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This paper contributes to the literature on determining the real exchange rates by developing a model that is based on key propositions of the classical political economy within which the real ... international trade and of the observed intense political controversy over the effectiveness of currency manipulation policies, especially from China’s side which, in the recent decades, has emerged as a major
biggest challenges will be: 1) To unify a politically divided country and avoid the continuation of political polarization in Brazil, which is on the verge of affecting Brazilian democracy; 2) to mitigate ... the political economy of the 2019-2022 Bolsonaro government. We will argue that there has been no clear economic policy guidance driving the policymaking of Bolsonaro’s Brazilian Economic Authorities
Based on the classical political economy’s theories of surplus, production and money, the aim of the paper is to enquire the logic behind the independence of the European Central Bank (ECB). Along ... . A Panel ARDL model and Granger causality test were applied to empirically contrast the above hypothesis. Key words: ECB; Eurozone; classical political economy; panel ARDL; causality JEL
Professor, Catholic University of Panama (Panama) E-mail: Abstract This paper features a stock-flow consistent (SFC) political business cycle model where the interplay between financial debt ... and long-term growth paths. Keywords: Political business cycles; debt and public finance; Michal Kalecki; stabilization policy JEL Classification: E3; E6; H5; H6 Resumen Este artículo
This paper features a stock-flow consistent (SFC) political business cycle model where the interplay between financial debt, income distribution and fiscal policy is politically mediated by the ... and long-term growth paths. Keywords: Political business cycles; debt and public finance; Michal Kalecki; stabilization policy JEL Classification: E3; E6; H5; H6 Resumen Este artículo
This paper features a stock-flow consistent (SFC) political business cycle model where the interplay between financial debt, income distribution and fiscal policy is politically mediated by the ... and long-term growth paths. Keywords: Political business cycles; debt and public finance; Michal Kalecki; stabilization policy JEL Classification: E3; E6; H5; H6 Resumen Este artículo
. There is nothing “natural” or inevitable about how such bank insolvency and negative equity will be resolved. The solution always is political. At issue is who will absorb the loss: Depositors, indebted ... would not find it good business to mislead people, so that was unthinkable. Embracing the libertarian anti-regulatory philosophy that led to his being appointed Fed Chairman in the first place, he refused
The independence of the central bank refers to political independence and operational independence to achieve and maintain price stability. Political independence was justified on the basis that it ... context, there is a clear dominance of financial transmission channels and financial constraints that makes central bank independence a more complex issue. Palabras clave: Political independence
The independence of the central bank refers to political independence and operational independence to achieve and maintain price stability. Political independence was justified on the basis that it ... context, there is a clear dominance of financial transmission channels and financial constraints that makes central bank independence a more complex issue. Palabras clave: Political independence
The independence of the central bank refers to political independence and operational independence to achieve and maintain price stability. Political independence was justified on the basis that it ... context, there is a clear dominance of financial transmission channels and financial constraints that makes central bank independence a more complex issue. Palabras clave: Political independence
solve a series of collective action problems: The institutionalization and capacity building before the pandemic, the social coordination since the outbreak, and the political pressure from China.Keywords ... industrial policy and the democratization process in Taiwan. Third, an early recognition of the threat due to the political pressure from China and the continuing isolation from most international
, political instability may affect the implementation of internal devaluation due to opportunistic behavior and strategic thinking from the parties in power. On the other hand, governments also respond in real ... of this paper is to find out the best predictor of internal devaluation measures imposed by governmental decision. There are two competing hypotheses. On the one hand, political instability may affect
verdict in late 2019 after leaked messages between the judge and the prosecuting attorneys. Lula and the PT had faced political setbacks in the past. Mensalão was a political scandal that threatened to ... corruption. It was also an attempt to remove PT and its political coalition from power. Despite the mainstream media attacks and the conviction of a few PT leaders, Lula was re-elected in 2006 and Dilma
shift in political philosophy and policy formation from viewing education as a welfare right to a consumer model. Indeed, Neoliberalism and After? is at its best in chapters six and seven when Peters ... (Peters p. 4). The opening chapters of Neoliberalism and After? trace the development of neoliberalism from its emergence as a political project articulated at the first meeting of the Mont Pelerin Society
with the redistribution of income towards workers. The profit rate then decreased from 32.3% in 2010 to 27.2% in 2016. In his classic text “Political aspects of full employment”, Kalecki (1943) argues ... in these conditions the aggregate mass of profits would be larger, capitalists would object to such policy. Among the set of political justifications given by the author to explain this apparent
countries may still decide to implement central bank independence, but that decision is a political one with non-neutral economic and political consequences. It is a grave misrepresentation to claim ... and varied swathe of countries. Second, the shift occurred in the late 1980s and 1990s, a period which witnessed the cementing of neoliberal political and economic hegemony. Central bank independence
data: What have we learned in the past few years? Annual Review of Political Science, 4(1), pp. 271-293. https://doi.org/10.1146/annurev.polisci.4.1.271. [ Links ] Beyer, H., Rojas, P. y Vergara, R ... . Londres: Allen & Unwin/American Economic Association. [ Links ] Krugman, P.R. (1981). Intraindustry specialization and the gains from trade. Journal of Political Economy, 89(5), pp. 959-974. https
political philosophy and in societies at large since Locke and Rousseau were writing. We live in times that Nancy Fraser (1997) describes as “postsocialist.” Today, key underlying assumptions of liberal ... democratic theory are being questioned and dismissed. (p. 2). Her goal is plain while the task is demanding: develop “a relational, pluralistic social political theory” that moves beyond liberal democracy
Political Economy, 8(4), pp. 579-597. https://doi.org/10.1016/0176-2680(92)90042-F. [ Links ] El-Shagi, M., Sawyer, W.C. y Tochkov, K. (2022). The income elasticity of import demand: A meta-survey. Pacific ... theoretical and empirical approach. Review of Political Economy, 34(1), pp. 146-164. https://doi.org/10.1080/09538259.2021.1882195. [ Links ] Rochon, L.-P. y Rossi, S. (2007). Metas de inflación, desempeño
from Credit Suisse. The intervention of Swiss political authorities and the SNB had become as indispensable as it was unavoidable, in light of the rapid and significant loss of confidence of Credit ... series of overlapping and mutually reinforcing problems, given also the lack of political will to intervene in order to solve these problems eventually and in the general interest of all stakeholders. As
