scholarly journals Monetary Constitutionalism: Some Recent Developments

2018 ◽  
pp. 67-105
Author(s):  
Ludwig Van Den Hauwe
Keyword(s):  
Great Recession ◽  
Global Financial Crisis ◽  
Scientific Progress ◽  
Jel Classification ◽  
Constitutional Political Economy ◽  
Palabras Clave ◽  
Monetary Constitution ◽  
Recent Developments ◽  
The Global Financial Crisis ◽  
Made In

The volume edited by Leland Yeager more than 50 years ago and published in 1962 under the title In Search of a Monetary Constitution has turned out to be remarkably prescient since the Great Inflation was then about to begin. One might expect that in the wake of the Global Financial Crisis and Great Recession interest in monetary-constitutional matters would be revived and this has indeed been the case. In this paper an attempt is made to assess whether and to what extent scientific progress has been made in defining the nature and characteristics of a monetary constitution for the post-Crisis world. To that end some recent contributions to the literature are reviewed critically. Keywords: Constitutionalism, Constitutional Political Economy, Monetary Con-stitution, Monetary Systems. JEL Classification: B53, E02, E50, H40, P16. Resumen: El volumen editado por Leland Yeager hace más de 50 años y pub-licado en 1962 con el título In Search of a Monetary Constitution, ha resultado ser notablemente premonitorio, ya que por aquella época iba a comenzar la Gran Inflación. Podría esperarse que, a raíz de la crisis financiera global y la Gran recesión, hubiese aumentado el interés por las cuestiones monetari-as-constitucionales y, efectivamente, este ha sido el caso. En este trabajo se intenta evaluar si, y hasta qué punto, se ha logrado un progreso científico en la definición de la naturaleza y las características de una constitución mone-taria para el mundo posterior a la crisis. Para ello se revisan críticamente algu-nas contribuciones recientes de la literatura. Palabras clave: Constitucionalismo, Economía Política Constitucional, Con-stitución Monetaria, Sistemas Monetarios. Clasificación JEL: B53, E02, E50, H40, P16.

Global Finance after the Crisis: Reform Imperatives and Vested Interests

2011 ◽  
Vol 11 (2) ◽  
pp. 1850228
Author(s):  
Wim Naude
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Global Level ◽  
Reform Initiatives ◽  
Global Finance ◽  
Financial Architecture ◽  
Vested Interests ◽  
Recent Reform ◽  
The Global Financial Crisis ◽  
Made In

The global financial crisis of 2008-09 has stimulated a number of re-assessments of global development. But after two years, not much progress has been made in dealing with the deep causes of the crisis. While it is better understood now why the crisis occurred, more progress is needed in terms of financial reform on the global level in order to prevent future financial crises. A remaining challenge is to strengthen the global financial architecture (GFA). This paper focuses on the GFA and its relationship to the global financial crisis. Recent reform initiatives are discussed. Strong resistance against re-regulation of the financial sector is noted, reflecting the general opposition of vested interests to GFA reform.

The Great Recession and Electoral Politics, 2007–2016

2020 ◽  
pp. 32-62
Author(s):  
Timothy Hellwig ◽  
Yesola Kweon ◽  
Jack Vowles
Keyword(s):  
Great Recession ◽  
Global Financial Crisis ◽  
Cross Sectional ◽  
National Elections ◽  
Individual Level ◽  
The Great Recession ◽  
Political Outcomes ◽  
The Global Financial Crisis ◽  
The Comparative Study ◽  
The Impact

This chapter reviews the political and economic context of the global financial crisis (GFC). We first examine the origins and immediate effects of the GFC and the ‘Great Recession’ that it spawned. Ranging beyond the European focus of the research so far, we examine the impact of the crisis across the member countries of the OECD and the ways in which that variation is shaping the contexts of individual-level behaviour. We then examine patterns of electoral volatility and the changing nature of party systems before turning to consider the reasons why some governments were defeated and why others survived. Across these outcomes, analyses show that the impact of economic factors on political outcomes varied depending on their timing: before, during, or after the GFC. The chapter concludes by introducing our main sources of data: cross-sectional individual-level survey data from twenty-five national elections in OECD democracies from 2011 to 2016 sourced from Module 4 of the Comparative Study of Electoral Systems (CSES); macro-data for thirty-five OECD democracies from 1990 to 2016; and a pooled set of 113 post-election surveys from twenty-four OECD countries between 1996 and 2017.

The More the Merrier? Detecting Impacts of Bank Regulation After the Global Financial Crisis

2019 ◽  
Vol 52 (2) ◽  
pp. 191-212
Author(s):  
Christian Kalhoefer ◽  
Guenter Lang
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Jel Classification ◽  
Operating Costs ◽  
Group Affiliation ◽  
Savings Banks ◽  
The Stability ◽  
The Global Financial Crisis ◽  
The Cost ◽  
Structural Shifts

Abstract Governments worldwide reacted swiftly to the global financial crisis by tougher regulations. This paper investigates the impacts of the regulatory environment on operating costs using panel data of 2,200 German banks over the timeframe from 1999 to 2014. We estimate cost functions with and without proxies for regulation and analyze the results with respect to period, bank size, and group affiliation. Our results show that regulatory costs were peaking in 2001, 2008, and lately since 2012. Most interesting, however, is the asymmetry of regulation: Whereas the cost effects were symmetric for all banks until 2003, the last ten years were different. Larger institutions and savings banks could neutralize the impacts of increasing regulation on operating costs. In contrast, smaller banks, especially if they are cooperative banks, were facing significant cost increases. We therefore expect unintended structural shifts like a reduction in the diversity of banks, which are negative for competition, service quality, and for the stability of the financial system. Zusammenfassung Weltweit wurde als Folge der globalen Finanzkrise die Regulierung des Finanzsektors verschärft. Dieser Beitrag geht der Frage nach, welche Konsequenzen diese Regulierungsmaßnahmen für die operativen Kosten im Bankengeschäft haben. Auf der Basis von Paneldaten von 2,200 in Deutschland aktiven Banken über den Zeitraum von 1999 bis 2014 schätzen wir Kostenfunktionen mit und ohne Proxies für Regulierung und werten die Ergebnisse nach Beobachtungsjahr, Bankengröße, und Gruppenzugehörigkeit aus. Unsere Ergebnisse zeigen Kostenspitzen in den Jahren 2001, 2008, und zuletzt seit 2012. Am interessantesten sind jedoch die asymmetrischen Effekte der Bankenregulierung: Während unsere Modelle bis einschließlich 2003 nahezu gleichmäßige Kostenbelastungen anzeigen, änderte sich dies deutlich mit dem Jahr 2004. Im Gegensatz zu großen Institute und Sparkassen, die die Regulierungskosten nahezu neutralisieren konnten, sahen sich kleine Institute und Genossenschaftsbanken mit deutlichen Kostensteigerungen konfrontiert. Als Folge dieser asymmetrischen Kostenwirkungen staatlicher Bankenregulierung erwarten wir unbeabsichtigte Strukturveränderungen wie z.B. Konzentrationsprozesse, die sich negativ auf Wettbewerb, Dienstleistungsqualität, und letztendlich auch negativ auf die Stabilität des gesamten Finanzsystems auswirken werden. JEL Classification: G21, G38

Corporate governance, the GFC and independent directors

2015 ◽  
Vol 30 (4/5) ◽  
pp. 324-346 ◽  
Author(s):  
Belinda Rachael Williams ◽  
Simone Bingham ◽  
Sonia Shimeld
Keyword(s):  
Corporate Governance ◽  
Design Methodology ◽  
Global Financial Crisis ◽  
Good Governance ◽  
Board Composition ◽  
Content Type ◽  
Effective Governance ◽  
Analysis Techniques ◽  
The Global Financial Crisis ◽  
Made In

Purpose – The purpose of this study is to understand how board composition and independent non-executive director (INED) disclosures have changed in light of the global financial crisis (GFC) from an accountability perspective. Design/methodology/approach – Content analysis techniques were undertaken on a random sample of 75 publicly listed companies across two time periods, 2005 and 2010. Findings – The findings highlighted increased INED board membership and increased skill and experience disclosure across all board positions, with the most significant increase being the INED position. The results support the notion that firms are attempting to restore their accountability relationships post-GFC through more transparent mechanisms of governance. However, concerns are also raised in the way individual companies are meeting the ASX Corporate Governance independence requirements. Research limitations/implications – The results raise questions as to whether firms have implemented these changes to ensure effective governance and accountability responsibilities, or simply to give the appearance of good governance. Originality/value – Little attention has been given in the literature to the characteristics of INEDs and whether board changes have been made in the wake of corporate and financial crises. The findings from this study contribute to an understanding of board composition and disclosures pre- and post-GFC.

scholarly journals Can We Rebuild the Economic Consensus?

2020 ◽  
Vol 1 (1) ◽  
Author(s):  
Linda Yueh
Keyword(s):  
Economic System ◽  
Great Depression ◽  
21St Century ◽  
Great Recession ◽  
Global Financial Crisis ◽  
The Great Recession ◽  
The Great Depression ◽  
The Global Financial Crisis ◽  
Great Crash ◽  
The 19Th Century

There are times in history when the consensus about our economic system breaks down. It happened after the Long Depression, also known as the Great Depression of the 19th century, and again in the 20th century around the Great Depression of 1929-1933, as well as after the Great Recession of 2008-2009 that followed the global financial crisis. The Covid-19 great crash, which carries the risk of a deep downturn, has led governments to take extraordinary measures in all areas of our lives. This has further fuelled the need to discuss how to rebuild the consensus about the most appropriate economic system for the 21st century as the great question of our time. This is a reflection piece invited for the Dahrendorf Symposium.

scholarly journals China, Global Governance and the Future of Cuba

2012 ◽  
Vol 41 (1) ◽  
pp. 155-179 ◽  
Author(s):  
Adrian H. Hearn
Keyword(s):  
Latin America ◽  
Global Financial Crisis ◽  
State Intervention ◽  
Communist Country ◽  
Economic Governance ◽  
Multilateral Institutions ◽  
Recent Developments ◽  
The Caribbean ◽  
The Global Financial Crisis ◽  
International Conventions

China's deepening engagement with Latin America has been accompanied by concerns about the Chinese government's regard for international conventions of economic governance. Critics claim that across Latin America and the Caribbean, Chinese aid and trade are characterised by excessive state intervention. This article argues that, for two reasons, the rationale for these misgivings is dissipating. First, since the onset of the global financial crisis, China has gained influence in multilateral institutions, prompting them toward greater acceptance of public spending in developing countries. Second, recent developments in Cuba show that China is actively encouraging the Western hemisphere's only communist country to liberalise its economy. China sits at the crossroads of these local and global developments, prompting Cuba toward rapprochement with international norms even as it works to reform them.

Volatility spillover between the US, Chinese and Australian stock markets

2017 ◽  
Vol 43 (2) ◽  
pp. 263-285 ◽  
Author(s):  
Emawtee Bissoondoyal-Bheenick ◽  
Robert Brooks ◽  
Wei Chi ◽  
Hung Xuan Do
Keyword(s):  
United States ◽  
Financial Services ◽  
Stock Markets ◽  
Global Financial Crisis ◽  
The United States ◽  
Jel Classification ◽  
Volatility Spillover ◽  
Stock Market Volatility ◽  
Index Level ◽  
The Global Financial Crisis

We assess the stock market volatility spillover between three closely related countries, the United States, China and Australia. This study considers industry data and hence provides a clear idea of the channels through which volatility is transmitted across these countries. We find that there is significant bilateral causality between the countries at the market index level and across most of the industries for the full sample period from July 2007 to May 2016. There is one-way volatility spillover from the United States to China in the financial services, industrials, consumer discretionary and utilities industry. There is insignificant volatility spillover from the Australian to Chinese stock markets in financial services, telecommunications and energy industries. Once we remove the effect of the global financial crisis (GFC), we find significant bilateral relationship across all of the industries across the three countries. JEL Classification: G15

Cross-Border Bank Resolution - Recent Developments

Policy Papers ◽  
2014 ◽  
Vol 2014 (11) ◽  
Author(s):  
Keyword(s):  
Global Financial Crisis ◽  
Regulatory Reform ◽  
Bank Failures ◽  
Large Bank ◽  
Too Big To Fail ◽  
Cross Border ◽  
Bank Resolution ◽  
Recent Developments ◽  
The Global Financial Crisis ◽  
Cross Border Cooperation

Developing an effective framework for cross-border resolution is a key priority in international regulatory reform. Large bank failures during the global financial crisis brought home the lack of adequate tools for resolving “too-big-to-fail” institutions. In cross-border cases, misaligned incentives and lack of robust mechanisms for resolution and cross-border cooperation left some country authorities with little choice but to take unilateral actions, which contributed to the high fiscal costs of the crisis and resulted in disorderly resolution in some cases

Why the Left Loses

2017 ◽  
Keyword(s):  
Political Parties ◽  
Global Financial Crisis ◽  
Social Democracy ◽  
Social Democratic ◽  
Political Landscape ◽  
General Decline ◽  
Recent Developments ◽  
International Comparative ◽  
The Global Financial Crisis ◽  
Electoral Performance

Social democracy is on the back-foot, and increasingly centre-left political parties are struggling to win office. Since the global financial crisis, if not before, there has been a general decline in the fortunes of social democratic and labour parties. Against these recent developments, there is a long-standing literature that appraises the electoral performance and impact of the left more broadly. Much of the literature on social democracy tends to be pessimistic, and there is a plethora of research that denotes recent developments as a ‘crisis’. Bringing together a range of leading academics and experts on social democratic politics and policy, this book offers an international, comparative view of the changing political landscape, examining the degree to which the centre-left project is exhausted and is able to renew its message in a neo-liberal age.

scholarly journals ¿Es posible la mano invisible?

2019 ◽  
pp. 213-247
Author(s):  
Martín Krause
Keyword(s):  
Social Sciences ◽  
Evolutionary Psychology ◽  
Jel Classification ◽  
Invisible Hand ◽  
Large Field ◽  
Social Cooperation ◽  
Palabras Clave ◽  
The Social ◽  
Recent Developments ◽  
The Invisible

One of the main contributions of economics to the social sciences, expressed in the famous metaphor of the “invisible hand”, ended up being questioned by a good part of the economists. Based on the assumption of an individual maximizer of monetary utility, the social cooperation in which it con- sists failed, and it was not possible to expect it to succeed. However, recent developments in various areas have provided new elements in favor of its pos- sibility, its sustainability over time, and its extension to larger groups. In this work we will consider the recent contributions related to this topic in Game The- ory, Experimental Economics, Evolutionary Psychology and the analysis of his- torical cases that help to elucidate the theory and confirm its concepts. It will be considered how these areas of the social sciences have contributed with new elements to the understanding of social cooperation and voluntary actions. It concludes by stating that the invisible hand failure should, at least, be ques- tioned, and that there is still a large field to be developed in the analysis of these spontaneous orders, although there have been great contributions in recent decades. Keywords: Invisible hand, social cooperation, Game Theory, Experimental Eco- nomics, Evolutionary Psychology JEL classification: A12, C71, C92, D71, D91, H41 Resumen: Una de las principales contribuciones de la economía a las ciencias sociales, expresada en la famosa metáfora de la “mano invisible”, terminó siendo cuestionada por buena parte de los economistas. En base al supuesto de un individuo maximizador de utilidad monetaria, la cooperación social en que ésta consiste fracasaba, no era posible esperar que tuviera éxito. No obstante, recientes desarrollos en diversas áreas han brindado nuevos elemen- tos en favor de la misma, su posibilidad, su sostenibilidad en el tiempo, su extensión a grupos de mayor tamaño. En este trabajo consideraremos las con- tribuciones recientes relacionadas con este tema en Teoría de los Juegos, Economía Experimental, Psicología Evolutiva y el análisis de casos históricos que contribuyen a dilucidar la teoría y confirmar sus conceptos. Se considerará cómo estas áreas de las ciencias sociales aportan nuevos elementos para la comprensión de la cooperación social y las acciones voluntarias. Se concluye planteando que su fracaso debería, al menos, ser puesto en duda, y que hay un gran campo a desarrollar todavía en el análisis de esos órdenes espontá- neos, aunque ha habido grandes contribuciones en las últimas décadas. Palabras clave: Mano invisible, cooperación social, teoría de juegos, economía experimental, psicología evolutiva Clasificación JEL: A12, C71, C92, D71, D91, H41

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