A Prototype Regional Stock Flow Consistent Model
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A Prototype Regional Stock Flow Consistent Model
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Author : Francesco Zezza
language : en
Publisher:
Release Date : 2022
A Prototype Regional Stock Flow Consistent Model written by Francesco Zezza and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
Starting from the seminal works of Wynne Godley (1999; Godley and Lavoie 2005, 2007a, 2007b), the literature adopting stock-flow consistent (SFC) models for two or more countries has been flourishing, showing that consistently taking into account real and financial markets of two open economies will generate different results with respect to more traditional open economy models. However, few contributions, if any, have modeled two regions in the same country, and our paper aims at filling this gap. When considering a regional context, most of the adjustment mechanisms at work in open economy models-such as exchange rate movements, or changes in interest on public debt-are simply not present, as they are controlled by "external" authorities. So, what are the adjustment mechanisms at work? To answer this question, we adapt the framework suggested in Godley and Lavoie (2007a) to consider two regions that share the same monetary, fiscal, and exchange rate policies. We loosely calibrate our model to Italian data, where the South (Mezzogiorno) has both a lower level of real income per capita and a lower growth rate than the North. We also introduce a fragmented labor market, as discouraged workers in the South will move North in hopes of finding commuting jobs. Our model replicates some key features of the Italian economy and sheds light on the interactions between financial and real markets in regional economies with "current account" imbalances.
Global Imbalances And Financial Capitalism
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Author : Jacques Mazier
language : en
Publisher: Routledge
Release Date : 2020-05-07
Global Imbalances And Financial Capitalism written by Jacques Mazier and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-07 with Business & Economics categories.
The past few decades have witnessed the emergence of economic imbalances at the world level and within the euro zone. The failure of mainstream economics to accurately predict financial crises, or model the effects of finance-led growth, highlights the need for alternative frameworks. A key text, Global Imbalances and Financial Capitalism: Stock-Flow-Consistent Modelling demonstrates that Stock-Flow-Consistent models are well adapted to study this growth regime due to their ability to analyse the real and financial sides of the economy in an integrated way. This approach is combined with an analysis of exchange rate misalignments using the Fundamental Equilibrium Exchange Rate (FEER) methodology, which serves to give a synthetic view of international imbalances. Together, these models describe how global and regional imbalances are created, as well as suggest appropriate tools through which they may be reduced. The book also considers alternative economic policies in the euro zone (international risk sharing, fiscal federalism, eurobonds, European investments, a multispeed euro zone) alongside alternative monetary policies. In particular, it examines the possibilities of using SDR (Special Drawing Rights) as a reserve asset to be issued to fight a global recession, to support the development of low-income countries, or as an anchor to improve global monetary stability. This text will be of interest to students, scholars, and researchers of economic theory and international monetary economics. It will also appeal to professional organisations who supervise international relations.
Cross Border Risks Of A Global Economy In Mid Transition
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Author : Etienne Espagne
language : en
Publisher: International Monetary Fund
Release Date : 2023-09-08
Cross Border Risks Of A Global Economy In Mid Transition written by Etienne Espagne and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-09-08 with Business & Economics categories.
This paper analyzes the cross-border risks that could result from a decarbonization of the world economy. We develop a typology of cross-border risks and their respective channels. Our qualitative and quantitative scenario analysis suggests that the mid-transition – a period during which fossil-fuel and low-carbon energy systems co-exist and transform at a rapid pace – could have profound stability and resilience implications for global trade and the international financial system.
Monetary Policy Challenges In Latin America
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Author : Fernando Toledo
language : en
Publisher: Edward Elgar Publishing
Release Date : 2023-10-06
Monetary Policy Challenges In Latin America written by Fernando Toledo and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-10-06 with Business & Economics categories.
This ground-breaking book analyses the severe monetary policy challenges facing Latin American countries. Contributors reflect on how these issues should be addressed by policy-makers, identifying the need for a synergic response from regional central banks.
Understanding Risks And Uncertainties In Energy And Climate Policy
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Author : Haris Doukas
language : en
Publisher: Springer
Release Date : 2018-12-10
Understanding Risks And Uncertainties In Energy And Climate Policy written by Haris Doukas and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-10 with Business & Economics categories.
This open access book analyzes and seeks to consolidate the use of robust quantitative tools and qualitative methods for the design and assessment of energy and climate policies. In particular, it examines energy and climate policy performance and associated risks, as well as public acceptance and portfolio analysis in climate policy, and presents methods for evaluating the costs and benefits of flexible policy implementation as well as new framings for business and market actors. In turn, it discusses the development of alternative policy pathways and the identification of optimal switching points, drawing on concrete examples to do so. Lastly, it discusses climate change mitigation policies’ implications for the agricultural, food, building, transportation, service and manufacturing sectors.
Monetary Economics
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Author : W. Godley
language : en
Publisher: Springer
Release Date : 2016-04-30
Monetary Economics written by W. Godley and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-30 with History categories.
This book challenges the mainstream paradigm, based on the inter-temporal optimisation of welfare by individual agents. It introduces a methodology for studying how institutions create flows of income, expenditure and production together with stocks of assets and liabilities, thereby determining how whole economies evolve through time.
International Macroeconomic Modelling For Policy Decisions
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Author : P. Artus
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
International Macroeconomic Modelling For Policy Decisions written by P. Artus and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
This book is based on an international conference organised by the Applied Econo metric Association (AEA) on International Macroeconomic Modelling which was held in Brussels at the Commission of the European Communities in December 1983. On behalf of the Applied Econometric Association, we would like to extend our thanks to all participants and contributors. This conference would not have been possible without the cooperation and support of the Commission of the European Economic Communities and of its Directorate General for Economics and Financial Affairs (DGII) staff, in particular M. Emerson, A. Dramais, and also H. Serbat of the Paris Chamber of Commerce and Industry. Our thanks go also to J.P. Ancot for his constructive comments concerning the structure of this book. We are grateful to M. Russo, R. Maldague and Y. Ullmo for opening the con ference with their stimulating review and comments on the use of international macroeconomic models; and to R. Bird, A.M. Costa, A. Crockett, H. Guitton, J.C. Milleron, J. Paelinck, J. Waelbroeck for chairing the scientific sessions. P. Artus F. Gagey O. Guvenen vi INTRODUCTION The main focus of this book is to present recent developments in the construction and use of international macroeconometric models. Four main aspects are selected: (i) analysis of trade linkages and exchange rate determination; (ii) modelling and simulating the international economy; (iii) international policy coordination; (iv) the use of international macroeconomic models.
Economic Corridor Development For Inclusive Asian Regional Integration
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Author : Asian Development Bank
language : en
Publisher: Asian Development Bank
Release Date : 2014-01-01
Economic Corridor Development For Inclusive Asian Regional Integration written by Asian Development Bank and has been published by Asian Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-01-01 with Business & Economics categories.
The question underlying the entirety of this publication is: "How can viable economic corridors be called into existence by dint of government and multilateral support?" The authors answer this question by examining the experience of economic corridor development of different regions from across continents. There are important lessons to be learned for successful corridor development from the experiences of the European Union and South Asia Subregional Economic Cooperation regions. In each case, detailed models were constructed to assess the economic impact of corridor investments. What emerged from a consideration of these two cases (as well as broader discussions) was a framework for evidence-based policy analysis. When key policy makers and stakeholders pursue measurable outcomes for the development of regional economic corridors, the model and data framework (at a standard economic scale of relevance) allows for an investment-relevant development of scenarios, which will be monitored within an effective organizational process. Such a process, with all the elements of an evidence-based policy in place, is highly likely to generate successful economic corridor development, which would realize envisaged opportunities within the regions. Two priority regions in Asia, the Greater Mekong Subregion and the Central Asia Regional Economic Cooperation, face different opportunities.
The Measurement Of Scientific Technological And Innovation Activities Frascati Manual 2015 Guidelines For Collecting And Reporting Data On Research And Experimental Development
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2015-10-08
The Measurement Of Scientific Technological And Innovation Activities Frascati Manual 2015 Guidelines For Collecting And Reporting Data On Research And Experimental Development written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-08 with categories.
The internationally recognised methodology for collecting and using R&D statistics, the OECD's Frascati Manual is an essential tool for statisticians and science and innovation policy makers worldwide. It includes definitions of basic concepts, data collection guidelines, and classifications ...
Global Economic Prospects 2007
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Author : World Bank
language : en
Publisher: World Bank Publications
Release Date : 2006
Global Economic Prospects 2007 written by World Bank and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business categories.
Over the next 25 years developing countries will move to center stage in the global economy. Global Economic Prospects 2007 analyzes the opportunities - and stresses - this will create. While rich and poor countries alike stand to benefit, the integration process will make more acute stresses already apparent today - in income inequality, in labor markets, and in the environment. Over the next 25 years, rapid technological progress, burgeoning trade in goods and services, and integration of financial markets create the opportunity for faster long-term growth. However, some regions, notably Africa, are at risk of being left behind. The coming globalization will also see intensified stresses on the "global commons." Addressing global warming, preserving marine fisheries, and containing infectious diseases will require effective multilateral collaboration to ensure that economic growth and poverty reduction proceed without causing irreparable harm to future generations."