Summary Vol. 20, No. 1 | January 2011

Summary Winter 2011

New policy briefs by Senior Scholars Jan Kregel and L. Randall Wray are featured in the Summary’s Winter issue. Kregel finds that export-led growth and free capital flows are the real causes of sustained international imbalances. The only way out of this predicament is to shift to domestic demand–led development strategies—and capital flows will have to be part of the solution. Wray examines Hyman Minsky’s later works, with a focus on Minsky’s general approach to banking and the proper role of the financial system. Minsky recognized the development of money manager capitalism as leading to a convergence of banking models—an insight that helps to explain the current economic crisis.


Program: The State of the US and World Economies

  • JAN KREGEL, An Alternative Perspective on Global Imbalances and International Reserve Currencies
  • JESUS FELIPE, UTSAV KUMAR, NORIO USUI, and ARNELYN ABDON, Why China Has Succeeded—and Why It Will Continue to Do So
  • JÖRG BIBOW, How to Sustain the Chinese Economic Miracle? The Risk of Unraveling the Global Rebalancing
  • JESUS FELIPE, Asia and the Global Crisis: Recovery Prospects and the Future
  • PAOLO CASADIO and ANTONIO PARADISO, The Household Sector Financial Balance, Financing Gap, Financial Markets, and Economic Cycles in the US Economy: A Structural VAR Analysis

Program: Monetary Policy and Financial Structure

  • L. RANDALL WRAY, What Should Banks Do? A Minskyan Analysis
  • MICHAEL HUDSON, Why the IMF Meetings Failed, and the Coming Capital Controls
  • MARSHALL AUERBACK, A New “Teachable” Moment?
  • MARC LAVOIE, Changes in Central Bank Procedures during the Subprime Crisis and Their Repercussions on Monetary Theory
  • L. RANDALL WRAY, What Do Banks Do? What Should Banks Do?
  • ANDREA TERZI, The “Keynesian Moment” in Policymaking, the Perils Ahead, and a Flow-of-funds Interpretation of Fiscal Policy
  • DIRK BEZEMER and GEOFFREY GARDINER, Innocent Frauds Meet Goodhart’s Law in Monetary Policy
  • SUNANDA SEN, The Meltdown of the Global Economy: A Keynes-Minsky Episode?
  • JÖRG BIBOW, A Post Keynesian Perspective on the Rise of Central Bank Independence: A Dubious Success Story in Monetary Economics
  • SUNANDA SEN, Managing Finance in Emerging Economies: The Case of India
  • MICHAEL HUDSON, How Brazil Can Defend Against Financialization and Keep Its Economic Surplus for Itself

Program: The Distribution of Income and Wealth

  • FRANCISCO AZPITARTE, Measuring Poverty Using Both Income and Wealth: An Empirical Comparison of Multidimensional Approaches Using Data for the US and Spain

Levy Institute Measure of Economic Well-Being

  • THOMAS MASTERSON, Quality of Match for Statistical Matches Used in the 1999 and 2005 LIMEW Estimates for Canada
  • THOMAS MASTERSON, Quality of Match for Statistical Matches Used in the 1992 and 2007 LIMEW Estimates for the United States

Program: Gender Equality and the Economy

  • SUNANDA SEN, Gendered Aspects of Globalization

Program: Employment Policy and Labor Markets

  • JAMES B. REBITZER and LOWELL J. TAYLOR, Extrinsic Rewards and Intrinsic Motives: Standard and Behavioral Approaches to Agency and Labor Markets
  • TAMAR KHITARISHVILI, Assessing the Returns to Education in Georgia
  • RANIA ANTONOPOULOS, KIJONG KIM, THOMAS MASTERSON, and AJIT ZACHARIAS, Investing in Care: A Strategy for Effective and Equitable Job Creation
  • JESUS FELIPE and UTSAV KUMAR, A Reassessment of the Use of Unit Labor Costs as a Tool for Competitiveness and Policy Analyses in India

Program: Immigration, Ethnicity, and Social Structure

  • JOEL PERLMANN and YUVAL ELMELECH, Immigrant Parents’ Attributes versus Discrimination: New Evidence in the Debate about the Creation of Second Generation Educational Outcomes in Israel

Program: Economic Policy for the 21st Century

Explorations in Theory and Empirical Analysis

  • JESUS FELIPE, UTSAV KUMAR, and ARNELYN ABDON, Using Capabilities to Project Growth, 2010–30
  • JESUS FELIPE, UTSAV KUMAR, and ARNELYN ABDON, As You Sow So Shall You Reap: From Capabilities to Opportunities
  • ARNELYN ABDON, MARIFE BACATE, JESUS FELIPE, and UTSAV KUMAR, Product Complexity and Economic Development
  • JESUS FELIPE and UTSAV KUMAR, Technical Change in India’s Organized Manufacturing Sector
  • MICHAEL HUDSON, The Transition from Industrial Capitalism to a Financialized Bubble Economy
  • JESUS FELIPE and UTSAV KUMAR, The Role of Trade Facilitation in Central Asia: A Gravity Model
  • JESUS FELIPE and UTSAV KUMAR, The Impact of Geography and Natural Resource Abundance on Growth in Central Asia
  • NEDELYN MAGTIBAY-RAMOS, GEMMA ESTRADA, and JESUS FELIPE, Exploring the Philippine Economic Landscape and Structural Change Using the Input-Output Framework


  • New Research Associates
  • Upcoming Events:
  • 20th Annual Hyman P. Minsky Conference, April 13–15, 2011
  • The 2011 Hyman P. Minsky Summer Seminar, June 18–26, 2011
  • New Levy Institute Book:The Elgar Companion to Hyman Minsky


  • Publications and Presentations by Levy Institute Scholars
W. Ray Towle

Publication Highlight

Working Paper No. 1027
Structural Change and Gender Sectoral Segregation in Sub-Saharan Africa
Author(s): Izaskun Zuazu
August 2023

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