Showing papers in "PSL Quarterly Review in 2007"
Journal Article•
TL;DR: In this article, the contributions by German-speaking economists in the UK during the Nazi period were discussed, and the important contributions of emigre scholars to the new sub-discipline development economics were discussed.
Abstract: The paper deals with the contributions by German-speaking economists in the UK during the Nazi period. It first gives an overview on the emigration of economistsfrom Germany and Austria and the subgroup who came to Britain. Adolph Lowe's reflections on contemporary Britain, liberty, and economics and sociology are then discussed as an example how exile and acculturation have influenced topics and methodology of emigre scholars. The Oxford Institute of Statistics, with Jacob Marschak as the founding director, in the late 1930s and early 1940s became an important place where emigre economists from Central Europe played a decisive role. The paper then deals with die important contributions of emigre scholars to the new sub-discipline development economics before, finally, the role of exiled economists as analysts of the German war economy is discussed. JEL Codes: A11, B20, B30 Keywords: Economics, Economists
13 citations
Journal Article•
TL;DR: In this paper, the authors argue that Italy's aid performance is problematic in more than one respect, and that a minimum of € 1.4-2.8 billion is required to reach the aid level warranted by its specifie macroeconomic, structural and institutional conditions.
Abstract: This paper argue that Italy's aid performance is problematic in more than one respect. To start with, the country's aid volume is low in relation to whatever normative or positive benchmark is utilized, and a minimum of € 1.4-2.8 billion is required to reach the aid level warranted by its specifie macroeconomic, structural and institutional conditions. lts performance is weak not only in relation to the average DAC behaviour, but also to that of other less prosperous Southern European countries. In addition, the level of arrears (signaling a weak aid administration), though falling in relation to the past, remains high. This paper also shows that the ltalian aid gap - relative to an unimpressive DAC average behaviour -persists even when accounting for the country's unfavourable conditions (and, in some cases, one wonders whether these are justifiable), regardless of the politieal orientation of the various governments that succeeded themselves at the helm of the country. The achievement of international targets is becoming more and more distant over time - and reaching these objectives, to whieh now the main European partners of Italy are firmly committed, will require a large budgetary effort. lt is time the country respects the international obligations it has underwritten and starts playing also in the field of foreign aid a role consistent with its economie weight, history, geography and collective ethic. JEL Codes: P45
10 citations
Journal Article•
TL;DR: In this article, the authors proposed a more suitable alternative approach that places the implementation of the Millennium development goals at the centre of debt sustainability by taking a longer run approach based on developing domestic capacity to create resources to meet debt service.
Abstract: The Secretary General's Report to the UN's 2005 World Summit called for a policy of debt sustainability that would support the development goals contained in the UN's 2000 Millennium Declaration. Debt sustainability analysis currently practiced by the multilateral financial institutions focuses on the ability of the debtor to transfer domestic resources to the creditor in the short term, without reference to the impact on overall activity, thus reducing the overall level of resources available to meet development goals. This paper builds on post-war approaches to suggest a more suitable alternative approach that places the implementation of the millennium development goals at the centre of debt sustainability by taking a longer run approach based on developing domestic capacity to create resources to meet debt service. JEL Codes: F34, O19 Keywords: Debt, Development
6 citations
TL;DR: In this paper, the authors formalize the enlightened shareholders' theory of the firm by proposing a model in which a stochastic behavior for the most relevant value indicators is assumed and show that the model can be easily extended, allowing the simultaneous analysis of both value creation and capital structure problems.
Abstract: The academic debate on the theory of the firm has been monopolized for a long period by the contraposition between the shareholders model and the stakeholders model. Jensen (2001) introduced the concepts of "enlightened value maximization" and "enlightened stakeholders theory", recognizing the importance of the different constituencies for the maximization of the firm's market value. Masera (2006a) developed a "a quantitative synthesis of the enlightened stakeholders theory", supporting the idea that the total value of the firm is maximized when the management maximize both the remuneration of the shareholders and the efficiency and the satisfaction of the all the other stakeholders. In this paper, this thesis will be formalized by proposing a model in which a stochastic behavior for the most relevantvalue indicators is assumed. We will show that the model can be easily extended, allowing the simultaneous analysis of both value creation and capital structure problems. JEL Codes: D21, G32 Keywords: Firm, Firms, Shareholder
6 citations
Journal Article•
TL;DR: The authors analyzes the differences between the economies of industrialized and developing countries and examines why the reach of macroeconomic policies is different in the two sets ofcountries and argues that the distinction between short-run macroeconomic models and long-term growth models is not quite appropriate for developing countries, where macroeconomic constraints on growth straddle time horizons and short-term policies have longterm consequences.
Abstract: This essay analyzes the differences between the economies of industrialized countriesand developing countries, which have important implications for macroeconomics in terms of theory and policy. It considers the differences in macroeconomic objectives and examines why the reach of macroeconomic policies is different in the two sets ofcountries. It argues that the distinction between short-run macroeconomic models and long-term growth models is not quite appropriate for developing countries, where macroeconomic constraints on growth straddle time horizons and short-term policies have long-term consequences. The essential hypothesis is that the nature of relationships and the direction of causation in macroeconomics, which shape analysis, diagnosis and prescription, depend on the institutional setting and not the analytical structure of models. And even if some laws of economics are universal, the functioning of economies can be markedly different. Therefore, economic theory and policy analysis should recognize, rather than ignore, such myriad differences. JEL Codes: A11, E52, E62, O11, O23 Keywords: Developing Countries, Economics, Macroeconomic Model, Macroeconomics, Policy
5 citations
TL;DR: A structural analysis of the Mexican economy's performance in three successive but different periods, regarding trade-policies for the last thirty-five years is presented in this paper, with the conclusion that extreme free-trade policies have not been good for economic stability, growth and employment creation.
Abstract: This paper is an analysis of trade policies in Mexico. A structural analysis of theMexican economy's performance in three successive but different periods, regardingtrade policies for the last thirty-five years is presented. Results are confronted with expectations from various trade policies. There are two main conclusions: first those extreme free-trade policies have not been good for economic stability, growth and employment creation in Mexico; and second, that specialization in production andtrade occurs in non labor-intensive sectors in Mexico, in opposition to what is expected according to the Heckscher-Ohlin theorem, under free trade conditions. JEL Codes: F13, F14, O19, O24 Keywords: Free Trade, Protectionism, Trade
4 citations
TL;DR: In this paper, the authors highlight the connection between economic transparency and poverty and show that central bank transparency is a useful strategy in reducing income inequality and poverty in the context of monetary policy.
Abstract: Nowadays, with the diffusion of inflation targeting, the main instrument that central banks use to achieve final objectives in the implementation of monetary policy (concerning inflation and unemployment) is the interest rate. Furthermore, recent studies point out that central bank transparency contributes to reducing asymmetric information and price stability. As inflation, unemployment and interest rates are determinants of the level of poverty, the central bank's behaviour is relevant to its reduction. Accordingly, the present paper highlights the connection betweeneconomic transparency and poverty. The theoretical and empirical results denote that central bank transparency is a useful strategy in reducing income inequality andpoverty. JEL Codes: D31, E31, E43, E52,E58, I32, I38 Keywords: Inflation, Instrument, Interest Rates, Interest, Monetary Policy, Monetary, Policy, Prices
2 citations
Journal Article•
TL;DR: In the volume 60 issue 241 of Banca Nazionale del Lavoro Quarterly Review (BNL Quarterly Review) as discussed by the authors, the authors present a survey of the BNL Quarterly review.
Abstract: Article originally published in the volume 60 issue 241 of Banca Nazionale del Lavoro Quarterly Review (also known as BNL Quarterly Review). JEL Codes: D83, E12, E31, E52 Keywords: Information, Prices
2 citations
TL;DR: In this paper, the authors examine questions related to possible capital account liberalisation in the Mediterranean countries and provide an overview of the extent to which these countries have capital controls along with their exchange rate regimes and some basic macroeconomic aggregates.
Abstract: This paper examines questions related to possible capital account liberalisation in the Mediterranean countries. First, we provide an overview of the extent to which these countries have capital controls along with their exchange rate regimes and some basic macroeconomic aggregates. Second, we examine the case for capital account liberalisation, along with the prerequisites for successful liberalisation. Here we consider issues such as sequencing and possible benefits of synchronisation. Finally, we examine the experience with capital flows – both FDI and other capital flows. We explain these flows and use the past experience of these countries to draw some conclusions for the successful opening up of the capital account. JEL Codes: F21, F32, O19, O24
2 citations
TL;DR: In the volume 60 issue 241 of the Banca Nazionale del Lavoro Quarterly Review (also known as BNL Quarterly Review) as discussed by the authors, the authors discuss the evolution of money as a cuitural product; it was not orig-inally invented and imposed by the state (although it did come under state domination) Historical evidence does not conclusively confirm whether unit of account or medium of exchange evolved earliest.
Abstract: Article originally published in the volume 60 issue 241 of Banca Nazionale del Lavoro Quarterly Review (also known as BNL Quarterly Review) Money evolved gradually as a cuitural product; it was not orig-inally invented and imposed by the state (although it did Iater come under state domination) Historical evidence does not conclusively settle whether unit of account (numeraire) or medium of exchange evolved earliest Quite plausibIy, one function carne first in some times and places, the other in others Little of analytical importance hinges on the answer Both functions are important in economie life and in monetary theory Who knows how to measure and compare degrees of importance? IndirectIy or directly, as explained above, both functions have a quantitative aspect Convenience does recommend a single numeraire within a currency area, but a well organized payments system can readiIy accommodate multiple media of exchange (if, indeed, notes and deposits of different banks and claims on other types of financial institution count as separate media) Much can be said in favor of separation of functions in the sense of a numeraire defined inde-pendently of any partieular medium of exchange JEL Codes: E40
1 citations
Journal Article•
TL;DR: Average bioelectric activity of three parts of muscle together, in all subjects, was larger in pressing phase than in lowering phase during the press in a lying position, which may mean, that the way of trial realization is also affected by other factors, i.e. the radius of “bridge” curvature or trajectory motion of barbell.