Locating new ‘state capitalism’ in advanced economies: an international comparison of government ownership in economic entities

2021 ◽  
pp. 1-21
Author(s):  
Kyunghoon Kim
Keyword(s):  
International Comparison ◽  
Government Ownership ◽  
State Capitalism ◽  
Advanced Economies

Financialization and state capitalism in Hungary after the Global Financial Crisis

2021 ◽  
pp. 102452942110032
Author(s):  
David Karas
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Emerging Market ◽  
Active Role ◽  
The State ◽  
State Capitalism ◽  
Political Risks ◽  
Role Of The State ◽  
Advanced Economies ◽  
The Global Financial Crisis

Whereas the active role of the state in steering financialization is consensual in advanced economies, the financialization of emerging market economies is usually examined through the prism of dependency: this downplays the domestic political functions of financialization and the agency of the state. With the consolidation of state capitalist regimes in the semi-periphery after the Global Financial Crisis, different interpretations emerged – some linking state capitalism with de-financialization, others with coercive projects deepening it. Preferring a more granular and multi-dimensional approach, I analyse how different facets of financialization might represent political risks or opportunities for state capitalist projects: Based on the Hungarian example, I first explain how the constitution of a ‘financial vertical’ after 2010 inaugurated a new mode of statecraft. Second, I show how the financial vertical enabled rentier bargains between state and society after 2015 by deepening the financialization of social policy and housing in response to a looming crisis of competitiveness.

scholarly journals Versailles Redux? Eurozone Competitiveness in a Dynamic Balassa-Samuelson-Penn Framework

2014 ◽  
Vol 5 (2) ◽  
Author(s):  
Kevin Stahler ◽  
Arvind Subramanian
Keyword(s):  
Exchange Rate ◽  
International Comparison ◽  
Labor Cost ◽  
Prima Facie ◽  
Nominal Exchange Rate ◽  
Strongly Correlated ◽  
Unit Labor Cost ◽  
Advanced Economies ◽  
Exchange Rate Changes ◽  
Special Circumstances

AbstractPrima facie, competitiveness adjustments in the eurozone, based on unit labor cost developments, appear sensible and in line with what the economic analyst might have predicted and the economic doctor might have ordered. But a broader and arguably better – Balassa-Samuelson-Penn (BSP) – framework for analyzing these adjustments paints a very different picture. Taking advantage of the newly released PPP-based estimates of the International Comparison Program (2011), we identify a causal BSP relationship. We apply this framework to computing more appropriate measures of real competitiveness changes in Europe and other advanced economies in the aftermath of the recent global crises. There has been a deterioration, not improvement, in competitiveness in the periphery countries between 2007 and 2013. Second, the pattern of adjustment within the eurozone has been dramatically perverse, with Germany having improved competitiveness by 9% and with Greece’s having deteriorated by 9%. Third, real competitiveness changes are strongly correlated with nominal exchange rate changes, which suggests the importance of having a flexible (and preferably independent) currency for effecting external adjustments. Fourth, internal devaluation – defined as real competitiveness improvements in excess of nominal exchange rate changes – is possible but seems limited in scope and magnitude. Our results are robust to adjusting the BSP framework to take account of the special circumstances of countries experiencing unemployment. Even if we ignore the BSP effect, the broad pattern of limited and lopsided adjustment in the eurozone remains.

scholarly journals State capitalism and capital markets: Comparing securities exchanges in emerging markets

2021 ◽  
pp. 0308518X2110475
Author(s):  
Johannes Petry ◽  
Kai Koddenbrock ◽  
Andreas Nölke
Keyword(s):  
Emerging Markets ◽  
Capital Markets ◽  
Emerging Market ◽  
Institutional Setting ◽  
State Capitalism ◽  
State Involvement ◽  
Advanced Economies ◽  
Securities Exchanges ◽  
Comparative Institutional Analysis ◽  
The Relationship

Finance plays a major role in discussions about state capitalism in emerging markets, but the focus has so far been on banks. Capital markets have been neglected. Moreover, findings from the growing literature on financialization in emerging markets indicate that in some cases there is increasing state involvement in the development and functioning of capital markets. Hence, the relationship between the state and finance in these economies may be fundamentally different from the picture provided by liberal Western-centric perspectives. Instead of looking at capital markets as uniform entities, we propose to analyse them as variegated – while characterized by common financialization processes, they can be informed by different institutional logics, leading to very different market dynamics and outcomes. We explore to what extent these differences exist and how state-capitalist economies facilitate capital market development. Our comparative institutional analysis of securities exchanges as central parts of capital markets in six increasingly financialized emerging market economies – Brazil, China, India, Russia, South Africa and South Korea – focuses on the degree to which capital markets are integrated into state-capitalist institutions. Instead of mere platforms on which market transactions take place, we analyse exchanges as powerful actors which actively shape capital markets. While in most advanced economies exchanges are situated within an institutional setting informed by neoliberal institutional logic, we demonstrate that exchanges in emerging markets often organize capital markets to facilitate state objectives.

An International Comparison of Employment in Recovery

2010 ◽  
Vol 214 ◽  
pp. F35-F40
Author(s):  
Dawn Holland ◽  
Simon Kirby ◽  
Rachel Whitworth
Keyword(s):  
International Comparison ◽  
Unemployment Rate ◽  
Economic Recovery ◽  
Unemployment Rates ◽  
Percentage Points ◽  
Advanced Economies ◽  
Global Population

While the global economic recovery remains fragile, output in most of the major advanced economies has been rising since mid-2009. Employment, however, tends to lag production, and unemployment continued to rise well into 2010 in many countries. The ILO estimates that the level of unemployment remains elevated by 30 million worldwide relative to 2007 (ILO-IMF, 2010). After taking into account global population developments, this points to a rise in the global unemployment rate of about ¾ percentage point. As the advanced economies have been faced with the brunt of the global downturn, unemployment rates have risen far more significantly within the OECD area. The unemployment rate in this region remains 2.9 percentage points higher than at the beginning of 2008.

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