DOCSLIB.ORG

The Impact of Unconventional Monetary Policy on Gendered Wealth Inequality1

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Impact of Unconventional Monetary Policy on Gendered Wealth Inequality1 ARTÍCULOS Papeles de Europa ISSN-e 1989-5917 http://dx.doi.org/10.5209/PADE.63637 The impact of unconventional monetary policy on gendered wealth inequality1 Brigitte Young2 Fecha de recepción: junio de 2018 / Fecha de aceptación: Marzo de 2019 Abstract. Unconventional monetary policy was implemented as a result of the financial crisis and resulted in rising asset prices in the stock markets. While the increase in asset prices is not exclusively triggered by unconventional monetary policy, central bankers accept that unconventional monetary policy has resulted in distributional effects on wealth, and that these are not negligible. What is missing are studies analyzing whether these non-standard monetary policies have different distributional effects on women and men. The intent of the paper is to interrogate whether unconventional monetary policy of central banks has a gender bias that operates in favor of men as gender and against women as gender. Relying on insights from feminist economics, the paper uses the results of the ECB Household Finance and Consumption Survey (HFCS) of 62,000 household across 15 euro-area countries. While the results are tentative, they show an asymmetric distributional gendered impact. Since the rich own more assets than the poor, and since monetary easing works in part by raising asset prices, these unconventional policies may unintentionally benefit the wealthier quintile (on average more male) at the expense of the poorer strata of society (on average more female). Keywords: Central European Bank; Unconventional Monetary Policy; Feminist Economics; Eurosystem Household Finance and Consumption Survey (HFCS); Gendered Asset Bias and Gendered Wealth Inequality. [es] El impacto de la política monetaria no convencional sobre la desigualdad de género de la riqueza Resumen. La política monetaria no convencional fue implementada como resultado de la crisis financiera, resultando en precios crecientes de los activos en los mercados de valores. Mientras que este incremento en los precios de los activos no está causado exclusivamente por la política monetaria, los bancos centrales aceptan que la política monetaria no convencional ha causado efectos redistributivos sobre la riqueza, y que éstos no son despreciables. Sin embargo, son inexistentes los estudios que analicen si estas políticas monetarias no convencionales tienen diferentes efectos redistributivos entre mujeres y hombres. El objetivo de este artículo es cuestionar si la política monetaria no convencional tiene un sesgo de género que opera a favor del hombre como género y en contra de la mujer como género. Apoyándonos en las aportaciones de economistas feministas, el artículo emplea los resultados de la Encuesta del Eurosistema sobre la Situación Financiera y el Consumo de los Hogares (HFCS) realizada por el BCE sobre una muestra de 62.000 hogares de la UE-15. Si bien los resultados son tentativos, muestran un impacto redistributivo asimétrico en cuanto al género. Como las clases altas poseen más activos que las bajas y, como la política monetaria funciona en parte incrementando los precios de los activos, estas políticas no convencionales posiblemente beneficien de manera no intencional al quintil más adinerado (por lo general masculino) a expensas del estrato más pobre de la sociedad (por lo general femenino). Palabras clave: Banco Central Europeo, Política Monetaria no Convencional, Feminismo Económico, Encuesta del Eurosistema sobre la Situación Financiera y el Consumo de los Hogares Elaborada por el BCE, Sesgo de los Activos de Género y la Desigualdad de la Riqueza de Género. JEL: B54, E00, E40, E52, E58, E65 1 I want to thank Martina Metzger for her very helpful comments and insights on monetary policies of central banks, and Diane Elson for the many discussions on this topic. I also wish to thank the two anonymous reviewers for their comments. The usual caveat applies that in the end, I am responsible for the arguments presented in this paper. 2 University of Münster [email protected] Pap. Eur. 31(2) 2018: 175-185 175 176 Young, B. Pap. Eur. 31(2) 2018: 175-185 1. Introduction icy has resulted in academic analysis of the distributional impacts, particularly of quantita- Thomas Piketty in his highly acclaimed book, tive easing. QE, in a narrow sense, is the ex- Capital in the 21st Century (2014), catapulted pansion of central banks’ balance sheets by the issue of inequality onto the agenda of ac- purchasing high quality, low risk premium ademia and politics, as well as onto the front bonds. It further comprises the purchase of pages of prestigious newspapers around the lower quality, higher risk private bonds and the globe. Contrary to many mainstream econ- purchase of government bonds. Studies show omists, Piketty argued that the inequality of that QE displays wide quantity, price, and wealth is not due to market imperfections and structural effects on the balance sheets of fi- absence of technological skills among the poor nancial intermediaries and, to some extent, on and lower middle-class, but stems from the the company and private household sector via logic of finance-dominated capitalism. Com- a change in the supply of and demand for cred- mensurate with the political shift to lower tax- it and assets (Metzger/Young, forthcoming). ation since the early 1980s and the liberaliza- Admittedly, there is no clear-cut picture on tion of the financial markets since the collapse the distributional impacts on income and of the Bretton Woods System, inequality and wealth inequality due to changes in asset pric- the volatility of global financial markets has es. Arguments demonstrating a positive distri- increased in comparison to the previous Trente butional impact on income rest on the assump- Glorieuses (2014:15). Due to the financiali- tion of the traditional monetary transmission zation of the global economy (Epstein 2005), mechanism. Due to reduced borrowing costs the growth in private wealth has created a sit- and increased credit supply, aggregate demand uation in which the rate of return on capital is in the economy will also increase, resulting in larger than the rate of growth of the economy a rise in both production and employment (Piketty 2014). As a result, the distributional which will reduce income inequality. As a re- divergence of wealth has accelerated and in- sult, there are positive distributional effects creased income inequality, precarious employ- over the medium term related to boosting ag- ment, and polarization among the rich and gregate demand, lowering unemployment, and poor within and across countries on a global contributing to price stability, all of which tend scale. In fact, the 2015 Oxfam Report shows to reduce inequality (ECB 2017: 50). that 62 individual people (of whom 53 are However, taking into account the total men) owned as much wealth as the poorer half economy, we raise reasonable doubts to the va- of the world population (around 3,6 billion) lidity of the above cited arguments. According in 2015. In 2010, the figure was 388; and in to Domanski et al., (2014), it is the boosting of 2014, 80 people possessed as much wealth as equity prices which drives the wealth inequal- the poorer half of the global population. The ity in the eurozone in the course of unconven- wealth of the richest people grew by about 45 tional monetary policy. The reasoning, based per cent in only five years (Oxfam 2016). on empirical survey and analysis, is twofold: One important and still contested factor, al- first, equity prices have risen stronger on aver- beit not the only one, is the introduction of the age than prices of other assets like bonds or unconventional monetary policies of the cen- real estate; and second, equities are highly tral banks in high-income countries. This in- concentrated in the top-income quintile. Both volves purchases of large-scale assets to stim- factors taken together cause a stronger increase ulate economic growth by keeping the credit in wealth inequality in comparison to other as- market functioning and interest rates low set classes (Metzger/Young, forthcoming). (Goodhart et al., 2014). As investment oppor- It is somewhat surprising that feminist po- tunities are drying up and profit margins are litical economists have paid little attention to falling as a result of the so-called secular stag- the macroeconomic phenomenon such as how nation, (Summers 2014) one of the few games central banks’ monetary policies shape and left in town is to use the central banks’ cheap structure gender relations across all levels of liquidity to invest in equities fueling the hy- economic, political, social, and cultural life. per-activities in the stock markets. The persis- This paper will analyze how the unconvention- tence of central bank interest rates at the zero al monetary policies of central banks have pro- lower bound and the consecutive shift of major duced unequal distributional outcomes be- central banks to unconventional monetary pol- tween women and men, and thus increased Young, B. Pap. Eur. 31(2) 2018: 175-185 177 gendered wealth inequality. Using the insight 15 Euro-area countries. From this data-set, I of feminist economics that gender is endoge- extrapolate some gender impacts on how nous to the economic process, Staveren (2011) households allocate their assets, and how asset suggests that there is an integrated two-way holdings are distributed among different relationship between the economy and gender households across 15 member states of the Eu- relations. In other words, the inequality in gen- ro-area. der relations can have negative effects on eco- nomic policy and, at the same time, on eco- nomic outcomes affecting men and women 2. Quantitative Easing, Private Wealth, differently. Equally important is the insight of and Response by Central Bankers feminist economists that all social institutions and policies emanating from such organiza- Central banks’ decision to start Quantitative tions bear and transmit gender (as well as class Easing (QE) is highly controversial in terms and ethnic-based) biases (Elson 1991; Elson/ of its effectiveness to stimulate the economy Catagay 2000; Young 2013).
Load more

Recommended publications
  • September 2019 CURRICULUM VITAE NAME Verónica Schild, Ph.D
    September 2019 CURRICULUM VITAE NAME Verónica Schild, Ph.D. RANK Professor Emeritus EDUCATION Ph.D. University of Toronto Political Science 1991 M.A. University of Toronto Educational Theory 1982 B.A. George Mason University Philosophy/English 1978 (With Distinction) LANGUAGES Read: Spanish, English, German, French, Portuguese, Italian Understand: Spanish, English, German, French, Italian Speak: Spanish, English, German, French Write: Spanish, English EMPLOYMENT 2015 Professor Emeritus, Department of Political Science, University of Western Ontario 2008-2011 Director, Centre for the Study of Theory and Criticism, University of Western Ontario 2006- 2007 Director, Centre for the Study of Theory and Criticism, University of Western Ontario 2005- 2006 Co-Director, Centre for the Study of Theory and Criticism, University of Western Ontario 1999- 2015 Associate Professor, Political Science, University of Western Ontario 1997- 2015 Core Faculty Member, Graduate Programme, Centre for the Study of Theory and Criticism, University of Western Ontario 2003- 2008 Cross Appointed to the Centre for Women’s Studies and Feminist Research, University of Western Ontario 1999- 2015 Associate Professor, Political Science, University of Western Ontario 1994- 1999 Assistant Professor, Political Science, University of Western Ontario 1999 (Probationary) 1993- 1994 Assistant Professor, Political Science, University of Western Ontario (Limited Term) 1992- 1993 Assistant Professor, Political Science, York University (Contractually Limited) FELLOWSHIPS AND RESEARCH FUNDING 2019-2020 Científica de Exelencia del Extranjero. Proyecto Conicyt-MEC Desarrollo y Fortalecimiento de Redes de Conocimiento e Investigación en Psicología con Perspectiva de Género: Articulando Prácticas Eticas a Nivel de Pre y Postgrado Escuela de Psicología, Universidad Católica de Valparaíso, Valparaíso, Chile. CLP 2,500,000 monthly (September-December 2019; August-November 2020).
    [Show full text]
  • Capitalism Ln Transformation Movements and Countermovements in the 21St Century
    Capitalism ln Transformation Movements and Countermovements in the 21st Century Edited by Roland Atzmüller Johannes Kepler University, Austria Brigitte Aulenbacher Johannes Kepler Univers ity, Aus tria Ulrich Brand University of Vienna, Austria Fabienne Döcieux Johannes Kepler University, Austria Karin Fischer Johannes Kepler Univers ity, Aus tria Birgit Sauer University of Vienn,a, Austria EE H$X*l* Ergar Cheltenham, UK. Northampton, MA, USA Contents Gr Roland Atzmüiler, Brigitte Aulenbacher, ulrich Brand, Fabienne Döcieux, Karin Fischer and Birgit Sauer 2019 List of contributors vlll All rights reserved. No part ofthis publication may be reproduced, stored in a 1 Polanyian perspectives on the movements and mechanical or retrieial system or tranimitted in any form or by any means' electronic, countennovements of "our time": an introduction or otherwise without the prior permission ofthe publisher. photocopying, recording, Roland Atzmüller, Brigitte Aulenbacher, Ulrich Brand, Döcieux, Karin Fischer and Birgit Sauer Published by Fabienne Edward Elgar Publishing Limited The Lypiatts PART I HISTORICAL AND THEORETICAL l5 Lansdown Road REFLECTIONS: KARL POLANYI' Cheltenham CAPITALISM AND SOCIETY Glos GL50 2JA UK 2 A life-long search for freedom. From Budapest to journey through Karl Polanyi's life 22 Edward Elgar Publishing, Inc. America and back: a William Pratt House Kari Polanyi-Levitt, interviewed by Michael Brie and 9 Dewey Court Claus Thomasberger Northampton Massachusetts 01060 3 "Plunges into utter destruction" and the limits ofhistorical
    [Show full text]
  • Appendices 61 the University of Warwick the Warwick Commission 62
    59 the University of warwick the warwick commission 60 Appendices 61 the University of warwick the warwick commission 62 appendix l the multilateral trading system: a short Bibliographical note For the purposes of readability, this Report is written in a non-scholarly style. Footnotes and referencing in the text have been kept to an absolute minimum. However, the Report has drawn on a wide range of sources and literature. This short bibliographical note is indicative only. In no way does it purport to comprehensiveness. But it does provide a guide to some of the materials that have informed the preparation of this Report and which anyone wishing to follow up further on various sections of the Report might find useful. INTRODuCTION Five Challenges Facing the Global Trade Regime By way of background, we should note that the Warwick Commission is not the first inquiry to engage in an analysis of the challenges for the multilateral trade regime in general and the GATT/ WTO in particular. Previous exercises include the Leutwiler Report, Trade Policies for a Better Future, Amsterdam: Martinus Nijhoff Publishers, 1987; The Sutherland Report: A Report of the Consultative Board to the Director-General, Supachai Panitchpakdi, The Future of the WTO: Addressing institutional challenges in the new millennium, Geneva: WTO, 2004, and Ernesto Zedillo, Patrick Messerlin and Julia Nielson, Trade for Development, UN Millennium Project Task Force on Trade, London: Earthscan, 2005. The literature on the World Trade Organization (WTO) is vast. Those interested in the agreements of the WTO in general, and recent negotiations in particular, should start at the website of the Organization (www.wto.org) and the Doha briefings of bodies such as the International Centre for Trade and Sustainable Development (www.ictsd.org/pubs/dohabriefings).
    [Show full text]
  • Willi Semmler and Brigitte Young Re-Booting Europe
    Willi Semmler and Brigitte Young Re-Booting Europe: What kind of Fiscal Union - What kind of Social Union? March 2017 Working Paper 13/2017 Department of Economics The New School for Social Research The views expressed herein are those of the author(s) and do not necessarily reflect the views of the New School for Social Research. © 2017 by Willi Semmler and Brigitte Young. All rights reserved. Short sections of text may be quoted without explicit permission provided that full credit is given to the source. Re-Booting Europe: What kind of Fiscal Union - What kind of Social Union? Willi Semmler, New School for Social Research, and Brigitte Young, University of Muenster Abstract Doomsday scenarios about the survival of the Euro and the European Union have gained prominence since Brexit. While we cannot deny the endogenous and exogenous challenges to the EU, these challenges can also function as an opportunity to think about how to achieve a European social market economy. Given the deficit in EMU’s institutional design, many experts believe that the next building block should be a fiscal and social union to improve fiscal policy coordination and foster social cohesion. This paper discusses the institutional requirements for fiscal capacity building and the introduction of a Eurozone Treasury. In the final section, the ideas of a European social market economy are spelled out, arguing that a modernized version of the concept of the German social market economy, as introduced by the economist Alfred Müller-Armack, may function as a starting point to ensure a fairer balance between markets and social cohesion.
    [Show full text]
  • THE EUROPEAN SOVEREIGN DEBT CRISIS Is Germany to Blame?
    01-Young_Layout 1 4/27/11 6:21 PM Page 1 THE EUROPEAN SOVEREIGN DEBT CRISIS Is Germany to Blame? Brigitte Young Political Science, University of Muenster Willi Semmler Economics, The New School ABSTRACT Only a decade ago, slow growth and high unemployment plagued Germany, but the “sick man of Europe” has now moved to outperform the Eurozone average growth since the second quarter of 2010. This confirms Germany’s recovery and its status as the growth engine of the continent. This surely is a success story. While Germany (also Austria and the Netherlands) is prosper- ing, the peripheral countries in the Eurozone are confronted with a severe sovereign debt crisis. Starting in Greece, it soon spread to countries such as Ireland, Portugal, and Spain. In the course of the debate, Germany was blamed for the imbalances in Europe. In short, German export performance and the sustained pressure for moderate wage increases have provided Ger- man exporters with the competitive advantage to dominate trade and capital flows within the Eurozone. Thus, Germany is seen as the main beneficiary of the EURO. This argument, however, is vehemently disputed within Germany. Many economists and political leaders reject this argument and point to the flagrant lack of fiscal discipline in many of the peripheral countries. Some prominent economists, such as Hans-Werner Sinn, even disputes that Ger- many was the main beneficiary of the Eurozone. The paper analyzes the two sides of the controversy, and asks whether we are witnessing a more inward- looking and Euroskeptic Germany. These issues will be analyzed by first focusing on the role of Germany in resolving the sovereign debt crisis in Greece, and the European Union negotiations for a permanent rescue mech- anism.
    [Show full text]
  • Developing Countries Between Globalisation
    The Emergence of “Fractured” Regional Markets Brigitte Young University of Muenster Institute for Political Science Schlossplatz 7 48149 Muenster [email protected] Paper prepared for the Conference on Regionalisation and the Taming of Globalisation? Economic, Political, Security, Social and Governance Issues, Centre for the Study of Globalisation and Regionalisation, Scarman House, University of Warwick, October 26-28th, 2005. 2 Introduction This paper looks at the liberalization attempts of the financial service sector within the General Agreement on Trade in Services (GATS) of the World Trade Organisation (WTO) and investigates the inherent risks of progressive liberalization as a potential “public bad” for countries and regions in many of the developing world. Charles Wyplosz (1999) suggests that financial instability is a challenge to the international financial system and identifies this instability as a “public bad”, although not a “classical one”. The author goes on to explain that financial instability is a public bad through its potential of producing negative externalities that spread across countries producing budgetary costs and severe redistributive effects, forcing countries into a spiral of fiscal constraints with potentially adverse political backlash (Wyposz 1999: 156). One difficulty in studying the liberalization of financial services and its role in producing a “public bad” is its rather recent inclusion in trade agreements. Leroux (2002) cites that GATS is only the third trade agreement to address trade in financial services. In actuality there are four trade agreements to address trade in financial services if we include the EU. The European Council meeting in Lisbon set the year 2005 for the establishment of an integrated European financial service market (EC 2001).
    [Show full text]
  • Brigitte Young (Emeritiert 2011), Seit 1999 Professorin Für Internationale/Vergleichende Politische Ökonomie Am Institut Für Politikwissenschaft Der WWU Münster
    Brigitte Young (emeritiert 2011), seit 1999 Professorin für Internationale/Vergleichende Politische Ökonomie am Institut für Politikwissenschaft der WWU Münster. Young hat an der University of California (B.A., M.A.) und an der University of Wisconsin, Madison (PhD) studiert. 1990 war sie Social Science Research Fellow in Berlin (1990), danach Professorin an der Wesleyan University, Connecticut (1991-97). In den Jahren 1994-1995 war sie Research Fellow im Center for German and European Studies, School of Foreign Service, Georgetown University, Washington, D.C. Sie war Gastprofessorin am J.F. Kennedy Institut, FU-Berlin (1989-1991), am Otto-Suhr Institut der FU-Berlin (1997-1999), an der Science-Politique/CERI in Paris (WS2008); im WS2011 an der Science-Politique in Lille, Frankreich. In den nächsten Jahren wird sie an der Central European University, Budapest (SS2012), und an der Freien Universität Berlin lehren. Derzeit ist Young Deutsche Delegierte im EU-COST Projekt: Systemic Risks, Financial Crisis and Credit – The Roots, dynamics and consequences of the Subprime Crisis (2009-2014), und leitet mit Christoph Scherrer die Arbeitsgruppe Systemic Risks, Crises, and the Search for Financial Stability in modern finance. Sie ist außerdem Mitglied des Scientific Advisory Committee des von der EU-7RP geförderten Projekts: Financialisation, Economy, Society and Sustainable Development (2010-2015). Im Jahr 2000-2002 wurde sie als Sachverständige in die Enquete-Kommission des Deutschen Bundestages zum Thema „Globalisierung der Weltwirtschaft - Herausforderungen und Antworten“ berufen. Young war darüber hinaus Mitglied des seit 2005-2010 von der Europäischen Union geförderten Forschungsnetzwerkes „GARNET - Network of Excellence (NoE) - Global Governance, Regionalisation and Regulation: The Role of the EU“, an dem mehr als vierzig west- und osteuropäische Universitäten mitwirkten.
    [Show full text]
  • Globalisation Contested an International Political Economy of Work
    Document1 11/12/04 3:23 PM Page 1 Globalisation contested An international political economy of work LOUISE AMOORE 6 Globalisation contested MUP_Amoore_00_Prelims 1 6/19/02, 11:58 AM MUP_Amoore_00_Prelims 2 6/19/02, 11:58 AM Globalisation contested An international political economy of work LOUISE AMOORE Manchester University Press Manchester and New York Distributed exclusively in the USA by Palgrave MUP_Amoore_00_Prelims 3 6/19/02, 11:58 AM Copyright © Louise Amoore 2002 The right of Louise Amoore to be identified as the author of this work has been asserted by her in accordance with the Copyright, Designs and Patents Act 1988 Published by Manchester University Press Oxford Road, Manchester M13 9NR, UK and Room 400, 175 Fifth Avenue, New York, NY 10010, USA http://www.manchesteruniversitypress.co.uk Distributed exclusively in the USA by Palgrave, 175 Fifth Avenue, New York, NY 10010, USA Distributed exclusively in Canada by UBC Press, University of British Columbia, 2029 West Mall, Vancouver, BC, Canada V6T 1Z2 British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging-in-Publication Data applied for 93-50558 ISBN 0 7190 6096 6 hardback First published 2002 100908070605040302 10987654321 Typeset in Minion and Minion Display by Koinonia, Manchester Printed in Great Britain by Biddles Ltd, Guildford and King’s Lynn MUP_Amoore_00_Prelims 4 6/19/02, 11:59 AM Dedicated to Mary Elizabeth Amoore and John Arthur Gregory, in memory and with much love.
    [Show full text]
  • BRIGITTE F. YOUNG PERSONAL INFORMATION June 2016
    CURRICULUM VITAE: BRIGITTE F. YOUNG PERSONAL INFORMATION June 2016 Place of Birth: Gross-St. Florian, Österreich Nationality U.S.A. Family Status: Divorced Children: Daughter (geb. 14.12.1969, lives in San Francisco, USA) Postal Address: Fechnerstr. 5 10717 Berlin Telephone: +49 (0)3022193772 E-Mail: [email protected] Employment: Prof. em. (since 2011) Website: www.uni-muenster.de/IfPol/personen/Young.html EDUCATION 1998 Habiltation – Department of Political Sciences, Otto-Suhr-Institut, Free University Berlin, Chair: Prof. Dr. Elmar Altvater, Topic: Globalization and Genderregimes. 1990 Ph.D. Political Science (Doctor of Philosophy), University of Wisconsin, Madison/USA, Chair: Prof. Leon Lindberg, Dissertation: The Emergence and Disintegration of Modes of Regulation in Agriculture: Germany and the United States in an Historical Perspective. 1986 Master of Arts, University of Wisconsin, Madison/USA. 1984 University of Michigan, Interuniversity Consortium for Political and Social Research (ICPR-; Quantitative Methods 1982 Master of Arts, University of California, Davis/USA, Political Science (Focus: Comparative Political Economy) Master's thesis: Prospects for Soviet Grain Production (Boulder, CO: Westview Press, 1983). 1978 Bachelor of Arts, Political Science (summa cum laude), University of California, Santa Barbara/USA. 1 POSITIONS HELD 1999 – 2011 (em.) Professor, Institute for Political Sciences, International Political Economy, Westfalian Wilhelms-University Münster. 2012/2013 (WT) Guest Professor, Central European University, Dept. of International Relations and European Studies, Budapest, Hungary. 2011 Guest Professor, Centre for the Study of Globalization and Regionalisation, University of Warwick, UK. 2011 (February/March) Guest Professor, Sciences-Politique, Lille, France. 2008/2009 (WT) Guest Professor, Sciences-Politique, Centre d’ėtudes et de recherches internationals (CERI/CNRS), Paris.
    [Show full text]
  • The Covenant on Economic, Social and Cultural Rights and the World Trade Organization Dialogue on Globalization
    Dialogueon OCCASIONAL PAPERS Globalization GENEVA N° 30 / April 2007 Robert Howse and Ruti G. Teitel Beyond the Divide The Covenant on Economic, Social and Cultural Rights and the World Trade Organization Dialogue on Globalization Dialogue on Globalization contributes to the international debate on globalization – through conferences, workshops and publications – as part of the international work of the Friedrich-Ebert-Stiftung (FES). Dialogue on Globalization is based on the premise that globalization can be shaped into a direction that promotes peace, democracy and social justice. Dialogue on Globalization addresses “movers and shakers” both in developing countries and in the industrialized parts of the world, i.e. politicians, trade unionists, government offi cials, businesspeople, and journalists as well as representatives from NGOs, international organizations, and academia. Dialogue on Globalization is co-ordinated by the head offi ce of the Friedrich-Ebert-Stiftung in Berlin and by the FES offi ces in New York and Geneva. The programme intensively draws on the international network of the Friedrich-Ebert-Stiftung – a German non-profi t institution committed to the principles of social democracy – with offi ces, programmes and partners in more than 100 countries. This Occasional Paper is published by the Geneva offi ce of the Friedrich-Ebert-Stiftung. April 2007 Table of Contents: 1. Preface 3 2. Executive Summary 4 3. Introduction 5 4. Domestic Policy Space 12 4.1. The Direct Effects on Social, Economic and Cultural Rights of Reduction in Trade Barriers 13 5. The Rights to Work, Health and Food in Interaction with the WTO Regime 14 5.1. The Right to Work 14 5.1.1.
    [Show full text]
  • Econsoc 12-2
    economic sociology_ the european electronic newsletter Vol ume 12, N umber 2 | March 20 11 12.2 Editor Nigel Dodd, London School of Economics Book Review Editors Mark Lutter, Max Planck Institute for the Study of Societies Sascha Münnich, Max Planck Institute for the Study of Societies Editorial Board Patrik Aspers, Stockholm University Jens Beckert, Max Planck Institute for the Study of Societies, Cologne Johan Heilbron, Centre de Sociologie Européenne, Paris Richard Swedberg, Cornell University, Ithaca Table of Contents Note from the editor _2 The Financial Crisis and the End of All-Purpose Money | by Keith Hart_4 Economic Governance in the Eurozone: A New Dawn? | by Brigitte Young_11 The Euro Trouble and the Global Financial Crisis | by Christoph Deutschmann_17 Should Crisis-Hit Countries Leave the Eurozone? | by Peter North_21 The Level of Financial Literacy of Russians: Before and During the Crisis of 2008-2009 by Olga Kuzina_27 Book Reviews_ 44 http://econsoc.mpifg.de Note from the editor 2 Note from the editor Dear reader, deny its ‘acidic’ qualities but seeks to redress an imbalance in our conception of modern, nation-state money by em- Welcome to the first Newsletter issue of 2011. This looks phasising its potential to empower individuals and recon- like being an important year for the political economy of figure our communities through what he calls its’socially Europe, during which major decisions are being debated redemptive qualities’. In the essay published here, Hart about the future of its core currency, the euro. These de- continues in this vein by making out a vibrant and articu- bates are taking place amidst a debt crisis which embraces late case for a more nuanced approach to money in which, both states and private banks, and which is being experi- partly as a response to the fact that during this latest fi- enced especially severely in Ireland, Greece and Spain.
    [Show full text]
  • BRIGITTE F. YOUNG March 2015
    CURRICULUM VITAE: BRIGITTE F. YOUNG March 2015 PERSONAL INFORMATION Place of Birtht: Gross-St. Florian, Österreich Nationality U.S.A. Family Status: Divorced Children: Daughter (geb. 14.12.1969, lives in San Francisco, USA) Postal Address: Fechnerstr. 5 10717 Berlin Telephone: +49 (0)3022193772 E-Mail: [email protected] Employment: Prof. em. (since 2011) Website: www.uni-muenster.de/IfPol/personen/Young.html EDUCATION 1998 Habiltation – Department of Political Sciences, Otto-Suhr-Institut, Free University Berlin, Chair: Prof. Dr. Elmar Altvater, Topic: Globalization and Genderregimes. 1990 Ph.D. Political Science (Doctor of Philosophy), University of Wisconsin, Madison/USA, Chair: Prof. Leon Lindberg, Dissertation: The Emergence and Disintegration of Modes of Regulation in Agriculture: Germany and the United States in an Historical Perspective. 1986 Master of Arts, University of Wisconsin, Madison/USA. 1984 University of Michigan, Interuniversity Consortium for Political and Social Research (ICPR-; Quantitative Methodenausbildung). 1982 Master of Arts, University of California, Davis/USA, Political Science (Focus: Comparative Political Economy) Master's thesis: Prospects for Soviet Grain Production (Boulder, CO: Westview Press, 1983). 1978 Bachelor of Arts, Political Science (summa cum laude), University of California, Santa Barbara/USA. 1 POSITIONS HELD 1999 – 2011 (em.) Professor, Institute for Political Sciences, International Political Economy, Westfalian Wilhelms-University Münster. 2012/2013 (WT) Guest Professor, Central European University, Dept. of International Relations and European Studies, Budapest, Hungary. 2011 Guest Professor, Centre for the Study of Globalization and Regionalisation, University of Warwick, UK. 2011 (February/March) Guest Professor, Sciences-Politique, Lille, France. 2008/2009 (WT) Guest Professor, Sciences-Politique, Centre d’ėtudes et de recherches internationals (CERI/CNRS), Paris.
    [Show full text]