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Journal articles on the topic 'Monetary institutionalism'
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Duran, Camila Villard. "Global economic governance and gender inequality: an agenda for the Brazilian legal research." Revista Direito e Práxis 13, no. 3 (July 2022): 1500–1529. http://dx.doi.org/10.1590/2179-8966/2020/51398i.
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Abstract This article explores a subject, which is still absent in Brazilian legal research: the intersection between law, global economic governance, and gender inequality. It critically examines how international organizations, mainly the World Bank and the International Monetary Fund (IMF), are gender mainstreaming their recommendations on economic rules and policies. The article also builds a theoretical framework that draws on two institutionalist approaches: feminist and legal institutionalism.
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Tambovtsev, Vitaly L. "Institutionalisms in Economics: What are Behinds Their Variety?" Journal of Institutional Studies 13, no. 1 (March 26, 2021): 020–36. http://dx.doi.org/10.17835/2076-6297.2021.13.1.020-036.
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The institutional approach in economic science arose, as is known, more than a century ago and is now called "the original institutional economics." In the middle of the last century, an alternative version of this approach emerged, called the "new institutional economics". Over the past forty years, in the institutional approach, it has been declared the creation of a significant number of new economic institutionalisms, such as cognitive, critical, monetary, “incomplete”, “new new”, generic, post-institutionalism, post-Keynesian, and legal institutionalisms. This article is devoted to the analysis of the main provisions of the listed above institutionalisms in economics, in order to answer the question whether they are alternatives to the previously created original and new institutional economics, or whether they clarify some details in these basic institutionalisms. The study showed that the most developed part of the institutionalisms that have arisen in recent decades expands the fields and methods of research within either the original institutionalism or the new institutional economics, without suggesting the grounds that would go beyond the foundations of the named "basic" institutionalisms. Based on this, the article concludes that the growth in the number of institutionalisms indicates the development of "basic" institutionalisms, and not that they have exhausted the research opportunities inherent in them.
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Bell, Stephen. "The Limits of Rational Choice: New Institutionalism in the Test Bed of Central Banking Politics in Australia." Political Studies 50, no. 3 (August 2002): 477–96. http://dx.doi.org/10.1111/1467-9248.00380.
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This paper tests the explanatory capacities of different versions of new institutionalism by examining the Australian case of a general transition in central banking practice and monetary politics: namely, the increased emphasis on low inflation and central bank independence. Standard versions of rational choice institutionalism largely dominate the literature on the politics of central banking, but this approach (here termed RC1) fails to account for Australian empirics. RC1 has a tendency to establish actor preferences exogenously to the analysis; actors' motives are also assumed a priori; actor's preferences are depicted in relatively static, ahistorical terms. And there is the tendency, even a methodological requirement, to assume relatively simple motives and preference sets among actors, in part because of the game theoretic nature of RC1 reasoning. It is possible to build a more accurate rational choice model by re-specifying and essentially updating the context, incentives and choice sets that have driven rational choice in this case. Enter RC2. However, this move subtly introduces methodological shifts and new theoretical challenges. By contrast, historical institutionalism uses an inductive methodology. Compared with deduction, it is arguably better able to deal with complexity and nuance. It also utilises a dynamic, historical approach, and specifies (dynamically) endogenous preference formation by interpretive actors. Historical institutionalism is also able to more easily incorporate a wider set of key explanatory variables and incorporate wider social aggregates. Hence, it is argued that historical institutionalism is the preferred explanatory theory and methodology in this case.
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Özgöde, Onur. "Institutionalism in Action: Balancing the Substantive Imbalances of “the Economy” through the Veil of Money." History of Political Economy 52, no. 2 (April 1, 2020): 307–39. http://dx.doi.org/10.1215/00182702-8173384.
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Scholars working on the history of economics and economic governance assume national income accounting emerged naturally out of Keynesian concerns with economic growth and wartime needs. This paper provides an alternative and more complex genealogy, arguing instead that income accounting was born out of a governmental project, implemented by institutionalist economists at the National Bureau of Economic Research (NBER) during the interwar period, to manage “the business cycle.” Bridging the literatures on the history of economic policymaking of the interwar period and the postwar triumph of “American Keynesianism,” it shows that institutionalists developed income accounting as a knowledge infrastructure to monitor inter-sectoral imbalances that generated cyclical fluctuations. Called the National Income and Product Accounts (NIPA) System, this infrastructure constructed “the economy” as a composite statistical object, composed of many disparate, nonfungible substantive elements that could not have been otherwise patched into a coherent whole. Wrapping these elements into the veil of money, the NIPA System became the interface through which policymakers intervened in intersectoral imbalances at the level of monetary flows with fiscal tools.
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Andryushin, S. A. "Is money the creation of the state or the market? (On the “modern monetary theory” as described in the textbook by W. Mitchell, L. R. Wray and M. Watts “Macroeconomics”)." Voprosy Ekonomiki, no. 6 (June 9, 2020): 121–34. http://dx.doi.org/10.32609/0042-8736-2020-6-121-134.
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In 2019, a textbook “Macroeconomics” was published in London, on the pages of which the authors presented a new monetary doctrine — Modern Monetary Theory, MMT, — an unorthodox concept based on the postulates of Post-Keynesianism, New Institutionalism, and the theory of Marxism. The attitude to this scientific concept in the scientific community is ambiguous. A smaller part of scientists actively support this doctrine, which is directly related to state monetary and fiscal stimulation of full employment, public debt servicing and economic growth. Others, the majority of economists, on the contrary, strongly criticize MMT, arguing that the new theory hides simple left-wing populism, designed for a temporary and short-term effect. This article considers the origins and the main provisions of MMT, its discussions with the mainstream, criticism of the basic tenets of MMT, and also assesses possible prospects for the development of MMT in the medium term.
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Preparata, G. G. "Banking on the Underworld. A Strictly Economic Appreciation of the Chinese Practice of Burning (Token) Money." Review of Business and Economics Studies 9, no. 4 (December 11, 2021): 32–45. http://dx.doi.org/10.26794/2308-944x-2021-9-4-32-45.
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The custom of burning mock-money as a symbolic offering of nutrients and sustenance to one's ancestors in the Afterlife is here analysed in terms of its economic meaning and significance. The theme is treated from two different angles. One is that of the political economy of the gift, which concerns itself with the final uses to which society conveys its economic surplus. The other is that of monetary institutionalism, which seeks to understand what the practice itself actually represents in light of the monetary arrangements that rule the economic exchange within the community itself. The thesis is that, at a first remove, the custom appears to fall into the category of “wasteful expenditure,” in that it is not manifestly conducive to any augmentation of the system's efficiency. But on a subtler level, it is not precisely so for two orders of reasons. First, because the custom is habitually accompanied by subsidiary donations; second, because, in this donative moment, the custom importantly reveals, through its conversion of real cash into “sacrificial” token-money, a constitutive yet hidden, property of money, namely its perishability.
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Narine, Shaun. "The Idea of an “Asian Monetary Fund”: The Problems of Financial Institutionalism in the Asia-Pacific." Asian Perspective 27, no. 2 (2003): 65–103. http://dx.doi.org/10.1353/apr.2003.0021.
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Zhu, Jiejin. "China’s Path Selection in Global Governance Reform." International Organisations Research Journal 15, no. 3 (November 1, 2020): 248–81. http://dx.doi.org/10.17323/1996-7845-2020-03-10.
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With the rise of China, reforming the global governance institutions has become an important part of China’s diplomacy. Based on whether to build new international rules or reinterpret or redeploy the existing ones, we can divide the rising power’s paths in global governance reform into four types: displacement, layering, conversion and avoidance. Why does China adopt different paths toward reforming the existing international institutions which are dominated by the U.S.? Building on the theory of “gradual institutional change” in historical institutionalism, this article argues that the veto capability of the established power and the flexibility of the existing international institution are two determinants of the rising power’s path selection in global governance reform. It applies this theoretical framework to explain China’s behaviour in four issue areas: sovereign credit rating, the international monetary system, free trade agreements and multilateral development banks. In sovereign credit rating, the strong veto capability of the U.S. and the low flexibility of the existing international credit rating institution make China adopt the path of avoidance. In the international monetary system, the strong veto capability of the U.S. and the high flexibility of the International Monetary Fund’s special drawing rights make China adopt the path of layering. In free trade agreements, the weak veto capability of the U.S. and low flexibility of the Trans-Pacific Partnership make China adopt the path of displacement. In multilateral development banks, the weak veto capability of the U.S. and high flexibility of World Bank rules make China adopt the path of conversion.
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Sacher, Martin. "Avoiding the Inappropriate: The European Commission and Sanctions under the Stability and Growth Pact." Politics and Governance 9, no. 2 (May 27, 2021): 163–72. http://dx.doi.org/10.17645/pag.v9i2.3891.
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Fiscal policy surveillance, including the possibility to impose financial sanctions, has been an important feature of Economic and Monetary Union since its inception. With the reform of fiscal rules in the aftermath of the financial and sovereign debt crisis, coercive provisions have been made stricter and the Commission has formally gained power vis-à-vis the Council. Nevertheless, sanctions under the Stability and Growth Pact for budgetary non-compliance have so far not been imposed. This article asks why the Commission has until now refrained from proposing such sanctions. Using minimalist process-tracing methods, three post-crisis cases in which the imposition of fines was possible, are analysed. Applying an adaptation of normative institutionalism, it is argued that the mechanism entitled “normative-strategic minimum enforcement” provides an explanation of why no sanctions are imposed in the cases studied: Given that the Commission does not perceive punitive action as appropriate, it strategically refrains from applying the enforcement provisions to their full extent.
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Anton, Filipenko. "Economic resilience in the context of institutional logic." Ekonomìčna teorìâ 2022, no. 3 (September 30, 2022): 45–56. http://dx.doi.org/10.15407/etet2022.03.045.
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Economic resilience of the system is one of the main indicators that characterizes its qualitative and quantitative aspects, response to external and internal shocks and challenges. The problem of resilience becomes especially important in extreme situations (economic and financial crises, ecological and natural disasters: typhoons, floods, earthquakes, etc., political revolutions, military conflicts). The current Russian-Ukrainian war has become a serious test of the stability of the domestic economy, in which relative macroeconomic balance is ensured in extremely difficult conditions due to the maximum mobilization of domestic resources and effective foreign aid. An important component is institutional stability, i.e. operational response to changes in the economic situation of authorities and management at all levels, legislative institutions, financial and banking institutions, foreign economic sphere, attention to such attributes of institutionalism as trust, social optimism, mentality, traditions, habits, etc. In a generalized form, at the theoretical level, institutional sustainability is proposed to be considered in the article in the context of institutional logic in three hypostasises at the micro-, macro-, and geo-economic levels. Institutionalism, including economic theory, is dominated by traditional, formal logic, which mainly uses natural (scientific) language. Consciously or intuitively, the main laws of logic are taken into account: identity, contradiction, the Law of Exclusion, sufficient reason. The logic of evolutionism is considered the basis of institutional logic, which provides a general idea of changes in all components of the institutional environment. In the institutional economic theory, two levels of institutional logic are visible: the macro level (Veblen and the old American school, North) and the micro level (Coase, Williamson, etc.). In the publications of the last quarter of the 20th century the logic of the global (mega) level is also analyzed. Evolutionism is the basis of the logical construction of institutional logic in economic theory. Generalizing indicators that synthesize different approaches of institutional logic regarding economic sustainability are the institutional logic of sustainability (ILS) and the logical index of sustainability (LIS). Institutional logic of the micro- level was initiated by R. Coase, continued by O. Williamson and others. The logic of transaction costs of R. Coase is formulated in two theorems: regarding zero costs, ownership and economic results, and the principle of internalization. The second theorem was called "comparative logic of economic organization". In critical relation to both of Coase's theorems, they remain basic constructs of micro-level resilience. Among the indicators and criteria of macro-level economic resilience, monetary components are of leading importance, which, under the conditions of a free market, provide a kind of warning signals to the economic system as a whole. A feature of this approach was the transformation of the monetary component into a system of "monetary and financial analysis". This reflects fundamental qualitative changes in recent decades regarding the structure of the economy, in which the financial subsystem acquires dominant (key) importance, affecting aggregated macroeconomic indicators: growth, inflation, employment, etc. Globalization, that is, the mega-level, its economic resilience, inevitability and irreversibility are characterized by three deterministic logics: technical (technological), economic and political.
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Dabic, Dragana. "(Un)limited influence of Germany in Eurozone: Survival of common currency from the perspective of historical institutionalism." Medjunarodni problemi 68, no. 4 (2016): 327–50. http://dx.doi.org/10.2298/medjp1604327d.
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The author draws on the insights of the theoretical framework of historical institutionalism, to assert that the German government is to a greater extent limited by its membership in the Eurozone, than it is usually pointed out in the analysis of its dominance. Above mentioned, is particularly evident when taking into consideration the relations of the economically most powerful member of the European Union and increasingly powerful European Central Bank. During the formative phase of the Economic and Monetary Union, Germany has facilitated the inclusion of assumptions relating to the widest range of independence of the European Central Bank into the Founding Treaty. By doing so, it has overlooked the possibility, that at the crucial moment of economic crisis, the European Central Bank will use its autonomy to pursue what is in the best interest of the Eurozone, contrary to the interests of the strongest economy of the block. The purpose of the analysis of the selected anti-crisis measures is to draw attention towards the ability of the institutional system that supports the common currency to adapt to external shocks, including the ways in which supranational technocratic institutions are broadening their competences. The end result, of the crisis driven multilayer process of institutional adjustment, is a gradual, but insufficiently transparent, centralization of economic governance in the Eurozone.
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Shiriaev, Igor M., and Daria S. Zakharova. "Evolution of The Functions of Money in The Context of The Approaches of Various Schools of Economic Thought." Journal of Economic Regulation 12, no. 2 (June 30, 2021): 036–49. http://dx.doi.org/10.17835/2078-5429.2021.12.2.036-049.
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The purpose of this paper is the identification of the functions of money and characteristic of their evolution through change of the used types of money. Research methods are a brief overview and comparative analysis of economic-theoretical approaches to the definition of the functions of money. A comparative analysis of the classifications of the functions of money, made by physiocracy, classical political economy, Marxist political economy, Austrian school of economic theory, German historical school of economics, neoclassical economic theory, Keynesianism, monetarism, institutionalism, modern monetary theory, is carried out. It is shown that various economic schools have different approaches to the definition of the functions of money. Some scientific schools separate money functions for basic and secondary, but other schools consider that all the functions are equally significant. It is concluded that modern changes in the types of money used lead to the fact that different functions of money (in particular, the functions of medium of exchange, measure of value, reserve of value, means of payment) are most effectively implemented by different types of money. Scientific novelty consists in the reconstruction and comparison of lists of functions of money identified by the most important schools of economic theory. The conclusions of the research can be used in scientific and pedagogical activities in the study of the essence and functions of money.
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Oklander, Mykhailo. "Marketing as an economic science." Marketing and Digital Technologies 4, no. 4 (December 25, 2020): 62–70. http://dx.doi.org/10.15276/mdt.4.4.2020.4.
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The aim of the article. The purpose of the article is to form evidence that marketing is an economic science. The results of the analyses. Marketing is an economic science that studies the problem of sales in the capital cycle, ie the issue associated with the transformation of the commodity form of the value of capital into the monetary form of the value of capital. Marketing in terms of commodity production solves the problem of sales in the capital cycle. The reason for the emergence of marketing is the emergence of the buyer's market at the stage of mechanization of the industrial stage of commodity production. The subject of the study of marketing is the study of the problem of sales in the capital cycle. The essence of marketing is a support at the stage of sale of the continuity of the capital cycle. Marketing, like any economic sciense, is evolving, and the stages of evolution must be tied to the way goods are produced. Since the advent of classical marketing theory, the method of production has changed, so it is logical to assume that its periodization should change adequately. In the context of digitalization of the economy, the Internet and other digital channels are changing the forms and methods of marketing, the era of omnichannel marketing has come, the marketing of the XXI century. Conclusions and perspectives for further research. Marketing is the result of the development of four economic doctrines: mercantilism, classical and neoclassical political economy, marginalism, institutionalism. The genetic roots of marketing go back to the early stages of capitalism, and the evolution of marketing theory is intertwined with the evolution of economic theory. With the digitalization of the economy, the Internet and other digital channels are changing the forms and methods of marketing, the era of omnichannel marketing has come. Automation, targeting, personalization, video content, multimedia projects, online marketing research modernize marketing in form. But the mission of marketing remains the same as to solve the problem of sales in the capital cycle of enterprises. In the future it is necessary to study the evolution of the marketing paradigm taking into account the changes in technological systems during the XX-XXI centuries. Keywords: marketing, economics, mercantilism, political economy, marginalism, institutionalism, omnic marketing.
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Calvo, Angela Garcia. "Institutional development and bank competitive transformation in late industrializing economies: the Spanish case." Business and Politics 18, no. 1 (April 2016): 27–62. http://dx.doi.org/10.1515/bap-2014-0034.
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This paper explores the contribution of national institutions to the competitive transformation of big commercial banks in late industrializing countries through the analysis of the Spanish case. The paper uses a comparative historical analysis to establish that strategic coordination between the state and large banks is a structural feature of the banking sector but may be articulated differently depending on the balance of power between states, banks and industry, the preferences of these actors, and their resources. Using evidence from Spain since the late 1970s, the paper argues that in this country, state-bank coordination was articulated as a non-hierarchical system of negotiated interactions and mutual exchanges of benefits between small groups of decision-makers at the government, the central bank, and big banks. Under the Spanish model, large banks contributed to the fulfillment of public policy objectives to develop the central bank's capacity to conduct monetary policy, strengthen supervision of the banking system, and modernize the financial sector. In exchange, big banks benefited from a favorable regulation that enabled them to restructure, consolidate the leadership of a new generation of bankers, and reach the efficiency frontier of their industry. The paper contributes to the literature of institutionalism by questioning the traditional dichotomy between market and strategic coordination. It also contributes to the literature of competitiveness by stimulating debate about the role of the state in supporting the transformation of big business.
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Rojas, Angela Milena. "Deuda pública interna, patrón metálico y guerras civiles: interconexiones institucionales, la Colombia del siglo XIX." Lecturas de Economía, no. 67 (July 31, 2009): 195–224. http://dx.doi.org/10.17533/udea.le.n67a2026.
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Este artículo analiza los impactos monetarios e institucionales de la deuda pública interna en Colombia en el siglo XIX. Se expone la naturaleza de esta deuda y su evolución institucional, con el fin de bosquejar una parte de la matriz institucional del siglo XIX; para ello, se utilizan ideas del nuevo institucionalismo económico. El artículo deriva de una investigación más extensa en la que se reconstruyeron series fiscales y e información cualitativa a partir de fuentes primarias. Aquí se muestra el vínculo estrecho entre la emisión de notas de deuda y las guerras civiles, y se expone evidencia sobre cómo la deuda estructuró un patrón metálico impuro. Se encuentra que, esta deuda tuvo impacto sobre el nivel de precios y consolidó la persistencia del caos monetario y las guerras civiles. Palabras clave: deuda pública interna, patrón oro, guerra civil, instituciones, siglo diecinueve. Clasificación JEL: E42, N16, N26, N46. Abstract: This article analyzes the monetary and institutional impacts of the domestic public debt in 19th century Colombia. It shows the nature of this debt and its evolution so as to ultimately sketch one side of the institutional matrix of that century. The article draws upon the New Economic Institutionalism and it is derived from a broader research where fiscal data and qualitative information were built by using primary sources. It points out the close link between the issuing of debt notes and civil wars, and displays evidence on how this debt structured an impure gold standard. It is found that this debt had impact on the price level and strengthened the persistence of the monetary chaos and civil wars. Keywords: domestic public debt, gold standard, civil war, institutions, nineteen century. JEL classification: E42,N16,N26,N46. Résumé: Cet article présente une analyse des impacts monétaires et institutionnels concernant la dette publique interne en Colombie au XIXème siècle. On expose ici la nature de la dette et de son évolution institutionnelle à fin d.esquisser une matrice institutionnelle du XIXème siècle. L.article utilise certaines idées du nouvel institutionnalisme économique, lesquelles ont été obtenues à partir d.une étude plus étendue dans laquelle on a reconstruit des séries fiscales et de l.information qualitative en utilisant des sources primaires. On montre le lien étroit existant entre l.émission de certificats de dette et les guerres civiles, tout en montrant les preuves sur la manière dont la dette publique a permit l.apparition d.un étalon métallique impur. On trouve que cette dette a eu un impact sur le niveau des prix et elle a consolidé le chaos monétaire et les guerres civiles. Mots clef: dette publique interne, étalon or, guerre civile, institutions, XIXème siècle. Classification JEL: E42,N16,N26,N46.
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Wojnicz, Luiza. "Common Security and Defence Policy of the European Union in Theories of the European Integration." Reality of Politics 4, no. 1 (January 31, 2013): 316–35. http://dx.doi.org/10.15804/rop201319.
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The purpose of this article is synthetic analysis of the theories concerning the Security and Defence Policy of the European Union. Author analyses neorealist and neofunctionalist theories and marginally takes into account theory of liberal intergovernmentalism and new institutionalism theory Neorealists argued that in order to understand CSDP, one should look at the changing nature of the balance of power and the way in which member states sought profits coming from the negotiation process, which took place between European Union and NATO. Liberal intergovernmetalists, including Andrew Moravcsik, assumed that CSDP is a factor created and driven by the domestic policy of member states, although both NATO and EU institutions influenced this process. Neofunctionalists’ hypothesis assumed that CSDP is a result of the spill-over effect – consequence of the economic integration. They demonstrated, through economic analysis, the impact of economic and monetary union on the process of development of the European security and defence policy. In neoinstitutionalist theory, the emergence of the CSDP is explained by highlighting the impact of international institutions in the foreign policy of the EU and NATO member states. Above hypotheses have the objective of finding the causes of the CSDP’s emergence, but are also an attempt to answer the question what is the CSDP. Exitisting theories do not adress the whole issue comprehensively, because they are missing implication of links between supranational, transnational and intergovernmental dimension of CSDP, indicating only the conceptualization of evolution and the role of the various bodies at different levels, particularly in the theories of neoliberalism, neoinstitutionalism and intergovernmental liberalism.
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Ershov, Mikhail, Anna Tanasova, and Elena Sokolova. "Strengthening the role of public governance approaches to ensure sustainable economic growth." Upravlenets 11, no. 6 (January 12, 2021): 15–27. http://dx.doi.org/10.29141/2218-5003-2020-11-6-2.
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The COVID-19 pandemic has formed a fundamentally new environment in both the global and Russian economies. The scale of problems that countries have to deal with significantly enhances the role of the state in the functioning of the economy and requires active government intervention to stabilize the situation and overcome the crisis. The article analyzes the role of state regulation and monetary authorities in the crisis environment in Russian and global economies. Methodologically, the study relies on the theory of institutionalism, Keynesian and neo-Keynesian economics, monetarism and industrialization. Qualitative methods of analysis, as well as retrospective and system-based methods and cross-country comparisons are applied in the research. The authors emphasize that the quality of these interventions is becoming increasingly important. In the Russian Federation, the economic situation is aggravated by the pre-existing problems, such as low business activity. We analyze the measures to support the Russian economy that are aimed, among other things, at the formation of long-term structural changes. Despite the fact that the introduction of the government approaches to counteract the crisis in 2020 will help to mitigate the current acute situation, they will not be able to lay solid foundations for further sustainable economic growth, since system-based mechanisms are still not provided for forming long-term affordable financial resources that are necessary for investment. The paper develops concrete approaches for providing the economy with long-term money, which embrace the formation of the resources on an internal basis amid the interaction of the Central Bank and the Ministry of Finance. We stress the powerful role of mechanisms for government departments’ coordination.
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Adeyinka, Adeniji Samson, and Edward Idagu Adie. "A Critical Assessment of the Relevance of International Organizations in the Contemporary World Order." Journal of Global Social Sciences 1, no. 2 (November 28, 2022): 153–69. http://dx.doi.org/10.31039/jgss.v1i2.102.
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The myriad of challenges such as diseases, climate change, wars, terrorism, hunger and starvation, pollution, environmental degradation, etc, confronting the global community today deserve nothing than a concerted effort via international organizations to address on a permanent basis. This is incontrovertibly true because international organizations provide some veritable platforms through which nation states as well as individuals desirous of finding solutions to their common challenges can meet and have these issues resolved. This paper, therefore, intends to discuss the essence of international organizations in the contemporary society. The motive is not just to showcase the crucial roles of international organizations but to also draw the attention of the public to the salient opportunities hidden in these institutions. The data for the piece are based on the secondary source which includes textbooks, journal articles and other online materials. Liberal institutionalism has been adopted as a theoretical backup. The findings suggest that the essence of international organizations lies in their functions which are usually for the benefits of member countries. These are seen in the various activities of organizations such as the International Trade Centre and the World Trade which assist member countries in promoting fair trade with each other; the Natural Capitalism and International Research Centre help to enhance sustainable economic development in the world; the World Bank and the Institute for International Finance provide monetary assistance to the countries as the Food and Agricultural Organizations and the World Food Programme help member countries in the areas food security .They also help in maintaining peace and security, environmental protection among others. To ensure that international organizations remain relevance in the 21st Century, concrete efforts are needed by states and non-states actors to strengthening their capacities and members must be totally committed to the vision and mission of international organization they belong.
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Campanella, Miriam L. "Getting the Core: A Neo‐institutionalist Approach to the EMU." Government and Opposition 30, no. 3 (July 1, 1995): 347–69. http://dx.doi.org/10.1111/j.1477-7053.1995.tb00132.x.
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THE NEW REGIONALISM, MANIFESTED IN EUROPE BY THE SINGLE European Act and the Maastricht Treaty (1992) and in North America by the signature of the North-American Free Trade Agreement (NAFTA 1993), is centred on strategic policies and new institutions, the aims of which are to achieve a more effective role in global competition. In Europe, the shift is marked by the impending process of monetary union and the creation of its related institutions. The new approach agreed in the Maastricht Treaty sets out four requirements for eligibility to membership of monetary union. Convergence criteria embodying the judgment of financial markets about future inflation, exchange rate and fiscal policy appeared to be the second best choice for governments seeking to institutionalize their commitment to inflation-avoiding policies. The whole mechanism is meant first to provide the region with a credible monetary institution able to win over the financial markets and secondly to set up bulwarks to the inflation-prone pressures of domestic sheltered interests. Thirdly, the aim is to commit member countries, through a so-called targeting exercise (in Keohane's words) to accomplishing the agreed objectives with monetary discipline and macroeconomic adjustment.
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Arribas, Javier, and Luis Cardenas. "Monetary Policy as Compensatory Power? An Institutionalist Approach to the Eurozone Crisis." Journal of Economic Issues 52, no. 4 (October 2, 2018): 987–1009. http://dx.doi.org/10.1080/00213624.2018.1527582.
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Zakharchenko, Volodymyr. "ECONOMIC REFORMS IN UKRAINE FROM THE STANDPOINT OF BEHAVIORAL ECONOMY." "EСONOMY. FINANСES. MANAGEMENT: Topical issues of science and practical activity", no. 2(68) (August 23, 2024): 7–31. http://dx.doi.org/10.37128/2411-4413-2024-2-1.
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The article shows that when developing and implementing economic reforms, irrational behavior of economic entities is not sufficiently taken into account. For its more complete consideration, it is proposed to make wider use of the theory and principles of behavioral economics – a special direction of institutional economics, within which the influence of psychological factors on the behavior of the economic subjects is investigated. It is noted that behavioral economics originated against the background of criticism of the theory of rational choice, which in its constructions traditionally relied on the concept of «economic man». It is noted that the «sprouts» of the theory of behavioral economics appeared in the works of the representatives of classical political economy, Keynesianism and neo-institutionalism, its beginnings – in the works of M. Alle, D. Ellsberg, L. Savage, G. Simon and J. Katons, and the basics – in the works of D. Kahneman, A. Tversky and their followers. It is shown that the work of D. Kahneman and A. Tversky stimulated the process of differentiation of behavioral economics and contributed to the emergence within its framework of several theories, namely: the choice of decisions in conditions of uncertainty and risk (prospects and cognitive heuristics), intertemporal choice (anomalies and behavioral finances), behavioral games (social preferences and equitable distribution, as well as the theory of nudging. For the practical use of theories of behavioral economics on their basis the basic principles of behavior of economic subjects are allocated: painful attitude to risks and losses; permanent improvement; compliance with a certain style of the behavior; problems of self-control; imitating crowd behavior; incorporating equity into the utility function; paternalism; nudging (najing). It is emphasized that the theories and principles of behavioral economics should be used when carrying out economic reforms. The experience of their use in foreign countries is summarized. The possibilities of their use in Ukraine during the implementation of the following reforms are revealed: institutional (state administration, national security and defense system, deoligarization, decentralization and regional policy) – to improve public management of the socio-economic development of the country, regions and territorial communities, to protect the country from russian military aggression; financial sector of the economy (monetary policy, tax and budget policy) – to encourage business and citizens to save, lend to the economy and pay taxes, improve control over budget expenditures; real sector of the economy (land, agriculture, industry and infrastructure) – to eliminate the monopoly on state property, in particular land, restoration of the effective owner, innovative development of the economy; social sphere (education, labor market, medical, pension and social protection system of the population) – to improve the quality of education and the level of employment, improve the system of providing social services, etc.; spheres of nature use (subsoil use and systems of state supervision in the field of environmental protection) – to ensure sustainable development of the country.
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Baack, Ben. "America's first monetary policy: inflation and seigniorage during the Revolutionary War." Financial History Review 15, no. 2 (October 2008): 107–21. http://dx.doi.org/10.1017/s0968565008000127.
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AbstractThis examination of America's original monetary policy as implemented by the Continental Congress during the Revolutionary War finds that the extreme inflation experienced during the war resulted from a policy designed to circumvent a free-rider problem institutionalised by the Articles of Confederation, and that war news played a critical role in the behaviour of the money base over time. Furthermore, despite the extreme inflation, the inflation tax that accrued to Congress remained on the left side of the Laffer curve.
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Bolaji, Atolagbe Elizabeth, Omonibo Blessing Dungha, Oladunni Tolulope Adeyemo, and Nasamu Gambo. "Monetary Rewards and Employee Psychological Ownership Among Selected Hospitality Firms in FCT Abuja." Global Journal of Human Resource Management 13, no. 1 (February 15, 2025): 35–53. https://doi.org/10.37745/gjhrm.2013/vol13n13553.
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The study investigates the impact of monetary rewards on psychological ownership in the hospitality industry within the Federal Capital Territory (FCT), Abuja. Specifically, it examines the influence of Monetary Fairness Perception (MFP), Incremental Pay Growth (IPG), and Monetary Reward Customization (MRC) on employees’ sense of ownership and commitment. Adopting Equity Theory as the theoretical framework, the study highlights the critical role of perceived fairness and reward structures in fostering psychological engagement. Using a cross-sectional survey design, data were collected from 137 participants across 15 hospitality firms and analyzed using multiple regression analysis in SPSS. The findings reveal that MFP and IPG significantly enhance psychological ownership, contributing 66.9% and 33.1% to its variance, respectively, while MRC demonstrates no statistically significant effect. These results underscore the importance of equitable and growth-oriented compensation systems in enhancing employee performance. The study concludes with recommendations for organizations to strengthen fairness in pay systems and institutionalize salary growth mechanisms, with limited emphasis on customization strategies in the Abuja context.
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Festré, Agnès, and Pierre Garrouste. "WIESER AS A THEORIST OF INSTITUTIONAL CHANGE." Journal of the History of Economic Thought 38, no. 4 (November 18, 2016): 463–83. http://dx.doi.org/10.1017/s1053837216000262.
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In this contribution, we provide an interpretation of Friedrich von Wieser’s contribution to economics that pays tribute to the originality of his work and particularly to his view of how institutions interfere with individual behavior. This interaction takes place within a disequilibrium framework where social influences such as power or social class, and psychological factors such as force of habit or herd behavior, are the product of human action but also constitute constraints on further action. Section II stresses the institutionalist background of Wieser’s economics. We concentrate on Wieser’s general method—which we assimilate to an example of Joseph Agassi’s (1975) institutional individualism—and his analysis of the emergence and evolution of institutions via the dynamics of leaders and masses. In section III, we reinforce and illustrate the institutionalist stamp of Wieser’s economics by focusing on his work on monetary economics (Wieser 1904, 1909a, 1909b, 1927b) and his analysis of the emergence of money, based on our reading of Wieser’s Social Economics ([1927a] 1967) and The Law of Power ([1926] 1983).
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Nesiba, Reynold F. "Do Institutionalists and post-Keynesians share a common approach to Modern Monetary Theory (MMT)?" European Journal of Economics and Economic Policies: Intervention 10, no. 1 (2013): 44–60. http://dx.doi.org/10.4337/ejeep.2013.01.05.
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Kentikelenis, Alexander E., and Leonard Seabrooke. "The Politics of World Polity: Script-writing in International Organizations." American Sociological Review 82, no. 5 (September 6, 2017): 1065–92. http://dx.doi.org/10.1177/0003122417728241.
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Sociologists have long examined how states, intergovernmental organizations (IGOs), international nongovernmental organizations (INGOs), and professional groups interact in order to institutionalize their preferred norms at the transnational level. Yet, explanations of global norm-making that emphasize inter-organizational negotiations do not adequately explain the intra-organizational script-writing—that is, the codification of norms in prescriptive behavioral templates—that underpins this process. This article opens the black box of how scripts emerge and institutionalize within IGOs. Script-writing is a function of both world-cultural frames and material interests, held by different intra-organizational actors: scientific IGO staff and state representatives in governing bodies, respectively. The interplay between these frames and interests determines whether scripts will institutionalize. In this theoretical model, world-cultural and power-political explanations are pertinent to different, mutually informing, and coexisting aspects of the script-writing process. As a corollary of our approach, we present a conceptual framework for the study of intra-IGO script-writing, which is contingent on three normative struggles: among IGO staff, within an IGO’s board of directors, and between the staff and the board. To empirically substantiate our arguments, we examine scripts on taxation and capital controls by the International Monetary Fund. We conclude by discussing the broader implications of our model for the study of international organizations and the engines of global norm-making.
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Yoo, Ji Yeong. "Restructuring GATT Balance-of-Payments Safeguard in the WTO System." Journal of World Trade 53, Issue 4 (August 1, 2019): 589–623. http://dx.doi.org/10.54648/trad2019026.
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The balance-of-payments (BOP) safeguard provisions in the World Trade Organization (WTO) are still haunted by the structure designed for trade and BOP relationship in the postwar Bretton Woods system. The provisions are not only incompatible with the contemporary monetary system but their legal obscurity also retain unproductive loopholes that can further intrude trade relations. It is timely to clarify a proper function of the WTO BOP provisions against modern systemic risks generating chronic financial crises. This study aims to outline a reform agenda for the General Agreement on Tariffs and Trade (GATT) BOP safeguard provision, suitable to the contemporary WTO and International Monetary Fund (IMF) system. The WTO members should decide to legally abolish GATT BOP safeguard measures for the developed countries. This study also suggests ways to substantively institutionalize coordination between recent developments in the IMF on assessing reserve adequacy and WTO management of trade restrictions for BOP purposes.
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Sissoko, Carolyn. "The Nature of Money in a Convertible Currency World." Review of Economic Analysis 13, no. 1 (March 24, 2021): 1–43. http://dx.doi.org/10.15353/rea.v13i1.1771.
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In a world where the means of exchange is convertible into the numeraire consumption good at a fixed rate, no one wants to hold money over time – and due to convertibility there is no means by which the Friedman rule can generate deflation. This is the environment we study in this paper in order to demonstrate that there is still a way to reach the first-best: institutionalize the naked shorting of the unit of account, or in other words establish a banking system.
To motivate the benefits of a banking system, the environment has real productivity shocks that are constantly changing the optimal level of economic activity, so the optimal quantity of money is inherently stochastic. Efficiency in such an environment requires the capacity to expand the money supply on an “as needed” basis. We show how a debt-based payments system that relies on banks to certify the individual debtors’ IOUs addresses the monetary problem.
This model explains (i) central bank monetary policy as a means of stabilizing the banking system and (ii) usury laws as means of promoting equilibria that favor non-banks over those that favor banks. Furthermore, by modeling a commercial bank-based monetary system as an efficient solution to a payments problem this paper develops a theoretic framework that may be used to evaluate central bank digital currency proposals.
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Kamel, Maha S. "International Monetary and Financial Negotiations in Times of Crises: The G20 Pittsburgh Summit 2009." International Negotiation 19, no. 1 (March 13, 2014): 154–88. http://dx.doi.org/10.1163/15718069-12341273.
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AbstractThe G20 leaders met for their third summit in Pittsburgh in September 2009. They agreed to institutionalize the G20 as the premier forum for their global economic cooperation, shift 5% of IMF quota shares and 3% of the World Bank’s shares from the overrepresented advanced countries to underrepresented dynamic-markets and developing countries, and continue with their fiscal stimuli and measures to sustain a durable global economic recovery following the global recession of 2008/09. More importantly, they launched negotiations on global imbalances within a newly formed G20 mechanism; theFramework for Strong, Sustainable and Balanced Growth.This article focuses on the financial negotiations that took place in this summit, with the aim of explaining how the aforementioned outcome was reached. It focuses on actors’ negotiating strategies as an intervening variable explaining the outcome, and compares the strategies of three important actors: the United States, China and Germany.
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MOUDUD, JAMEE K. "Analyzing the Constitutional Theory of Money: Governance, Power, and Instability." Leiden Journal of International Law 31, no. 2 (March 1, 2018): 289–313. http://dx.doi.org/10.1017/s0922156518000134.
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AbstractAt the heart of the constitutional theory of money is the argument that money is central to governance. This article explores the ways in which the core mechanism of the publicly undergirded monetary system, involving the incentivization and disciplining of private investors in the money creation process, creates its ‘fiscal value’ and generates both power struggles and possible instability in the unit of account. This twin dynamic of power and instability is intrinsic to alongue duréeanalysis of money. It is argued that since the current jural relations allocate money and power in particular ways, the basis is created for potential future political challenges to the status quoante, thereby creating instability. Further, the article emphasizes the centrality of the indeterminacy criterion which is at the core of the critical legal studies (CLS) framework, and its intimate connection to Keynes's notion of uncertainty. The indeterminacy/uncertainty nexus is used to explore how currency stability is determined or undermined by expectations, power struggles, tax contestations, and broader policy frameworks. Finally, the article relates this monetary theory to the literature on state-led industrialization and shows how such a constitutional money theory of industrialization is an alternative to the New Institutionalist perspective which emphasizes the centrality of ‘clear and well-defined’ property and contracts in order to create an ‘efficient’ economy.
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Buklemishev, Oleg V., and Dmitriy O. Vatolin. "Bank of Russia and bank supervision: Together forever?" Voprosy Ekonomiki, no. 10 (October 8, 2019): 85–98. http://dx.doi.org/10.32609/0042-8736-2019-10-85-98.
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The paper discusses the feasibility of institutional changes in the Russian banking regulation (supervision). The historical and modern practice of the organization of regulatory activity in financial markets is described. Traditional theoretical arguments in favor of and against combining the functions of monetary policy and banking supervision within the Bank of Russia are considered and analyzed under current conditions. The impact of the global financial crisis is taken into account in terms of the need to institutionalize macroprudential policies and to coordinate them with microprudential policies. Based on this analysis the conclusion is made about the absence of fundamental preconditions for preserving the status quo in relation to banking supervision by the Bank of Russia in the context of considerable costs of correcting its errors. There commendation to phase out seniorage financing of banking supervision is given.
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Zharikov, M. "THE IMPORT OF INSTITUTIONS TO THE BRICS COUNTRIES." BRICS Law Journal 7, no. 1 (March 8, 2020): 27–58. http://dx.doi.org/10.21684/2412-2343-2020-7-1-27-58.
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This article explores the potential approaches to optimising the way the institutions of mutual common use by the BRICS countries are constructed. The topic is time-relevant, for it reveals the need to work out a new institutional basis to understand the workings of the BRICS institutions as a result of recent transformations, such as Brexit, in the phenomenon of international and regional economic integration. The article is founded on the hypothesis that the import of institutions by the BRICS may be a more effective approach to the member countries’ convergence than the conventional approach. The originality of the theme lies in the fact that the modern economic literature has not studied to the full extent the impact of this exogenous factor on financial integration. There is also a need for the further development of the least-studied areas of regional monetary integration, namely the lack of the ability of current world institutions to manage the common monetary policies and debt of the member countries. The author proposes principles for creating and operating a virtual contractual republic of the BRICS contrary to the exploitation-state model of the EU. The article rediscovers the institutionalist idea about democratic decisions by a group of subjects such as the member countries of a particular integration agreement. The author maintains that the new institutions of the BRICS may cause dramatic changes in the world monetary system, international liquidity and international reserves. The general conclusions of the article encompass the significance of creating integration institutions on the basis of the experience of the BRICS as a way to more economic and financial stability in the world. The results contribute to the search for opportunities of optimal operation of the BRICS regional debt market. In his closing remarks, the author outlines the prospects of settling the debt problems in the BRICS based on the virtual debt market.
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Oddleifson, Evan. "China’s Challenge to the Institutions of Global Governance and US Soft Power." Political Science Undergraduate Review 5, no. 1 (April 1, 2020): 73–83. http://dx.doi.org/10.29173/psur131.
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China stands on the brink of surpassing the US in material capability and is pushing the world towards an increasingly multipolar order. This paper assesses the constraints on the growth of China's non-coercive influence in global politics. However, the constitutional groundings of global economic governance in US ideology and their institutional stickiness make China’s prospects of altering the mandates and structures of the IMF, WB, and WTO highly unlikely. Furthermore, by examining the outcomes of China's lending strategies in developing countries using Angola as a case study, this paper highlights China's inability to supplant growing IMF and WB agreements in developing countries and their failure to institutionalize their influence in partner countries. In sum, this paper concludes that liberal values, and by extension the non-coercive influence of the US, are likely to be upheld during China's rise by the institutions of global governance, namely the International Monetary Fund, World Bank, and World Trade Organisation.
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Kaelberer, Matthias. "The euro and European identity: symbols, power and the politics of European monetary union." Review of International Studies 30, no. 2 (March 17, 2004): 161–78. http://dx.doi.org/10.1017/s0260210504005996.
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This article assesses the relationship between money, collective identity, and European integration. The recent move of the European Union (EU) toward a common currency – the euro – seems to contradict the conventional ‘one nation/one money’ assumption about the association between states, territory and money creation. However, from a broad macro-historical perspective, the process of European monetary unification is not as exceptional and unique as it is often made out to be. I argue that the relationship between money and collective identity is reciprocal. On the one hand, money is a purposeful political tool in the construction of identities. On the other hand, in order to function properly, money requires some degree of collective identity among its users. Thus, the article examines the role of the euro as part of an explicit project to facilitate the development of a European identity as well as the required level of European identity necessary for a successful functioning of the euro. The key identity aspect at stake in the relationship between money and identity is not an affective relationship between citizens and country, but rather a relationship of trust. During the process of modernisation, trust has become rather abstract and institutionalised. To support a modern relationship of trust, identity does not have to rest on deep affective feelings of belonging. Diffuse identity, based on utilitarian or contractual factors and as part of evolving hybrid identity structures, is sufficient.
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Drugge, Daniel. "‘I’m Outta Here’: Theorizing the Role of Exit in the Ideal of Non-Domination." Ethical Theory and Moral Practice 24, no. 3 (May 28, 2021): 789–801. http://dx.doi.org/10.1007/s10677-021-10198-0.
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AbstractAccounts of non-domination have tended to emphasise the role resources and other capacity and voice building mechanisms can play in giving people the power and the institutional means of living lives that are free of domination. Yet the role of exit - of institutionally protected means of withdrawing from relationships - has remained undertheorized in accounts of non-domination. Drawing on a range of public policy examples, this paper seeks to shed light on the ways in which, and under what conditions, institutionalised means of exit can contribute to realising the ideal of non-domination. It shows that while rights of exit and low exit-costs can play an essential role in protecting people from dependence on the arbitrary wills of others, it is only under certain conditions these can be said to contribute to the realisation of the ideal of non-domination in a broader sense. Understanding the relationship between exit and non-domination, it further argues, gives us a clearer (if more complicated) picture of the relationship between non-domination and sources of power such as monetary resources and voice.
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HAY, COLIN. "Contemporary capitalism, globalization, regionalization and the persistence of national variation." Review of International Studies 26, no. 4 (October 2000): 509–31. http://dx.doi.org/10.1017/s026021050000509x.
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The literatures on globalization and regionalization on the one hand, and on the institutional distinctiveness of national capitalisms on the other, seem to pull in very different directions. Nonetheless, an increasing number of international and comparative political economists sensitive to the institutional and cultural variability of contemporary capitalism identify tendencies towards convergence—often towards an Anglo-US model of deregulated neoliberal capitalism. In this article I critically review the literature on convergence, difference and divergence in the global political economy, differentiating between neoclassical and institutionalist perspectives. Resisting arguments which posit a natural selection process initiated by untrammelled free market competition and free capital mobility, I identify the contingent, political and frequently coercive nature of the convergence process. This is illustrated through a discussion of regional selection mechanisms in the context of European Monetary Union and the East Asian financial crisis. In so far as evolutionary selection mechanisms can be identified in the European context, selecting for a more residual social model, these are more a product of the contingent process of European economic integration than they are a necessary consequence of globalization. Moreover, in so far as similarly convergent processes can be identified in contemporary East Asia, they are less a product of globalization than of the ‘predatory neoliberalism’ of a beleagured Washington Consensus.
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Yang, Daniel You-Ren, and Jung-Che Chang. "Financialising space through transferable development rights: Urban renewal, Taipei style." Urban Studies 55, no. 9 (June 13, 2017): 1943–66. http://dx.doi.org/10.1177/0042098017710124.
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This research investigated the uneven geography of gentrification and the derived community-based conflicts in Taipei’s urban renewal after 2006, which has chiefly been boosted by transferable development rights (TDR). In this context, we argue that TDR has developed a monetary function, and we introduce the notion of strategic monopoly rent to reconceptualise TDR. Accordingly, we propose an institutionalised rent gap model from the perspective of investigating the institutional increase and social dispossession of the rent gap, which have been boosted by the financialised TDR and strategically structured by the state and developers under the regulation of property rights exchange. This system appreciates the potential ground rent and depreciates the building value institutionally – a practice not related to the actual occurrence of its physical deterioration. Landowners are either encouraged or coerced to participate in the distribution of the enlarged rent gap. Two forms of the social dispossession of ground rent have occurred, including the dispossession of the landowners as a whole by the developer and the dispossession of one landowner by another. We argue that the gentrification system has produced the mal-effects of surging housing prices, enclosure, dispossession, displacement and social antagonism.
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Mario, Seccareccia, and Correa Eugenia. "Rethinking Money as an Institution of Capitalism and the Theory of Monetary Circulation: What Can Modern Heterodox Economists/Institutionalists Learn from Karl Polanyi?" Journal of Economic Issues 52, no. 2 (April 3, 2018): 422–29. http://dx.doi.org/10.1080/00213624.2018.1469889.
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Karimi, Syafruddin. "Sistem Ekonomi Pancasila, Keadilan Sosial, dan Neoliberalisme Global." Pancasila: Jurnal Keindonesiaan 4 (June 1, 2024): 1–10. http://dx.doi.org/10.52738/pjk.v4ix.526.
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This paper explores the paradigm shifts in global economic policy over the last two decades, mainly focusing on the rise of neoliberalism and its effects on economic disparities. Neoliberal policies, which prioritize market mechanisms as central to economic governance, are critiqued for exacerbating income inequality and diverging from the principles of social justice foundational to Indonesia's constitution and Pancasila ideology. In contrast, the Sistem Ekonomi Pancasila (SEP) offers a framework that emphasizes social justice, equitable wealth distribution, and the welfare of all Indonesians, aligning economic activities with the nation's ideological foundations. The SEP challenges the neoliberal assumption that labor market flexibility is the sole solution to unemployment, instead highlighting the roles of industrial and regional development in addressing structural unemployment. Furthermore, the paper critiques the focus of monetary policy solely on price stability, advocating for a broader approach that integrates macroeconomic stability with social welfare. Incorporating the principles of Pancasila into economic policies is crucial for achieving an equitable economic democracy, where the government balances market interests with its priority for social welfare. The paper concludes with a proposal for the drafting of a Pancasila Economic System Act to institutionalize these principles into Indonesia's economic governance, ensuring that economic policies promote not only growth but also fairness and social justice for all Indonesians.
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Schulz, Daniel F., and Thomas Henökl. "New Alliances in Post-Brexit Europe: Does the New Hanseatic League Revive Nordic Political Cooperation?" Politics and Governance 8, no. 4 (November 3, 2020): 78–88. http://dx.doi.org/10.17645/pag.v8i4.3359.
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As Brexit removes the Nordic countries’ most powerful ally from the EU, what does this imply for their approach to European affairs? The literature on small states within the EU suggests that they can counterbalance limited bargaining capacities by entering two types of alliances: strategic partnerships with bigger member states and institutionalised cooperation on a regional basis. Against this backdrop we ask whether, by significantly raising the costs of non-cooperation for Nordic governments, the Brexit referendum has triggered a revival of Nordic political cooperation. We scrutinise this conjecture by analysing Nordic strategies of coalition-building on EU financial and budgetary policy, specifically looking at attempts to reform Europe’s Economic and Monetary Union and proposals to strengthen the EU’s fiscal powers. We find that Nordic governments have successfully collaborated on these issues in the context of new alliances such as the ‘New Hanseatic League’ or the ‘Frugal Four.’ Yet, their coalition-building strategies rely on relatively loose and issue-specific alliances rather than an institutionalisation of Nordic political cooperation, implying that this revival of Nordic political cooperation hardly involves the institutions of ‘official’ Nordic cooperation. We argue that this reflects lasting differences among the Nordics’ approach to the EU as well as electorates’ scepticism about supranational institution-building, implying that ‘reluctant Europeans’ are often also ‘reluctant Scandinavians.’
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Klapkiv, Lyubov, and Faruk Ulgen. "An Evolutionary Perspective on the Endogenous Instability of Capitalist Dynamics." Central European Economic Journal 9, no. 56 (January 1, 2022): 291–308. http://dx.doi.org/10.2478/ceej-2022-0017.
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Abstract This article is a theoretical and conceptual exploration into the study of the dynamics of financial innovations and their consequences in market economies. Drawing upon the works of Schumpeter and Minsky in an institutionalist and evolutionary tradition, the article puts forward the monetary and financial features of the 21st century economies and the recurrent systemic financial instabilities generated within the context of the financialization process. It then calls for alternative regulatory reforms capable of leading to sustainable economic development. The originality of the analysis lies in the fact that the micro-dynamics of innovations may result in both creative and destructive outcomes since there are some crucial differences between entrepreneurial innovations à la Schumpeter as the positive force in economic development, and financial innovations à la Minsky as the source of instabilities. The article then focuses on the weaknesses and inconsistencies of loosely regulated financial markets and suggests a few principles for relevant financial regulation in an endogenously unstable economy. The main contribution of the article is that financial stability must be regarded as a public good to be provided by an economy-wide regulatory framework under the supervision of a visible public hand. The study of the conditions of financial stability proves to be a matter of a specific social dilemma—opposition between private and public interests—that concerns the organisation and management of financial markets at the macroeconomic level. Such a dilemma leads to the ultimate regulatory issue of spurring the innovation dynamics of financial markets while ensuring systemic stability and sustainability through an appropriate regulatory and supervisory environment.
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ZAKHARCHENKO, Vitalii, Larysa SOROKA, and Kristina DEREVENCHUK. "Innovative freedom: design and provision." Economics. Finances. Law 5/1, no. - (May 27, 2022): 21–26. http://dx.doi.org/10.37634/efp.2022.5(1).3.
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In the process of the study, based on the generalization of the works of famous scientists, the interdependence of the idea, innovation and financial support was determined. This relationship is due to the following components: creativity of the inventor as a transcendence of the idea; uniqueness of innovation as a sign of rationality, consumption, science intensity, usefulness, alternativeness; patterns and rationality of the emergence of innovation as an immanent life; alternativeness of innovation in determining the optimality of financial, energy, time, emotional costs; the intentions of an economic person, which can be manifested in the forms of a traditional and unique way of introducing innovations; financial instruments for introducing innovations; science as a function of life, which is realized through movement towards integrity and causes creativity in innovative design; the need for innovation as a product that optimizes economic costs; growing investment interest in the demand for the latest technologies. The development of the innovation process is analyzed through cyclicity, modeling, consistency, stability, balance, inertia, institutionality, security. Moreover, each methodology contains categories. Thus, new entities, phenomena and forms of their manifestation are illuminated. All areas of the national economy that are contained in the budgetary principles and are based on economy, advertising, efficiency. The initiative of innovative entrepreneurs in choosing forms of presence in the innovation market suffers obstacles from the state authorities. During the recovery period, state regulation pursues a policy of restrictions, a symbolic monetary and foreign exchange policy.
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Simsek, Meliha R. "A Corpus-Based Comparison of Inclusiveness in L2 Reading Materials for Refugee Children." IAFOR Journal of Education 10, no. 1 (May 27, 2022): 53–71. http://dx.doi.org/10.22492/ije.10.1.03.
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Despite increased emphasis on the role of inclusive practices and materials in post-COVID-19 classrooms and warnings about implicit biases against disadvantaged groups, the textbook problem has rarely been approached with equity measures in mind. This multimethod study aimed to investigate to what extent L2 reading materials, locally produced and used for refugee education in Turkey and New Zealand, include all children with different proficiency levels, gender identities and cultural backgrounds using corpus-driven methods. All verbal and nonverbal texts from ten thematically similar third-grade storybooks were subjected to qualitative and quantitative analysis. Comparisons against measures of grammatical and lexical complexity, and of gender and cultural equity revealed that despite both being far from achieving the ideal composition for creating inclusive learning-friendly environments, TSL materials were lagging further behind ESL counterparts. They depended on almost uniform sets of easy-to-read narratives embodying simpler grammatical features and high-frequency words, and thus needed extension with relatively elaborate ones to accommodate mixed-abilities. Gender disparities were institutionalised through male overrepresentation in hero-making, negative stereotyping, familial and occupational identification, and engagement in monetary and mobility activities, but occasionally ameliorated, in the ESL case, by reversing conventionally-gendered domestic, technical and intellectual skills in texts and illustrations. The widest gap was observed in cultural representations because TSL materials, written from a tourist’s perspective, focused on imposing superficial knowledge of target-culture elements, and ESL materials on ensuring relevance through greater use of elements from diverse cultures. Therefore, egalitarian representations in gendered and cultural contents are required for their rehabilitation.
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Söderbaum, Peter. "Political Economic Person, Ideological Orientation and Institutional Change." Journal of Interdisciplinary Economics 12, no. 3 (April 2001): 179–97. http://dx.doi.org/10.1177/02601079x01001200301.
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Institutions do not exist independently of individuals. Individuals relate to institutions in cognitive and emotional ways. In this essay emphasis will be on how individuals interpret various phenomena as part of their ideological orientation. A Political Economic Person will be suggested as an alternative to Economic Man. Human beings are assumed to be responsible actors with many roles and acting in a changing context from specific positions. In relation to a specific group of phenomena such as business corporations or markets, there are more than one language and scheme of interpretation that can be used by individuals. The choice and application of one scheme of interpretation is a political matter and part of the mentioned ideological orientation of the individual. Similarly, organisations such as business corporations have their value orientation, business concept, business ideology or mission statement, which suggest specific ways of interpreting the world. Taking environmental issues seriously may—as an example—lead to a questioning of simplistic ideas about business companies in terms of profits and shareholder values. New schemes of interpretation emerge connected for instance with Environmental Management Systems, such as ISO 14001 or the European Union version, EMAS. The existence of more than one scheme of interpretation in relation to business corporations as phenomena, makes it meaningful to speak of a competition between alternative schemes of interpretation and thereby between institutions. ISO 14001—pointing to an idea that not only the monetary performance of a company counts but also environmental performance—has become institutionalised and in some sense threatens other existing ideas about business.
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MURAVSKYI, Volodymyr, and Oleg SHEVCHUK. "GLOBAL TRANSFORMATION OF THE ROLE OF ACCOUNTING AND CONTROL IN THE DIGITAL ECONOMY." WORLD OF FINANCE, no. 1(78) (2024): 39–58. http://dx.doi.org/10.35774/sf2024.01.039.
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Introduction. An actual stage of the development of the global socio-economic system is the formation of the digital economy. The information basis of the digital economy is accounting and control, which undergo positive changes under the conditions of the use of innovative computer and communication technologies. The transformation of accounting and control takes place through the clarification of their global roles, manifested in the digital economy. The purpose of the article is to highlight and clarify the global role of accounting and control under the influence of the use of computer and communication technologies in the conditions of the formation of the digital economy. Results. In order to assess the readiness of the socio-economic system to implement the principles of the digital economy, an assessment of the country’s innovativeness, the level of implementation of information processing technologies and the digital capacity of the economy was carried out. The results of the ranking of countries by the level of development of the digital economy proved the presence of active obstacles to the digitalization of socio-economic processes, overcoming which involves the optimization of accounting and control systems. Regardless of the national or international features of business, seven global roles of accounting and control in the digital economy are identified: informativeness, integration, communication, institutionality, control, optimization, and protection. accounting and control in the conditions of the formation of the digital economy. It has been proven that a common feature for all global roles of accounting and control in the digital economy is the priority of electronic transactions in the financial and economic activities of enterprises compared to classic monetary and commodity transactions. Conclusions. Only in a socio-economic system with a predominant part of electronic transactions among monetary and commercial operations is it possible to comprehensively activate the above global roles of accounting and control. Highlighting the global roles of accounting and control forms the starting point in the study of the vectors of further digitization of accounting information processing in relation to the digital economy. For the development of a comprehensive understanding of the prospects for the transformation of accounting and control, further scientific research into the substantiation of the impact of computer and communication technologies, which are the basis of the digital economy, on the order of processing accounting information is important.
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Dahan¹, Samuel. "(Re-)Designing institutions for EMU wage setting." European Labour Law Journal 8, no. 4 (December 2017): 281–305. http://dx.doi.org/10.1177/2031952517744682.
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This article uses the concept of ‘institutional learning’ to make a legal case for a stronger wage policy at the EMU level. This article takes the view that an inherent asymmetry in the EMU, namely the presence of a unified monetary policy without a commensurate coordination of wage-setting mechanisms, contributed to the development of the crisis. The latent consequences of this flaw—diverging (wage) growth and cost competitiveness—were brought into full view when the global financial crisis struck. A unique wage-coordination process has already become institutionalised at the EU level through the European Semester: wage and spending cuts supplant the role of currency depreciation as a means of addressing external economic shocks and competitiveness gaps. We argue that the new wage coordination process constitutes a step in the right direction insofar as the EU has learned from its mistake, namely creating a currency union without any transnational wage determination mechanism. However, this paper makes a legal and institutional case for a more reflexive and solidaristic approach to wage coordination. In order to do so, we take the economic view that stronger EU labour coordination is not likely to diminish competitiveness. While market wisdom would seem to support the view that decentralised collective bargaining systems performs better, evidence suggests that solidaristic wage-setting offers a critical means of channelling economic policy into a model less narrowly focused on labour cost. Beyond the economic debate, there is a legal case to be made in favour of stronger wage bargaining that can reconcile the markets with labour law in the EMU. It is the role of lawyers to investigate possible legal avenues towards achieving a more appropriate solution that is compatible with the Treaty of Lisbon as well as with the goal of competitiveness. Our project does not advocate Treaty changes; instead we use the concept of ‘institutional layering/learning’ to reinforce already-existing reflexive approaches such as the Macroeconomic Dialogue (MED) in order to create a multi-level wage determination strategy that mediates a genuine facilitation process between the Commission, the European Central Bank and the unions.
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SHVETS, Alexander. "THE ECONOMIC OPINION EVOLUTION ON THE PROBLEM OF DEVELOPMENT AND REGULATION OF THE LABOR MARKET." Ukrainian Journal of Applied Economics 5, no. 1 (March 1, 2020): 8–16. http://dx.doi.org/10.36887/2415-8453-2020-1-1.
Full textAbstract:
Structural shifts in the labor market are due to the transformation of social and economic relations in today's globalized world. The purpose of the study is to substantiate the conceptual and methodological foundations of the economic thought development on the evolution of scientific approaches (scientific schools) to theoretical concepts of research and justification of the labor market. The conceptual provisions of the study of the labor market within the classical school are considered: free competition, the dependence of wages and labor supply, and the level of wages. The peculiarities of the labor market understanding as a market of goods of a special kind - "labor" within the framework of Marxist theory are determined. The basic postulates of neoclassical opinion on labor market research are considered, which implies free competition and non-interference by the state in regulation. Key provisions of Keynesian labor market theory are presented regarding the need for systematic state intervention in the economic environment. The neo-Keynesian theory of labor market regulation has been considered: models with stable prices and wages; approaches to the analysis of the labor market (the theory of «wage efficiency», the theory of «outsider-insiders», the theory of «employment as an investment decision»). The concept content of the natural level of unemployment is revealed in the modern conservative trend in economic theory. The general position of the monetarists on the labor market is generalized in favor of monetary influence instruments on the economy, including unemployment. Institutionalists' perceptions of the labor market are considered in analyzing professional and sectoral gaps in the structure of the labor force and in wages. The key provisions of the contract employment theory are given. The characteristic features of the flexible market concept are presented, which provides the deregulation of the labor market. A number of definitions of leading scientists on the content of the labor market have been generalized and the own definition has been provided - as a system of public relations to the purchase and sale of labor, as a sphere of labor demand and supply, as a mechanism for price matching and working conditions between employers and employees. Keywords: labor market, employment, economic activity of the population, labor force, labor resources, regulation.
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Penz, Florian, and Sabine Frerichs. "Property, credit, and monetary sabotage: Contemporary capitalism in institutionalist perspective." European Journal of Social Theory, August 9, 2024. http://dx.doi.org/10.1177/13684310241269286.
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Capitalism is a social order that evolves over time. While market exchange, private property, and the profit motive are generic features of capitalist systems, studies of contemporary capitalism aim to highlight what is specific about capitalism today. In this article, we develop the concept of monetary sabotage to pinpoint a phenomenon that has become more pronounced in recent decades, but which has not been sufficiently elaborated so far. Monetary sabotage refers to the utilization and, eventually, manipulation of the monetary infrastructure for private profit, creating instability and perpetuating inequality. Drawing on old institutionalism, with its emphasis on law, and articulating it with contemporary theories of credit and insights from the sociology of money, our analysis highlights the evolution of incorporate and intangible property as premises for financial profit-making at the expense of the public. This institutionalist approach adds new insights to the prevailing financialization literature and complements other critical perspectives.
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Postel, Nicolas, and Richard Sobel. "Institutionalism as the way of unification of the heterodox theories." Journal of Philosophical Economics Volume III Issue 1 (November 20, 2009). http://dx.doi.org/10.46298/jpe.10585.
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In this article we seek to show that there is a common framework to the various approaches known as heterodox. This framework is the "institutionalism", which take into account the concrete institutions in which the economic process proceeds. To argue our thesis we deploy two types of justification. We begin with an historical justification which borrows from the history of the thought and will find in emblematic authors (Ricardo, Marx, Keynes, Polanyi) (1) the definition of a common object for an institutionalist political economy (the study of a "Monetary economy of capitalistic production"); (2) a common general standard of the economy like "an institutionalized process between men and environment" (against the definition of Robbins). Our second justification is a more epistemological one. We develop the way in which the institutionalist approach mobilizes the concepts of action and of institution. The goal of this article is to contribute to the emergence of a positive paradigm, common to the heterodox, which is not defined any more in hollow or negative in opposition to the neoclassic "main stream".
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Pochet, Philippe. "From one crisis to another: changes in the governance of the Economic and Monetary Union (EMU)." Transfer: European Review of Labour and Research, April 29, 2022, 102425892210845. http://dx.doi.org/10.1177/10242589221084582.
Full textAbstract:
The article examines the evolution of the Economic and Monetary Union (EMU) in the aftermath of COVID-19 and compares the current crisis with the previous one (the financial crisis of 2008–2013). It does so by looking at the way interests, ideas and institutions have evolved over the last decade. It looks at the possible changes in European economic governance in the light of three different models of European integration. The goal is not only to describe the differences between the two periods of crisis but also to understand the amplitude of those changes. In the actor-centred ‘institutionalism’ approach of this article, particular attention is paid to conflicts and tensions including inside the EU institutions. This allow for the elements of continuity and rupture to be highlighted and for speculation on the possibility of a new paradigm emerging.