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Publications (105)
The term financialisation gained prominence to describe the increasing role of finance, particularly since the 2008 financial crisis. However, a common critique is the lack of consensus on its definition. Some works suggest that these discrepancies are the result of the changing nature of economic reality, while others highlight the distinct resear...
The aim of the article is to analyse the performance of the manufacturing sector in Europe in order to check whether there is a relationship between the level of development and the share of the industrial sector, and whether the manufacturing sector plays a key role in the economic growth and catching-up processes in European countries. The result...
One of the peculiarities of the Spanish labour market has been the existence
of a high share of temporary employment, a result of the 1984 labour reform
which made the use of temporary contracts more flexible. Since 1994, various
reforms have sought to increase the use of open-ended contracts and
discourage the use of fixed-term contracts. Although...
At the beginning of 2020, the European Union embarked on a process of reviewing its macroeconomic policy strategy and economic governance framework. While the review of the monetary policy framework was approved in July 2021, the review of the fiscal policy framework was put on hold as a result of the outbreak of the covid-19 pandemic and the ensui...
The publication is divided into two main axes, macroeconomics and development. The articles will be shorter in comparison to a traditional academic paper. However, the analyzes presented will be more in-depth than a newspapers article, but accessible for readers who are not specialists in Economics.
This paper explains the economic policy developed in the euro area to manage the economic effects induced by the COVID health crisis. First, an overview of developments in the euro area is presented. It then explains the fiscal decisions taken by member countries, as well as the monetary policy pursued by the European Central Bank. The final part r...
This paper analyses the impact of employment protection legislation on the evolution of employment and unemployment in European Union economies during the Great Recession. The results show that employment protection did not have a significant impact on employment growth. Regarding unemployment rates, we obtain contrasting results: high employment p...
This paper analyses the role played by the flexibilization of labour markets
on functional income distribution. Specifically, we analyse whether
employment protection legislation affects the evolution of labour income
share, measured by the size of compensation of employees as a percentage of
GDP, the sum of wages and salaries as a percentage of GD...
Numerosos trabajos señalan el papel central jugado por el proceso de financiarización en el estallido de la Crisis Financiera Global y de la posterior Gran Recesión. Los efectos negativos de un tamaño excesivo de las finanzas plantean la necesidad de un proceso de de-financiarización que reduzca el tamaño de los activos y pasivos financieros. El es...
Since the 1980s, many European countries have reformed their labor markets, enhancing their flexibility in an attempt to reduce high unemployment rates. However, the empirical evidence on the effectiveness of these reforms is not conclusive. Our paper analyzes the influence of employment protection legislation and changes in economic activity on th...
The paper analyses the impact of employment protection legislation for permanent and temporary workers on total employment, permanent and temporary employment. Using panel data techniques, we investigate whether the level and the changes in employment protection for permanent and temporary workers affect the dynamics of total salaried employment, p...
The paper analyses the determinant elements of the evolution of labour income
share, measured by the size of compensation of employees as a percentage of
GDP in twenty European economies. In doing so, special attention is paid to
the impact of employment protection legislation. Our study’s results show
that the evolution of labour income share is e...
El trabajo analiza la evolución del Banco de México en términos de la autonomía económica, instrumental y política a través de las seis leyes (1925, 1932, 1936, 1941, 1984 y 1993) que han regido su actuar.
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El artículo realiza un repaso de los efectos adversos derivados de la existencia de los procesos de financialización. La existencia de estos efectos negativos plantea la necesidad de un proceso de de-financialización, reduciendo el tamaño excesivo de las finanzas, en especial en aquellas en las que el tamaño de las finanzas es e...
Jesús Ferreiro, in this chapter, titled “Macroeconomic Lessons from the Financialisation Process”, has the objective in contribution to outline the main macroeconomic lessons resulting from the financialisation process. This chapter is structured into four main sections. The first section will focus on the definition of the financialisation process...
The Global Financial Crisis (GFC) has had a significant impact on the European labour markets. The objective of this chapter is to analyse whether this impact significantly differs among countries and the reasons behind these differences. We analyse to what extent the differences in the impact of the GFC on the economic activity explain the variati...
Although a key condition for the creation of a monetary union is the
existence of similar structural characteristics that reduce the existence
and incidence of asymmetric shocks, in the case of the Eurozone, most, if
not all, studies have emphasized the existence of sizeable divergences both
in the macroeconomic performances and in the structural e...
The process of financial liberalization has given rise to a widespread financialization process in most developed economies and many emerging economies. One of the most striking features of this process is the huge increase recorded in the size of the financial balance sheets not only of the total economy but also of the different economic sectors...
The objective of this chapter is to analyse the different effects of the economic and financial crisis among the European Union Member States, focusing on the behaviour of a number of real and financial variables since the year 2003 to evaluate the impact of the crisis.
The outbreak of the economic and financial crisis in 2008, the socalled Great
Recession, has made that many European Union countries have made massive
interventions in their banking and financial systems. These interventions
have had a considerable impact in the public finances of these countries. The
aim of the paper is to analyze the impact on th...
Analizamos los factores de riesgos externo para la economía mexicana en el contexto de la disminución de los precios del petróleo
El presente libro resultará de interés tanto para profesores y estudiantes universitarios como para todas aquellas personas preocupadas por el funcionamiento de nuestras democracias y las decisiones económicas que nuestros gobiernos toman, sus determinantes, sus reglas, los diversos actores participantes, sus resultados… Preocupación que se ha vist...
The paper studies the fiscal policies implemented in the European Union
countries since the beginning of the current crisis. With this aim in mind we
have analyzed separately the expansionary fiscal policies implemented at the
first stage of the crisis and the fiscal consolidation policies that became
widespread at the beginning of the current deca...
Opposite to mainstream economics, (post) Keynesian economics has defended the need of a discretionary fiscal policy that helps to maintain economic activity at a full employment level, offsetting the cyclical deviations from that level of output. In this sense, it is implicitly assumed that any discretionary management of public finance is, by defi...
The paper analyses whether the composition of public spending is converging in the European Union. The novelty of the paper lies in the use of different techniques from traditional beta and sigma convergences, of the economic and functional classifications of public spending, and of two measures of the size of public expenditure: as a share of GDP...
The objective of the paper is to analyse whether the use of Inflation Targeting (IT) has had an impact on the process of convergence of inflation rates between Latin American countries and the United States. The analysis is made using non-habitual convergence tests. Some implications arise from our analysis. First, IT countries have lower inflation...
Despite the relevance given by the Post-Keynesian thought to wage and incomes
policies, little attention has been paid to the institutional elements that
would favour the unions’ acceptance of a voluntary moderation of wage claims.
Recent wage policies have been implemented in European countries, like
Ireland and Spain, which do not fulfil the requ...
Abstract The New Consensus Macroeconomics and the consequent macroeconomic policy strategy implemented before the current financial and economic crisis had downgraded the role of fiscal policy. Discretionary fiscal policy should be abandoned, leaving room only for the working of built-in stabilisers. Fiscal deficits had to be avoided, setting stric...
p>El artículo analiza el comportamiento macroeconómico en países latinoamericanos en el estudio de 14 variables macroeconómicas de 17 países durante el periodo 1970-2010. Se muestra una acentuada convergencia en los resultados macroeconómicos, en especial a lo largo de la última década. Esta convergencia hace que no puede asociarse la reducción en...
The literature on fiscal policies is paying increasing attention to the impact of the composition of public expenditures on long‐term economic growth. Public policy endogenous growth models recommend to change the composition of public expenditures to items considered productive expenditures. In this sense, European institutions are encouraging the...
In this article we analyse inflation expectations in Mexico. After a review of the theoretical and empirical literature, we apply unit root, normality and cointegration tests to the data provided by Banco de México (Banxico) in the Survey on the Expectations of the Private Sector Economics Specialists. Our results reject the null hypothesis of norm...
The most striking feature of the current economic situation in Spain is the huge unemployment rate, above 25 percent. From an orthodox perspective, we suggest that this unemployment is the result of a highly inflexible labor market, which needs to be reformed by introducing flexibility measures. The paper argues, however, that labor market reforms...
In this paper we analyze the effect of the implementation of inflation targeting (IT) in Mexico. The analysis focuses on the inflation convergence process between Mexico and the United States, on inflation expectations in Mexico, and on economic growth rates in the Mexican economy. Our results show that neither the fall in Mexican inflation rates n...
The paper analyses the mistakes made in the management of the fiscal policy in Spain before the crisis. The authors argue that the low size of the public expenditures, the adoption of a procyclical expansionary fiscal policy the years before the crisis, and the lack of a correct coordination between the Spanish fiscal policy and the ECB's monetary...
Since the beginning of the 2000s, the phenomenon of the global imbalances has been the object of special attention by economists and the international institutions. As we will see later, before the crisis there was a clear division between those that interpreted these imbalances as a disequilibrium and those that argued that they were a new kind of...
The European Union (EU) is putting emphasis on the need to change the composition of public expenditures to what, according to the public policies endogenous models, is considered a high quality of public finances (i.e., a higher share of productive expenditures). These recommendations are the same for all EU member states. Together with the fiscal...
The objective of the paper is to test the existence of a relationship between the composition of public expenditures and the macroeconomic outcomes (GDP rate of growth, and unemployment and inflation rates) of the European Union member states during the period 1995-2007. We study the existence of clusters of countries with similar structures of pub...
The aging process that many developed economies will face in the medium-term is leading to reforms in the public pensions systems in order to solve the potential financial unsustainability generated by the foreseeable increase in the expenditure in pension benefits (assuming that the current social security contributions and the eligibility conditi...
Since the year 2008, the Spanish economy has been immersed in the deepest crisis of its history. From being one of the most dynamic European economies in the decade of the 2000s, Spain has moved to be a nearly stagnant economy whose short-term prospects are far from being optimistic, clearly worse than those of most European countries. The aim of t...
Population ageing generates problems of financial sustainability for unfunded pension systems in many developed countries. Immigration is often presented as one potential solution to this problem, mainly in countries with high migration inflows. The authors propose a model to analyse the impact of immigration flows on the financial sustainability o...
Résumé
Dans de nombreux pays développés, le vieillissement de la population compromet la viabilité financière des régimes de retraite par répartition. L'immigration est souvent présentée comme l'une des solutions, particulièrement dans les pays où elle est forte. Les auteurs présentent un modèle d'analyse des effets de l'immigration sur la viabilit...
Public pension systems have long been a focus of special attention by neoclassical economics. In a context of intense aging processes, mainstream economists argue that the replacement of the pay-as-you-go pensions systems by unfunded individual savings accounts will have a positive impact, at a microeconomic and at a macroeconomic level, and will p...
Resumen
El envejecimiento de la población genera problemas de viabilidad financiera a los sistemas de pensiones de muchos países desarrollados que se basan en el método de reparto. Un posible remedio del que se habla a menudo es la inmigración, sobre todo en los países que reciben a muchos trabajadores extranjeros. Los autores proponen un modelo pa...
In the mainstream economics, the postulate of rational expectations downgrades the relevance of macroeconomic policy and institutions. In a world of full information and rational expectations, aggregate demand is irrelevant in anything other than a strictly short-run context, and the only institutions that matter (apart from competitive markets) ar...
There is no doubt that the subject of fiscal policy has been, is, and, with complete certainty, will continue to be a recurrent subject in Malcolm Sawyer’s works. A great deal of his long-term research activity has been focused on the study of the economic impact of active fiscal economies and on the defence of the active role of fiscal policy from...
When analysing the relations between developed economies and emerging market and developing economies, it is easy to see how the latter have been traditionally dependent and influenced by the cyclical behaviour of the former and by the turmoils generated in them. Expansions in advanced economies implied a positive development framework for developi...
The existence of ageing processes in the developed economies has led mainstream economics to defend a radical reform of pensions — from the current pay-as-you-go (PAYGO) systems to funded pension systems. The argument is that the latter, in addition to being sheltered from the ageing problem, generate better macroeconomic performance. In our opinio...
The global imbalances are one of the causes of the current financial and economic crisis. The financial flows associated to these imbalances are in the origin of the generalized crisis in the international financial markets, which are incapable of absorbing efficiently these huge capital inflows. The current experience shows that export-led strateg...
The European Union has recently been putting the emphasis on the need to change the composition of public expenditures to what, according to the public policies endogenous models, is considered as a high quality of public financesâthat is, a higher share of productive expenditures. These recommendations are the same for all the EU member states. Jo...
The phenomenon of the offshoring is a very ambiguous one. Nowadays, it is very complicated to make a clear-cut distinction among the offshoring and the related phenomenons of international production and foreign direct investment. This paper tries to clarify the former concept, and, at the same time, to show the elements that make the offshoring pr...
One of the most relevant contributions made by Philip Arestis to the economics literature is his study on the relationship between finance and growth. The extent of his work and the limited size of this chapter makes possible only to mention a small sample of his contributions. Philip Arestis has helped to recognize the existence of a deep relation...
In the literature of foreign direct investment (FDI) and international business, an increasing attention is being paid to the comparative study of countries' attractiveness for FDI. The United Nations Conference on Trade and Development has developed several indices to evaluate and compare the location advantages of the countries and their relative...
El fenómeno de los desequilibrios mundiales es una de las causas de la actual crisis económica y financiera. Los flujos financieros asociados a los enormes desequilibrios de las balanzas de pagos por cuenta corriente están en la base de la crisis generalizada en los mercados financieros internacionales, incapaces de absorber eficientemente estos in...
RESUMEN La estrategia general de política económica desarrollada desde la década de los ochenta por los respectivos gobiernos del Partido Socialista Obrero Español (1982-1996) y del Partido Popular (desde 1996) ha estado sujeta a las contradicciones generadas entre sus principales objetivos. Desde el punto de vista macroeconómico, dicha estrategia...
The literature on fiscal policy is paying increasing attention to the impact of the composition of public expenditures on long-term economic growth. Public policy endogenous growth models recommend to change the composition of public expenditures to items considered as productive expenditures. Based on these models, European institutions are encour...
The current global economic crisis is the result of a wrong design and working of the financial markets and agents. The generalized processes of financial deregulation, joined to the globalization process, have made that a problem seemingly focused in a small segment of the financial markets in the US economy has acquired a global systemic nature....
The concept of rational expectations is the cornerstone of orthodox economic theory. As Minford and Peel (2002) argue: ‘in its modern guise macroeconomics is based entirely on the idea that agents are rational. Hence rational expectations are central to the subject today’ (p. 41). Although the conclusions reached by the mainstream about, for instan...
Arguments for capital account liberalization are based on the presumed positive consequences on the economic growth of liberalizing economies. On the basis of those arguments, most Latin American countries have been engaged in intense domestic and international financial liberalization processes during the last two decades. However, the existence o...
This article analyses the Spanish experience with voluntary wage moderation, focusing on the differences between the current model of wage moderation that began in 1997 and the traditional model of wages policies and social pacts implemented between 1977 and 1986. The article stresses the importance of changes in the economic and political environm...
The rules and norms set out in the Maastrich Treaty and in the Stability and Growth Pact (SGP) have involved for the European Monetary Union (EMU) member states the implementation of an orthodox strategy of fiscal policy based on the correction of fiscal imbalances and cuts in the current sizes of public revenues and expenditures.
Durante las últimas décadas las economías latinoamericanas han liberalizado sus balanzas de capital y sus mercados de capitales y financiero-bancarios nacionales con el objetivo de acelerar el ritmo de crecimiento económico. Se daba por hecho que los países latinoamericanos padecían una profunda escasez de capital y un funcionamiento ineficiente de...
Most debates on part-time employment simply compare part-time employment with the 'standard' full-time employment. However, the heterogeneity of part-timers is much bigger than that of full-time workers, and it is necessary to take this heterogeneity into account. The aim of this paper is to contribute to the academic debate about part-time employm...
Developing economies have been recommended strongly since the 1980s by international organizations (WB, WTO, IMF, UNCTAD) to rely primarily on foreign direct investment (FDI) as a source of external funds and as an engine for growth. It is argued that FDI is superior to other types of capital flows, acting as a kind of ‘good cholesterol’, because i...
In this paper we study the capacity of the insider-outsider model to analyse the working of the Spanish labour market. Our paper shows that this theoretical model is a useful instrument to explain the segmentation in the Spanish labour market between permanent and temporary workers.
Recently, a number of proposals have claimed a decentralization of the collective bargaining structure in Spain. These proposals start from the premise that the current procedures for collective bargaining are inefficient, given the predominance of intermediate-level collective bargaining, leading to persistently bad outcomes in terms of inflation...
España ha sido un país atractivo para la recepción de flujos de inversión extranjera directa, especialmente durante los años siguientes a la incorporación en la Unión Europea. Sin embargo, la reciente ampliación de la Unión Europea ha hecho que aparezcan nuevos competidores que pueden poner en peligro su posición como uno de los principales recepto...
El presente trabajo es una recopilación de las principales fuentes estadísticas sobre la inversión extranjera directa (IED), así como de la literatura más reciente sobre dicho fenómeno. Como todo intento de realizar un survey representativo queda limitado por el propio conocimiento de los autores y por sus preferencias subjetivas a la hora de centr...
La ampliación de la Unión Europea a los países de la Europa Central y del Este ha planteado la posibilidad de que los flujos de inversión directa antes recibidos por los países de la UE-15 se desvíen hacia los nuevos Miembros. Diversos estudios concluyen que los países del Sur de Europa pueden ser los más perjudicados por esta relocalización de la...
En la actual estrategia de política económica las reformas laborales juegan un papel clave como instrumento para aumentar la flexibilidad del mercado de trabajo. Esta mayor flexibilización tiene como objeto moderar los crecimientos salariales, lo que se supone que contribuirá a mejorar los resultados en materia de inflación y empleo. En este plante...
En los últimos años proliferan en la economía española propuestas para modificar la estructura de la negociación colectiva en aras de avanzar hacia una mayor descentralización de la negociación colectiva, fomentando los convenios de empresa. Dichos estudios parten de la premisa de que la actual estructura de la negociación colectiva española es ine...
The institutional design of the Spanish labour market has been subjected, during the last three decades, to permanent pressure fuelled by two beliefs. On the one hand, by the assumption that a higher degree of flexibility would help to reduce unemployment; on the other, by the assumption that such increased flexibility would also help to reduce inf...
En las reflexiones actuales sobre el estado del bienestar domina una línea de argumentación que pretende presentar los límites, y por derivación la crisis, de dicho estado en términos de un conflicto entre los objetivos de eficiencia y equidad. Pues bien, en la primera parte del artículo se desarrollan las inconsistencias metodológicas que subyacen...
Foreign direct investment (FDI) has been used as a tool to improve the competitiveness of countries or regions affected by a structural crisis focused in the industrial sector. Spain, in general, has implemented this strategy successfully. However, the inflows of FDI in Spain have been concentrated in the most dynamic regions: Madrid and Catalonia...
