This article investigates the effect of economic uncertainty on remittances sent by migrants residing in developed countries to their home countries. The analysis builds on the economic uncertainty index developed by Ahir et al. that reflects the uncertainty related to economic and political events, regarding both near-term and long-term concerns. Economic uncertainty has deleterious effects on remittance outflows from developed countries, especially when uncertainty reaches high levels. Developing countries would therefore suffer from reduced remittance inflows if the current fragmentation of the world were to become protracted, resulting in higher barriers to the movement of capital and people.
本文研究了经济不确定性对居住在发达国家的移民向本国汇款的影响。分析以 Ahir 等人开发的经济不确定性指数为基础,该指数反映了与经济和政治事件有关的不确定性,既涉及近期问题,也涉及长期问题。经济不确定性会对发达国家的汇款外流产生有害影响,尤其是当不确定性达到较高水平时。因此,如果当前的世界分裂现象长期存在,导致资本和人员流动的障碍增加,发展中国家的汇款流入就会减少。
{"title":"The effect of economic uncertainty on remittance flows from developed countries","authors":"Sèna Kimm Gnangnon","doi":"10.1111/ecaf.12634","DOIUrl":"https://doi.org/10.1111/ecaf.12634","url":null,"abstract":"<p>This article investigates the effect of economic uncertainty on remittances sent by migrants residing in developed countries to their home countries. The analysis builds on the economic uncertainty index developed by Ahir et al. that reflects the uncertainty related to economic and political events, regarding both near-term and long-term concerns. Economic uncertainty has deleterious effects on remittance outflows from developed countries, especially when uncertainty reaches high levels. Developing countries would therefore suffer from reduced remittance inflows if the current fragmentation of the world were to become protracted, resulting in higher barriers to the movement of capital and people.</p>","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"267-280"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488292","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}
This study explores the historical background of the time value of money theory developed within the Austrian School, focusing on the contributions of its Scholastic antecedents. Although the Scholastics had a different starting point from the Austrians in analysing the nature of the time value of money, they ultimately reached a similar understanding. We present a new interpretation of Martín de Azpilcueta's theory, demonstrating that while he cannot be considered the sole originator of the time value of money theory, the role of Scholastic thinkers in its development should not be ignored.
{"title":"The scholastic perspective on the time value of money and the contribution of Martín de Azpilcueta (1491–1586)","authors":"Mohammadhosein Bahmanpour-Khalesi, Mohammadjavad Sharifzadeh","doi":"10.1111/ecaf.12651","DOIUrl":"https://doi.org/10.1111/ecaf.12651","url":null,"abstract":"<p>This study explores the historical background of the time value of money theory developed within the Austrian School, focusing on the contributions of its Scholastic antecedents. Although the Scholastics had a different starting point from the Austrians in analysing the nature of the time value of money, they ultimately reached a similar understanding. We present a new interpretation of Martín de Azpilcueta's theory, demonstrating that while he cannot be considered the sole originator of the time value of money theory, the role of Scholastic thinkers in its development should not be ignored.</p>","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"320-337"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488295","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}
This article considers the contributions of Ralph Hawtrey to monetary theory and macroeconomics, focusing on his monetary business cycle theory and his monetary explanation of the Great Depression. Unlike Milton Friedman's US-centred explanation of the Great Depression, Hawtrey's was focused on the international gold standard that collapsed with the outset of World War I and the attempt to restore it. Hawtrey urged that, after restoration of the gold standard, increased monetary demand for gold be restrained to prevent gold appreciation and deflation. But deliberate French gold accumulation in 1928 and interest-rate increases by the Federal Reserve, led to the ruinous deflation foreseen by Hawtrey. The article then critically evaluates recent discussions of Hawtrey's contributions in books by Hetzel (2023) and Mattei (2022).
{"title":"Ralph Hawtrey: A forgotten pioneer of macroeconomics","authors":"David Glasner","doi":"10.1111/ecaf.12647","DOIUrl":"https://doi.org/10.1111/ecaf.12647","url":null,"abstract":"<p>This article considers the contributions of Ralph Hawtrey to monetary theory and macroeconomics, focusing on his monetary business cycle theory and his monetary explanation of the Great Depression. Unlike Milton Friedman's US-centred explanation of the Great Depression, Hawtrey's was focused on the international gold standard that collapsed with the outset of World War I and the attempt to restore it. Hawtrey urged that, after restoration of the gold standard, increased monetary demand for gold be restrained to prevent gold appreciation and deflation. But deliberate French gold accumulation in 1928 and interest-rate increases by the Federal Reserve, led to the ruinous deflation foreseen by Hawtrey. The article then critically evaluates recent discussions of Hawtrey's contributions in books by Hetzel (2023) and Mattei (2022).</p>","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"245-266"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488279","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}
{"title":"Monetary system stability as a precondition for local and international order","authors":"Paul Tucker","doi":"10.1111/ecaf.12642","DOIUrl":"https://doi.org/10.1111/ecaf.12642","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"204-217"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488289","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}
{"title":"May contain lies: How stories, statistics and studies exploit our biases – and what we can do about it By Alex Edmans. Penguin Random House. 2024. pp. 310. £18.99 (hbk). ISBN: 978-0241630167. £9.99 (ebk). ISBN: 978-0241630174","authors":"Andy Mayer","doi":"10.1111/ecaf.12649","DOIUrl":"https://doi.org/10.1111/ecaf.12649","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"441-444"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488091","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}
{"title":"Do social justice fallacies imply social justice is a fallacy?","authors":"Kaveh Pourvand","doi":"10.1111/ecaf.12637","DOIUrl":"https://doi.org/10.1111/ecaf.12637","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"414-422"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488277","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}
{"title":"Rebuilding the Roman imperial currency in nineteenth century Britain","authors":"George Maher","doi":"10.1111/ecaf.12641","DOIUrl":"https://doi.org/10.1111/ecaf.12641","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"378-385"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488278","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}
{"title":"How did Britain come to this? A century of systemic failures of governance By Gwyn Bevan. LSE Press. 2023. 326 pp. £26.00 (pbk). ISBN: 978-1911712107. Free (PDF). ISBN: 978-1911712114","authors":"Christopher Snowdon","doi":"10.1111/ecaf.12629","DOIUrl":"https://doi.org/10.1111/ecaf.12629","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"429-431"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488282","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}
{"title":"Seven crashes: The economic crises that shaped globalisation By Harold James. Yale University Press. 2023. 376 pp. £20.00 (hbk). ISBN: 978-0300263398. £12.34 (ebk). ISBN: 978-0300271492","authors":"Geoffrey Wood","doi":"10.1111/ecaf.12632","DOIUrl":"https://doi.org/10.1111/ecaf.12632","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"432-435"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488283","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}
Three characteristics of developed twenty-first century countries are high levels of state capacity, democracy, and economic freedom. This article compares countries that lack one of the characteristics with countries that have more even levels of institutional development. Countries which lack democracy use other means to secure political legitimacy, and those without strong states are geographically concentrated in Latin America and eastern Europe. Those without liberalised economic institutions are an idiosyncratic group that have unconventional historical paths. These findings speak to the prospects for development outside the liberal democratic path, the nature of development in the absence of a state, and unexplored determinants of economic freedom.
{"title":"Not following the script: When institutional development is uneven","authors":"Ryan H Murphy","doi":"10.1111/ecaf.12650","DOIUrl":"https://doi.org/10.1111/ecaf.12650","url":null,"abstract":"<p>Three characteristics of developed twenty-first century countries are high levels of state capacity, democracy, and economic freedom. This article compares countries that lack one of the characteristics with countries that have more even levels of institutional development. Countries which lack democracy use other means to secure political legitimacy, and those without strong states are geographically concentrated in Latin America and eastern Europe. Those without liberalised economic institutions are an idiosyncratic group that have unconventional historical paths. These findings speak to the prospects for development outside the liberal democratic path, the nature of development in the absence of a state, and unexplored determinants of economic freedom.</p>","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"338-352"},"PeriodicalIF":1.0,"publicationDate":"2024-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecaf.12650","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488509","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}