|
on Heterodox Microeconomics |
|
Issue of 2023‒03‒06
eighteen papers chosen by Carlo D’Ippoliti Università degli Studi di Roma “La Sapienza” |
| By: | Kalyuzhnyi, Valeriy |
| Abstract: | The paper argues that economists still regard the solution to the problem of the transformation of values into prices of production, got by L. von Bortkiewicz, as belonging to Marx himself. After all, it was allegedly “correctly corrected” by the said author in 1907. Bortkiewicz based his solution on several erroneous interpretations’ theory of Marx. Because of Bortkiewicz’s errors, the representatives of the mainstream see no connection between the “value system” and the “production price system”. They claim that the transformation problem itself results from impossibility and that Marxist value theory is, at best, irrelevant and irremediably inconsistent. The paper shows that the solution to the transformation issue exists in both the direct and inverse formulation. We used for this purpose the Tugan-Baranowsky—Bortkiewicz three-sector model. These results are consistent with the concept of Marx within the dualistic approach. They coincide with the results generated by the author in his previous work (see https://osf.io/tk43d/). In the present paper, we introduce methods and examples of transformation, including iterative and based on solving systems of simultaneous equations. We prove again with their help that at equilibrium prices, profit arises from surplus value, or more precisely, from the newly created value generated by workers’ labour and from no other source. We also show that a dualistic approach to transformation allows us to see the advantages of value prices, which, unlike production prices, do not limit the growth of the productive power of labour when enterprises introduce new machines. Value prices are in demand under socialism. |
| Date: | 2022–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:xvenh&r=hme |
| By: | Mohajan, Devajit; Mohajan, Haradhan |
| Abstract: | Grounded theory (GT) has emerged on the basis of different ontological and epistemological assumptions and is considered as a popular research approach in many branches of social science. Two American social scientists; Barney Galland Glaser (1930-2022) and Anselm Leonard Strauss (1916-1996) have founded it in 1967. Since the start of grounded theory in social science researches in 1967; more than 50 years have passed, and it has been using in many branches of social science, such as in nursing, healthcare, physiotherapy, education, economics, anthropology, sociology, political science, psychology, etc. Straussian grounded theory is a very well-known qualitative analysis in the world, and it explores dynamic and new phenomena. Straussian grounded theory researchers do not build their research on prearranged hypotheses; instead they develop theory of wellbeing for the humanity from the collected data of the reality. In this article an overview and significance of Straussian grounded theory for the qualitative research method has been discussed. This article also provides an understanding about the Straussian grounded theory approach for the novice researchers. |
| Keywords: | Qualitative research, grounded theory, Straussian version, ontology, epistemology |
| JEL: | A14 B41 B54 I23 I31 |
| Date: | 2022–10–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:116194&r=hme |
| By: | Mauricio De Rosa (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía) |
| Abstract: | Capital is back at the center of the empirical distributional research agenda. New estimates of wealth accumulation, distribution and inheritance, fully consistent with national accounts' definitions and deeply rooted in standard neoclassical growth models, are now available. This provides the new inequality literature with clearut insights and empirical firepower. But while the empirical flank is increasingly well protected, the theoretical one is exposed. I revisit the debates on the underlying theory of capital and document its drawbacks, highlighting that it is particularly ill-equipped for inequality analysis and that its central problem is the theory of value. Does this mean that we should to start anew? I argue on the contrary, showing that under a one-good model assumption, there is accounting correspondence with the labor theory of value, which gives room for reinterpretation of most available estimates. Moreover, it is possible to establish clear accounting links between famous drivers of the economic system such as r>g and Marx's falling rate of profits. However, even under this accounting correspondence, taking distance from the scarcity theory of value has relevant implications for the inequality narrative, insofar it forces us to abandon the merit-inheritance discussion to include the role of exploitation. Keywords: prenatal visits, weeks of gestation, premature births, vital statistics, household surveys, validation. |
| Keywords: | capital theory, history of economic thought, wealth inequality, national accounts |
| JEL: | B24 D46 D31 E01 E13 |
| Date: | 2022–05 |
| URL: | http://d.repec.org/n?u=RePEc:ulr:wpaper:dt-08-22&r=hme |
| By: | Nizar Riane; Claire David; Didier Lebert |
| Abstract: | In this work, we propose a new lecture of input-output model reconciliation Markov chain and the dominance theory, in the field of interindustrial poles interactions. A deeper lecture of Leontieff table in term of Markov chain is given, exploiting spectral properties and time to absorption to characterize production processes, then the dualities local-global/dominance- Sensitivity analysis are established, allowing a better understanding of economic poles arrangement. An application to the Moroccan economy is given. |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2301.08136&r=hme |
| By: | Roberto Censolo |
| Abstract: | Smith’s ideal vision of capitalism envisages a virtuous loop between social prudence and macroeconomic performance that outlines a “progressive state†of society. The trickle down of wealth strengthens the confidence in the future and a steady adherence to prudent behaviour. At the same time, this reinforcing character of prudence encourages liberal virtues needed for growth. However, a path of perpetual growth is not conceivable in Smith analysis, considering both a moral and an economic perspective. Indeed, Smith’s pessimism about the future of commercial society relates to the intrinsic inability of capitalism to sustain social prudence in the long run due to an internal contradiction in its development process. In the progress of division of labour, the industry of labourers is progressively substituted with the industry of machines. Therefore, the development process, which is initially sustained by “the industry of mankind†, endogenously expels those liberal virtues that grounds a progressive state of society, with crucial social and political implication. |
| Date: | 2023–02–16 |
| URL: | http://d.repec.org/n?u=RePEc:udf:wpaper:20230311&r=hme |
| By: | Luca Giangregorio (Universidad Pompeu Fabra); Davide Villani (European Commission - JRC) |
| Abstract: | This paper studies income distribution and inequality in Germany, Spain and Italy by applying the approach described in Fana and Villani (2022a). This framework provides a novel classification of labourers and capitalists that considers some features of contemporary capitalism, namely the fact that individuals/households can receive multiple types of incomes and the role of managers in shaping class belonging. First, we perform a decomposition of the Gini index to study which sources of income contribute to inequality. A marginal increases in wages would contribute to the reduction of the overall level of inequality, while profits and property income augment it. Furthermore, only the growth of wages received by labourers would help to lower inequality, whereas those received by capitalists would increase it. Second, we discuss how our approach links to the literature on wages at the top of the distribution of income, assessing whether the growth of wages at the top of the distribution of income is evident in our dataset and we explore who receives these wages at the top of the distribution of income. We find that there is a growing presence of wages at the top of the distribution on income. However, this growth corresponds mostly to wages received by what we call capitalists, not labourers. We conclude that despite a linear correspondence between income source and class location is more blurred today than it was 200 years ago but, nonetheless, a class divide is still clear, at least in the three countries analysed. |
| Keywords: | Income distribution, Social classes, Top shares of income, Inequality |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:dclass:202305&r=hme |
| By: | Viktor Zinchenko (Institute of Higher Education of the National Academy of Educational Sciences of Ukraine, Kyiv-city, Ukraine); Mykhailo Boichenko |
| Abstract: | The concept of Buddhist economics is gaining increased appeal in a world where external factors are once again becoming more of a threat than a salvation. Buddhist economy is a return to the values of agricultural production, but taking into account the experience and achievements of the industrial and post-industrial economy. Care for the environment, personal development, community development, especially spiritual development – these are the priorities of the Buddhist economy. In particular, agricultural production appears as only the most convenient means for achieving these goals. However, Buddhist economics is not a rejection of the achievements of modern and postmodern society – it is an attempt to use these experiences and achievements for a more intelligent and effective implementation of the goals of the economy, which were defined by Aristotle. The rational model of economic management according to these views consists in thrifty but full consumption and restrained production with environmentally friendly aims. |
| Keywords: | Buddhist economics, optimal consumption, personal development, economic rationality |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03760219&r=hme |
| By: | Noure El Imene Boumali (UMR MoISA - Montpellier Interdisciplinary center on Sustainable Agri-food systems (Social and nutritional sciences) - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - IRD - Institut de Recherche pour le Développement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement); Fateh Mamine (Accompagnement Stratégie); Cheriet Foued (UMR MoISA - Montpellier Interdisciplinary center on Sustainable Agri-food systems (Social and nutritional sciences) - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - IRD - Institut de Recherche pour le Développement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement); Etienne Montaigne (UMR MoISA - Montpellier Interdisciplinary center on Sustainable Agri-food systems (Social and nutritional sciences) - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - IRD - Institut de Recherche pour le Développement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement) |
| Abstract: | This study highlights the impact of innovation on the market orientation and performance of a cooperative for the valorization of prickly pear co-products in Algeria. While the collective entrepreneurship outcomes have been widely discussed, it has been much less so for innovative cooperatives. In this paper, we focus on the performance of this model of entrepreneurship based on the reappropriation of technical innovations. In this sense, our analysis seeks to extend previous empirical research on the performance of agricultural cooperatives by introducing market orientation and a more comprehensive assessment of the socioeconomic performance of innovative cooperatives like Nopaltec. Our results on « alternatives » performances – role in collective appropriation and dissemination of innovation, sector structuration, socio-political and territorial functions of the cooperative – argue for a broader conception of the performances of agricultural cooperative structures. |
| Abstract: | Cette étude met en lumière l'impact de l'innovation sur l'orientation-marché et les performances d'une coopérative de valorisation des coproduits du figuier de barbarie en Algérie. Alors que la question des performances de l'entreprenariat collectif a été largement débattue, elle l'a été beaucoup moins pour des coopératives innovantes. Dans ce travail, nous mettons l'accent sur les performances de ce modèle d'entreprenariat fondé sur la réappropriation d'innovations techniques. Dans ce sens, notre analyse cherche à étendre la recherche empirique antérieure sur les performances des coopératives agricoles en introduisant l'orientation vers le marché et une évaluation plus globale des performances socioéconomiques des coopératives innovantes comme Nopaltec. Nos résultats portant sur les « autres » performances – rôle dans l'appropriation collective et la diffusion de l'innovation, structuration de la filière, fonctions socio-politique et territoriale de la coopérative – plaident pour une lecture élargie des performances des structures coopératives agricoles. |
| Keywords: | cooperative, innovation, performance assessment, prickly pear, Algeria, coopérative, évaluation de la performance, figue de Barbarie, Algérie, cooperative innovation performance assessment prickly pear Algeria |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03956075&r=hme |
| By: | Philippe Henry (Scènes et savoirs - UP8 - Université Paris 8 Vincennes-Saint-Denis) |
| Abstract: | The book aims at better understanding how each in their own way cultural organizations fit together the individual and the collective, the singular and the common. It focuses on the structures or devices that play an essential role in supporting or intermediating artistic or cultural projects in France characterized by both a professional aim and a modest size (cooperatives, wastelands, cultural third places, professional networks, cultural projects of territory...). More specifically, it explores the relationship between the support for the specific identity of projects and the coordination of the plurality of actors they involve. Although not exclusive, the reported cases rather refer to the cultural branches of crafts – in particular performing arts and plastic arts. The approach is based on the observation and analysis of a set of concrete situations, backed by contextual and theoretical references which problematize the cases studied. It does not imply prior knowledge of the topics covered, while offering prospects of deepening their knowledge to the readers who are more familiar with them. The cooperative cultural groupings thus appear to be exemplary of a general operating system – the community regime of singularities. This proves to be in tune with current sociological and technological developments, while experimenting with the possibilities and limits of a cultural democracy that feeds as much on pragmatism as on ideality. |
| Abstract: | L'ouvrage vise à mieux appréhender comment les organisations culturelles articulent, chacune à leur manière, l'individuel et le collectif, le singulier et le commun. Il se focalise sur les structures ou dispositifs qui jouent un rôle essentiel d'accompagnement ou d'intermédiation pour des projets artistiques ou culturels à visée professionnelle et de taille modeste en France (coopératives, friches, tiers-lieux culturels, réseaux professionnels, projets culturels de territoire...). Il explore plus précisément les rapports entre soutien à l'identité propre des projets et coordination de la pluralité des acteurs qu'ils impliquent. Sans que ce soit exclusif, les cas signalés renvoient plutôt aux branches culturelles artisanales – notamment spectacle vivant et arts plastiques. L'approche s'appuie sur l'observation et l'analyse d'un ensemble de situations concrètes, adossées à des références contextuelles et théoriques qui les problématisent. Elle n'implique pas une connaissance préalable des thèmes abordés, tout en proposant des perspectives d'approfondissement aux lecteurs qui en sont plus familiers. Les groupements culturels coopératifs apparaissent alors exemplaires d'un régime général de fonctionnement – le régime communautaire de singularités. Celui-ci s'avère en phase avec les évolutions sociologiques et technologiques actuelles, tout en expérimentant les possibilités et les limites d'une démocratie culturelle qui se nourrit autant de pragmatisme que d'idéalité. |
| Keywords: | Cooperation, Culture, Socioeconomics, Coopération, Socioéconomie |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03918852&r=hme |
| By: | Fiona Ottaviani (EESC-GEM Grenoble Ecole de Management, CREG - Centre de recherche en économie de Grenoble - UGA - Université Grenoble Alpes); Anne Le Roy (CREG - Centre de recherche en économie de Grenoble - UGA - Université Grenoble Alpes); Patrick O'Sullivan (EESC-GEM Grenoble Ecole de Management) |
| Abstract: | Based on two contrasting experiences of the construction of non-monetized social indicators carried out atdifferent levels (local and international), this article examines the effects of interpretive communities on indicators, on collective processes, and on social and scientific context–particularly that of information systems.The first initiative we examine is the Social Progress Index (SPI), developed from within the Social ProgressImperative and used at the international, European and local levels. The second initiative is the development of adashboard of sustainable territorial wellbeing indicators (IBEST) for use across the Grenoble metropolitan area.We present a framework of the effects of interpretive communities. The application of this framework in order toanalyze the two initiatives studied reveals the importance of interpretive communities in shaping the scientificand political agenda that is promoted by collective experiences involved in the development of alternative indicators.Rather than specific and circumscribed times for participation, it is the creation of spaces that are notcircumscribed in time at the intersection of communities that appear to be most conducive to giving substance todeliberative ecological. |
| Keywords: | SPI, IBEST, deliberative ecological economics, alternative indicators, interpretive communities, social transformation |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:gemptp:halshs-03161948&r=hme |
| By: | Strenio, Jacqueline (Norwich University); van der Meulen Rodgers, Yana (Rutgers University) |
| Abstract: | This article argues that a systematic integration of gender into labor economics courses based on standard textbooks is both beneficial and straightforward. An undergraduate course in labor economics presents an ideal opportunity to introduce students to the importance of gender differences in economic outcomes. We provide a prototype of such a course, and we show how gender-aware content and pedagogical tools can complement a course based on a standard textbook or set of articles. We also review the most popular textbooks in labor economics and show how gender issues are mostly contained in a single chapter on labor market discrimination rather than thoroughly integrated throughout the text. In addition to exposing students to more diverse content and methodologies, mainstreaming gender into an undergraduate labor economics class can help cultivate inclusivity and belongingness in the discipline. |
| Keywords: | labor economics, gender, women, curriculum, COVID-19 |
| JEL: | A2 J1 O1 |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp15886&r=hme |
| By: | Romy Lynn Chaib (INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Rallou Thomopoulos (INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Catherine Macombe (INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | Prospective studies require discussing and collaborating with the stakeholders to create scenarios of the possible evolution of the studied value-chain. However, stakeholders don't always use the same words when referring to one idea. Constructing an ontology and homogenizing vocabularies is thus crucial to identify key variables which serve in the construction of the needed scenarios. Nevertheless, it is a very complex and timeconsuming task. In this paper we present the method we used to manually build ontologies adapted to the needs of two complementary system-analysis models (namely the "Godet" and the "MyChoice" models), starting from interviews of the agri-food system's stakeholders. |
| Keywords: | Ontology, Multicriteria argumentation, Prospective, Collaborative modelling, Godet method, MyChoice tool |
| Date: | 2021–06–27 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03934865&r=hme |
| By: | Gabriel Porcile; Gilberto Tadeu Lima |
| Abstract: | This paper revisits a traditional theme in the literature on the political economy of development, namely how to redistribute rents from traditional exporters of natural resources towards capitalists in technology-intensive sectors that have a higher potential for innovation and the creation of higher-productivity jobs. We argue that this conflict has been reshaped in the past three decades by two major transformations in the international economy. The first is the acceleration of technical change and the key role governments play in supporting international competitiveness. This role takes the form of the provision of strategic public goods to foster innovation and the diffusion of technology (what Christopher Freeman called “technological infrastructure”). The second is the impact of financial globalization in limiting the ability of governments in the periphery to tax and/or issue debt to finance those public goods. Capital mobility allows exporters of natural resources to send their foreign exchange abroad to arbitrate between domestic and foreign assets, and to avoid taxation. Using a macroeconomic model for a small open economy, we argue that in this more complex international context the external constraint on output growth assumes different forms. We focus on two polar cases: the “pure financialization” case, in which legal and illegal capital flights prevent the government from financing the provision of strategic public goods; and the “trade deficit” case, in which private firms in the more technology-intensive sector cannot import the capital goods they need to expand industrial production. |
| Keywords: | Rentiers; public goods; financial globalization; technological infrastructure; center and periphery |
| JEL: | E12 F31 F63 H41 O11 |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:pke:wpaper:pkwp2303&r=hme |
| By: | Schippers, M.C.; Ioannidis, J.P.A.; Luijks, M.W.J. |
| Abstract: | Just like an army of ants caught in an ant mill, individuals, groups and even whole societies are sometimes caught up in a death spiral, a vicious cycle of self-reinforcing dysfunctional behavior characterized by continuous flawed decision making, myopic single-minded focus on one (set of) solution(s), denial, distrust, micromanagement, dogmatic thinking and learned helplessness. We propose the term Death Spiral Effect to describe this difficult to break downward spiral of societal decline. Specifically, in the current theory-building review we aim to: (1) more clearly define and describe the death spiral effect; (2) model the downward spiral of societal decline as well as an upward spiral; (3) describe how and why individuals, groups and even society at large might be caught up in a death spiral; and (4) offer a positive way forward in terms of evidence-based solutions to escape the death spiral effect. Management theory hints on the occurrence of this phenomenon and offers turn-around leadership as solution. On a societal level strengthening of democracy may be important. Prior research indicates that historically, two key factors trigger this type of societal decline: (1) rising inequalities creating an upper layer of elites and a lower layer of masses, and (2) dwindling (access to) resources. Important issues that we aim to shed light on are the behavioral underpinnings of decline, as well as the question if and how societal decline can be reversed. We explore the extension of these theories from the company/organization level to the society level, and make use of insights from both micro-, meso-, and macro-level theories (e.g., collapsology, the study of the risks of collapse of industrial civilization) to explain this process of societal demise. Our review draws on theories such as Social Safety Theory, Conservation of Resources Theory, and management theories that describe the decline and fall of groups, companies and societies, as well as offer ways to reverse this trend. |
| Keywords: | Death Spiral Effect, Societal Collapse, Income Inequalities, Dysfunctional Behavior, Elite and Masses, Turnaround Leadership, Strengthening of Democracy. |
| Date: | 2023–02–09 |
| URL: | http://d.repec.org/n?u=RePEc:ems:eureri:137157&r=hme |
| By: | Cutuli, Romina |
| Abstract: | Hace tiempo no nos resulta ajeno el concepto de revolución estancada, ni tampoco las implicancias de la doble jornada en la persistencia de las desigualdades de género en el acceso a los recursos económicos y al bienestar. Cuando hablamos de doble jornada, empero, pensamos en sucesión temporal antes que en simultaneidad. Y si bien esa simultaneidad no constituía una novedad absoluta, la reorganización de los tiempos -y modos- de producir y de cuidar impuesta por la pandemia, le confirieron una visibilidad inédita. Las restricciones sanitarias limitaron el acceso a servicios privados de cuidado e impusieron la continuidad remota y domiciliaria de las tareas de producción en aquellos segmentos en los que dicha transformación era factible. De esta forma, el dilema de la simultaneidad entre producir y cuidar se cristalizó en un segmento social con visibilidad y representatividad suficiente para, entre otras conquistas, apresurar el tratamiento de un Régimen de Contrato de Teletrabajo que incluyera derechos de cuidado. |
| Keywords: | Mujeres; Cuidado del Niño; Trabajo Doméstico; |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:nmp:nuland:3809&r=hme |
| By: | Michel Miné (LISE - Laboratoire interdisciplinaire pour la sociologie économique - CNAM - Conservatoire National des Arts et Métiers [CNAM] - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Le rapport Auroux l'affirme : « Citoyens dans la cité, les travailleurs doivent l'être aussi dans leur entreprise ». Cette formule emblématique dit toute l'ambition de « refondation du droit du travail »; le droit du travail étant un élément essentiel de la démocratie et un lieu d'application des droits de l'homme. |
| Keywords: | Human rights at work, Labor law, Droit du travail, Droits de l'Homme, Libertés fondamentales, Diritto del lavoro, Diritti Humani al lavoro |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03924559&r=hme |
| By: | Szabolcs Nagy; Csilla Konyha Molnarne |
| Abstract: | The need for a more sustainable lifestyle is a key focus for several countries. Using a questionnaire survey conducted in Hungary, this paper examines how culture influences environmentally conscious behaviour. Having investigated the direct impact of Hofstedes cultural dimensions on pro-environmental behaviour, we found that the culture of a country hardly affects actual environmentally conscious behaviour. The findings indicate that only individualism and power distance have a significant but weak negative impact on pro-environmental behaviour. Based on the findings, we can state that a positive change in culture is a necessary but not sufficient condition for making a country greener. |
| Date: | 2022–12 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2301.04609&r=hme |
| By: | Richtmann, Mathis L.; Steininger, Lea |
| Abstract: | The permanent international lender of last resort consists of a swap line network between six major central banks, centering around the US Federal Reserve. Arguably, this network is a solution to a long debated problem as it provides public emergency liquidity provision to the world's largest financial market, the Eurodollar market. Drawing on exclusive interviews with monetary technocrats as well as a textual analysis of Federal Open Market Committee meeting transcripts over the course of 14 years, we reconstruct how this facility came into being. Building on Kalyanpur (2017) and Braun (2015), we develop an interpretative framework of bricolage to set the formation into context: In times of crises, central bankers rely on retrospection, experimentation, and creative re-deployment to develop their tools. However, in non-crises times, those tools prevail which offer what we coin 'bureaucratic familiarity'. |
| Keywords: | Standing Swap Facilities, lender of last resort, International Monetary Policy, Central Bank Cooperation, Monetary Technocrats |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:wiw:wus005:35833590&r=hme |