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Macroprudential Regulatory Policies
Instead, it is argued, there is a need for both microprudential approaches to regulate individual institutions and macroprudential approaches to manage the overall financial system risks.
Trimming the Sails
Fiscal consolidation has significant short-term costs which can dampen economic growth. This widely shared consensus in the literature on political economy has made fiscal adjustment highly unpopular among rational politicians. By critically analyzing the international literature and building on evidence from European countries, Benczes conducts a systematic analysis to find out whether it is possible to experience fiscal consolidation and economic growth at the same time, even in the short run.
Expulsions
Soaring income inequality and unemployment, expanding populations of the displaced and imprisoned, accelerating destruction of land and water bodies: today’s socioeconomic and environmental dislocations cannot be fully understood in the usual terms of poverty and injustice, according to Saskia Sassen. They are more accurately understood as a type of expulsion—from professional livelihood, from living space, even from the very biosphere that makes life possible. This hard-headed critique updates our understanding of economics for the twenty-first century, exposing a system with devastating consequences even for those who think they are not vulnerable. From finance to mining, the complex t...
Banking and Financial Stability in Central Europe
'...this book would be suited to lawyers and non-lawyers alike. In addition, it provides an interesting look at the EU banking system and the systems of Central and Eastern European countries.' - Ellie Palmer, Journal of International Banking Law and Regulation The eastwards expansion of the European Union is one of the most explosive economic and political issues of the early 21st century. Economic and financial stability combined with rising prosperity in the applicant countries are increasingly seen as necessary preconditions for European Union membership. This authoritative volume, written by scholars and practitioners from Central and Western Europe and the United States, confronts the ...
Econometrics: Econometrics and the cost of capital : essays in honor of Dale W. Jorgenson
This volume summarizes the economic theory, the econometric methodology and the empirical findings resulting from the new approach to econometric modelling of producer behaviour.
Hungary and Other Emerging EU Countries in the Financial Storm
This book analyzes the banking crisis and the events surrounding it in Hungary and other emerging EU member countries in 2007-2013. Written by Júlia Király, a former policymaker, and the Deputy Governor of the Hungarian Central Bank at the time of the crisis, it also offers a firsthand account of the processes in and responses to the financial crisis. While there is extensive literature on the crisis, most of it focuses on the US or the Eurozone, sometimes mentioning the “emerging world” in passing. However, Central and Eastern Europe experienced the crisis very differently than other emerging countries. In the pre-crisis years, the region in accession to the EU attracted abundant fres...
Law and the Making of the Soviet World
This book is an unconventional reappraisal of Soviet law: a field that is ripe for re-evaluation, now that it is clear of Cold War cobwebs; and, as this book shows, one that is surprisingly topical and newly compelling. Scott Newton argues here that the Soviet order was a work of law. Drawing on a wide range of sources – including Russian-language Soviet statues and regulations, jurisprudence, legal theory, and English-language ‘legal Kremlinology’ – this book analyses the central significance of law in the design and operation of Soviet economic, political, and social institutions. In arguing that it was an exemplary, rather than aberrant, case of the uses to which law was put in twentieth-century industrialised societies, Law and the Making of the Soviet World: The Red Demiurge provides an insightful account of both the significance of modern law in the Soviet case and the significance of the Soviet case for modern law.
Restless Reason and Other Variations on Kantian Themes
This book, combining integratively-revised previously-published papers with entirely new chapters, challenges and treats some major problems in Kant’s philosophy not by means of new interpretations but by suggesting some variations on Kantian themes. Such variations are, in fact, reconstructions made according to Kantian ideas and principles and yet cannot be extracted as such directly from his writings. The book also analyses Kant's philosophy from a new metaphysical angle, based on the original metaphysics of the author, called panenmentalism. It reconstructs some missing links in Kant's philosophy, such as the idea of teleological time, which is vital for Kant's moral theory. Although these variations cannot be found literally in Kant’s works, they can be legitimately explicated, developed, and implied from them. Such is the case because these variations are strictly compatible with the details of the texts and the texts as wholes, and because they are systematically integrated. Their coherence supports their validation. The target audiences are graduate and PhD students as well as specialist researchers of Kant's philosophy.
Macroprudential Policies in Southeastern Europe
This paper presents a detailed account of the rich set of macroprudential measures taken in four Southeastern European countries—Bulgaria, Croatia, Romania, and Serbia—during their synchronized boom and bust cycles in 2003–12, and assesses their effectiveness. We find that only strong measures helped contain domestic credit growth, the share of foreigncurrency- denominated loans provided by the domestic banking sector, or the domestic banking sector’s reliance on foreign borrowing during the boom years. We also find that circumvention via direct external borrowing often fully offset the effectiveness of these strict measures, and thatmeasures taken during the bust had no discernible impact. We conclude that (i) proper calibration of macroprudential measures is of the essence; (ii) only strong, broad-based macroprudential measures can contain credit booms; (iii) econometric studies of macroprudential policy effectiveness should focus on measures rather than on instruments (i.e. classes of measures) and in so doing allow for possible non-linear and state-contingent effects.
More Gray, More Volatile? Aging and (Optimal) Monetary Policy
The evidence on the inflation impact of aging is mixed, and there is no evidence regarding the volatility of inflation. Based on advanced economies’ data and a DSGE-OLG model, we find that aging leads to downward pressure on inflation and higher inflation volatility. Our paper is also the first, using this framework, to discuss how aging affects the transmission channels of monetary policy. We are also the first to examine aging and optimal central bank policies. As aging redistributes wealth among generations and the labor force becomes more scarce, our model suggests that aging makes monetary policy less effective and in more gray societies central banks should react more strongly to nominal variables.
