scholarly journals Financialisation and tendencies towards stagnation: the role of macroeconomic regime changes in the course of and after the financial and economic crisis 2007–09

2019 ◽  
Vol 43 (4) ◽  
pp. 975-999 ◽  
Author(s):  
Eckhard Hein
Keyword(s):  
Global Economy ◽  
Welfare States ◽  
Anglo Saxon ◽  
Regime Changes ◽  
Modern Capitalism ◽  
Long Run ◽  
The Usa ◽  
Dominant Tendency ◽  
The Uk ◽  
Macroeconomic Risks

Abstract This paper argues that the re-emergence of stagnation tendencies in modern capitalism can be related to financialisation and its macroeconomic failures leading to the recent crises, and in particular to the macroeconomic responses towards the crisis and the respective regime shifts in mature capitalist economies. The focus of the paper is on the latter, and it examines the regime changes for six mature capitalist economies, the two liberal Anglo-Saxon economies of the USA and the UK, a representative country from the Nordic welfare states, Sweden, the three important Eurozone countries France, Germany and Spain, as well as the core Eurozone (EA-12) as a whole. The concept of macroeconomic regimes under the conditions of financialisation is recapitulated, applied to the period before the crisis, and finally the regime changes during and after the crisis are examined. It is shown that a dominant tendency towards export-led mercantilism, in particular in the Eurozone and its main member countries, imposes an aggregation problem on the global economy and thus contributes to stagnation and rising global macroeconomic risks. Finally, short- and long-run alternative policies to deal with these problems are suggested.

An early mainstream economist from Hungary: István Varga (1897–1962)

2003 ◽  
Vol 53 (2) ◽  
pp. 195-213 ◽  
Author(s):  
K. Majoros
Keyword(s):  
Austrian Economic ◽  
National Income ◽  
Anglo Saxon ◽  
Turbulent Times ◽  
The Usa ◽  
New Ideas ◽  
Modern Economic ◽  
The Uk ◽  
Economic Thinking ◽  
Lasting Influence

The study introduces a Hungarian economic thinker, István Varga*, whose valuable activity has remained unexplored up to now. He became an economic thinker during the 1920s, in a country that had not long before become independent of Austria. The role played by Austria in the modern economic thinking of that time was a form of competition with the thought adhered to by the UK and the USA. Hungarian economists mainly interpreted and commented on German and Austrian theories, reasons for this being that, for example, the majority of Hungarian economists had studied at German and Austrian universities, while at Hungarian universities principally German and Austrian economic theories were taught. István Varga was familiar not only with contemporary German economics but with the new ideas of Anglo-Saxon economics as well — and he introduced these ideas into Hungarian economic thinking. He lived and worked in turbulent times, and historians have only been able to appreciate his activity in a limited manner. The work of this excellent economist has all but been forgotten, although he was of international stature. After a brief summary of Varga’s profile the study will demonstrate the lasting influence he has had in four areas — namely, business cycle research and national income estimations, the 1946 Hungarian stabilisation program, corporate profit, and consumption economics — and will go on to summarise his most important achievements.

Is there a commendable regime for combatting money laundering in international business transactions?

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Andrew Emerson Clarke
Keyword(s):  
International Business ◽  
Money Laundering ◽  
Global Economy ◽  
Task Force ◽  
Academic Research ◽  
State Level ◽  
Content Type ◽  
The Usa ◽  
Enforcement Mechanisms ◽  
The Uk

Purpose Money laundering and grand business corruption continue to plague the global economy, accounting for 2%-5% of the global gross domestic product. Illicit funds, produced through grand corruption, are laundered using complex layering schemes that cloak them in legitimacy by concealing their origins. Lamentably, weak anti-money laundering (AML) frameworks promote economic instability, unjust commercial advantages and organized crimes. This study aims to highlight the need for comprehensive anti-corruption and AML frameworks by critiquing the exploitable gaps in the global AML regime created by heterogeneous state-level AML regimes to date. Design/methodology/approach This study welcomes the United Nations Convention against Corruption (UNCAC) and the financial action task force (FATF) recommendations but underscores the limitations of their effectiveness by investigating state-level enforcement mechanisms to determine these instruments’ true impact or lack thereof. The mutual evaluation reports (MERs) and state-level AML regimes in the UK, the USA and Canada are analyzed to illustrate the distinct implementation of international soft law in domestic legislation. Findings This study finds that UNCAC and the FATF recommendations are pivotal steps towards the establishment of a global AML regime for international business, albeit, one that remains imperfect because of the inconsistency of state-level AML frameworks. Consequently, international cooperation is needed to navigate and improve the discrepancies in varied AML legislation. Originality/value The author provides an in-depth and balanced analysis of current state-level AML developments and relies upon the recent 2016-2018 MERs to indicate the successes and flaws of various AML legislation. Therefore, this critique may guide stakeholders to construct robust AML frameworks and contributes to academic research in AML.

A Socio-Cultural Analysis of the Present and the Future of the M-Commerce Industry

2011 ◽  
pp. 694-707 ◽  
Author(s):  
Ritanjan Das ◽  
Jia Jia Wang ◽  
Pouwan Lei
Keyword(s):  
Mobile Communication ◽  
Global Economy ◽  
Communication Technologies ◽  
Cultural Analysis ◽  
Basic Premise ◽  
Cultural Variations ◽  
The Third ◽  
The Usa ◽  
The Uk ◽  
Different Parts

With high optimism, the third generation mobile communication technologies were launched and adopted by telecommunication giants in different parts of the globe—Hutchison 3G in the UK, Verizon in the USA and NTT DoCoMo in Japan. However, with an uncertain and turbulent social, economic and political environment, and the downturn in the global economy, difficult conditions are pronounced for the initial promises of m-commerce technologies to be fully realized. The causes for this, determined so far, have been largely of a technical nature. In this chapter, we shift the focus of analysis from a pure technical approach to a socio-cultural one. The basic premise of the chapter is that cultural variations do play a very important part in shaping potential consumers’ choice, belief and attitude about m-commerce services. We believe that to be an important way for the m-commerce industry to fulfill its potential.

Does Population Aging Affect Income Inequality?

2021 ◽  
pp. 320-335
Author(s):  
Gürçem Özaytürk ◽  
Ali Eren Alper ◽  
Fındık Özlem Alper
Keyword(s):  
Income Inequality ◽  
Pension System ◽  
Positive Impact ◽  
Population Aging ◽  
The Elderly ◽  
Dependency Ratio ◽  
Long Run ◽  
The Usa ◽  
The Uk ◽  
The Relationship

This study analyzes the relationship between the elderly dependency ratio and income inequality over the period 1972-2019 in countries such as the USA, Japan, the UK, France, Germany, Canada, and Italy, which rank top in the population aging, using the Fourier-Shin cointegration test. According to the results, the rise in the elderly dependency ratio of all countries included in the analysis, except for France, has a positive impact on income inequality. The result implying that the rise in the elderly dependency ratio increases the income inequality and renders some policy recommendations possible. Accordingly, the provision of adequate childcare programs and family aids can result in greater labor force participation in the short- and long-run. In addition, a pension system can be developed to lower the elderly dependency ratio, more money can be saved for the retirement period, and working domains can be developed for the post-retirement period.

scholarly journals Are IPO underwriters paid for the services they provide?

2015 ◽  
Vol 11 (4) ◽  
pp. 414-437 ◽  
Author(s):  
Michele Meoli ◽  
Andrea Signori ◽  
Silvio Vismara
Keyword(s):  
Stock Price ◽  
Financial Intermediation ◽  
Institutional Setting ◽  
Anglo Saxon ◽  
Going Public ◽  
Content Type ◽  
Italian Market ◽  
The Us ◽  
The Usa ◽  
The Uk

Purpose – The purpose of this paper is to relate the fees paid to IPO underwriters to the nature and quality of the services they provide. Design/methodology/approach – Controlling for the characteristics of the firm going public, the risk associated with the offering, and the reputation of the underwriter, the authors study on a sample of Italian IPOs whether a formal commitment by underwriters to provide ancillary services allows them to charge higher fees. Findings – The authors document that asking underwriters to stabilize stock price is costly to the issuer, while to support liquidity is not. The authors’ also show that underwriters stabilize IPOs that really need it, whereas the provision of liquidity support does not seem to be always aligned with the issuer’s interest. Originality/value – Investigating the Italian underwriting market is instructive for two main reasons. First, the institutional setting in IPOs is similar to most continental European countries, but significantly different from the US market. For instance, allocation policies in US IPOs are discretionary for both retail and institutional investors, while in Europe shares cannot be discretionarily allocated to retail investors. Second, the Italian market offers the opportunity to study the going-public decision outside the typical Anglo-Saxon financial systems. This is of interest because while both the UK and the USA have well-developed equity markets and a related industry of financial intermediation centered on providing equity, our analysis sheds light on financial intermediation of IPOs in a bank-centered system.

scholarly journals Collective Identity, Anglo-Saxon Bond and the Persistence of the Anglo-American Special Relationship

2015 ◽  
Vol 1 (3) ◽  
pp. 122
Author(s):  
Ruike Xu
Keyword(s):  
Cold War ◽  
Collective Identity ◽  
Special Relationship ◽  
Anglo Saxon ◽  
Post Cold War ◽  
Threat Perceptions ◽  
The Usa ◽  
Anglo American ◽  
The Uk ◽  
The Cold War

There have been many “end of affair” comments on the Anglo-American special relationship (AASR) in the post-Cold War era. Notwithstanding this, the AASR has managed to persist without losing its vitality up to the present. This article seeks to explain the persistence of the AASR from the perspective of collective identity. It argues that a strong Anglo-American collective identity has been an indispensable positive contributor to the persistence of the AASR after the end of the Cold War. The strong Anglo-American collective identity facilitates Anglo-American common threat perceptions, solidifies embedded trust between the UK and the USA, and prescribes norms of appropriate behaviour for these two countries.

scholarly journals GDP and population growth: Evidence of fractional cointegration with historical data from 1820 onwards

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Luis Gil-Alana ◽  
Cecilia Font ◽  
Águeda Gil-López
Keyword(s):  
Historical Data ◽  
Fractional Integration ◽  
Content Type ◽  
Group Of Seven ◽  
Long Run ◽  
Equilibrium Relationship ◽  
The Usa ◽  
Using Data ◽  
The Uk ◽  
The Relationship

PurposeUsing data from 1820 onwards in a group of seven countries, namely, Australia, Chile, Denmark, France, the UK, Italy and the USA, the authors investigate if there is a long-run equilibrium relationship between the two variables (GDP and population).Design/methodology/approachUsing fractional integration and cointegration methods, this paper deals with the analysis of the relationship between GDP and population using historical data.FindingsThe authors’ results show first that the two series are highly persistent, presenting orders of integration close to or above 1 in practically all cases. Testing cointegration between the two variables, the results are quite variable depending on the methodology and the bandwidth numbers used, but if cointegration takes places, it only occurs in the cases of France, Italy and the UK.Research limitations/implicationsThe fact that the orders of integration of all series is close to 1 indicate high levels of persistence with shocks having permanent effects and requiring strong measures to recover the original trends.Practical implicationsAny shock affecting the series will have a permanent nature, persisting forever.Originality/valueUpdated time series techniques based on concepts such as fractional integration and cointegration are used.

Migrants' Social Rights, Ethnicity and Welfare Regimes

2005 ◽  
Vol 34 (4) ◽  
pp. 637-660 ◽  
Author(s):  
ANN MORISSENS ◽  
DIANE SAINSBURY
Keyword(s):  
Welfare States ◽  
Social Rights ◽  
Welfare Regimes ◽  
Initial Attempt ◽  
Expected Performance ◽  
The Social ◽  
The Usa ◽  
Using Data ◽  
The Uk ◽  
The Impact

Comparative welfare state research has devoted little attention to the social rights of migrants or the ethnic/racial dimension, even though societies are becoming more ethnically diverse through international migration. Using data from the Luxembourg Income Study for the UK, the USA, Germany, France, Denmark and Sweden, this article represents an initial attempt to compare the social rights of migrants and citizens across welfare regimes. We examine the substantive social rights of migrants and ethnic minorities by focusing on their participation in social transfer programmes, and the impact of transfers on their ability to maintain a socially acceptable standard of living compared with the rest of the population. The analysis shows that there are major disparities between how migrant and citizen households fare in welfare states, and that the discrepancies widen for migrants of colour. When the analysis is confined to citizen households, the results largely correspond to the expected performance of welfare regimes. However, when migrants are incorporated into the analysis, intra-regime variations stand out in the case of the liberal and social democratic countries.

Die angelsächsische Achse

2013 ◽  
Vol 57 (1-2) ◽  
Author(s):  
Christoph Scheuplein
Keyword(s):  
Venture Capital ◽  
Private Equity ◽  
Empirical Studies ◽  
Special Focus ◽  
Anglo Saxon ◽  
Frankfurt Am Main ◽  
Equity Investment ◽  
Equal Importance ◽  
The Usa ◽  
The Uk

The Anglo-Saxon axis. An empirical analysis of buy-outs and location structures of private equity firms in Germany. The current research suggests that equity investment firms in Germany are concentrated in five or six regional centres of equal importance. While the theoretical discussion focuses primarily on venture capital, empirical studies on locations of venture capital and buy-outs usually make no explicit distinction between the two forms of investment. The analysis presented here makes a systematic distinction between venture capital and buy-outs, with a special focus on buy-outs because this form of investment is of greater economic importance. The paper also extends the range of available data by including data on company transactions. An evaluation of all buy-outs in Germany in 2012 indicates that Munich is the only major location of buy-out firms in Germany, apart from Frankfurt am Main. The branch offices of equity investment firms based in the USA and the United Kingdom (UK) are a crucial factor. Moreover, many private equity firms operate directly from outside Germany, particularly from London. Thus, one might speak of an Anglo-Saxon axis of buy-out firms. These firms have a significant competitive advantage due to better fundraising opportunities in the financialised economies of the USA and the UK. Therefore, it is argued that, rather than focusing exclusively on the regional capital supply to explain the infrastructure of equity investment firms, as it was done in the past, the research should also take the organization of sources of funds into consideration.

scholarly journals DETECTING SCAPEGOAT EFFECTS IN THE RELATIONSHIP BETWEEN EXCHANGE RATES AND MACROECONOMIC FUNDAMENTALS: A NEW APPROACH

2018 ◽  
Vol 24 (4) ◽  
pp. 951-994 ◽  
Author(s):  
Lorenzo Pozzi ◽  
Barbara Sadaba
Keyword(s):  
Exchange Rates ◽  
Inflation Rate ◽  
Anglo Saxon ◽  
New Approach ◽  
Prior Probabilities ◽  
Testing Method ◽  
Real Gdp ◽  
Long Run ◽  
The Usa ◽  
The Relationship

This paper presents a new testing method for the scapegoat model of exchange rates. A number of steps are implemented to determine whether macro-fundamentals are scapegoats for the evolution of exchange rates. Estimation is conducted using a Bayesian Gibbs sampling approach applied to eight countries (five developed and three emerging) versus the USA over the period 2002Q1–2014Q4. The macro-fundamentals that we consider are real GDP growth, the inflation rate, the long-run nominal interest rate, and the current account to GDP ratio. We calculate the posterior probabilities that these macro-fundamentals are scapegoats. For the inflation rate, these probabilities are considerably higher than the imposed prior probabilities of ½ in five out of eight countries (in particular, the Anglo-Saxon economies).

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