The Financial Crisis and the Death (or Hegemony) of Development Economics

Development economics was the study of how to create the plumbing that would allow developing economies to become developed. The financial crisis leads us to question whether industrialized countries have the plumbing problem solved and thus leads us to question whether we need a development economics that is separate from macroeconomics. Indeed, it even leads us to question whether development economics should take as its goal the creation of the institutional plumbing that industrialized countries currently have. The consequence will be a blending of concerns that have been central in developing economies with the standard macro models. The blending can be seen as either the death of development economics or the hegemony of development economics.     

The Permits Game: Conveying the Logic of Marketable Pollution Permits

A classroom game, the Permits Game is an interactive technique to help students understand how the market can be used to arrive at a cost-effective method for pollution control.     

Undergraduate Economics Education in English and Welsh Universities

A professor experienced in both the United Kingdom's and the United States' educational systems, the author describes and compares the two countries' economic education objectives and practices.     

The professors and the banks: US views on the subprime crisis

This review article surveys accounts of the recent global financial crisis by ten leading economists – nine in the US and one, Martin Wolf, in the UK – all of whom are critical of mainstream economic thinking. Since their explanations of the crisis are very similar, the review concentrates on their differing views on three questions: the reform of the financial sector; the state of academic macroeconomics; and the global economic imbalances. Some of the writers have also considered recent austerity policies and their opinions on this topic are also discussed. The article closes by referring to some of the gaps in these accounts.     

Teaching Macroeconomics After the Crisis: A Survey Among Undergraduate Instructors in Europe and the United States

The Great Recession raised questions of what and how macroeconomists teach at academic institutions around the globe, and what changes in the macroeconomics curriculum should be made. The authors conducted a survey of undergraduate macroeconomics instructors affiliated with colleges and universities in Europe and the United States at the end of 2010. The results show that courses feature very much the same lineups of models as they did before the crisis. A notable exception concerns public debt dynamics, which receives considerably more emphasis. The finer fabric of undergraduate macroeconomics teaching, however, shows substantial shifts: A host of topics related to financial markets has entered the curriculum, and there is more interest in economic history, the history of economic thought, and case studies.     

An Economic Model of Faculty Grading Practices

The statistical evidence examined by the author indicates that faculty members with relatively few students tend to assign higher grades than would be expected otherwise. In evaluating student achievement and faculty performance, therefore, one must not only be aware of this association, but also be able to assess its significance.     

金融危机期间地方财政支出对经济增长的影响——基于省际面板数据的比较分析

采用省际面板数据,比较分析东南亚金融危机和国际金融危机期间各省区财政支出对经济增长的影响。研究表明,两次金融危机期间各省区的财政支出对经济增长的影响作用有所不同：同前期相比,国际金融危机期间社会保障支出对经济增长的影响仍为正效应,并且正效应明显变大;社会文教支出对经济增长的影响仍为微弱的负效应;而经济建设支出和行政管理支出对经济增长的影响则与之前相反,分别表现为不显著和显著的正效应。因此,优化财政支出结构应控制经济建设支出规模,继续加大社会保障支出,改善文教支出结构,从而提高其使用效率。     

经济危机分析的平衡增长模型

既有经济增长及货币理论，主要是建立在单期生产模型的跨期迭代生产基础上。本论文认为，宏观经济最本质的特征，乃在于社会化大生产的串联生产和并行生产，以及货币流和实物流的相互配合，它们使宏观经济成为一个横向和纵向联系、货币与实物联系的整体。本论文构造了平衡增长模型，对经济危机的一般规律进行了解释，并以美国次贷为例进行了简明分析。     

日本应对金融危机的新经济刺激方案

本文介绍了日本应对金融危机而出台的一系列经济刺激方案。重点对2009年4月10日,日本政府出台的名为《经济危机对策》进行介绍。详细阐述了日本政府克服经济危机的基本方针、雇佣对策、金融对策和中长期的科技对策。最后,对日本政府应对金融危机的特点进行总结。     

Public capital in the 21st century: as productive as ever?

The global financial crisis and the euro area sovereign debt crisis that followed induced a rapid deterioration in the fiscal positions of countries across the globe. In the ensuing fiscal adjustment process, public investments were severely reduced in many countries. How harmful is this for growth perspectives? Our main objective is to find out whether the importance of public capital for long run output growth has changed in recent years. To this end, we expand time series on public capital stocks for 20 OECD countries and estimate country-specific recursive vector autoregressive (VAR) models. Results show that the effect of public capital shocks on economic growth has not increased in general, although results differ widely between countries. This suggests that the current level of public investments generally does not pose an immediate threat to potential output. Of course, this could change if low investment levels are sustained for a long time.     

Social Network Analysis: Suggested Applications to Economic Control

The current crisis reveals the inadequacy of laissez faire policies of the last 30 years, and the neoliberal theories upon which they rest. The policies directed toward averting depression have largely benefited the corporate rentier and the financial sector they served. Keynes, Minsky, and Galbraith advocated policies to rescue the economy, NOT the rentier. Keynes hoped to make capital sufficiently abundant so as to euthanize the rentier. Minsky attributes their endurance to the public's effort to emulate their consumptive habits. Galbraith points to the use of corporate power to stimulate consumer spending and influence the political process.     

Market Structure and Interfirm Integration in the Petroleum Industry

Since March 2008 we have witnessed a flurry of government "bailouts," directed to assist financial institutions. What has made these more or less acceptable to the public is the hope that they are temporary, implemented in a state of emergency, and that they offer market solutions and won't structurally change capitalist relations. However, no temporary stimulus and bailouts can address the systemic instability in financial capitalism identified by Post Keynesians and Institutionalists.     

论国际金融危机对甘肃省工业经济影响

由美国次贷问题引发的金融危机席卷全球,国内外主要工业行业受到强烈冲击。甘肃省工业企业也不例外。金融危机发生后,市场需求锐减、产品价格大幅跳水,目前企业生产经营仍未走出困境,且从各方面分析此次危机对重点工业企业的影响有不断加重的发展态势。     

纵观越南经济危机

当前世界经济目光聚焦越南,不再是为其过去七年高速发展的经济,而是关注其是否会成为第二次亚洲金融危机的导火索。越南当前面临着通货膨胀压力,货币贬值压力,对外贸易赤字,政府财政赤字,楼市股市疲软等危机,政府采取了各种措施防止危机的继续扩大。由于越南经济情况不同于泰国经济危机,并且当前亚洲各国经济实力与1997年相比都增强许多,因此认为不会引发亚洲经济危机的爆发。但越南的经济危机亦对中国有着警示作用。     

全球金融危机对台湾决策思维的影响

2008年全球金融海啸使得发达国家面对自上世纪30年代以来最大的衰退，但是发展中国家如金砖四国却依然持续发展。许多经济学家严厉地警告，家计单位及企业的消费支出减少，而对产出的影响更为严重，此举迫使台湾不得不通过扩大消费的方式，来挽回疲弱的经济力。本文针对此次全球金融危机对于台湾当局在因应策略上，关于全球金融体制的崩溃分析、有关当局的处理布局、国际经济组织及先进国家处理经验及建立新的清算机制等因应之道做分析与探讨，提供政策建议，希望封尔後的金融布局有所帮助。     

Introduction to “Economic and Financial Governance in the European Union after a decade of Economic and Political Crises.”

ABSTRACT

This paper offers the Introduction to the Special Issue “Economic and Financial Governance in the European Union after a decade of Economic and Political Crises.” We introduce the five papers. We distill three important lessons they offer for EU integration.     

金融风暴中的风险管理与防范

2007年7月以来,美国次贷危机持续笼罩全球金融市场,导致美国房价大跌,资金紧缩,对世界股票市场、期货市场造成极大的冲击.随着金融危机对全球实体经济影响的日益加深,我国银行业也出现投资资产价值下降、零售业务放缓等迹象.因而,我国银行业应针对信贷管理中存在的薄弱环节,采取积极的措施,防范金融风险,保障商业银行健康发展.     

金融危机背景下北京农产品加工业的发展与预测

本文对北京市农产品加工业的发展现状进行了统计分析,在此基础上,采用C-D生产函数的双对数模型,运用最小二乘法,分别利用季度和年度截面数据对北京市农产品加工业的产出进行了回归分析和预测。得出如下结论:金融危机对北京农产品加工业有一定影响,但总体影响不大。最后,模拟了不同程度的金融危机冲击对产出水平的影响,并讨论了影响北京农产品加工业发展的因素。     

湖北省高新技术产业应对全球经济危机的思考与建议

由美国次贷危机引发的金融危机已演变为席卷全球的经济危机,对中国实体经济的影响已由沿海向内地传导,湖北省部分经济指标的增速从2008年第四季度开始明显下滑。湖北省应创新发展模式,着力推动“资源节约型、环境友好型”高新技术产业快速发展,引导高新技术产业为先导带动全省产业结构调整与升级。建议将湖北省高新技术产业带的建设与武汉城市圈“两型社会”建设相结合,进行产业内与产业间的联盟,加强人才队伍建设,完善技术创新体系,大力推动高新技术产业实现规模化、产业化。     

金融危机的成因分析

金融危机已经进入尾声,这次金融危机的成因表面来看是美国的次级贷危机引起的,但是本次金融危机根本原因是一次金融投机家的投机行为,其目的是为了打压美国证券期货市场赚取高额的利润差价。本次金融危机发生前后,没有世界范围的经济衰退、大规模的战争、大规模的自然灾害,由此证明此次金融危机主要原因不是市场自身造成的,反推证明本次金融危机是一次人为投机因素产生的。另外,通过大量分析推论世界范围内本年度第二季度的各项经济指标将好于第一季度。