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Working Paper No. 717Μια εισαγωγή στην εναλλακτική ιστορία του χρήματος
Η εργασία αυτή ενσωματώνει τις διάφορες συνιστώσες μιας εναλλακτικής, ετερόδοξης άποψης αναφορικά με την προέλευση του χρήματος και την ανάπτυξη του σύγχρονου χρηματοπιστωτικού συστήματος με τρόπο που να συνάδει με τα ευρήματα των ιστορικών και των ανθρωπολόγων. Όπως είναι γνωστό, η ορθόδοξη ερμηνεία της προέλευσης και της εξέλιξης του χρήματος ξεκινά με τη δημιουργία ενός […] -
BlogMartin Wolf’s Liquidity Traps and Free Lunches Through Fiscal Expansion
In a good blog post for the Financial Times that did get money (mostly) right, Martin Wolf promised a Part II on the topic of appropriate monetary and fiscal policy in a “liquidity trap,” which he has provided here. Wolf also indicated he would write a piece on Modern Money Theory, an approach he does [...] -
Blog
How to Measure Financial Fragility
We may not have a high degree of success at predicting precisely when a financial crisis will occur or exactly how big it will be, but what we can and should do, says Éric Tymoigne, is develop effective ways of detecting and measuring the growth of financial fragility in a system. “[S]ignificant economic and financial [...] -
Working Paper No. 716
Measuring Macroprudential Risk through Financial Fragility
This paper presents a method to capture the growth of financial fragility within a country and across countries. This is done by focusing on housing finance in the United States, the United Kingdom, and France. Following the theoretical framework developed by Hyman P. Minsky, the paper focuses on the risk of amplification of shock via […] -
Working Paper No. 715
Tracking the Middle-income Trap
This paper provides a working definition of what the middle-income trap is. We start by defining four income groups of GDP per capita in 1990 PPP dollars: low-income below $2,000; lower-middle-income between $2,000 and $7,250; upper-middle-income between $7,250 and $11,750; and high-income above $11,750. We then classify 124 countries for which we have consistent data […] -
Blog
Where Will US Growth Come From If Austerity Reigns?
That’s one of the questions the Levy Institute’s latest Strategic Analysis asks as it examines the Congressional Budget Office’s projections for growth and employment in the context of tighter and tighter government budgets. At the federal level alone we’re facing a well-publicized “fiscal cliff” in 2013, featuring large scheduled spending cuts and the expiration of [...] -
Blog
Godley’s Seven Unsustainable Processes
Over at his Concerted Action blog, Ramanan has a post featuring some of Wynne Godley’s Levy Institute publications with special attention paid to Godley’s prescient “Seven Unsustainable Processes,” which appeared in 1999 as part of the Levy Institute’s continuing Strategic Analysis series. Ramanan (whose blog derives its name from Godley’s last Strategic Analysis [2008]) quotes [...] -
Working Paper No. 714
Managing Global Financial Flows at the Cost of National Autonomy
The narrative as well as the analysis of global imbalances in the existing literature are incomplete without the part of the story that relates to the surge in capital flows experienced by the emerging economies. Such analysis disregards the implications of capital flows on their domestic economies, especially in terms of the “impossibility” of following […] -
Blog
Hudson: Where Is the Leisure Society?
From a February 2012 presentation delivered by Research Associate Michael Hudson: Suppose you were alive back in 1945 and were told about all the new technology that would be invented between then and now: the computers and internet, mobile phones and other consumer electronics, faster and cheaper air travel, super trains and even outer space [...] -
Blog
Minsky’s Contribution to Theory of Asset Market Bubbles
Below is the abstract of a presentation to be delivered by Frank Veneroso on Monday April 30th (1:30pm) at the Levy Institute: Most orthodox explanations of what we call asset bubbles and financial crises attribute them to exogenous shocks to the economy. For example, a Fed monetary policy error supposedly caused the Great Depression with [...] -
Could Germany Leave the Eurozone?
As stocks continue to plunge in Europe and on Wall Street, Masters and Papadimitriou revisit the malaise in the eurozone, where the cost of Spanish debt has reached unsustainable levels, austerity has proven to be disastrous, and there is no money for stimulus. Full audio of the interview is available here. -
Blog
Athens-based “Express” Dedicates Page in Its Sunday Edition to Levy Institute Research
The Levy Institute has announced its collaboration with the daily financial newspaper Express, based in Athens, Greece. Beginning with its April 22 issue, Express will publish each week, on a specially designated page in its Sunday edition, articles, research summaries, and interviews by Levy Institute scholars and associates. The collaboration is a natural extension of [...]