scholarly journals Pandemic recession and helicopter money: Venice, 1629–1631

2022 ◽  
pp. 1-19
Author(s):  
Donato Masciandaro ◽  
Charles Goodhart ◽  
Stefano Ugolini
Keyword(s):  
Political Economy ◽  
Government Debt ◽  
Macroeconomic Policies ◽  
Fiscal Stimulus ◽  
Net Worth ◽  
Monetary Expansion ◽  
Monetary Instability

We analyse the money-financed fiscal stimulus implemented in Venice during the famine and plague of 1629–31, which was equivalent to a ‘net-worth helicopter money’ strategy – a monetary expansion generating losses to the issuer. We argue that the strategy aimed at reconciling the need to subsidize inhabitants suffering from containment policies with the desire to prevent an increase in long-term government debt, but it generated much monetary instability and had to be quickly reversed. This episode highlights the redistributive implications of the design of macroeconomic policies and the role of political economy factors in determining such designs.

scholarly journals The Political Economy of Industrial Development in Pakistan: A Long-Term Perspective

2009 ◽  
Vol 14 (Special Edition) ◽  
pp. 29-50 ◽  
Author(s):  
Imran Ali ◽  
Adeel Malik
Keyword(s):  
Political Economy ◽  
Foreign Aid ◽  
Industrial Development ◽  
Industrial Structure ◽  
Initial Conditions ◽  
Special Interests ◽  
Track Record ◽  
Low Levels

Private industrial development in Pakistan has a mixed track record. This paper presents a political economy overview of industrial development in Pakistan. Starting with an analysis of initial conditions, such as low levels of urbanization and out-migration of bourgeoisie, the paper looks at the ways in which policies were used to create advantages for elites and special interests. The paper also investigates the role of foreign aid in distorting industrial structure.

scholarly journals Framing Structural Transformation in South Africa and Beyond

2021 ◽  
pp. 1-27
Author(s):  
Antonio Andreoni ◽  
Pamela Mondliwa ◽  
Simon Roberts ◽  
Fiona Tregenna
Keyword(s):  
South Africa ◽  
Political Economy ◽  
Structural Transformation ◽  
Power Dynamics ◽  
Middle Income ◽  
Role Of The State ◽  
Societal Changes ◽  
Sectoral Composition

Structural transformation is a complex, long-term historical process entailing both structural change in the sectoral composition of an economy, as well as broader societal changes in the productive organizations, institutions, and political economy of a country. With a focus on South Africa as a middle-income country, this chapter advances a holistic and integrated perspective on the nature and dynamics of structural transformation and highlights a specific set of interlocking critical factors and dimensions. These are: the processes of learning and productive capabilities development and accumulation; technological change—digitalization, specifically—and its relationship with sustainability; power dynamics along global value chains (GVCs) and their relation to inequality; and finally, the political economy of development and the role of the state. Over the course of its democratic history, since 1994, South Africa has not undergone sustained and thoroughgoing structural transformation. Despite some areas of partial success, there has been premature deindustrialization, lack of sufficient development of the local production system alongside integration into GVCs, and persistent cross-cutting challenges of inclusiveness and sustainability. Here it is argued that the holistic and integrated framework developed by the authors can help in developing a policy approach towards effective and feasible packages of industrial policies for structural transformation.

scholarly journals Effects of marginalism on drawing the social and historical from economic analysis

Sociologija ◽  
2011 ◽  
Vol 53 (3) ◽  
pp. 275-296
Author(s):  
Natasa Golubovic ◽  
Srdjan Golubovic ◽  
Srdjan Marinkovic
Keyword(s):  
Political Economy ◽  
Economic Analysis ◽  
Economic Science ◽  
Exact Science ◽  
Historical Aspects ◽  
Classical Political Economy ◽  
The Social ◽  
Economic Reality

Endeavours to secure status of exact science for economics led to the exclusion of social and historical component from economic analysis. It is a long term process which started within classical political economy, gradually diverging the postulate upon which economic science is based from economic reality. Above mentioned changes are result of the long-term process during which holistic, social and historical aspects had been gradually removing from economic analysis. In this paper we will analyze the role of marginalism in the extrusion of social and historical from economic analysis.

Sovereign Wealth Funds and the Global Political Economy of Trust and Legitimacy

2017 ◽  
Author(s):  
Gordon L. Clark ◽  
Adam D. Dixon
Keyword(s):  
Political Economy ◽  
Critical Role ◽  
Regulatory Regime ◽  
Sovereign Wealth Funds ◽  
Global Political Economy ◽  
Form And Function ◽  
Current State ◽  
And Function

This chapter unpacks the concepts of trust and legitimacy as they pertain to sovereign funds in the global political economy. Its argument is divided into three parts. First, the importance of trust in finance and geopolitics, and the critical role of transparency, and how this relates to sovereign funds. Second, the legitimacy of sovereign funds at home and abroad in general with particular reference to how the regulatory regime surrounding public institutional investors in developed democracies is emulated in the Santiago Principles, and why it is significant for understanding the legitimacy of sovereign funds. Third, the current state of trust and legitimacy for sovereign funds is evaluated, with an explanation of why the continued opacity of some sovereign funds has not reduced trustworthiness. The chapter concludes on a speculative note, suggesting that the expected institutional form and function of sovereign funds may be at odds with the long-term interests of their state-sponsors.

scholarly journals Public Debt and Economic Growth in The SouthEast Asian Countries

2017 ◽  
Vol 6 (1) ◽  
pp. 177-188
Author(s):  
Muhammad Ghafur Wibowo
Keyword(s):  
Economic Growth ◽  
Southeast Asia ◽  
Public Debt ◽  
Government Debt ◽  
Asian Countries ◽  
Macroeconomic Policies ◽  
Role Of Government ◽  
The Relationship ◽  
Southeast Asian Countries

This study examines the relationship between public debt and economic growth in eight countries in Southeast Asia that are members of ASEAN. Through the study will contribute reference for each country to establish their macroeconomic policies. Using 10 years of data from 2006 to 2015 and analysis tools Autoregression Vector (VAR), the study attempts to test the theory of finance led growth. The main finding of this study is that public debt is actually able to increase the economic growth of a country significantly, although it takes a few years of its existence. This finding supports several previous studies that demonstrate the important role of government debt to the economy of a country.DOI: 10.15408/sjie.v6i1.4779

scholarly journals REDISCOVERING AMERICA: POLITICAL ECONOMY OF SPANISH COLONIES ACCORDING TO THE EXPLORERS JUAN-ULLOA, MALASPINA AND HUMBOLDT

2015 ◽  
Vol 34 (1) ◽  
pp. 135-159
Author(s):  
Luis Perdices De Blas ◽  
José Luis Ramos-Gorostiza
Keyword(s):  
Political Economy ◽  
Economic Development ◽  
The State ◽  
Spanish America ◽  
Spanish Empire ◽  
Alexander Von Humboldt ◽  
Spanish Colonies ◽  
Similarities And Differences

ABSTRACTTwo scientists and sailors from the Spanish Navy, Jorge Juan and Antonio de Ulloa, the Italian sailor and explorer Alessandro Malaspina, and the German sage Alexander von Humboldt were the main actors in three great voyages to Spanish America between the second-third of the 18th century and the beginning of the 19th century. This enabled them to provide three first hand «photographs» of the state of the Spanish empire in America at three different moments in time: approximately before, during and after the implementation of colonial reforms designed in the reigns of Ferdinand VI and Charles III. This work aims, in the first place, to compare the socio-economic views of Spanish America deriving from the three expeditions, highlighting similarities and differences. Second, this work aims to connect the analysis of the weaknesses of the politico-institutional organisation of Spanish colonies, which the four travellers did at first hand, with the present debate on the role of colonial institutions in long-term economic development.

Finance and Structural Change

2021 ◽  
pp. 473-493
Author(s):  
Stephany Griffith-Jones ◽  
José Antonio Ocampo
Keyword(s):  
Developing Countries ◽  
Structural Change ◽  
Structural Transformation ◽  
Macroeconomic Policies ◽  
Emerging And Developing Countries ◽  
Currency Mismatches ◽  
Private Financing ◽  
Domestic Level

This chapter emphasizes two crucial links between finance and structural change. The first is a direct contribution with finance supporting innovative sectors through long-term funding. The chapter highlights the role of development banks, multilateral, but especially national ones, which should place structural transformation at the centre of their activities. The second link emphasized involves avoiding the risks associated with boom–bust cycles in external as well as domestic private financing. The proper use of capital account regulations as one of the instruments of macroeconomic policies in open economies is essential, particularly in emerging and developing countries. At the domestic level, avoiding unsustainable credit booms, and managing the maturity and currency mismatches in portfolios, are also emphasized.

THE SAVINGS AND LOAN DEBACLE: THE CULMINATION OF THREE DECADES OF CONFLICTING REGULATION, DEREGULATION, AND RE-REGULATION

1993 ◽  
Vol 20 (1) ◽  
pp. 1-32 ◽  
Author(s):  
Geanie W. Margavio
Keyword(s):  
Regulatory Environment ◽  
Accounting Profession ◽  
Savings And Loans ◽  
Net Worth ◽  
The Public ◽  
Savings And Loan ◽  
Savings And Loan Industry ◽  
The Subject

The role of the public accounting profession in the savings and loan debacle of the 1980s has recently been the subject of Congressional inquiry and extensive litigation by government agencies, and by angry stockholders and bondholders. These efforts suggest a broad misunderstanding by the public of the causes of the disaster. this paper illustrates that the difficulties which precipitated the crisis were a result of the historical development of the regulatory environment of the savings and loan industry. Examining this regulatory environment helps in understanding the current problems and crises of savings and loans as well as the situation in which the accounting profession now finds itself. The paper illustrates that the manner in which the industry was regulated, including piecemeal and often conflicting legislation, locked the industry into long-term mortgage commitments and then urged diversification from these commitments. The paper illustrates that, over the years, industry responses to this legislation created a net worth crisis. The extent of the crisis was obscured by accounting principles developed by regulators, and which ran contrary to GAAP. Finally, the paper discusses recent legislation designed to correct the regulatory and accounting inconsistencies, and the anticipated effect of this legislation on the future of the savings and loan industry.

scholarly journals Infant and Under Five Mortality Rates in Nigeria: An Impact Analysis of Macroeconomic Conditions

2020 ◽  
Vol 2 (1) ◽  
pp. p1
Author(s):  
Rahman Olanrewaju Raji
Keyword(s):  
Mortality Rate ◽  
Impact Analysis ◽  
Mortality Rates ◽  
Macroeconomic Policies ◽  
Macroeconomic Conditions ◽  
Under Five ◽  
Child Mortality Rate ◽  
Macroeconomic Environment

Over the years, the rising unfriendly macroeconomic environment is a contributing factor to the infant and under-five mortality rate in Nigeria. The study investigated the role of macroeconomic conditions on infant and under-five mortality rates in Nigeria for the period 1986–2017 using the fully modified OLS technique. The results show that the unfriendly macroeconomic policy environment such as the instability of inflation rate, unemployment and exchange rate enhanced the increased level of infant and under-five mortality rate in Nigeria.  The study recommends that the authority should adopt more pro-growth policies that can ensure and maintain sound domestic macroeconomic policies to stem child mortality rate and promote economic growth through investment in food production and related investment in health. Most importantly, macroeconomic policies and institutions are highly needed to be strengthened in order to have a friendly macroeconomic environment which will in turn improve the population health of the country which can enhance sustainable and long term dietary as well as nutritional pattern of young age children and adult.

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