Suchergebnisse

Rethinking fiscal and monetary policy in an economic environment of high debt and low interest rates. Policy makers in advanced economies find themselves in an unusual fiscal environment: debt ratios are historically high, and—once the fight against inflation is won—real interest rates will likely be very low again. This combination calls for a rethinking of the role of fiscal and monetary policy—and this is just what Olivier Blanchard proposes in Fiscal Policy under Low Interest Rates. There is a wide set of opinions about the direction that fiscal policy should take. Some, pointing to the high debt levels, make debt reduction an absolute priority. Others, pointing to the low interest rates, are less worried; they suggest that there is still fiscal space, and, if justified, further increases in debt should not be ruled out. Blanchard argues that low interest rates decrease not only the fiscal costs of debt but also the welfare costs of debt. At the same time, he shows how low rates decrease the room to maneuver in monetary policy—and thus increase the benefits of using fiscal policy, including deficits and debt, for macroeconomic stabilization. In short, low rates imply lower costs and higher benefits of debt. Having sketched what optimal policy looks like, Blanchard considers three examples of fiscal policy in action: fiscal consolidation in the wake of the Global Financial Crisis, the large increase in debt in Japan, and the current US fiscal and monetary policy mix. His conclusions hold practical implications for economic and fiscal policy makers, bankers, and politicians around the world

As in other parts of the world, agriculture in Europe is not sustainable. It must urgently and importantly evolve. The Common Agricultural Policy (CAP) must foster this evolution. In that perspective, this book draws the contours of an ambitious CAP that would facilitate the necessary agro-ecological transition of agricultural systems in the European Union. The book is divided into three parts. The economic aspects are the subject of the first part. The climate, environmental and health dimensions are addressed in the second part. The third part deals with rural development and innovation. With the exception of the first chapter, which provides a brief history of the CAP, the different chapters are organized according to the same structure. They begin with a description of the issue; they continue with a critical presentation of how the issue has been considered within the CAP to date and, if relevant, in other public policies; they finally propose policy recommendations to better address the issue. Each chapter can be read independently. Even if the disciplines and skills mobilized cover a broad spectrum, the general framework of analysis is that of public economics. This reading key is used both to justify the objectives of the CAP and to define the policy instruments to be implemented in order to achieve these objectives in the most efficient way. The concluding chapter addresses three aspects: first, an analysis of the global coherence of our recommendations, including in terms of their links with other policies than the CAP; second, a critical reading of the June 2021 agreement for the 2023-2027 CAP in the light of our recommendations; third, a reading of our recommendations in the light of the ambition of the European Green Deal for agriculture and food. This book is aimed at all actors interested in the future of the CAP and more generally of agriculture in the European Union: policy makers, agricultural stakeholders, non-governmental organizations, researchers, teachers and students

Latin American neo-structuralism is a cutting-edge, regionally focused economic theory with broad implications for macruconomics and development economics. One of its most important proponents, Roberto Frenkel has spent five decades developing the theory's core arguments and expanding their application throughout the discipline, revolutionizing our understanding of high inflation and hyperinflation, disinflation programs, and the behavior of currencies and crises in emerging markets. Written by Frenkel's former students, collaborators, and colleagues, the essays in this collection assess Latin American neo-structuralism's theoretical contributions and its viability as the world's economies evolve. The authors discuss Frenkel's work in relation to pricing decisions, inflation and stabilization policy, development and income distribution in Latin America, and macruconomic policy for economic growth. An entire section focuses on finance and crisis, and the volume concludes with a neo-structuralist analysis of general aspects of economic development. For those seeking a comprehensive introduction to contemporary Latin American economic thought, this collection not only explicates the intricate work of one of its greatest practitioners, but demonstrates its impact on the growth of economics

Conceptualizing the dualism of Greek foreign policy -- Hegemony, dependence and the US policy review of 1952 -- The domestic structures of the post-civil war political system -- From dependence to dualism : Cyprus enters Greek foreign policy -- Dependent nationalism : 'operating between two notionsh' -- The semi-internationalization of the Cyprus question : the UN appeal -- The dualist aspects of foreign economic policy.

Valco (1976-1980) was a state-owned company that manufactured cathode ray tubes for the television industry. The company's scandalous failure has been widely identified as one of the largest investment errors in Finland's economic history. This book is the first in-depth study of the roots, events, and consequences of that project. This study analyses Valco from a microhistorical perspective, looking at the numerous factors that led to its failure, from the company's founding process to investigations after its demise. These events are linked to broader phenomena in economic and business history, such as the changing economic policy of the government and the emergence of global supply chains in the electronics industry. Valco is a significant single case with a concrete impact on Finland's economic history. First, it changed the general perception of state-owned companies and, because of this, also more general perceptions of the role of the state in the economy. As a result, the initiative to develop the electronics industry was transferred to private companies such as Nokia. Second, Valco's case revealed the problems of state ownership of companies in a very concrete way. Due to Valco's failure, the objectives of state ownership were clarified, and the corporate governance system was modernised. In this way, Valco is linked to the modernization of Finnish state capitalism from the 1970s onwards