy’s supervision and the measures adopted to solve the crises that have concerned some banks. It then examines the questions still open regarding the new European financial regulation framework, especially those concerning State aid and bank resolution, as well as its flaws, including the lack of crisis management rules designed to avoid a disorderly exit of banks from the market. Finally, it looks at the main challenges facing Italy’s banking sector, i.e. recovering profitability and adjusting to changes in the production system and in technology. JEL codes : G21, G33, G38 Keywords :Italy’s banking sector, banking crises, bank resolution","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":"71 1","pages":"255-277"},"PeriodicalIF":0.7,"publicationDate":"2018-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46463509","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 : 2018-10-09DOI: 10.13133/2037-3643_71.286_4
E. Bacha
This paper surveys my research on development economics, undertaken in the context of the historical experiences of Brazil and Latin America. The research consists of academic papers, essays, economic fables, and reflections on my experiences in policy making. It spans different fields, including income distribution, industrial policies, dollar constraints and debt crises, commodity booms and coffee valorization, high inflation and stabilization policies, and Brazil’s growth record. JEL codes : F34, J24, N16, O11, O41, O54 Keywords : Brazil, debt crises, development economics, high inflation, income distribution, Latin America
{"title":"On the economics of development: A view from Latin America","authors":"E. Bacha","doi":"10.13133/2037-3643_71.286_4","DOIUrl":"https://doi.org/10.13133/2037-3643_71.286_4","url":null,"abstract":"This paper surveys my research on development economics, undertaken in the context of the historical experiences of Brazil and Latin America. The research consists of academic papers, essays, economic fables, and reflections on my experiences in policy making. It spans different fields, including income distribution, industrial policies, dollar constraints and debt crises, commodity booms and coffee valorization, high inflation and stabilization policies, and Brazil’s growth record. JEL codes : F34, J24, N16, O11, O41, O54 Keywords : Brazil, debt crises, development economics, high inflation, income distribution, Latin America","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":"71 1","pages":"327-349"},"PeriodicalIF":0.7,"publicationDate":"2018-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46613015","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 : 2018-10-09DOI: 10.13133/2037-3643_71.286_3
D. Coelho, Esteban Pérez Caldentey
The article develops a Neo-Kaleckian model that takes into account the impact of financial cycles on demand regimes. Both the financial instability hypothesis and the paradox of debt are considered, as well as both the upward and the downward phases of the economic cycle. The baseline model is insufficient to analyze financial variables in underdeveloped countries, as it does not take into consideration the non-neutrality of international financial markets. Following a center-periphery structure, we extend the model in order to discuss how financial movements in the periphery are mainly associated with external vulnerability. JEL codes : E11, E22, E44 Keywords : Minsky cycles, Neo-Kaleckian model, paradox of debt, center-periphery
{"title":"Neo-Kaleckian models with financial cycles: A center-periphery framework","authors":"D. Coelho, Esteban Pérez Caldentey","doi":"10.13133/2037-3643_71.286_3","DOIUrl":"https://doi.org/10.13133/2037-3643_71.286_3","url":null,"abstract":"The article develops a Neo-Kaleckian model that takes into account the impact of financial cycles on demand regimes. Both the financial instability hypothesis and the paradox of debt are considered, as well as both the upward and the downward phases of the economic cycle. The baseline model is insufficient to analyze financial variables in underdeveloped countries, as it does not take into consideration the non-neutrality of international financial markets. Following a center-periphery structure, we extend the model in order to discuss how financial movements in the periphery are mainly associated with external vulnerability. JEL codes : E11, E22, E44 Keywords : Minsky cycles, Neo-Kaleckian model, paradox of debt, center-periphery","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":"71 1","pages":"309-326"},"PeriodicalIF":0.7,"publicationDate":"2018-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45233372","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 : 2018-07-10DOI: 10.13133/2037-3643_71.285_5
G. Oliveira
The study presents a simple extension of a Harrodian model, that explores, the relationship between the environment and economic growth in a hypothetical dual low-income economy with relatively low levels of environmental quality. It is supposed that the rise in effective demand increases the flow of negative externalities on the environment, which, in turn, would affect output expansion negatively in the capitalist sector through the occurrence of environmental adjustment costs. From such conflictual dynamics, the model shows that perpetual vicious circles may characterize the pattern of fluctuations in economic activity in this economy. JEL codes : O11, O44, Q50
{"title":"Environment, Effective Demand, and Cyclical Growth in Surplus Labor Economies","authors":"G. Oliveira","doi":"10.13133/2037-3643_71.285_5","DOIUrl":"https://doi.org/10.13133/2037-3643_71.285_5","url":null,"abstract":"The study presents a simple extension of a Harrodian model, that explores, the relationship between the environment and economic growth in a hypothetical dual low-income economy with relatively low levels of environmental quality. It is supposed that the rise in effective demand increases the flow of negative externalities on the environment, which, in turn, would affect output expansion negatively in the capitalist sector through the occurrence of environmental adjustment costs. From such conflictual dynamics, the model shows that perpetual vicious circles may characterize the pattern of fluctuations in economic activity in this economy. JEL codes : O11, O44, Q50","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":"71 1","pages":"183-201"},"PeriodicalIF":0.7,"publicationDate":"2018-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45914077","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 : 2018-03-28DOI: 10.13133/2037-3643_71.284_3
Ilhan Dögüs
The paper argues that wage dispersion between white-collar and blue-collar workers has caused the rise and expansion of pension funds in a direct and long-run structural manner in the USA. Using data from the Saez-Zucman and the St. Louis Fed’s FRED datasets, the argument is empirically analysed on yearly data for the period 1964-2012 in the USA. The results confirm the existence of a long-run relationship of causality from wage dispersion to the share of pension funds within US households’ financial wealth. Applying a vector error correction model to the data it emerges that the variance in pension funds due to wage dispersion starts to rise after the fifth period, and reaches 69% in the tenth period. .
{"title":"Wage dispersion and pension funds: Financialisation of non-financial corporations in the USA","authors":"Ilhan Dögüs","doi":"10.13133/2037-3643_71.284_3","DOIUrl":"https://doi.org/10.13133/2037-3643_71.284_3","url":null,"abstract":"The paper argues that wage dispersion between white-collar and blue-collar workers has caused the rise and expansion of pension funds in a direct and long-run structural manner in the USA. Using data from the Saez-Zucman and the St. Louis Fed’s FRED datasets, the argument is empirically analysed on yearly data for the period 1964-2012 in the USA. The results confirm the existence of a long-run relationship of causality from wage dispersion to the share of pension funds within US households’ financial wealth. Applying a vector error correction model to the data it emerges that the variance in pension funds due to wage dispersion starts to rise after the fifth period, and reaches 69% in the tenth period. .","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":"71 1","pages":"41-59"},"PeriodicalIF":0.7,"publicationDate":"2018-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44615551","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 : 2017-12-04DOI: 10.13133/2037-3643_70.283_4
C. Bollino, Fabrizio Botti
With the European Commission’s “Third Energy Package”, the challenges posed by energy poverty have been recently acknowledged by European legislation. The paper develops a synthetic indicator of energy poverty for the purpose of assessing households’ well-being across different domains of inequality in access to energy services and to a healthy domestic environment. These dimensions are broadly defined in terms of energy affordability and thermal efficiency, two of the main manifestations of energy poverty. The analysis focuses on Europe and expands on existing economic literature by employing a fuzzy analysis for the definition of a multidimensional energy poverty index, which is then used to investigate the role of individual and household characteristics in shaping energy poverty. We find that during the European crisis energy poverty has been more stable than monetary poverty, and that thermal efficiency plays a crucial role in shaping individual and countries’ average degrees of energy poverty. JEL codes: I32; Q41; D10; D63
{"title":"Energy Poverty in Europe: A Multidimensional Approach","authors":"C. Bollino, Fabrizio Botti","doi":"10.13133/2037-3643_70.283_4","DOIUrl":"https://doi.org/10.13133/2037-3643_70.283_4","url":null,"abstract":"With the European Commission’s “Third Energy Package”, the challenges posed by energy poverty have been recently acknowledged by European legislation. The paper develops a synthetic indicator of energy poverty for the purpose of assessing households’ well-being across different domains of inequality in access to energy services and to a healthy domestic environment. These dimensions are broadly defined in terms of energy affordability and thermal efficiency, two of the main manifestations of energy poverty. The analysis focuses on Europe and expands on existing economic literature by employing a fuzzy analysis for the definition of a multidimensional energy poverty index, which is then used to investigate the role of individual and household characteristics in shaping energy poverty. We find that during the European crisis energy poverty has been more stable than monetary poverty, and that thermal efficiency plays a crucial role in shaping individual and countries’ average degrees of energy poverty. JEL codes: I32; Q41; D10; D63","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":"70 1","pages":"473-507"},"PeriodicalIF":0.7,"publicationDate":"2017-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46135284","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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