DOCSLIB.ORG

Download Pdf Version

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Download Pdf Version AUTUMN 2015 AUTUMN THAT SINKING FEELING Stefan Kawalec THE EURO AS A THREAT TO EUROPEAN INTEGRATION Brigitte Granville THE IMF AND THE EUROZONE: FIREMAN OR ARSONIST RECOVERY Jean-Jacques Rosa Alberto Bagnai GIVING GREECE “AUSTERIANS” VS. A CHANCE “APPEALIANS” Joachim Starbatty Hans-Olaf Henkel HAS GERMANY THE EURO-RESCUE BENEFITED FROM POLICY AND THE EURO? BREXIT THE EURO HAS PROFOUNDLY CHANGED Tomasz Poreba is a Member of the European Parliament and President of New Direction – The Foundation for European Reform. EUROPE he introduction of the euro was supposed to strengthen the process of European integration. Unfortunately, although the euro has become one of the most visible symbols of the EU, the T number of harmful consequences is growing. The euro has distorted the way in which the economies of Spain, Portugal, Italy and Greece function. Moreover, the countries of southern Europe, as members of a currency union cannot use currency devaluation, the most powerful instrument for coping with a serious economic depression. Economic history teaches us that having your own currency is essential for a country facing a severe economic crisis, but appropriate reforms must follow devaluation to make a recovery sustainable. There can be little doubt that the euro has profoundly changed Europe. A deeper reflection on the nature and consequences of the monetary union in Europe is unavoidable. Today, more than ever before, we can see that the euro has still not improved the economic situation in the European Union. It was clearly a political rather than an economic project. The single currency, instead of accelerating Europe’s prosperity, has deepened divisions between EU member states. The introduction of the euro resulted in the disappearance of exchange rates risk within the eurozone and a sudden and massive inflow of capital to southern Europe.As a consequence, wages grew much faster than productivity and southern Europe lost its international competitiveness. The problem of competiveness is at the heart of the eurozone crisis. The euro has affected not only eurozone countries, but also the rest of the European economy. Eastern Europe is also influenced by the economic consequences of the euro, as its largest trading partners suffer from economic growth below the potential caused by the euro and the euro- rescue policy. What is more, the euro is responsible for constant calls to transfer more powers to Brussels, and diminishing the role of the principle of subsidiarity in the European project. With all views and analyses included in the New Direction magazine, I hope this publication will be a helpful tool in raising awareness of the economic and political ramifications of the single currency for the European Union. Tomasz Poreba GUEST EDITOR TABLE OF CONTENTS 6 10 14 20 Stefan Kawalec Brigitte Granville Jean-Jacques Rosa Zdzisław Krasnodębski The Euro as a threat to The IMF and the Eurozone: Giving Greece a Chance: European Monetary he eurozone crisis is European integration Fireman or Arsonist Grexit and the case for cooperation disunion among the greatest challenges facing the European Union. Many Teurozone countries, especially those in Southern Europe, are saddled with unemployment comparable in scale to that during worst days of the Great Depression of the 1930s. The very nature of the EU is being transformed: calls for a more centralized eurozone backed by a fiscal union feature centrally in the European political debate. The present euro-rescue 24 27 30 33 policy continues to prove itself an unmitigated failure. Alberto Bagnai Jacques Sapir Joachim Starbatty Jean-Pierre Vesperini “Austerians” vs “appealians”: The Euro and the current Has Germany benefitted The Euro’s Impact New Direction has invited The two sides of the austerity tale non-democratic shift from the Euro? on France leading economists and public intellectuals from a wide range of economic and political schools of thought—though all critical of the euro - to contribute essays assessing the eurozone crisis. It is time for an honest debate about the costs of the euro to take place in Europe, as its consequences impact non-euro countries, as well. New Direction is pleased to publish these essays, each of which combines clear, scholarly analysis with creative, 40 44 48 52 36 courageous thinking—precisely the qualities which the Peter M. Oppenheimer Hans-Olaf Henkel Roland Vaubel David Liebers Antoni Soy European political discussion Impact of the Euro: The Euro-rescue Banking Union: A Tale of Two Lefts The Illusion of the The View from Britain policy and Brexit A Breach of Faith and the Euro Spanish Recovery needs most. New Direction – The Foundation for European Reform, a non-for-profit organisation (ASBL/VZW) registered in Belgium and partly funded Hans-Olaf Henkel www.europeanreform.org follow us @europeanreform by the European Parliament. Registered Office: Rue D’Arlon 40, Bruxelles, 1000, Belgium. Director General: Naweed Khan. The European Parliament and New Direction assume no responsibility for the opinions expressed in this publication. Sole liability lies with the author. THE EURO AS A THREAT TO EUROPEAN INTEGRATION Stefan Kawalec 1 urope can be proud of in Poland in the domestic currency was 105% in Germany, 108% in the its achievements in the remained unchanged, in terms U.S., and 124% in Poland. second half of the 20th of the currencies of the country’s century. After the terrible trading partners, they declined by Trade and current account deficits in Eexperience of two world wars, the 30%. This was probably the most the southern countries were mostly creation of the European Union important factor which enabled eliminated, but this was largely the and the common market were Poland to enjoy positive economic effect of depressed domestic demand. remarkable political and economic growth in 2009, when all other Wages declined much less than successes. However, these EU economies contracted. Today, necessary. At their present levels, achievements are currently being Poland continues to benefit from the current accounts can be balanced endangered by the adverse effects improved competitiveness obtained only if the southern economies do of the introduction of the euro. 2 as a result of the adjustment of the not utilize their potential, and rates exchange rate in 2008/2009. of unemployment remain at elevated levels. A higher utilization of the RESTRAINTS OF The Eurozone countries in countries’ economic potential would COMMON CURRENCY crisis cannot improve their automatically result in a reappearance ARE PAINFUL IN TIMES competitiveness through currency of a substantial current account deficit. OF CRISIS depreciation. Instead, they have Therefore, southern countries have been trying to implement a so the prospect of the continuation of When the euro crisis erupted in called ‘internal devaluation,’ the ‘internal devaluation’ policy in the 2010, one of the main problems which is in fact an ordinary coming years. of the affected Eurozone deflation policy. The main tool of southern countries was the loss this policy is fiscal tightening i.e. of international competitiveness. reducing government spending and A FRIGHTENING It was estimated that in order increasing taxes in order to weaken ANALOGY WITH THE regain competitiveness and repair domestic demand with the hope GREAT DEPRESSION their trade and current account that this will result in a decrease of balances, Greece, Portugal, Italy domestic prices and wages. There is a dreadful parallel and Spain needed to bring their between today’s ‘internal wages down by 20-30%. If these However, as economists have devaluation’ policy applied in countries had their own currencies, known for decades, wages are order to defend the euro, and the such substantial improvements in inflexible downwards. When deflation policy applied in order competitiveness could have been demand falls, companies reduce to defend the gold standard in the accomplished relatively quickly employment, and nominal interwar period. In Great Britain, a via currency deprecations, like the wage cuts are rare. The internal six-year policy of deflation (1925- one implemented in Poland, which devaluation policy resulted in a 1931) was unable to correct prices 1. The author is the CEO of Capital Strategy, a 05-14/save-europe-split-the-euro.html European Market”, German Economic Review, strategy consulting company in Poland, and a • B. Granville, H.-O. Henkel and S. Kawalec, 14 (1), February 2013, p. 31-49. is a member of the EU but not of decline in GDP and employment. and wages, that were overvalued former vice-minister of finance of Poland. ‘France Must Lead Breakup of Euro’, Bloomberg • S. Kawalec and E. Pytlarczyk, “Controlled the Eurozone. At the peak of the Compared to 2007, GDP in 2014 was by about 10%, i.e. three times less 2. This article draws from the following texts that View, May 16, 2013. http://www.bloomberg. Dismantlement of the Eurozone: A Proposal also discuss other aspects of the topic: com/news/2013-05-15/france-must-lead- for a New European Monetary System and world financial crisis in 2008/2009, 74% in Greece, 91% in Italy, 93% than the overvaluation that the breakup-of-euro.html a New Role for the European Central Bank”, • B. Granville, H.-O. Henkel and S. Kawalec, ‘Save • S. Kawalec and E. Pytlarczyk, “Controlled National Bank of Poland Working Paper No 155, the Polish zloty depreciated by in Portugal, and 95% in Spain. For Eurozone southern countries are Europe: Split the Euro’, Bloomberg View, May 15, Dismantlement of the Eurozone: A Strategy Warsaw 2013. http://www.nbp.pl/publikacje/ 2013. http://www.bloomberg.com/news/2013- to Save the European Union and the Single materialy_i_studia/155_en.pdf. about 30%. Thus, although wages comparison’s sake, this same ratio currently coping with. 7 countries/regions, but rather it is a way election in a member country may NEITHER THE EU NOR to permanently finance the deficits potentially shake the Eurozone.
Load more

Recommended publications
  • Iraq's Debt Relief
    Order Code RL33376 Iraq’s Debt Relief: Procedure and Potential Implications for International Debt Relief Updated October 10, 2007 Martin A. Weiss Analyst in International Trade and Finance Foreign Affairs, Defense, and Trade Iraq’s Debt Relief: Procedure and Potential Implications for International Debt Relief Summary Following the ouster of the Saddam Hussein regime in spring 2003, Iraq’s external debt was estimated to be $125 billion. Reducing this debt to a sustainable level has been a priority of the U.S. government. Since 2003, debt relief negotiations have taken place in a variety of fora and led to the cancellation of a significant amount of Iraq’s external debt. Iraq’s external debt comprised four components: Paris Club bilateral debt ($37.15 billion), non-Paris Club bilateral debt ($67.4 billion), commercial debt ($20 billion) and multilateral debt ($0.5 billion). Debt relief negotiations first led to an 80% reduction of the Paris Club debt. The Paris Club agreement also set the terms for non-Paris Club and commercial debt cancellation levels. A provision of the Paris Club agreement is that Iraq cannot accept a debt cancellation agreement with other creditors on less favorable terms than those reached with the Paris Club. Thus, Iraq is expected to receive no more than an 80% cancellation from all of its creditors. Negotiations with non-Paris Club creditors are ongoing, and resolution of the commercial debt is largely complete. The negotiations and process of providing debt relief to Iraq may shed some light on the approaches bilateral and corporate creditors take toward providing international debt relief to middle-income countries who would not be eligible for the debt relief already provided to the poorest countries.
    [Show full text]
  • Looking East: the European Union's New FTA Negotiations in Asia
    The European Centre for International Political Economy (ECIPE) is an independent and non-profit policy research think tank dedicated to trade policy and other international econo- mic policy issues of importance to Europe. ECIPE is rooted in the classical tradition of free trade and an open world economic order. ECIPE’s intention is to subject international economic policy, particularly in Europe, to rigorous scrutiny of costs and benefits, and to present conclusions in a concise, readily accessible form to the European public. We aim to foster a “culture of evalua- tion” – largely lacking in Europe – so that better public awareness and understanding of complex issues in concrete situations can lead to intelligent discussion and improved policies. That will be ECIPE’s contribution to a thriving Europe in an open world. Looking East: The European Union’s New FTA Negotiations in Asia By Razeen Sally Number 03/2007 Advisory Board Ambassador Roderick Abbott – former Deputy Dr. Robert Lawrence – Professor, Harvard University Director General of the WTO About Jan Tumlir: The late Jan Tumlir was a leading scholar of trade policy, with a Dr. Jean-Pierre Lehmann – Professor, IMD/Evian Group Ambassador Lars Anell – former Chairman of GATT, distinctive constitutional, classical-liberal defence of free trade drawn from his reading of Dr. Brink Lindsey – Vice President, Cato Institute Swedish Ambassador to Brussels and Geneva law and economics. A Czech by origin, Jan Tumlir emigrated to the West in the 1940s and Dr. Robert Litan – Senior Fellow, The Brookings Dr. Prema-Chandra Athukorala – Professor, Australian Institution; Vice President for Research and Policy, in 1967 became the Director of Economic Research and Analysis at the General Agreement National University on Tariffs and Trade (GATT).
    [Show full text]
  • Has the Afd Changed German Politics?
    2/2017 2/2017 Has the AfD changed German politics? Klaus Ziemer Cardinal Stefan Wyszynski University in Warsaw Abstract The entry of the AfD to the Bundestag marks a new stage in German politics. This article traces the origins of this right-wing populist party against the background of extreme right- wing parties in post-war Germany. It analyses the main precepts of the party’s programme and its activity in parliaments on the regional (Länder) level. A look at where AfD-voters are coming from reveals a long-term trend of a weakening alignment between voters and parties and a growing fragmentation of the German party system. Key words AfD, origins, party programme, AfD electorate, parliamentary activity he political scene in Germany is in a state of flux. The elections Tto the Bundestag in 2017 have, in a most remarkable way, con- tinued the long-term change of the German party system. The entry of the right-wing Alternative für Deutschland (Alternative for Germany, AfD) reflects the changes in the political cleavages in Germany after the immigration crisis of 2015 and has brought about the end of unam- biguous coalition alternatives on the federal level. The loss of votes by most of the established parties (the SPD got its worst result in Bundestag elections ever) and the number of parliamentary groups: six, which the Bundestag had last seen in 1953 – has made it clear that the Federal Republic is entering a new stage in its history. This was confirmed by the fact that the formation of a new government took half a year – an un- precedented long period of time in the history of the Federal Republic.
    [Show full text]
  • Afd) a New Actor in the German Party System
    INTERNATIONAL POLICY ANALYSIS Alternative für Deutschland (AfD) A New Actor in the German Party System MARCEL LEWANDOWSKY March 2014 The Alternative für Deutschland (AfD – Alternative for Germany) is a new party in the conservative/economic liberal spectrum of the German party system. At present it is a broad church encompassing various political currents, including classic ordo-liberals, as well as euro-sceptics, conservatives and right-wingers of different stripes. The AfD has not yet defined its political platform, which is still shaped by periodic flare-ups of different groups positioning themselves within the party or by individual members. The AfD’s positions are mainly critical of Europe and the European Union. It advo- cates winding up the euro area, restoration of national currencies or small currency unions and renationalisation of decision-making processes in the EU. When it comes to values it represents conservative positions. As things stand at the moment, given its rudimentary political programme, the AfD is not a straightforward right-wing populist party in the traditional sense. The populist tag stems largely from the party’s campaigning, in which it poses as the mouthpiece of »the people« and of the »silent majority«. With regard to its main topics, the AfD functions as a centre-right protest party. At the last Bundestag election in 2013 it won voters from various political camps. First studies show that although its sympathisers regard themselves as occupying the political centre, they represent very conservative positions on social and integra- tion-policy issues. Marcel Lewandowsky | ALternativE füR DEutschland (AfD) Content 1. Origins and Development.
    [Show full text]
  • Nine Lives of Neoliberalism
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Plehwe, Dieter (Ed.); Slobodian, Quinn (Ed.); Mirowski, Philip (Ed.) Book — Published Version Nine Lives of Neoliberalism Provided in Cooperation with: WZB Berlin Social Science Center Suggested Citation: Plehwe, Dieter (Ed.); Slobodian, Quinn (Ed.); Mirowski, Philip (Ed.) (2020) : Nine Lives of Neoliberalism, ISBN 978-1-78873-255-0, Verso, London, New York, NY, https://www.versobooks.com/books/3075-nine-lives-of-neoliberalism This Version is available at: http://hdl.handle.net/10419/215796 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative
    [Show full text]
  • En En Opinion
    European Parliament 2014-2019 Committee on Economic and Monetary Affairs 2018/2094(INI) 22.11.2018 OPINION of the Committee on Economic and Monetary Affairs for the Committee on Constitutional Affairs on the state of the debate on the Future of Europe (2018/2094(INI)) Rapporteur for opinion (*): Ivana Maletić (*) Associated committee – Rule 54 of the Rules of Procedure AD\1169540EN.docx PE626.685v02-00 EN United in diversity EN PA_NonLeg PE626.685v02-00 2/6 AD\1169540EN.docx EN SUGGESTIONS The Committee on Economic and Monetary Affairs calls on the Committee on Constitutional Affairs, as the committee responsible, to incorporate the following suggestions into its motion for a resolution: 1. Notes the views expressed during plenary debates on the ‘Future of Europe’; is of the view that the future EU budget should promote European added value in terms of socio- economic impact, support the modernisation of EU policies, ensure finances for new challenges, continue contributing towards economic and social convergence and cohesion between and inside the Member States so as to enhance European solidarity, stability, equality and smart, sustainable and inclusive growth, including in light of the EU’s commitments regarding the Paris Agreement, secure the respect and promotion of fundamental values as stated in Articles 2 and 3 of the Treaty on European Union (TEU) and be endowed with new own resources, taking into account the work of the High Level Group on Own Resources; 2. Underlines the importance of commitment to the process of completing the Banking Union and the need to ensure openness and equal treatment of all Member States participating in the Banking Union; recalls that the completion of the Banking Union, including a European Deposit Insurance Scheme and a fiscal backstop for the Single Resolution Fund, must continue, as must measures to achieve risk reduction; 3.
    [Show full text]
  • 2 – College Affairs the College Year
    ST ANTONY’S COLLEGE RECORD 2009–2010 Designed and produced in the Development Office at St Antony’s College © The Warden and Fellows of St Antony’s College, 2010 Contact information: St Antony’s College, Oxford, OX2 6JF Tel – 01865 284 700 www.sant.ox.ac.uk CONTENTS 1 – Overview of the College The College.................................................................................................... ........... 1 The Fellowship.......................................................................................................... 3 The Staff.................................................................................................................... 8 2 – College Affairs The College Year....................................................................................................... 10 From the Bursar......................................................................................................... 11 The Graduate Common Room................................................................................... 13 The Library................................................................................................................ 20 The St Antony’s–Palgrave Series.............................................................................. 21 3 – Teaching and Research African Studies.......................................................................................................... 22 Asian Studies............................................................................................................
    [Show full text]
  • Downloads/Von Der Gesellschaftssteuerung Zur Sozialen Kontrolle.Pdf 704 the Conference Was Max Weber Und Die Soziologie Heute: Verhandlungen Des 15
    UC Berkeley UC Berkeley Electronic Theses and Dissertations Title Political Deficits: The Dawn of Neoliberal Rationality and the Eclipse of Critical Theory Permalink https://escholarship.org/uc/item/9p0574bc Author Callison, William Andrew Publication Date 2019 Peer reviewed|Thesis/dissertation eScholarship.org Powered by the California Digital Library University of California Political Deficits: The Dawn of Neoliberal Rationality and the Eclipse of Critical Theory By William Andrew Callison A dissertation submitted in partial satisfaction of the requirements for the degree of Doctor of Philosophy in Political Science and the Designated Emphasis in Critical Theory in the Graduate Division of the University of California, Berkeley Committee in charge: Professor Wendy Brown, Chair Professor Pheng Cheah Professor Kinch Hoekstra Professor Martin Jay Professor Hans Sluga Professor Shannon C. Stimson Summer 2019 Political Deficits: The Dawn of Neoliberal Rationality and the Eclipse of Critical Theory Copyright © 2019 William Andrew Callison All rights reserved. Abstract Political Deficits: The Dawn of Neoliberal Rationality and the Eclipse of Critical Theory By William Andrew Callison Doctor of Philosophy in Political Science and the Designated Emphasis in Critical Theory University of California, Berkeley Professor Wendy Brown, Chair This dissertation examines the changing relationship between social science, economic governance, and political imagination over the past century. It specifically focuses on neoliberal, ordoliberal and neo-Marxist visions of politics and rationality from the interwar period to the recent Eurocrisis. Beginning with the Methodenstreit (or “methodological dispute”) between Gustav von Schmoller and Carl Menger and the subsequent “socialist calculation debate” about markets and planning, the dissertation charts the political and epistemological formation of the Austrian School (e.g., Ludwig von Mises, Friedrich A.
    [Show full text]
  • 6.9.2017 A8-0268/1 Amendment 1 Luis De Grandes Pascual, Javier
    6.9.2017 A8-0268/1 Amendment 1 Luis de Grandes Pascual, Javier Nart, Lars Adaktusson, Michèle Alliot-Marie, Pilar Ayuso, Ivo Belet, Andrea Bocskor, Reimer Böge, Franc Bogovič, Michał Boni, Elmar Brok, Daniel Buda, Cristian-Silviu Buşoi, Jerzy Buzek, David Casa, Daniel Caspary, Pilar del Castillo Vera, Lorenzo Cesa, Deirdre Clune, Birgit Collin-Langen, Pál Csáky, Agustín Díaz de Mera García Consuegra, Herbert Dorfmann, Frank Engel, Norbert Erdős, Rosa Estaràs Ferragut, José Inácio Faria, Markus Ferber, Santiago Fisas Ayxelà, Christofer Fjellner, Michael Gahler, Francesc Gambús, Elisabetta Gardini, Jens Gieseke, Esteban González Pons, Andrzej Grzyb, Brian Hayes, Esther Herranz García, Gunnar Hökmark, Danuta Jazłowiecka, Teresa Jiménez-Becerril Barrio, Sandra Kalniete, Tunne Kelam, Seán Kelly, Eduard Kukan, Verónica Lope Fontagné, Antonio López-Istúriz White, Mairead McGuinness, Ramona Nicole Mănescu, Gabriel Mato, Francisco José Millán Mon, Artis Pabriks, Alojz Peterle, Marijana Petir, Julia Pitera, Stanislav Polčák, Cristian Dan Preda, Viviane Reding, Sofia Ribeiro, Fernando Ruas, José Ignacio Salafranca Sánchez-Neyra, Csaba Sógor, Ivan Štefanec, Dubravka Šuica, Pavel Svoboda, László Tőkés, Vladimir Urutchev, Ramón Luis Valcárcel Siso, Elissavet Vozemberg-Vrionidi, Jarosław Wałęsa, Bogdan Brunon Wenta, Hermann Winkler, Iuliu Winkler, Anna Záborská, Željana Zovko, Milan Zver, Dennis Radtke, Ruža Tomašić, Marek Jurek, Jana Žitňanská, Ryszard Antoni Legutko, Bernd Kölmel, Amjad Bashir, Joachim Starbatty, Ashley Fox, Mark Demesmaeker, Ulrike
    [Show full text]
  • 1 03 Sept. 2014 How the Sakharov Prize 2014 Is Awarded Background Briefing in the Next 10 Days, the Nominations of the Sakharov
    1 03 Sept. 2014 How the Sakharov Prize 2014 is awarded Background briefing In the next 10 days, the nominations of the Sakharov Prize for Human Rights will be decided by the European Parliament. The prize is awarded to “honour exceptional individuals who combat intolerance, fanaticism and oppression.”1 Previous winners include Nelson Mandela, Reporters without Borders and Anatoli Marchenko. If you believe that Azerbaijani human rights defenders – who are now in jail following years of work on behalf of the rights of others, and most recently on a list of political prisoners in Azerbaijan (on which they are now included) – then let the MEPs who vote on this know. Nominations for the Sakharov Prize can be made by: Political groups in the European Parliament. Or At least 40 MEPs. The deadline for nominations is Thursday 18 September at 12:00 in Strasbourg. NOTE: In order to decide on a nominee from their group some political groups have internal deadlines in the course of the next week. The next days are crucial. We focus here on four important political groups which might to support this nomination: The EPP Social Democrats Liberals Greens 1Source: The European Union website: http://www.europarl.europa.eu/aboutparliament/en/00f3dd2249/Sakharov-Prize-for-Freedom-of-Thought.html 2 Once the nominations are been made, the Foreign Affairs and Development committees vote on a shortlist of three finalists. This happens on either Monday 6th or Tuesday 7th October 2014. The members list for the foreign affairs committee can be found here: http://www.europarl.europa.eu/committees/en/afet/members.html, while the development committee is here: http://www.europarl.europa.eu/committees/en/deve/members.html#menuzone.
    [Show full text]
  • Curriculum Vitae
    Sushanta Kumar Mallick, Ph.D. School of Business and Management, Queen Mary, University of London, London E1 4NS, UK Tel: +44-(0)20-7882-7447 (direct); +44-(0)20-7882-3167 (Dept. Office); +44-(0)7816 618346 (mobile) Fax: +44 (0)20 7882 3615, Email: [email protected] ● http://webspace.qmul.ac.uk/skmallick/ _____________________________________________________________________________ Date of Birth : May 10, 1969 Gender & Nationality : Male; British Citizen [& Overseas Citizen of India (OCI)] Summary Statement: An experienced researcher with over 20 years of work experience ranging from academia to private financial industry, with published research in numerous international referred journals crossing the boundaries between international economics & finance, international business and development studies. My expertise involves not only analytical research but also competence in applied econometric modelling with extensive usage of specialised softwares (RATS/CATS, EViews, STATA, Matlab, and Dynare). My current research concentrates on, first, international issues involving exporters’ pricing behaviour in the aftermath of policy reforms (previously funded by British Academy), and the real effects of monetary, fiscal, & exchange rate shocks; second, financial issues covering the linkage between monetary policy & financial shocks, firm-level sources of financing & performance, and bank-level risk analysis with financial inclusion; third, development issues examining the linkages between macroeconomic policy & poverty reduction, consumption
    [Show full text]
  • Robbins, Neoclassical Economics and the End of Socialism
    Centre for Globalization Research School of Business and Management Scratch a Would-Be Planner: Robbins, Neoclassical Economics and the End of Socialism CGR Working Paper 11 (April 2008) Brigitte Granville and Judith Shapiro Abstract Robbins’s central contribution to the debate on market versus plan links with identification of economics as science of how societies handle scarcity, a central contribution of the Essay. This was not a narrow focus on static efficiency; inflation was a key part of Robbins’s conception of (mis)handling scarcity. The irony that transition to the market led to movement away from the market in economics is analysed, highlighting the obscured role of macroeconomics, and questioning a new conventional wisdom that Russia should have followed the Chinese path of gradual and Pareto-improving institutional development. A conclusion is that the demise of the Washington Consensus should not lead to a new dogma: the neoclassical paradigm is not being replaced but extended. Keywords: Transition, Lionel Robbins, socialist calculation debate, Russia, inflation JEL Classification: P21, B31 Contact details: Brigitte Granville (Queen Mary, University of London) [email protected]; Judith Shapiro (London School of Economics) CGR Working Paper Series http://www.busman.qmul.ac.uk/cgr Scratch a Would-Be Planner: Robbins, Neoclassical Economics and the End of Socialism Brigitte Granville and Judith Shapiro Introduction An exhilarating covey of thunderbolts ... (Robertson, 1935, p.106) Robbins’s characteristically eloquent and powerful contribution to the intellectual battle over market versus plan (1934) executed with a style which, as Dennis Robertson observed (1935, p.104) possesses “the stirring quality of a work of art” permanently established him as a key figure in the great “socialist calculation debate,” of the twentieth century.
    [Show full text]