Pub Date : 2014-07-21DOI: 10.13133/2037-3643/12462
Carlo D’Ippoliti
The brief editorial note introduces the new issue of the journal. The present issue contains the second article of a three-installments series on Islamic finance, followed by an article on industrial policy in the midst of the Eurozone crisis and a historical account of some early writings by Minsky on macro-prudential regulation. JEL codes : P43, E12, A11 Keywords : introduction, Minsky, Islamic finance
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Pub Date : 2014-02-24DOI: 10.13133/2037-3643/11678
Norberto Bobbio
The essay by the well-known philosopher Bobbio, reviews the Treaty of General Sociology by Pareto, recently republished in Italy. Bobbio describes and comments on Pareto’s Treaty, which he considers both as a prodigy and an unusual piece of work, and as a “deformed creature”.
{"title":"Introduction to Pareto’s sociology","authors":"Norberto Bobbio","doi":"10.13133/2037-3643/11678","DOIUrl":"https://doi.org/10.13133/2037-3643/11678","url":null,"abstract":"The essay by the well-known philosopher Bobbio, reviews the Treaty of General Sociology by Pareto, recently republished in Italy. Bobbio describes and comments on Pareto’s Treaty, which he considers both as a prodigy and an unusual piece of work, and as a “deformed creature”.","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2014-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66229492","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 : 2014-02-19DOI: 10.13133/2037-3643/11645
A. Maddison
72 1024x768 In spite of the large literature on development and the growing number of estimates of future trade or savings “ gaps ” there are no acceptable or consistent estimates showing the past history or existing state of the balance of payments of developing countries as a group. Moreover, assessing the likely impact of changes in trade or aid policies designed to help the developing world depends on understanding the present situation. The present paper fills this statistical gap, which is so important for policy discussions. The estimates provided are crude, however, they shed light on the magnitude and interrelations of important problems. Normal 0 14 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Tabella normale"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0pt 5.4pt 0pt 5.4pt; mso-para-margin:0pt; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman";}
72 1024 × 768尽管关于发展的文献很多，对未来贸易或储蓄“差距”的估计也越来越多，但是没有一个可接受的或一致的估计数显示发展中国家作为一个集团的国际收支的过去历史或现状。此外，评估旨在帮助发展中国家的贸易或援助政策变化可能产生的影响取决于对当前形势的了解。本文填补了这一统计空白，这对政策讨论非常重要。所提供的估计是粗略的，但是，它们阐明了重要问题的规模和相互关系。Normal 0 14 /*样式定义*/表。mso-style-name:"Tabella normal ";mso-tstyle-rowband-size: 0;mso-tstyle-colband-size: 0;mso-style-noshow:是的;mso-style-parent:“”;mso- font - family:宋体;mso-para-margin: 0分;mso-para-margin-bottom: .0001pt;mso-pagination: widow-orphan;字体大小:10.0分;font-family:宋体";}
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Pub Date : 2014-02-19DOI: 10.13133/2037-3643/11642
V. Argy
72 1024x768 The paper describes a test carried out to asses the significance of money substitutes in interest rate determination in Australia in the years 1953-1963. The test involved a comparison of four simple alternative hypotheses where four independent variables correspond to four alternative indices of liquidity. According to the results, the author infers that making an explicit allowance for money substitutes does not contribute to the explanation of the behaviour of the rate of interest, parallelling the results obtained from other studies. Normal 0 14 st1:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Tabella normale"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0pt 5.4pt 0pt 5.4pt; mso-para-margin:0pt; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman";}
本文描述了在澳大利亚1953-1963年间为评估货币替代品在利率决定中的重要性而进行的一项检验。该测试涉及四个简单的替代假设的比较，其中四个自变量对应于流动性的四个替代指数。根据结果，作者推断，明确允许货币替代品并不有助于解释利率的行为，并与其他研究得出的结果相平行。Normal 0 14 st1:*{behavior:url(# ieoui)} /*样式定义*/表。mso-style-name:"Tabella normal ";mso-tstyle-rowband-size: 0;mso-tstyle-colband-size: 0;mso-style-noshow:是的;mso-style-parent:“”;mso- font - family:宋体;mso-para-margin: 0分;mso-para-margin-bottom: .0001pt;mso-pagination: widow-orphan;字体大小:10.0分;font-family:宋体";}
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Pub Date : 2014-01-20DOI: 10.13133/2037-3643/11564
D. Fand
Monetarism and Fiscalism have emerged as two alternative stabilisation strategies that are in contention at this time. Monetarism seeks to control the monetary aggregates in order to stabilise the growth in money income, while Fiscalism centres its policies on controlling the degree of stimulus or restraint in the budget. The present work examines the substantive differences between Monetarists and Fiscalists concerning the theory or money, the theory of interest rates and prices, the theory of fiscal policy, and their respective views on rules, guidelines, discretion etc. This analysis of their aggregative theories is then used to identify some essential analytical and policy differences between Monetarists and Fiscalists, form any other differences that reflect transitory factors and may therefore diminish in time.
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The exchange-rate system established at Bretton Woods was intended to combine a fixity of the par-value of each member’s currency in the short run with a flexibility of the parity in the longer-run. Because of this emphasis on the fixity of the spot rates and of the parity in the short run, the Fund’s par-value system can be regarded as a variant of fixed exchange rates. The presumption that there is a devaluation-bias in present international monetary arrangements rests primarily on the hypothesis that under any variant of a fixed exchange rate the deficit country is more likely to be forced unwillingly to devalue than the surplus country is to be forced unwillingly to appreciate. The present paper considers the validity of the presumption that a devaluation-bias does exist under the Fund’s system of the adjustable peg. The author reviews the actual experience among Fund members in making changes in the par-value and then considers the analytical and statistical evidence which might throw light on this experience.
{"title":"Devaluation-bias and the Bretton Woods system","authors":"S. I. Katz","doi":"10.17016/IFDP.1971.2","DOIUrl":"https://doi.org/10.17016/IFDP.1971.2","url":null,"abstract":"The exchange-rate system established at Bretton Woods was intended to combine a fixity of the par-value of each member’s currency in the short run with a flexibility of the parity in the longer-run. Because of this emphasis on the fixity of the spot rates and of the parity in the short run, the Fund’s par-value system can be regarded as a variant of fixed exchange rates. The presumption that there is a devaluation-bias in present international monetary arrangements rests primarily on the hypothesis that under any variant of a fixed exchange rate the deficit country is more likely to be forced unwillingly to devalue than the surplus country is to be forced unwillingly to appreciate. The present paper considers the validity of the presumption that a devaluation-bias does exist under the Fund’s system of the adjustable peg. The author reviews the actual experience among Fund members in making changes in the par-value and then considers the analytical and statistical evidence which might throw light on this experience.","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2013-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67549820","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 : 2013-11-23DOI: 10.13133/2037-3651/11178
N. Healey
The reasons why economists disagree are complex. This paper is a case study in the limitations of empirical research as a means of resolving these differences. It reviews the evidence generated by the 1979-82 monetarist experiment and reveals the strategies different schools of thought have employed to construct radically different interpretations of events. Contrary to to Friedman’s famous dictum that “the differences between economists are empirical rather than theoretical”, this paper concludes that economists are divided by issues that run far deeper.
{"title":"The U.K. 1978-82 “monetarist experiment”: why economists still disagree","authors":"N. Healey","doi":"10.13133/2037-3651/11178","DOIUrl":"https://doi.org/10.13133/2037-3651/11178","url":null,"abstract":"The reasons why economists disagree are complex. This paper is a case study in the limitations of empirical research as a means of resolving these differences. It reviews the evidence generated by the 1979-82 monetarist experiment and reveals the strategies different schools of thought have employed to construct radically different interpretations of events. Contrary to to Friedman’s famous dictum that “the differences between economists are empirical rather than theoretical”, this paper concludes that economists are divided by issues that run far deeper.","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2013-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66230018","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 : 2013-11-23DOI: 10.13133/2037-3651/11384
H. Gibson, A. Thirlwall
The forces leading up to the debt crisis of the 1980s go back a long way. As a country experiences a rising ratio of debt service payments to export earnings so its default risk increases. World indicators show that interest rates were on a rising trend when commodity prices were on a downward trend. However, this is a simplistic analysis. The authors disaggregate the ratio into five components: a change in the volume of debt; a change in the rate of amortisation; a change in the rate of interest; a change in the volume of exports; a change in the price of exports. The article examines these independently in the light of the available data. Results suggest that rescheduling policy is uncoordinated and that debt-management methods can be improved.
{"title":"An international comparison of the causes of changes in the debt service ratio 1980-1985","authors":"H. Gibson, A. Thirlwall","doi":"10.13133/2037-3651/11384","DOIUrl":"https://doi.org/10.13133/2037-3651/11384","url":null,"abstract":"The forces leading up to the debt crisis of the 1980s go back a long way. As a country experiences a rising ratio of debt service payments to export earnings so its default risk increases. World indicators show that interest rates were on a rising trend when commodity prices were on a downward trend. However, this is a simplistic analysis. The authors disaggregate the ratio into five components: a change in the volume of debt; a change in the rate of amortisation; a change in the rate of interest; a change in the volume of exports; a change in the price of exports. The article examines these independently in the light of the available data. Results suggest that rescheduling policy is uncoordinated and that debt-management methods can be improved.","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2013-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66230146","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 : 2013-11-21DOI: 10.1057/978-1-137-47529-9_16
J. Halévi
{"title":"The composition of the investment under conditions of non uniform changes","authors":"J. Halévi","doi":"10.1057/978-1-137-47529-9_16","DOIUrl":"https://doi.org/10.1057/978-1-137-47529-9_16","url":null,"abstract":"","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2013-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"58222018","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 : 2013-11-21DOI: 10.13133/2037-3643/11088
M. Sarcinelli
Italian financial policy in the eighties has been aimed mainly at improving the relevant segments and achieving a better mix of the whole range of instruments and intermediaries. Two other trends - privatisation and deregulation - have been much less to the fore than the rest of the world. The author provides a broad overview of the state of Italian financial policy, looking at economic circumstances and macro-economic policies, financial innovation, the deregulation-regulation process and privatisation.
{"title":"Determinants and trends of Italian financial policy","authors":"M. Sarcinelli","doi":"10.13133/2037-3643/11088","DOIUrl":"https://doi.org/10.13133/2037-3643/11088","url":null,"abstract":"Italian financial policy in the eighties has been aimed mainly at improving the relevant segments and achieving a better mix of the whole range of instruments and intermediaries. Two other trends - privatisation and deregulation - have been much less to the fore than the rest of the world. The author provides a broad overview of the state of Italian financial policy, looking at economic circumstances and macro-economic policies, financial innovation, the deregulation-regulation process and privatisation.","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2013-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66229818","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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