Journal•ISSN: 2037-3635
PSL Quarterly Review
Associazione Economia civile
About: PSL Quarterly Review is an academic journal. The journal publishes majorly in the area(s): Monetary policy & Interest rate. It has an ISSN identifier of 2037-3635. Over the lifetime, 877 publications have been published receiving 10712 citations.
Topics: Monetary policy, Interest rate, Monetary hegemony, Inflation, Debt
Papers published on a yearly basis
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TL;DR: The concept of the balance-of-payments equilibrium growth rate was originally developed by Thirlwall (1979, 1982a) and applied to a wide range of developed and less developed countries, drawing also on the recent work of Bairam as mentioned in this paper.
Abstract: We outline in this chapter the concept of the balance-of-payments equilibrium growth rate, as originally developed by Thirlwall (1979, 1982a), and then show its empirical application to a wide range of developed and less developed countries, drawing also on the recent work of Bairam (1988, 1990). The two original papers by Thirlwall are presented here basically in their original form, but with some modifications.
1,098 citations
TL;DR: In this paper, the double objective of the return to convertibility and the liberalisation of imports cannot be reached unless exchange rates are allowed to move, and the authors show that a policy of fluctuating rates is superior to these methods.
Abstract: In the first part of the article the author shows that the double objective of the return to convertibility and the liberalisation of imports cannot be reached unless exchange rates are allowed to move. In the second and third parts he treats the longer run aspect of the problem, giving exhaustive analysis of possible methods of dealing with a deficit in the balance of payments. This is done first by discussing the disadvantages of the various alternative ways that may be adopted under the system of fixed exchange rates, and second by showing that a policy of fluctuating rates is superior to these methods. In the fourth part the suggestion for combining the policy of flexible rates with establishment of stabilisation funds is discussed. In concluding the author points to the possibility of adopting in the early stages a system of “limited flexibility” under which exchange rates would be allowed to fluctuate between limits that were well defined but considerably wider than those which prevail at present. JEL: E42, F31, F32
1,086 citations
TL;DR: The authors analyzed the interaction between business cycles and banks over the past two decades for 26 industrial countries and found that profits of banks move up and down with the business cycle, allowing for accumulation of capital in boom periods.
Abstract: The proposed risk sensitive minimum requirements of the new Basel capital accord have raised concerns about possible (acceleration of) procyclical behaviour of banking, which might threaten macroeconomic stability. This article analyses the interaction between business cycles and banks over the past two decades for 26 industrial countries. As expected, profits appear to move up and down with the business cycle, allowing for accumulation of capital in boom periods. Provisioning for credit losses rise when the cycle falls, but less so when net income of banks is relatively high, which reduces procyclicality. Lending fluctuates with the business cycle too, but appears to be driven by demand rather than by supply factors such as (shortage of) capital, which contradicts the assumptions underlying capital crunch theory. All in all, over the last decades, distortion caused by procyclical behaviour of banks has been limited, banking crises excepted. JEL Codes: G21, G28, E32
422 citations
TL;DR: In this paper, the authors employ a modified version of Cagan's model, estimating the demand for such "illegal currency" from 1929 to 1976, the longest period for which data are available for the U.S at this time.
Abstract: The paper analyses the increasing relevance that the underground economy has taken on in the United States and in the political debate of the country. It then proceeds to estimate the size of the U.S. underground economy by estimating the demand for currency for underground transactions. To do so, the author employs a modified version of Cagan’s model, estimating the demand for such “illegal currency” from 1929 to 1976, the longest period for which data are available for the U.S at this time.
276 citations
TL;DR: In this article, a general theory of multinational banking capable of explaining the phenomenon with the help of a few price-theoretic principles is presented, which is useful in the discussion of policy issues raised by the recent rapid growth of multinational banks and by proposed US legislation designed to curb it.
Abstract: The paper represents a first attempt to develop a general theory of multinational banking capable of explaining the phenomenon with the help of a few price-theoretic principles. Such theorising is useful in the discussion of policy issues raised by the recent rapid growth of multinational banking and by proposed US legislation designed to curb it. The basic analytical question regards the source of comparative advantage. Specifically, the author looks at how a bank abroad can profitably offer lower lending and higher borrowing rates than its domestic competitors and thus attract customers away from them. JEL: F23, F40, G21
189 citations