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Special Issue in Honour of Federico Caffè Global & Local Vol. 18 No. 2 Economic Review Volume 18 No. 2 2014 Edited by Nicola Mattoscio Federico Caffè and the “Humanism” in Economics and Economic Policy Global & Local Economic Review 2014 Review & Local Economic Global € 18,00 (i.i.) ISSN: 1722-4241 www.ateneonline.it Education McGraw-Hill POLICY FOR THE SUBMISSION OF MANUSCRIPTS TO BE PUBLISHED IN THE GLOBAL & LOCAL ECONOMIC REVIEW 1. PRELIMINARY INSTRUCTIONS For a manuscript to be accepted for publication in the Review, authors are required to abide by the following publication rules. In particular, authors must state that: %the manuscript, or relevant parts of the manuscripts, was not previously published; %the manuscript is not simultaneously under review by any other journal; %the manuscript will be not submitted elsewhere before the final outcome of peer-reviewing process by the Scientific Board. 2. MANUSCRIPTS SUBMISSION Manuscripts must be sent to the Scientific Board by e-mail attachment to gler@ fondazionepescarabruzzo.it. Papers, which must be submitted in printable formats, should include the manuscript text, footnotes, a bibliography, an abstract not longer than 300 words and the JEL code (available on http://www.aeaweb.org/journal/elclasjn.html). It is the author's responsibility to ensure that papers are written in clear and comprehensible English, especially if they do not adhere to linguistic standards. Institutional affiliation, telephone number and the e-mail address of the author (or the corresponding author in case of multiple authorship) should be placed on the first page of the manuscript. All manuscripts should follow the format specified in the section “Instructions for authors”, available on the Review website www.gler.it. 3. REVIEWING PROCESS The manuscript is reviewed by the Scientific Board and, if judged suitable for publication in the Review, is then sent to three referees for a rigorous blind peer-reviewing process. %The initial decision by the Scientific Board takes 2 weeks. %Authors will be informed of the review decision and all relevant comments by the three referees within approximately a month. Based on the referee's recommendations, the Scientific Board then decides whether the paper should be accepted as it is, revised or rejected. In any case, authors will be provided with a feedback. In case of acceptance by the Scientific Board, the publication process will begin by assigning the manuscript to a number and a year of the Review. Proof corrections and the printing process takes approximately a month. 4. MISCELLANEOUS Authors submitting manuscripts to the Review are expected to be available for contributing as referees, in the event they would be so requested. The articles published on Global & Local Economic Review will be listed in the ECONLIT and EJEL bibliographies. A SPECIAL ISSUE OF GLOBAL AND LOCAL ECONOMIC REVIEW Commemorating the 100th Birthday Anniversary of Federico Caffè Acknowledgements The Editorsand the EditorialBoard of G&LER are deeply grateful to Edgardo Bucciarelli for his relentless help with the call for papers, and to Donatella Furia for her precious editing work. Table of Contents Global & Local Economic Review Editor: Nicola Mattoscio, University of Chieti-Pescara Co-editor: Tonio Di Battista, The Italian Statistics Society, Rome EDITORIAL BOARD 1,&2/$$&2&(//$/D6DSLHQ]D8QLYHUVLW\5RPH -26e&$5/265$/&$178'8QLYHUVLGDGGH6DODPDQFD6SDLQ 6+8+(1*&+(11DWLRQDO&KHQJFKL8QLYHUVLW\7DLSHL 3,(5/8,*,&,2&&$/XLJL(LQDXGL)RXQGDWLRQ7XULQ $/%(57248$'5,2&85=,2&DWWROLFDGHO6DFUR&XRUH8QLYHUVLW\0LODQ *,86(33('(5,7$3UHVLGHQWRI&(16,6)RXQGDWLRQ 721,2',%$77,67$7KH,WDOLDQ6WDWLVWLFV6RFLHW\5RPH )/$9,2)(/,&(3RQWLILFLDO/DWHUDQ8QLYHUVLW\5RPH -($13$8/),72866,,QVWLWXWG·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«Global & Local Economic Review» is included in JEL on CD, e-JEL and Econlit, the electronic indexing and abstracting service of the American Economic Association (GLWRULDO2IÀFHV: CorVo UmEHUWR,Q513HVFDUa 7HO 2110 – Fax 210 WHEVLWH: wwwJOHrLW (PDLOJOHU#IRQGD]LRQHSHVFDUDErX]]RLW All rights reserved 1 Copyright © 2014 McGraw-Hill Education (Italy), s.r.l. Via Ripamonti 89, 20141 Milano I diritti di traduzione, di riproduzione, di memorizzazione elettronica e di adattamento totale e parziale con qualsiasi mezzo (compresi i microfilm e le copie fotostatiche) sono riservati per tutti i Paesi. Date le caratteristiche intrinseche di Internet, l’Editore non è responsabile per eventuali variazioni negli indirizzi e nei contenuti dei siti Internet riportati. Nomi e marchi citati nel testo sono generalmente depositati o registrati dalle rispettive case produttrici. Publisher: Paolo Roncoroni Acquisition Editor: Daniele Bonanno Produzione: Donatella Giuliani Realizzazione print on demand: Ilovebooks, Verdellino Zingonia (Bergamo) Stampa: Prontostampa, Verdellino Zingonia (Bergamo) McGraw-Hill Education (Italy), 2014 ISSN (print) 1722-4241 - ISSN (online) 1974-5125 Global & Local Economic Review Volume 18 No. 2 2014 TABLE OF CONTENTS Nicola Mattoscio Introduction Pag. 1 Nicola Acocella Federico Caffè and economic policy as a discipline ” 7 Giuseppe Amari Federico Caffè: the freedom of utopia for the courage of reformism ” 47 Antonio Bianco Securitization, fragility, and regulation ” 79 Showket Ahmad Dar - Badar Alam Iqbal † Public policy management: issues and challenges ” 109 Monika Poettinger Civilization as the diffusion of eclecticism in Economic thought Federico Caffè (1914-1987) ” 145 Paolo Ramazzotti Federico Caffè and the theory-policy nexus in a Complex environment ” 177 Table of Contents Mario Tiberi The reformism of Federico Caffè ” 203 Ignazio Visco Remembering Federico Caffè ” 217 Tatiana Yugay Macroeconomics of fi scal policy in times of the great recession ” 229 G. & L. E. R., Vol. 18 No. 2, 2014 ___________________________ Nicola Mattoscio* INTRODUCTION Federico Caffè, born in Pescara on 6 January 1914 and mysteriously disappeared in Rome on 15 April 1987 (to be eventually declared dead on 30 October 1998), was an outstanding Italian scholar and a leading economist for more than one generation. In 2014, the journal “Global & Local Economic Review” (G&LER) joins the University of Chieti-Pescara (Italy) and the “Caffè-D’Ascanio” Research Centre Foundation (Italy) in honouring his 100th birthday anniversary. With the present Special Issue, G&LER publishes a number of remarkable contributions variously engaging Caffè’s legacy or entirely dedicated to his memory and generally submitted at one specific International Call. Federico Caffè’s deepest scholarly interests laid in the fields of economic and financial policy and welfare economics, with a special focus on the social implications of theory. His lectures on economic policy (Lezioni di Politica Economica, 1978) are widely regarded, among his many seminal works, as the most comprehensive summary of his social and economic thought. A strong critic of the market economy as a myth to dispel, Caffè was avowedly Keynesian in inspiration, and gradually developed a sincere interest in the Scandinavian welfare model. Serving as a Professor from 1959 until his retirement in 1987, Caffè left an indelible and precious mark on Italian intellectual life. He mentored several generations of Italian economists and scholars, many of whom rose to senior positions in academia, political life and public administration. Among the others, he was a guide for the former Governor of the Bank of Italy and current President of the European Central Bank Mario Draghi, and for the current Governor of the Bank of Italy Ignazio Visco, as well as for a large number of prestigious scholars and academicians. Several institutions have been named after him, including the Faculty of Economics at “Rome III” University and the Roskilde University Centre for Southern European Studies. The “Sapienza” University of Rome runs in his memory an annual special event which hosts some of the most remarkable economists of our *University of Chieti-Pescara (Italy). Phone: +390854537583, E-mail address: [email protected]. 1 Introduction age, with many of the resulting lectures being regularly published in a Cambridge University Press series. The University of Chieti-Pescara honoured him by dedicating its Pescara campus Aula Magna (Lecture Hall) to his name. The increasing influence of Caffè’s economic thought over the past years has been recognized as the debate over the traditional foundations of political economics analysis has come to the fore. The “Great Recession” affecting the Western world since 2007 has prompted a strong critique of standard economic models, which have proved
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