Suchergebnisse

La actual crisis económico-financiera en la que se encuentran sumidos muchos países desarrollados, ante todo de la Unión Europea, está muy relacionada con las últimas transformaciones y adaptaciones del sistema capitalista, las nuevas ofensivas neoliberales y la falacia sobre la que se sustenta la construcción europea, que desde sus orígenes ha estado supeditada al capital financiero alemán. Esta crisis económica, financiera y de la deuda está sirviendo para aplicar unos planes de ajuste que recaen sobre las clases sociales más desfavorecidas y empobrecen a los países más vulnerables. Las consecuencias de esta situación crítica pueden ser imprevisibles mientras siga en pie ese megaproyecto capitalista, imperialista, financiero y burgués llamado Unión Europea. El futuro pasa por construir unos Estados Unidos Socialistas de Europa, donde se superen las fronteras nacionales, haya una integración política plena y la propiedad de los medios de producción sea pública. ; The current economic and financial crisis in which many developed countries, first and foremost of the European Union, are mired is closely related to recent transformations and adaptations of the capitalist system, the new neoliberal offensive and the fallacy on which is based the construction of Europe, which since its inception has been subject to the German financial capital. This economic, financial and debt crisis is serving to implement plans setting that they fall on the most disadvantaged social classes and impoverish the most vulnerable countries. The consequences of this critical situation can be unpredictable while still standing that mega financial and bourgeois capitalist, imperialist project called European Union. The future is to build a Socialist United States of Europe, where national borders are exceeded, has a full political integration and ownership of the means of production is public.

La economía, en tiempos de crisis, se ha convertido en una disciplina dominante. Su jerga, las ideas que encierran los conceptos básicos y la forma de presentarlos ante la ciudadanía ha hecho de esta ciencia social, una verdadera dogmatica moderna. Martín Seco ha hecho un ejercicio necesario para aclarar qué se esconde bajo un lenguaje técnico y en ocasiones neoliberal.'No cabe duda de que el lenguaje constituye una característica exclusiva y propia de la naturaleza humana; es más, podemos afirmar que el hombre solo se conforma como tal mediante la palabra.''Sigamos el consejo que Galbraith daba a los ciudadanos: La única actitud veraz consiste en exigir la explicación más completa y preguntarse si tal explicación resiste la prueba del sentido común. Si alguna vez un economista le pide a usted que acepte su punto de vista como si fuese el evangelio con el pretexto de que se basa en la erudición, no se crea una palabra.'

The year 2008 will be remembered in history as the year of the most serious capitalist fi nancial crisis since the outbreah of World War, and as the beginning of state measures taken to mitigate the social eff ects of the economic earthquake. Th is behaviour of Western governments, which includes millions of euros and dollars in public contributions to save the market economy and decisions to intervene in banking that would have been unthinkable in other circumstances, reminded me of the relationship of equilibrium and dependency that has always existed between the state and private interests, between the public sector and private initiative (is this the "invisible hand" of Adam Smith?). Th at is why I was led to remember the serious events that aff ected Rome in the fi rst century before Christ. Th is was a period when the business of the big fi nancial companies operating in the rich province of Asia were shaken and when the Senate resounded to the warning words of Cicero, recalling that the social equilibrium of Rome and its existence as a State depended on the successful outcome of the interests of the great businessmen, and urging the Republic to intervene with all its power to resolve them. Th is is an approach to those events and to fi nding out about the fi nancial fi rms operating during the last two centuries of the Roman republic. ; 2008 será recordado en la historia como el año del estallido de la más grave crisis fi nanciera capitalista tras la segunda guerra mundial, y el inicio de un conjunto de medidas estatales con el fi n de paliar los efectos sociales de tal terremoto económico. Este comportamiento de los gobiernos occidentales que incluye miles de millones de euros y de dólares en aportaciones públicas para salvar la economía de mercado, y decisiones de intervención bancaria impensables en otras circunstancias, me recordó la relación de equilibrio y dependencia que siempre ha existido entre el Estado y los intereses particulares, entre el sector público y la iniciativa privada (¿debe ser ésa ...

The study deals with analysis of economic reforms in South-Eastern Asia affected by financial crisis in 1990s. Authors have stressed, that it was a result of internal & external influences, which caused not only the fatal destabilization of main economic fundaments of affected countries & they have had consequences on international business authority of these countries. It was approved, that the high rate of internal interdependence of countries affected by crisis & also the interdependence on Japan, could be considered as basic, but hidden accelerators of crisis. Nevertheless using of important reforming interventions eliminated most of the economic implications of it the risks of re-outbreak of the crisis have been decreased to certain level only. For prevention against its expansion are responsible all "attended" subjects & equally they have to share on realization of reforming economic programs for its long-term elimination. Tables, References. Adapted from the source document.

Significant international attention has been directed to the most pressing problem of the financial crisis of 2008/2009 -- global liquidity shortages. The use of adequate foreign exchange reserves during the crisis helped alleviate pressures. However, this was only partially effective in a number of important cases. Some countries also needed to rely on external official financing. The aim of this article is to compare and analyse the main sources of official global liquidity -- foreign exchange reserves, bilateral swap lines of central banks, regional financial arrangements arid IMF resources. To reach effective outcomes in relation to the accumulation of FX reserves and a strengthening of the global financial safety nets, effective international coordination will be necessary. Adapted from the source document.

La crisi financera i econòmica mundial que viu el món globalitzat des de l'estiu de 2007 planteja la qüestió de si estem davant de la fi d'un cicle o de la fi d'un model, i posa en evidència la necessitat d'un profund debat d'idees. A banda de les causes immediates de la crisi, s'observen causes profundes que són, principalment, resultat d'un període de globalització econòmica neoliberal. Si l'efecte de la crisi als països del Nord és evident i palpable, el seu impacte als països menys desenvolupats és devastador, la revisió del Consens de Monterrey, encaminada a concretar el finançament per a l'assoliment dels Objectius de Desenvolupament del Mil·lenni, va quedar frustrada pel naixement del G20. L'abordatge polític de la crisi posa en qüestió els lideratges mundials. Si bé el G20 va voler monopolitzar el debat, finalment les Nacions Unides, de la mà del president de l'Assemblea General, el pare d'Escoto, va poder convocar la Conferència sobre la Crisi Financera i Econòmica i els seus Efectes Sobre el Desenvolupament (juny de 2009). Malgrat que els seus resultats són molt menors, i no s'hi van acordar moltes de les recomanacions del mateix president i de la Comissió Stiglitz, les conclusions de tot plegat apunten a una imprescindible reforma del sistema i de la governança de l'economia financera mundial. El "G192", es va posar, doncs, sobre la taula un model de governança democràtica mundial per abordar un crisi global d'impacte sobre la ciutadania mundial. The financial and economic crisis that has been rocking the globalised world since the summer of 2007 raises the question of whether we are looking at the end of a cycle or the end of a model and highlights the need for a thorough debate of ideas. In addition to the immediate causes of the crisis (such as the bursting of the housing bubble and the toxicity of the financial markets), several deep-rooted causes can be found, most resulting from a period of neo-liberal economic globalisation. Whilst the crisis has had a clear and tangible impact on the countries of the North, it has been calamitous for less developed countries. The damage is compounded by the fact that the review of the Monterrey Consensus, intended to find the necessary financing to achieve the Millennium Development Goals, was thwarted by the emergence of the G20. The political hijacking of the crisis casts doubt on global leadership. Although the G20 monopolised the debate, in the end, the United Nations (UN), under the leadership of the president of the General Assembly, Father Miguel d'Escoto, managed to convene the Conference on the World Financial and Economic Crisis and Its Impact on Development (June 2009). Despite the conference's modest results and the fact that no agreement was reached on many of the recommendations made by the president or the 'Stiglitz Commission', the conclusions as a whole point towards a crucial need to reform the system and governance bodies of the global financial economy. To this end, within the context of the UN, or 'G192', a model of global democratic governance was tabled to address a global crisis with an impact on global citizens ; Postprint (published version)

La crisi financera i econòmica mundial que viu el món globalitzat des de l'estiu de 2007 planteja la qüestió de si estem davant de la fi d'un cicle o de la fi d'un model, i posa en evidència la necessitat d'un profund debat d'idees. A banda de les causes immediates de la crisi, s'observen causes profundes que són, principalment, resultat d'un període de globalització econòmica neoliberal. Si l'efecte de la crisi als països del Nord és evident i palpable, el seu impacte als països menys desenvolupats és devastador, la revisió del Consens de Monterrey, encaminada a concretar el finançament per a l'assoliment dels Objectius de Desenvolupament del Mil·lenni, va quedar frustrada pel naixement del G20. L'abordatge polític de la crisi posa en qüestió els lideratges mundials. Si bé el G20 va voler monopolitzar el debat, finalment les Nacions Unides, de la mà del president de l'Assemblea General, el pare d'Escoto, va poder convocar la Conferència sobre la Crisi Financera i Econòmica i els seus Efectes Sobre el Desenvolupament (juny de 2009). Malgrat que els seus resultats són molt menors, i no s'hi van acordar moltes de les recomanacions del mateix president i de la Comissió Stiglitz, les conclusions de tot plegat apunten a una imprescindible reforma del sistema i de la governança de l'economia financera mundial. El "G192", es va posar, doncs, sobre la taula un model de governança democràtica mundial per abordar un crisi global d'impacte sobre la ciutadania mundial. The financial and economic crisis that has been rocking the globalised world since the summer of 2007 raises the question of whether we are looking at the end of a cycle or the end of a model and highlights the need for a thorough debate of ideas. In addition to the immediate causes of the crisis (such as the bursting of the housing bubble and the toxicity of the financial markets), several deep-rooted causes can be found, most resulting from a period of neo-liberal economic globalisation. Whilst the crisis has had a clear and tangible impact on the countries of the North, it has been calamitous for less developed countries. The damage is compounded by the fact that the review of the Monterrey Consensus, intended to find the necessary financing to achieve the Millennium Development Goals, was thwarted by the emergence of the G20. The political hijacking of the crisis casts doubt on global leadership. Although the G20 monopolised the debate, in the end, the United Nations (UN), under the leadership of the president of the General Assembly, Father Miguel d'Escoto, managed to convene the Conference on the World Financial and Economic Crisis and Its Impact on Development (June 2009). Despite the conference's modest results and the fact that no agreement was reached on many of the recommendations made by the president or the 'Stiglitz Commission', the conclusions as a whole point towards a crucial need to reform the system and governance bodies of the global financial economy. To this end, within the context of the UN, or 'G192', a model of global democratic governance was tabled to address a global crisis with an impact on global citizens ; Postprint (published version)

Como respuesta al conflicto armado que se ha desarrollado en Libia a lo largo de 2011, la UE ha ejecutado las sanciones decididas por el Consejo de Seguridad que no implican el uso de la fuerza, ha destinado más de 150 millones de euros de ayuda humanitaria a la región, ha puesto en marcha la operación FRONTEX "EPN Hermes Extensión 2011", y ha proyectado una operación militar de apoyo a la asistencia humanitaria, la EUFOR Libia, que nunca se ha desplegado. En una perspectiva más general, las revueltas populares que se han sucedido en varios Estados del sur del Mediterráneo, entre ellos Libia, en el que se ha desembocado en una guerra civil, han certificado el fracaso de la política exterior de la UE en esta región. En efecto, durante la última década la política euromediterránea de la UE ha estado mucho más centrada en la cooperación económica y comercial —sobre todo en el campo energético— y en el control de la inmigración irregular, que en el escrupuloso respeto del ordenamiento internacional y la promoción de la democracia, el Estado de derecho y el respecto de los derechos humanos, así como el desarrollo económico y social de la población de los Estados del sur del Mediterráneo. ; As a response to the armed conflict occurred in Libya during year 2011, the EU has applied those Security Council sanctions not involving the use of force. Likewise, the EU has allocated more than E 150 million to humanitarian assistance in the region having implemented Frontex Operation «EPN Hermes Extension 2011» as well and having designed a military operation in support of humanitarian assistance there —the so-called EUFOR Libya, never deployed before. From a more general perspective, people's uprisings in several Southern Mediterranean States —which in the Libyan case has led to a civil war— have proved the failure of EU's foreign policy in the region. In fact, EU's Euro-Mediterranean Policy in the last decade has been mainly focused on financial and trade cooperation (especially in the energy field) and on irregular migration control, to the detriment of the full respect for International Law, and the promotion of democracy, the rule of Law and the respect for human rights, and the economic and social development of the peoples in Southern Mediterranean States. ; Trabajo elaborado en el marco del proyecto de investigación coordinado, concedido por el Ministerio de Ciencia e Innovación, "La Política Mediterránea de la Unión Europea en perspectiva: el proceso de Barcelona, la Unión para el Mediterráneo y los intereses españoles" (DER2009-14238-C02-01).

The question of public finance stability & the economic stability are widely discussed topics, not only in transitive & emerging economies, but also in developed countries. The aim of this paper is to find out & measure connections between the fiscal policy development & external economic stability. This research is based on a quantification of the budget deficit & public debt impact onto exchange rate in chosen countries that have recently experienced some kind of financial crisis. External competitiveness is also assessed by the fiscal policy impact onto current account balance. It is necessary to point out that monetary variables are going to be probably more important but the fiscal sector cannot be omitted. Especially nowadays when there is an integration process in EMU going on, where the fiscal policy is going to play important role in the economic stability. Tables, Figures, References. Adapted from the source document.

Central banks of major advanced economies have already started their sixth year of the greatest ever experiment in monetary policy at place. First, special measures were taken to prevent collapse of financial intermediation. At the same time main policy rates were cut down to historical lows hitting the zero lower bound quite soon after the onset of the financial crisis. After that central banks realised various unconventional measures in order to support their weak economies. While exceptional instruments aimed at restoring financial markets seem to have been inevitable to avert a collapse of a much greater magnitude in the short run, some other measures have remained disputable. Not only had these measures limited effectiveness in restoring stronger and sustainable economic growth, but concerns have also been raised recently about their unintended consequences. These side-effects concern not only domestic economies but international spillovers on many vulnerable less advanced and/or developing economies have been evident. Moreover, potential risks of the unprecedented measures may start to act fully in a longer horizon. Quantitative easing has led to enormous increases in balance sheets of the Fed, the BoE and ECB; however structural differences on the asset side have been evident. Main challenge for major central banks thus seems to be the right timing and structure of inevitable exit strategies in the near future so that a smooth exit with minimal side effects could be guaranteed. Adapted from the source document.

The relatively long term period of stability before the present crises called even "Great Moderation" or "Golden Age of Central Banking" indicated that the inflation targeting was a success story. As of 2008 a lot has changed and the debate over "Leaning against the wind or Clean afterwards?" is being revisited among central bankers and academicians. At the same time the question "Does money matter in monetary policy" is on the table again. This paper focuses on the discussion of these issues; moreover, some new challenges that emerged in previous three years are discussed. The crisis has highlighted an urgent need to incorporate banks and financial frictions into monetary policy modelling framework -- therefore some new findings on this field of research are outlined. An important lesson from the crises is that price stability is not a sufficient precondition for financial stability, therefore an operational framework for financial stability is being searched -- this is subject of the final part of this paper. Adapted from the source document.