|
on Post Keynesian Economics |
| By: | Alberto Botta; Eugenio Caverzasi; Daniele Tori |
| Abstract: | In this paper, we analyze the role of financialization, namely securitization and the production of structured financial products, within the functioning of a monetary capitalist economy of production. We do this by embedding such ‘financial innovations’ in an extended financialized monetary circuit. We complement this theoretical analysis with data about the evolution of the commercial banks in the US economy since the end of World War II. We show how the ‘financial side of financialization’, by allowing commercial banks to extend more credit to the economy, and household sector in particular, may have significantly contributed to the monetization of surplus value in neoliberal capitalist regimes. In this sense, we stress how financialization appears to be fully consistent rather than dysfunctional to the needs of capitalist economies. We also note that this may come at the cost of heightened systemic fragility. While financialization may enable capitalist system to monetize profits more easily, it also modifies the structure of the pyramid of money hierarchy and favor the expansion of what has been defined as ‘fictitious liquidity’ relative to bank money. In our view, this last contradiction, can make capitalist economies more exposed to in-depth macro-financial instability as soon as financial turmoil emerges. |
| Keywords: | monetary circuit theory, financialization, profits, class conflict |
| JEL: | B50 E11 E12 E44 |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:pke:wpaper:pkwp2413 |
| By: | Alexandre Truc (Université Côte d'Azur, CNRS, GREDEG, France); François Claveau (Université de Sherbrooke); Catherine Herfeld (Leibniz University Hannover, Germany); Vincent Larivière (Université de Montréal, Canada) |
| Abstract: | This study examines gender diversity among authors in philosophy and methodology of economics, comparing it to the disciplines of economics and philosophy. Using bibliometric methods, we find that philosophy and methodology of economics, as an interdisciplinary field, consistently had a lower share of women authors than its parent disciplines, which are the two social sciences and humanities disciplines that are the furthest from gender parity. Although homogeneity compounding generally characterizes the whole field of philosophy and methodology of economics, one small and temporary subfield, making contributions to heterodox economics, structural realism, and the discussion on pluralism in economics, constituted a pocket of gender diversity. Alongside a more general discussion of possible reasons behind the striking gender imbalance in the field, we also elaborate on possible reasons for the limited size and duration of this pocket of diversity. |
| Keywords: | Gender, Scientometrics, Philosophy of economics, Methodology of Economics |
| JEL: | B4 J16 |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:gre:wpaper:2024-25 |
| By: | G.M. Gallo; C.Ongari; S. Borgioli |
| Abstract: | In 1936, John Maynard Keynes proposed that emotions and instincts are pivotal in decisionmaking, particularly for investors. Both positive and negative moods can influence judgments and decisions, extending to economic and financial choices. Intuitions, emotional states, and biases significantly shape how people think and act. Measuring mood or sentiment is challenging, but surveys and data collection methods, such as confidence indices and consensus forecasts, offer some solutions. Recently, the availability of web data, including search engine queries and social media activity, has provided high-frequency sentiment measures. For example, the Italian National Statistical Institute's Social Mood on Economy Index (SMEI) uses Twitter data to assess economic sentiment in Italy. The relationship between SMEI and financial market activity, specifically the FTSE MIB index and its volatility, is examined using a trivariate Vector Autoregressive model, taking into account the impact of the COVID-19 pandemic. |
| Keywords: | VAR;sentiment analysis;granger causality;forecasting;Financial market |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:cns:cnscwp:202415 |
| By: | - |
| Abstract: | This document is the report of the Third Regional Seminar on Social Development “Promoting labour inclusion as a way to overcome inequalities and informality in Latin America and the Caribbean”. This seminar was organized by the Social Development Division of the Economic Commission for Latin America and the Caribbean (ECLAC) in collaboration with the International Labour Organization (ILO) and in partnership with the Government of Norway, the Ford Foundation and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), and was held from 27 to 29 June 2023. In its third edition, the Regional Seminar focused on providing a space for dialogue, reflection and sharing experiences on labour inclusion policies as a means of overcoming inequalities and informality in Latin America and the Caribbean. The seminar was attended by government representatives from 12 countries of Latin America and the Caribbean, including 10 labour ministers from countries of the region, as well as representatives from the business and trade union sector, renowned professors and researchers, and professionals and technical experts from international organizations such as ILO, the Inter-American Development Bank (IDB) and the Organisation for Economic Co-operation and Development (OECD). |
| Date: | 2024–08–02 |
| URL: | https://d.repec.org/n?u=RePEc:ecr:col043:80567 |
| By: | Vesco, P.; Baliki, G.; Brück, T.; Döring, S.; Eriksson, A.; Fjelde, H.; Guha-Sapir, D.; Hall, J.; Knutsen, C. H.; Leis, M. R.; Mueller, H.; Rauh, C.; Rudolfsen, I.; Swain, A.; Timlick, A.; Vassiliou, P. T. B.; von Schreeb, J.; von Uexkull, N.; Hegre, H. |
| Abstract: | The detrimental impacts of wars on human development are well documented across research domains, from public health to micro-economics. However, these impacts are studied in compartmentalized silos, which limits a comprehensive understanding of the consequences of conflicts, hampering our ability to effectively sustain human development. This article takes a first step in filling this gap by reviewing the literature on conflict impacts through the lens of an inter-disciplinary theoretical framework. We review the literature on the consequences of conflicts across 9 dimensions of human development: health, schooling, livelihood and income, growth and investments, political institutions, migration and displacement, socio-psychological wellbeing and capital, water access, and food security. The study focuses on both direct and indirect impacts of violence, reviews the existing evidence on how impacts on different dimensions of societal wellbeing and development may intertwine, and suggests plausible mechanisms to explain how these connections materialize. This exercise leads to the identification of critical research gaps and reveals that systemic empirical testing of how the impacts of war spread across sectors is severely lacking. By streamlining the literature on the impacts of war across multiple domains, this review represents a first step to build a common language that can overcome disciplinary silos and achieve a deeper understanding of how war reverberates across society. This multidisciplinary understanding of conflict impacts may eventually help reconcile divergent estimates and enable forward-looking policies that minimize the costs of war. |
| Keywords: | Conflict, War, Human Development, Public Health, Policies |
| Date: | 2024–10–08 |
| URL: | https://d.repec.org/n?u=RePEc:cam:camjip:2426 |