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Articles 1 - 7 of 7
Full-Text Articles in Macroeconomics
Lessons Learned: Eric Dinallo, Maryann Haggerty
Lessons Learned: Eric Dinallo, Maryann Haggerty
Journal of Financial Crises
Eric Dinallo was New York State Superintendent of Insurance from January 2007 through July 2009. In New York, as throughout the United States, insurance companies are regulated at the state level. In his position as Superintendent, Dinallo oversaw the insurance operating companies of American International Group (AIG) within New York. AIG’s holding company, however, was supervised at the federal level. Much of AIG’s problems came from its non-insurance subsidiary AIG Financial Products (AIGFP), which was a major presence in the market for credit default swaps (CDS), a type of derivative that was a factor behind the 2007-09 financial crisis. This …
Stress Tests And Policy, Greg Feldberg, Andrew Metrick
Stress Tests And Policy, Greg Feldberg, Andrew Metrick
Journal of Financial Crises
Ten years after the Federal Reserve’s crisis-era bank stress test, it is time to recalibrate the stress tests for “peacetime.” Outside of a crisis, supervisors should tailor stress tests to focus on their comparative advantages by taking a macroprudential focus, with severe scenarios that enable them to learn about emerging risks in both traditional and shadow banking sectors. In peacetime, also, supervisors should emphasize risk- management practices and be wary of forcing rapid changes in capital levels for individual banks, while linking stress-test results with countercyclical capital buffers across the system.
The (Im-)Possibility Of Rational Socialism: Mises In China’S Market Reform Debate, Isabella M. Weber
The (Im-)Possibility Of Rational Socialism: Mises In China’S Market Reform Debate, Isabella M. Weber
Economics Department Working Paper Series
This paper investigates the long first decade of reform in China (1978-1992) to show that Mises, in particular his initiating contribution to the Socialist Calculation Debate, became relevant to the reconfiguration of China’s political economy when the reformers gave up on the late Maoist primacy of continuous revolution and adhered instead to an imperative of development and catching up. During the Cultural Revolution, Mao had rejected the notions of efficiency and rational economic management. In the late 1970s, the reformers under Deng Xiaoping’s leadership elevated these notions to highest principle. As a result, Mises’ critique that socialism could not achieve …
The Nature Of Money And The Theory Of International Trade: Thornton And Ricardo, Isabella M. Weber
The Nature Of Money And The Theory Of International Trade: Thornton And Ricardo, Isabella M. Weber
Economics Department Working Paper Series
A rich recent literature reinvestigates the nature of money, but little attention has been paid to the ramifications of the ways in which we theorize money for the theory of international trade. This paper examines the logical relationship between the neutrality of money and self-balancing trade based on Henry Thornton and David Ricardo as two foundational contributions to credit and commodity money theories respectively. I show that both authors theorize trade as self-balancing whenever money is conceptualized as neutral. I distinguish two notions of the neutrality of money: ex ante and ex post neutrality. In Thornton’s Paper Credit money is …
El Péndulo Económico Y La Estructura Productiva Desequilibrada (Epd) De La Argentina (1950-2018): Descripción De Los Hechos Estilizados, Gilberto Ortiz Sierra
El Péndulo Económico Y La Estructura Productiva Desequilibrada (Epd) De La Argentina (1950-2018): Descripción De Los Hechos Estilizados, Gilberto Ortiz Sierra
Economía
La estructura productiva desequilibrada y el péndulo económico de la Argentina son dos de las principales contribuciones del Ing. Marcelo Diamand al pensamiento económico argentino y latinoamericano, sus influencias, antecedentes teóricos y conceptuales fundamentan las ideas que esbozo a lo largo de su vida y las propuestas de política que constantemente exponía, este trabajo rescata parte de su pensamiento económico e intenta revisarlo a luz de los datos macroeconómicos de su país. Más de 50 años después de que Diamand planteara, en línea con Prebisch, la necesidad de construir un marco analítico alejado de las escuelas del pensamiento económico tradicionales …
Determinantes Macroeconómicos De Los Salarios Reales Urbanos De Colombia 1996 - 2019, David Felipe Vargas Cadena
Determinantes Macroeconómicos De Los Salarios Reales Urbanos De Colombia 1996 - 2019, David Felipe Vargas Cadena
Economía
La presente investigación tiene como objetivo determinarlos principales factores macroeconómicos que influyen en los salarios y por tanto en el poder adquisitivo de los trabajadores de las distintas actividades económicas urbanas de Colombia, para el periodo 1990-2019. El poder adquisitivo, representado en el salario real como forma de retribución de la mano de obra, permite entender la magnitud de la apreciación del trabajo a través del tiempo, por lo que es posible diferenciar el poder de compra de los ingresos de los trabajadores comprendiendo la no homogeneidad de los salarios, tanto en su comportamiento histórico, como en la actividad económica …
The Effects Of Imf's Lending And Conditionalities On Economic Growth: Case Of Sadc Countries, Lutete Celina Carlos
The Effects Of Imf's Lending And Conditionalities On Economic Growth: Case Of Sadc Countries, Lutete Celina Carlos
Masters Theses
I examine the impact of IMF credit use and its conditions on economic growth performance in 12 South African countries over a period of 1999-2019. The work adopts an empirical and quantitative approach to analyzing the relationship between the GDP per Capita, the use of IMF Credit, Government Final Consumption Expenditure, Net Domestic Credit and Current Account balance. These variables are the most recommended in the IMF conditionalities during the lending arrangements with SADC members. The study uses Fixed-effect approach to evaluate how the use of IMF program and the conditions imposed directly affects economic growth. A dummy variable is …