Some Aspects of the Theory of Economic Policy in a World of Capital Mobility

2013 ◽  
pp. 151-166
Keyword(s):  
Economic Policy ◽  
Capital Mobility

Kapitalmobilität in Europa aus empirischer Sicht. Befunde und wirtschaftspolitische Implikationen / Capital Mobility in Europe from an Empirical Viewpoint. Evidence and Implications for Economic Policy

2002 ◽  
Vol 222 (1) ◽  
Author(s):  
Andre Jungmittag ◽  
Gerhard Untiedt
Keyword(s):  
Economic Policy ◽  
Capital Mobility

ZusammenfassungDie hohe Korrelation zwischen nationalen Investitions- und Sparquoten ist seit der Studie von Feldstein/Horioka (1980) ein umstrittener, aber zunächst häufig bestätigter empirischer Befund. In diesem Beitrag wird dieser Zusammenhang erneut für die EU-Staaten im Zeitraum von 1960 bis 1997 untersucht. In Erweiterung der bisherigen Untersuchungen werden in unserer auf Zeitreihen basierenden Analyse für die Länder einerseits unterschiedliche Grade an Kapitalmobilität zugelassen und andererseits wird für die interessierenden Größen explizit zwischen den lang- und kurzfristigen Zusammenhängen unterschieden. Zusammenfassend ergeben sich die folgenden Schlußfolgerungen. Erstens bestehen in den EU-Staaten kaum langfristige Beziehungen zwischen den nationalen Investitions- und Sparquoten, sondern die beobachtbaren Korrelationen sind vielmehr der Ausdruck von Scheinkorrelationen zwischen trendbehafteten Variablen. Die Analyse der kurzfristigen Zusammenhänge sowie die sich daran anschließenden Strukturbruchüberprüfungen legen zweitens nahe, daß auch in diesem Fall für die EU-Staaten im untersuchten Zeitraum allgemein ein hoher Grad an Kapitalmobilität vorliegt, der häufig im Zeitablauf zunimmt.

scholarly journals Policy response to COVID-19 pandemic and related future challenges

2021 ◽  
Vol 69 (3-4) ◽  
pp. 217-229
Author(s):  
Dušan Vujović
Keyword(s):  
Economic Policy ◽  
Capital Mobility ◽  
Policy Framework ◽  
Policy Response ◽  
Policy Paradigm ◽  
Regulated Markets ◽  
Future Challenges ◽  
Fiscal Support ◽  
Development Goals ◽  
Future Growth

The paper reviews new standard policy response to global COVID-19 pandemic led by the IMF. It identifies new innovative approaches in the design of expansionary fiscal support measures and accommodating monetary policy. Particular attention is paid to the treatment of labor markets, job-retention measures, and worker-reallocation efforts deployed at appropriate stages of continued pandemic, initial post-COVID-19 economic recovery and longer-run investment for sustainable future growth. The paper detects inherent policy limitations in the treatment of local, national and global public goods, excessive globalization, and unregulated financial markets and capital mobility, as well as weak integration between prevailing economic policy paradigm and other social sciences. It seeks a solution in expanding economic policy framework beyond neoliberalism, by harnessing democracy and human wellbeing consistent with sustainable development goals through balanced conduct of economic policy, efficient and adequately regulated markets (as needed), and responsible and transparent state actions.

scholarly journals Neoliberalism and global capital mobility: a necessary reconsideration of textbook trade theory

2015 ◽  
Vol 35 (2) ◽  
pp. 267-284 ◽  
Author(s):  
KUNIBERT RAFFER
Keyword(s):  
Economic Policy ◽  
Exchange Rates ◽  
Capital Flows ◽  
Capital Mobility ◽  
Real Economy ◽  
Trade Theory ◽  
The Real ◽  
Capital Movements ◽  
Global Capital ◽  
Regulatory Decisions

Textbook theory ignores capital flows: trade determines exchange rates and specialisation. Approaches taking the effects of capital movements adequately into account are needed, and a new theory of economic policy including measures to protect the real economy from external volatility. Equilibrating textbook mechanisms cannot work unless trade-caused surpluses and deficits set exchange rates. To allow orthodox trade theory to work one must hinder capital flows from destroying its very basis, which the IMF and wrong regulatory decisions have done, penalising production and trade. A new, real economy based theory is proposed, a Neoclassical agenda of controlling capital flows and speculation.

INCOME, CAPITAL MOBILITY AND THE THEORY OF ECONOMIC POLICY

Kyklos ◽  
1968 ◽  
Vol 21 (1) ◽  
pp. 102-119
Author(s):  
Richard S. Ablin
Keyword(s):  
Economic Policy ◽  
Capital Mobility

The Modernisation of Britain and Local Economic Policy: Promise and Contradictions

1996 ◽  
Vol 14 (2) ◽  
pp. 203-219 ◽  
Author(s):  
Jamie Gough ◽  
Aram Eiscnschitz
Keyword(s):  
Economic Policy ◽  
Economic Performance ◽  
Capital Mobility ◽  
Local Level ◽  
British Society ◽  
Domestic Industry ◽  
Mutual Dependence ◽  
The Creation ◽  
Regressive Effects

Britain's poor economic performance is often thought to be the product of exceptional, archaic characteristics of British society which weaken domestic industry; ‘modernisation’ is seen as the creation of a ‘normal’ capitalism. The modernisation project in recent years has shifted from the national to the local level, partly as a reaction to national neoliberalism which prioritises capital mobility over socialisation to promote manufacturing, Local modernisation strategies can avoid the dangers of overpoliticisation which beset national modernisation, but they are undermined not only by deeply rooted traditions but also by themselves promoting capital mobility and regressive effects. Local strategies for socialisation and movements for British modernisation are both disrupted by the opposition between, but mutual dependence of, capital mobility and the territorial socialisation of production. The difficulty of modernising Britain is thus due to the typicality rather than to the cxceptionalism of British capital.

French Economic Policy

2017 ◽  
Author(s):  
Ben Clift
Keyword(s):  
Political Economy ◽  
Economic Policy ◽  
Capital Mobility ◽  
International Political Economy ◽  
Future Research ◽  
Economic Governance ◽  
Comparative Political Economy ◽  
French Case ◽  
Market Relations

This chapter explores contemporary economic policy and state–market relations in France against the backdrop of comparative political economy debates about interventionism in the economy and international political economy debates about capital mobility and policy autonomy. Charting contemporary theoretical and empirical developments in the French case and beyond, the chapter explores how to situate economic policy within institutional and ideational context, and how interests can be brought into explanation. These three “i”s, it argues, represent different but not mutually exclusive ways to explore economic policy autonomy amidst international liberalization. It argues that insights from each of the three “i”s’ literatures have enhanced understandings of French economic policy, and informed its conduct to different degrees across the decades. It concludes with the potential for “post-dirigisme” to frame future research exploring the tension between the creeping influence of rules-based policymaking, co-existing and conflicting with enduring dirigiste practices and aspirations within French economic governance.

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