DOCSLIB.ORG

The Euro As a Stabilizer in the International Economic System the Euro As a Stabilizer in Theinternational Economic System

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Euro As a Stabilizer in the International Economic System the Euro As a Stabilizer in Theinternational Economic System THE EURO AS A STABILIZER IN THE INTERNATIONAL ECONOMIC SYSTEM THE EURO AS A STABILIZER IN THEINTERNATIONAL ECONOMIC SYSTEM Edited by Robert Mundell and Armand Clesse SPRINGER SCIENCE+BUSINESS MEDIA, LLC Library of Congress Cataioging-in-Publication Data The Euro as a stabilizer in the international economic systemledited by Robert Mundell and Armand Clesse. p.cm. Includes bibliographical references. ISBN 978-1-4613-7007-9 ISBN 978-1-4615-4457-9 (eBook) DOI 10.1007/978-1-4615-4457-9 .I.Euro. 2.Monetary poIicy--European Union countries. 3.Intemational finance.1. Mundell, Robert A. II. Clesse, Armand. HG925 .E8678 2000 332.4'94--dc21 00-020396 Copyright © 2000 Springer Science+Business Media New York. Second Printing 2001. Originally published by K1uwer Academic Publishers, New York in 2000 Softcover reprint of the hardcover 1st edition 2000 Ali rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, mechanical, photo­ copying, recording, or otherwise, without the prior written permission of the publisher, Springer Science+Business Media, LLC. Printed on acid-free paper. To Charles P. Kindleberger and Pierre Werner, pioneers in the theory and practice ofthe European and international economic and monetary system Contents Contributors XI Preface xv Acknowledgments XVll Introduction XIX PART I: THE VIABILITY OF THE EURO 1. ANew Bi-Polarity? 3 Charles P. Kindleberger 2. The Theoretical and Historical Perspectives on 21 the Emergence of the Euro Robert Skidelsky and Kalin Nikolov 3. External Relations of the Euro Area 35 C. Randall Henning 4. The International Political Implications of the 47 Euro Richard Rosecrance 5. The Euro and the Stability of the International 57 Monetary System Robert Mundell PART II: MANAGEMENT OF THE EURO 6. The Euro and Its Consequences for Global 87 Capital Markets Norbert Walter viii Contents 7. Impact of the Euro on Members and Non- 93 Members Jeffrey A. Frankel 8. Exchange Rate Policy-Making in the Euro Area: 111 Lessons From Trade? Klaus Gunter Deutsch 9. Reinforcing European Integration to Promote the 135 Euro: A Range of Policy Options Pierre Maillet 10. Currency Crises and Capital Controls in 157 Emerging Countries: The Case of the African CFA Franc and Its Euro Future Emil-Maria Claassen PART III: THE EURO IN THE INTERNATIONAL ECONOMY 11. Key Currencies After the Euro 177 Richard N. Cooper 12. The Political Economy of the Euro as an 203 International Currency Jeffry A. Frieden 13. The Prospect for Global Monetary Bilingualism 215 Gerhard Michael Ambrosi 14. The Euro and the Outsiders: The Case of the 231 Swiss Franc Jorg Baumberger 15. The Euro and the Dollar: Currency Competition, 251 Competitiveness and Policy Coordination Christian de Boissieu Contents ix 16. The Impact of the Euro on the International 261 Stability: A Chinese Perspective MingqiXu PART IV: CONFERENCE SESSIONS 271 Session 1: Monetary Leadership and Economic 273 Stability: The Lessons of the Pound and the Dollar Session 2: Monetary Leadership and Economic 291 Stability in a Globalizing World Session 3: The Emergence of the Euro and Its 309 Future Position vis-a-vis Other Leading Currencies Session 4: The Impact of the Euro on International 335 Stability Session 5: The Institutional Implications of the 359 Euro Session 6: What Should Be the Euro's 375 International Role? PART V: KEYNOTE SESSION 391 Conference Participants 433 Pictures Taken at the Conference 437 Index of Contributors 441 Contributors (professional positions at the time of the conference) Gerhard Michael Ambrosi is Professor of European Economic Policy at the University of Trier, Germany. His publications include SystemtransJormation und Zahlungsunion [Systemic Transformation and Payments Union], Pfaffenweiler, 1993. He is publishing 'Economic Policy Coordination and the Euro', in European Integration and the Euro, Brussels (Euro Institute), in November 1999. Jorg Baumberger is Professor of Economics at the University of St. Gallen, Switzerland, where he teaches public finance and public economics, financial intermediation and real estate economics. His latest publication is Real Estate and Property, Geneva, 1999. He is currently working on a book on the economics of real estate markets. Christian de Boissieu is Professor of Economics at the University of Paris-I (Pantheon-Sorbonne). Consultant to the World Bank and to the European Commission, he is also a member of the Council of Economic Analysis created by the French Prime Minister Lionel Jospin in 1997. His recent publications include Les mutations de I 'economie Jranfaise, Paris, 1997, and Monnaie et Economie, Paris, 1998. Emil-Maria Claassen holds the Chair of International Economics at the University of Paris-Dauphine. Previously he taught at the Free University of Berlin from 1989 to 1991. His work for the World Bank, the UN and the IMF has focused on macroeconomic issues like the impact of financial liberalization on stabilization policies. His most recent publication is Global Monetary EconomiCS, Oxford, 1997. Richard N. Cooper is the Maurits C. Boas Professor of International Economics at Harvard University. He has served on several occasions in the US Government, most recently as Chairman of the National Intelligence Council. His recent writings include 'Should Capital Controls Be Banished?' (Brookings Papers on Economic Activity, no. 1, 1999) and Exchange Rate Choices for the Federal Reserve Bank of Boston. X11 Contributors Klaus Giinter Deutsch is a senior economist at the Division of Economic and Banking Policy, European Integration, Deutsche Bank Research. He has written on trade policy-making in Europe, EMU, various G-7 issues, banking and capital markets, corporate governance and pension issues. Jeffrey A. Frankel is a member of the Council of Economic Advisers at the Executive Office of the President, Washington, D.C. In 1988 and 1989, he was a Visiting Professor of Public Policy at Harvard University. His most recent publications include Regional Trading Blocs in the World EconomiC System, Washington, D.C., 1997, and (with R. Caves and R. Jones) World Trade and Payments: An Introduction (8th ed.), New York, 1999. Jeffry A. Frieden is Professor of Government at Harvard University. He specializes in the politics of international monetary and financial relations. He is the co-editor (with B. Eichengreen) of Forging an Integrated Europe, Michigan, 1998, and (with D. Gros and E. Jones) of The New Political Economy ofEMU, Oxford, 1998. C. Randall Henning is Associate Professor at the School of International Service of American University and Visiting Fellow at the Institute for International Economics, Washington, D.C. His publications include Cooperating with Europe's Monetary Union, Washington D.C., 1997, and Transatlantic Perspectives on the Euro, Washington, D.C., forthcoming. Charles P. Kindleberger is the Ford International Professor of Economics, emer., at the Massachusetts Institute of Technology. His numerous publications include The World in Depression, 1929-1939, Berkeley, 1973, A Financial History of Western Europe, New York, 1984, and World Economic Primacy: 1500-1990, Oxford, 1996. Pierre Maillet is Professor of Economics, emer., and a honorary Director General of the European Commission. Between 1973 and 1991, he held the Jean Monnet Chair at the University of Lille 1 in France. He is the co-author (with D. Velo) of L 'Europe a geometrie variable, Paris, 1994, and (with W. Kosters) of Une Europe plus favorable a l'emploi, Paris, 1996. Robert Mundell is the C. Lowell Harriss Professor of Economics at Columbia University, New York. The author of numerous articles and several books, he is known for his contributions to the theory of optimum currency areas, international macroeconomic equilibrium, supply-side economics and studies in the theory and history of the international monetary system. Contributors xiii Kalin Nikolov is a Research Officer at the Center for Post-Collective Studies at The Social Market Foundation in London. He published in 1999 Russia: the 1998 crisis and beyond. Richard Rosecrance is Professor at the University of California, Los Angeles, and Director of the Center for International Relations at UCLA. His publications include America's Economic Resurgence: A Bold New Strategy, New York, 1990. He is currently working on The Rise of the Virtual State: Wealth and Power in the Coming Century. Robert Skidelsky is Professor of Political Economy at Warwick University in the UK and Chairman of The Social Market Foundation in London. His publications include The road from serfdom: the economic and political consequences of the end of communism, New York, 1996, and a biography of John Maynard Keynes. Nobert Walter has been Chief Economist at the Deutsche Bank Group since 1992. He is the Managing Director of Deutsche Bank Research, covering a wide spectrum of issues ranging from country rating to company analysis. He is the author of On the New Wealth ofthe Nation, Washington, D.C., 1993. Mingqi Xu is a Research Professor at the Shanghai Academy of Social Sciences and an Assistant Director of the Institute of World Economy at SASS. He is also the editor in chief of the Journal of Social Sciences and of Shanghai Academy ofSocial Sciences Quarterly. His most recent publication is Contemporary World Economy and Politics. Preface The introduction of the euro was an important event for the world economy and the international political system. For the first time in history, a substantial group of
Load more

Recommended publications
  • A Study of Paul A. Samuelson's Economics
    Copyright is owned by the Author of the thesis. Permission is given for a copy to be downloaded by an individual for the purpose of research and private study only. The thesis may not be reproduced elsewhere without the permission of the Author. A Study of Paul A. Samuelson's Econol11ics: Making Economics Accessible to Students A thesis presented in partial fulfilment of the requirements for the degree of Doctor of Philosophy in Economics at Massey University Palmerston North, New Zealand. Leanne Marie Smith July 2000 Abstract Paul A. Samuelson is the founder of the modem introductory economics textbook. His textbook Economics has become a classic, and the yardstick of introductory economics textbooks. What is said to distinguish economics from the other social sciences is the development of a textbook tradition. The textbook presents the fundamental paradigms of the discipline, these gradually evolve over time as puzzles emerge, and solutions are found or suggested. The textbook is central to the dissemination of the principles of a discipline. Economics has, and does contribute to the education of students, and advances economic literacy and understanding in society. It provided a common economic language for students. Systematic analysis and research into introductory textbooks is relatively recent. The contribution that textbooks play in portraying a discipline and its evolution has been undervalued and under-researched. Specifically, applying bibliographical and textual analysis to textbook writing in economics, examining a single introductory economics textbook and its successive editions through time is new. When it is considered that an economics textbook is more than a disseminator of information, but a physical object with specific content, presented in a particular way, it changes the way a researcher looks at that textbook.
    [Show full text]
  • O Robert Mundell Και Το Βραβείο Nobel Στα Οικονομικά
    SAE./No.178/April 2021 Studies in Applied Economics ROBERT MUNDELL, 1932-2021: AHEAD OF HIS TIME Miranda Xafa Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise Robert Mundell, 1932-2021: Ahead of his Time By Miranda Xafa About the Series The Studies in Applied Economics series is under the general direction of Professor Steve H. Hanke, Founder and Co-Director of the Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise ([email protected]). About the Author Miranda Xafa started her career at the International Monetary Fund in Washington in 1980 and moved on to senior positions in government and in the financial sector. In 1991-93 she served as chief economic advisor to Prime Minister Constantin Mitsotakis in Athens, and subsequently worked as a financial market strategist at Salomon Brothers and Citigroup in London. After serving as a member of the IMF’s Executive Board in 2004-09, she is now a senior scholar at the Centre for International Governance Innovation (CIGI). She holds a Ph.D. in Economics from the University of Pennsylvania and has taught economics at the University of Pennsylvania and Princeton University. 1 I met Bob Mundell in Washington in 1982, when I was already working at the International Monetary Fund, at a conference on the international monetary system. My first impression was the absolute confidence with which he expressed his views. When one of the participants in his panel claimed that the data did not confirm his views, he responded: "If the data do not confirm my views, then the data are wrong." I had the chance to follow his life and career, and to participate in the conferences he organized and chaired in the last two decades in his beloved Palazzo Mundell in Tuscany where he lived.
    [Show full text]
  • Letter in Le Monde
    Letter in Le Monde Some of us ‐ laureates of the Nobel Prize in economics ‐ have been cited by French presidential candidates, most notably by Marine le Pen and her staff, in support of their presidential program with regards to Europe. This letter’s signatories hold a variety of views on complex issues such as monetary unions and stimulus spending. But they converge on condemning such manipulation of economic thinking in the French presidential campaign. 1) The European construction is central not only to peace on the continent, but also to the member states’ economic progress and political power in the global environment. 2) The developments proposed in the Europhobe platforms not only would destabilize France, but also would undermine cooperation among European countries, which plays a key role in ensuring economic and political stability in Europe. 3) Isolationism, protectionism, and beggar‐thy‐neighbor policies are dangerous ways of trying to restore growth. They call for retaliatory measures and trade wars. In the end, they will be bad both for France and for its trading partners. 4) When they are well integrated into the labor force, migrants can constitute an economic opportunity for the host country. Around the world, some of the countries that have been most successful economically have been built with migrants. 5) There is a huge difference between choosing not to join the euro in the first place and leaving it once in. 6) There needs to be a renewed commitment to social justice, maintaining and extending equality and social protection, consistent with France’s longstanding values of liberty, equality, and fraternity.
    [Show full text]
  • The Capitalist Advisor Prescience Backed by Science
    T HE CAPITALIST ADVISOR MAY 14, 2021 THE CAPITALIST ADVISOR PRESCIENCE BACKED BY SCIENCE In Memoriam: Robert Mundell (1932-2021), Father of Supply-Side Economics Richard M. Salsman, Ph.D., CFA President & Chief Market Strategist May 14, 2021 upply-side economics—which rehabilitated Saysian Most academic and business economists despised supply-side S economics and discredited demand-side Keynesian and economics (and still do) because it was pro-capitalist and Monetarist models in the 1980s and 1990s—helped a handful for so long proved them (and their long careers) so wrong. of prescient political leaders establish sound money, reduce The humiliated haters nonetheless clung to their dogmas, marginal tax rates, revive prosperity, boost investment returns, persisted in preaching them, and eventually got their revenge dissolve the U.S.S.R., end the Cold War, and liberalize China.1 by reintroducing crisis-generating policies in this century. 1 See “The Supply-Side Revolution,” in “The Secrets of Reagan’s Success (Part II): Economic Policy,” The Capitalist Advisor, June 21, 2004, pp. 8-25. Copyright © 2021 * INTERMARKET FORECASTING INC. * All Rights Reserved 4004 LINDEN TERRACE ▪ DURHAM, NORTH CAROLINA 27715 PHONE 919-942-2419 ▪ FAX 919-338-2652 ▪ [email protected] I NTERMARKET FORECASTING, INC. PAGE T HE CAPITALIST ADVISOR MAY 14, 2021 Professor Robert Mundell, who died on April 5th, is Table One depicts the superior economic-investment worth remembering and honoring because he was the performance delivered by predominantly supply-side poli- father of supply-side economics.2 As such, he did more cies (1980-2000) versus the inferior subsequent results good for the political-economic world than any political (2000-2020) caused by predominantly demand-side poli- economist since J.B.
    [Show full text]
  • School of Economics
    School of Economics School of Economics Celebrating research and teaching excellence A new School of Economics pp. 3-7 Research highlights pp. 8-13 Education spotlight pp. 14-19 Celebrating our alumni pp. 20-27 1 ‘I am absolutely delighted to hear about the birth of the Bristol School of Economics, giving a formal title to a long distinguished line of economists in Bristol.’ A new School Professor Sir Angus Deaton Former Professor of Econometrics at the University of Bristol and winner of the Nobel Prize in Economics in 2015 of Economics We are home to more than 1,400 students from 60+ countries around the world, and have 65 permanent academic faculty members. Professor Sarah Smith, Head of Economics We are among the top economics departments in the UK. In the THE analysis of the Research Excellence Framework 2014, we ranked sixth overall for economics and first for research impact. We also It is hugely exciting to announce the birth, or rather re-birth, of the rank in the top 100 in the 2020 QS and Shanghai Rankings. School of Economics at Bristol. Economics has a strong tradition here dating back to Alfred Marshall, and we look forward to building on our excellent academic reputation and creating a School of Economics that delivers real-world relevant research and education In 2019 we secured ESRC Legacy Centre Status for the Centre with a firm commitment to outreach and engagement. for Evidence-based Public Services. This new centre reflects the research and impact agenda of our current staff covering health, education, welfare reform and the environment, with an emphasis on data-intensive research and prioritising policy impact.
    [Show full text]
  • Economic Ideas for the New Millennium
    Nothing Is Sacred This page intentionally left blank Nothing Is Sacred Economic Ideas for the New Millennium Robert J. Barro The MIT Press Cambridge, Massachusetts London, England ©2002 Massachusetts Institute of Technology All rights reserved. No part of this book may be reproduced in any form by any electronic or mechanical means (including photocopying, recording, or information storage and retrieval) without permission in writing from the publisher. This book was set in Palatino by Achorn Graphic Services Inc. in QuarkXPress and was printed and bound in the United States of America. Library of Congress Cataloging-in-Publication Data Barro, Robert J. Nothing is sacred: economic ideas for the new millennium/Robert J. Barro. p. cm. Includes bibliographical references and index. ISBN 0-262-02526-4 (hc.: alk. paper) 1. Economics—History—20th century. 2. Economists—History— 20th century. 3. United States—Economic policy—1993–2001. 4. United States—Economic policy—2001– I. Title. HB87 .B293 2002 330—dc21 2002024435 For Rachel, to whom I owe the title of this book and many other things This page intentionally left blank Contents Introduction xi 1 Thoughts on Friends and Other Noteworthy Persons 1 Milton Friedman and His Memoirs 1 Adam Smith, Including Thoughts on Ken Galbraith and David Ricardo 6 George Stigler and the Chicago School of Economics 12 Gary Becker, the Great Economic Imperialist 17 Robert Mundell, the Father of International Macroeconomics 22 Bob Lucas and Rational Expectations 26 Larry Summers, the Economist as Treasury Secretary and Harvard President 32 Bono, the Rock Star as Amateur Economist 36 Domingo Cavallo—The Second Coming of the Argentine Savior? 44 Al Gore in the Balance 53 George W.
    [Show full text]
  • June 2020 Ph.D., Columbia University, New York, 1988. Advisor
    June 2020 CARMEN M. REINHART CURRICULUM VITAE EDUCATION Ph.D., Columbia University, New York, 1988. Advisor: Robert Mundell. Doctoral Dissertation: “Real Exchange Rates, Commodity Prices, and Policy Interdependence.” M. Phil., 1981 and M.A., Columbia University, New York, 1980. B.A., Florida International University, Miami, 1978. PROFESSIONAL POSITIONS Chief Economist and Vice President, World Bank, Washington DC, June 2020- Minos A. Zombanakis Professor of the International Financial System, Harvard Kennedy School, July 2012 – Dennis Weatherstone Chair, Peterson Institute for International Economics, Washington DC, 2011 – June 2012. Director, Center for International Economics, 2009-2010; Professor, School of Public Policy and Department of Economics, 2000 – 2010; Director, International Security and Economic Policy Specialization, 1998 – 2001; Associate Professor School of Public Policy, University of Maryland, 1996 – 2000. Senior Policy Advisor and Deputy Director, Research Department, 2001 – 2003. Senior Economist and Economist, 1988 - 1996, International Monetary Fund. Chief Economist and Vice President, 1985 – 1986; Economist, March 1982 - 1984, Bear Stearns, New York. AWARDS AND HONORS Karl Brunner Award, Swiss National Bank, planned September 2021. Mundell-Fleming Lecture, International Monetary Fund, planned November 2020. Economica, Coase-Phillips Lecture, London School of Economics, London, May 2020. FIMEF Diamond Finance Award, Instituto Mexicano de Ejecutivos de Finanzas, Mexico, August 2019. Homer Jones Memorial Lecture, St. Louis Federal Reserve, July 2019. Thomas Schelling Lecture, University of Maryland, April 2019. Carmen M. Reinhart Pa ge 1 King Juan Carlos Prize in Economics, December 2018. Wiki. Bernhard Harms Prize, Kiel Institute for the World Economy. October 2018. Adam Smith Award, National Association of Business Economists, September 2018. William F. Butler Award, New York Association for Business Economists, September 2017.
    [Show full text]
  • The Behavioral Economics of George Akerloff and Harvey Leibenstein
    Journal of Socio-Economics 33 (2004) 29–44 The behavioral economics of George Akerloff and Harvey Leibenstein Roger Frantz Department of Economics, San Diego State University, 5500 Campanile Drive, San Diego, CA 92182-4485, USA Abstract Behavioral economics is now receiving greater acceptance in the economics profession. One illus- tration of this acceptance is the Nobel Prize awarded to George Akerloff in 2001. Akerloff’s work included issues of rationality, work norms, and asymmetric information in both more and less developed countries. Leibenstein was one of the first economists in recent decades to explore behavioral economics. This was accomplished through his development of X-efficiency theory, but not exclusively through X-efficiency theory. This paper will show similarities in the work done by Akerloff and Leibenstein, and cite examples of how Akerloff extended some of Leibenstein’s work, leading to Akerloff’s much deserved Nobel Prize. © 2004 Elsevier Inc. All rights reserved. Keywords: Behavioral economics; X-efficiency; Rational behavior 1. Introduction Recently, three economists were given the Nobel Prize for their work in behavioral economics: George Akerloff, Daniel Kahneman, and Joseph Stiglitz. Behavioral economics has now received much greater acceptance in the economics profession than it had in 1983 when the first conference on behavioral economics was held at Princeton University. Yet, the recognition it received in 1983 was a large multiple of what it was in 1971 when the Journal of Behavioral Economics (now the Journal of Socio-Economics) was started by Richard Hattwick at Western Illinois University. Even the New York Times has hailed behavioral economics. The problem is, in their February 11, 2001 article, “Some Economists Call Behavior a Key,” the Times claimed that 1994 will be remembered as a “momentous” date in the history of economics (Uchitelle, 2001).
    [Show full text]
  • Promoting Inclusive Growth CHALLENGES and POLICIES
    Promoting Inclusive Growth CHALLENGES AND POLICIES Contents Executive summary Chapter 1. The political economy of inclusive growth by Mushtaq H. Khan Chapter 2. Finance, regulation and inclusive growth by Ross Levine Chapter 3. Individualised service provision and the new welfare state: Are there lessons from Northern Europe for developing countries? Promoting Inclusive by Charles Sabel Growth Chapter 4. Making green sources of growth more inclusive Public Disclosure Authorized by Sjak Smulders CHALLENGES AND POLICIES Chapter 5. Fiscal democracy or why sound fiscal policy, budget consolidation and inclusive growth require fewer, not more, attempts to control the future Edited by Luiz de Mello and Mark A. Dutz by C. Eugene Steuerle INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCT Chapter 6. Sequencing public interventions to support techno-entrepreneurship STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCL by Morris Teubal STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INC Chapter 7. Competitionand and Yevgeny innovation-driven Kuznetsov inclusive growth INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCT by INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUC Mark A. Dutz, Ioannis N. Kessides, Stephen D. O’Connell Growth Inclusive Promoting STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCL Chapter 8. How do you make growth more inclusive? STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INC by William R. White INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCT INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUC and Robert D.
    [Show full text]
  • Revival of Classical Political Economy: an Exposition
    Munich Personal RePEc Archive Revival of classical political economy: An exposition Hans, V. Basil 29 January 1996 Online at https://mpra.ub.uni-muenchen.de/26962/ MPRA Paper No. 26962, posted 24 Nov 2010 20:24 UTC Revival of Classical Political Economy: an Exposition Hans, V. Basil St Aloysius Evening College Mangalore (India), Department of Economics 1 Revival of Classical Political Economy: an Exposition V. Basil Hans M.A., M.Phil, PhD. St Aloysius Evening College, Department of Economics Mangalore 575 003, Karnataka, India Abstract The purpose of this paper is twofold: first, to discuss the theoretical foundations and policy implications of two of the offshoots of modern macroeconomics viz., supply-side economics and rational expectations; and second to evaluate the recent development of thinking in macroeconomics. Thereby it tries to bring forth the current state of macroeconomics, although the term “current” itself is a difficult term to define as the only constant thing is „change‟, more so in case of an evolutionary science like economics. While highlighting the celebrated classical-Keynesian debate, it thoroughly examines the supply-side economics and rational expectations hypothesis with due importance to their practical application. Keywords: Classical political economy; Keynesians; Laffer curve; Phillips curve; Rational Expectations; Reaganomics; Supply-side Economics; tax cuts. JEL Classification: B12, B16, B22, E6, E11, E12 Address for Correspondence: Dr. V. Basil Hans Associate Professor and Head Dept. of Economics St Aloysius Evening College PB No 720 Light House Hill Mangalore – 575 003 Karnataka INDIA. Tel.0824 -2449714 Email: [email protected] This paper was originally written (title: Revival of Classical Political Economy) in 1996 as one of the assignments for the author‟s M.Phil Degree in Economics of Mangalore University, under the supervision of Dr G.
    [Show full text]
  • Electronic Purses in Euroland: Why Do Penetration and Usage Rates Differ?“
    Suerf 4_2004 s poznamkami 12.7.2004 11:28 Stránka 1 „ELECTRONIC PURSES IN EUROLAND: WHY DO PENETRATION AND USAGE RATES DIFFER?“ by Leo van Hove SUERF – The European Money and Finance Forum Vienna 2004 Suerf 4_2004 s poznamkami 12.7.2004 11:28 Stránka 2 CIP ELECTRONIC PURSES IN EUROLAND: WHY DO PENETRATION AND USAGE RATES DIFFER? by Leo van Hove Vienna: SUERF (SUERF Studies: 2004/4) ISBN 3-902109-23-8 Keywords: Electronic money, payment systems, electronic purses, E-purses, demand for money JEL Classification Numbers: E41 © 2004 SUERF, Vienna Copyright reserved. Subject to the exception provided for by law, no part of this publication may be reproduced and/or published in print, by photocopying, on microfilm or in any other way without the written consent of the copyright holder(s); the same applies to whole or partial adaptations. The publisher retains the sole right to collect from third parties fees payable in respect of copying and/or take legal or other action for this purpose. Suerf 4_2004 s poznamkami 12.7.2004 11:28 Stránka 3 ELECTRONIC PURSES IN EUROLAND: why do penetration and usage rates differ? Leo Van Hove* Assistant Professor of Economics, Vrije Universiteit Brussel (Free University of Brussels) and Postdoctoral Fellow of the Fund for Scientific Research Flanders Contact Address: ECON – 2C147 Vrije Universiteit Brussel Pleinlaan 2, 1050 Brussels, Belgium Tel : +32 (0)2 629.21.25 Fax : +32 (0)2 629.38.60 E-mail: [email protected] Homepage: http://cfec.vub.ac.be/cfec/leo.htm *I am indebted to Jyri Marviala (Automatia Rahakortit
    [Show full text]
  • Ideological Profiles of the Economics Laureates · Econ Journal Watch
    Discuss this article at Journaltalk: http://journaltalk.net/articles/5811 ECON JOURNAL WATCH 10(3) September 2013: 255-682 Ideological Profiles of the Economics Laureates LINK TO ABSTRACT This document contains ideological profiles of the 71 Nobel laureates in economics, 1969–2012. It is the chief part of the project called “Ideological Migration of the Economics Laureates,” presented in the September 2013 issue of Econ Journal Watch. A formal table of contents for this document begins on the next page. The document can also be navigated by clicking on a laureate’s name in the table below to jump to his or her profile (and at the bottom of every page there is a link back to this navigation table). Navigation Table Akerlof Allais Arrow Aumann Becker Buchanan Coase Debreu Diamond Engle Fogel Friedman Frisch Granger Haavelmo Harsanyi Hayek Heckman Hicks Hurwicz Kahneman Kantorovich Klein Koopmans Krugman Kuznets Kydland Leontief Lewis Lucas Markowitz Maskin McFadden Meade Merton Miller Mirrlees Modigliani Mortensen Mundell Myerson Myrdal Nash North Ohlin Ostrom Phelps Pissarides Prescott Roth Samuelson Sargent Schelling Scholes Schultz Selten Sen Shapley Sharpe Simon Sims Smith Solow Spence Stigler Stiglitz Stone Tinbergen Tobin Vickrey Williamson jump to navigation table 255 VOLUME 10, NUMBER 3, SEPTEMBER 2013 ECON JOURNAL WATCH George A. Akerlof by Daniel B. Klein, Ryan Daza, and Hannah Mead 258-264 Maurice Allais by Daniel B. Klein, Ryan Daza, and Hannah Mead 264-267 Kenneth J. Arrow by Daniel B. Klein 268-281 Robert J. Aumann by Daniel B. Klein, Ryan Daza, and Hannah Mead 281-284 Gary S. Becker by Daniel B.
    [Show full text]