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1.
This article is concerned with the genesis of German financial liberalisation. A refined inventory of financial system change – including new meso-level data on finance pattern and the marketisation of banking – reveals a varied pattern of change across German finance. It is argued that this financial diversification can only be understood with careful reference to the underlying ideational factors. An analytical narrative traces how technocratic ideas of financial modernisation during the 1980s began to open up space for the political program of finance capitalism to absorb liberal and leftist discontents with insider control and bank dominance. Upon reaching a tipping point of discursive dominance, the program was distinctly adopted across the political economy as the result of compartmentally different political, ideational and structural factors; creating a non-hegemonic financial paradigm that became identifiable in the face of recent crises. By developing analytical steps that link incremental and dynamic theories of institutional change in a conceptual framework of belief shifts, the paper contributes to efforts of adapting existing models of change to complex domains and accounting for the dynamic nature of the paradigm-generating process. The findings inform the larger debate about internal capitalist diversity and the coherence of national economic models.  相似文献   

2.
While most economists agree that seigniorage is one way governments finance deficits, there is less agreement about the political, institutional and economic reasons for relying on it. This paper investigates the main political and institutional determinants of seigniorage using panel data on about 100 countries, for the period 1960–1999. Estimates show that greater political instability leads to higher seigniorage, especially in developing, less democratic and socially-polarized countries, with high inflation, low access to domestic and external debt financing and with higher turnover of central bank presidents. One important policy implication of this study is the need to develop institutions conducive to greater political stability as a means to reduce the reliance on seigniorage financing of public deficits.  相似文献   

3.
This paper studies the effects of economic governance and political institutions on portfolio investment during the Global Economic Crisis of 2008–2009. Leveraging a unique cross‐national dataset on portfolio flows immediately following the collapse of Lehman Brothers in September 2008, it shows that countries with “better institutions” – those with more (or less) democratic, more (or less) constrained or more accountable political systems – were no less vulnerable to portfolio outflows than countries with “worse institutions.” However, countries with better governance prior to the crisis – those with better regulatory apparatuses, rule of law, property rights, and those considered less politically risky – experienced lower net portfolio capital outflows after Lehman. Governance is in fact the strongest predictor of portfolio capital flows during the global flight to liquidity, while political institutions perform poorly. The findings shed light onto the political factors that mediated how the collapse of Lehman affected national financial markets the world over, and have implications for literatures on the political economy of foreign investment, as well as for broader topics of institutions, governance, and economic performance.  相似文献   

4.
During crises, ideas play a decisive role in shaping radical paradigm shifts in economic governance. However, not all crises immediately produce such ‘great transformations’. Why do some ideas result in incremental rather than abrupt change after crisis? To identify mechanisms potentially explaining this variation, I conduct an exploratory process tracing of an understudied case of incremental institutional change: post-independence Syria. Competing political actors in Syria converged on identical policy responses to crisis despite their very different interpretations of its causes. Although power oscillated between these increasingly bitter rivals in the early 1950s, their ideational consensus on economic issues nevertheless led to a decade of steady institutional change that transformed previously fragile government institutions into powerful vehicles of statism. I derive from this analysis the potential causal significance of two new variables – crisis narrative and crisis response – and hypothesise that their configuration can explain variation in post-crisis patterns of institutional change. Ideas can explain not only the new direction of economic governance after crisis, but also the speed and scale of its movement.  相似文献   

5.
This paper seeks to recover and establish the distinct (and distinctly) institutionalist social ontology that underpins social constructivism as an approach to political economic analysis. It views social constructivism as a profoundly normative mode of political inquiry which seeks to discern, interrogate and elucidate the contingency of social, political and economic change – restoring politics (broadly understood) to processes and practices typically seen to be inevitable, necessary and non-negotiable. More controversially, perhaps, it also sees social constructivism, after both Berger and Luckmann and Searle, as ontologically institutionalist. Social constructivism, it is argued, has its origins in the attempt to establish the ontological distinctiveness of institutions as ‘social’ (as distinct from natural or ‘brute’) facts. This leads it to a distinct understanding of the relationship between actors and the environment (both natural and social) in which they find themselves and to its characteristic emphasis on the ideational mediation of that relationship. That in turn leads it to a particular type of analytic purchase on political economic realities, reflected in its distinctive emphasis on interpretive ambiguity, the social construction of political and economic imperatives and on disequilibrium. The argument is illustrated and developed further through an elucidation of the implications of such a social constructivism for the analysis of the period of crisis through which we now acknowledge ourselves to be living.  相似文献   

6.
Post-Keynesian institutionalist economists like Wallace Peterson and John Kenneth Galbraith recognized that the impact of uncertainty on economic wellbeing depends in part on the degree of control people have over the sources and consequences of it. Given the inability of government and other large institutions to reduce uncertainty or to provide citizens with the ability to manage it, mediating structures are considered as an alternative means of promoting economic security. The article concludes by describing and evaluating several of these alternatives.  相似文献   

7.
崔巍 《经济经纬》2006,2(3):6-9
制度的建立与发展以经济实践的发展为基础,而经济的发展又需要稳定持续的秩序为保障。新制度经济学派的经济学家从制度的本身去理解制度,犹如手持长矛的堂吉诃德,乱冲乱撞。因此有必要遵循马克思的思路再研究,还制度的根源基础于物质的生产生活关系,还制度为解放和发展生产力、为推动社会全面进步服务的主导能动作用。  相似文献   

8.
The historical forerunners of contemporary austerity are still largely unexplored. This essay considers the “liberal phase” of Fascist Italy (1922–1925) as a case study to explain austerity as a full-blown rationality, that is intrinsically, and simultaneously, theory and practice, encompassing the moral, the economic and the political. My explanation moves beyond the interpretation of austerity as the post-1980, neoliberal recipe of price deflation and budget cuts. The Italian case draws attention to a neglected connection: that between austerity and repression. Austerity was the guiding principle of the Fascist economic agenda during the 1920s. It served to extinguish the effects of the democratisation process of the post-WWI years. The paper examines the work of four distinguished economists, Maffeo Pantaleoni, Luigi Einaudi, Alberto De Stefani and Umberto Ricci, who – in different roles as professors, journalists, advisors, and policy-makers – can be considered the source, the guardians and the enforcers of Fascist austerity.  相似文献   

9.
In this paper, motivated by contradictory evidence on the effect of income on democracy, we investigate the hypothesis that it is income shocks – major income fluctuations relative to the trend – rather than marginal year‐on‐year variation in income levels that lead to non‐trivial changes in the quality of political institutions. Empirical results provide support for this hypothesis, and show how income inequality plays a crucial role in the effects of economic shocks on democracy. In particular, negative income shocks reveal a positive effect on democracy in countries with high inequality, and vice versa.  相似文献   

10.
The work of the French economist François Perroux has not given rise to a strong consensus in the academic world of economists. Thus, to appreciate the scope of Perrouxian thought, it is necessary to defuse the intellectual debate by exploring the ideas that are part of the current institutional issues. I seek to demonstrate the theoretical interest of the conceptualizations proposed by Perroux in terms of power analysis to understand the political, human, and social dimensions of the institutions of capitalism. In this view, I endeavor to shed light on the Perrouxian institutional legacy regarding the social cooperation/resistance issue, the institutional structure of production, firm theory, agonism theory, economic pluralism, and modern formalization techniques.  相似文献   

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