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50 publications found, searching for 'Philip Arestis '
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Working Paper No. 764May 10, 2013
Modeling the Housing Market in OECD Countries
AbstractRecent episodes of housing bubbles, which occurred in several economies after the burst of the United States housing market, suggest studying the evolution of housing prices from a global perspective….more
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Working Paper No. 750January 31, 2013
Endogenous Bank Credit and Its Link to Housing in OECD Countries
AbstractThe relevant economic literature frequently focuses on the impact of credit shocks on housing prices. The doctrine of the “New Consensus Macroeconomics” completely ignores bank credit. The “Great Recession,” however,…more
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Working Paper No. 743December 19, 2012
Επένδυση, χρηματοπιστωτικές αγορές και αβεβαιότητα
AbstractΗ εργασία παρέχει μια θεωρητική εξήγηση της διαδικασίας της συσσώρευσης, που υπολογίζει τις εξελίξεις στις χρηματοπιστωτικές αγορές κατά το πρόσφατο παρελθόν. Συγκεκριμένα, η προσέγγισή μας εστιάζεται στην παρουσία των συσχετίσεων…more
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Working Paper No. 743December 19, 2012
Investment, Financial Markets, and Uncertainty
AbstractThis paper provides a theoretical explanation of the accumulation process, which accounts for the developments in the financial markets over the recent past. Specifically, our approach is focused on the…more
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Working Paper No. 564May 14, 2009
New Consensus Macroeconomics: A Critical Appraisal
AbstractThis paper is concerned with the New Consensus Macroeconomics (NCM) in the case of an open economy. It outlines and explains briefly the main elements of and way of thinking…more
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Policy Note No. 2March 25, 2009
What Role for Central Banks in View of the Current Crisis?
AbstractCentral banks have an aversion to bailing out speculators when asset bubbles burst, but ultimately, as custodians of the financial system, they have to do exactly that. Their actions are…more
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Working Paper No. 544September 29, 2008
Inflation Targeting in Brazil
AbstractThe monetary policy regime of inflation targeting (IT) has been adopted by a significant number of emerging economies. While the focus of this paper is on Brazil, which began inflation…more
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Working Paper No. 411July 25, 2004
Financial Liberalization and Poverty
AbstractFinancial development and its effects on the economic development of a country has recently been one of the most prolific areas of research in the fields of development, finance, and…more
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Public Policy Brief No. 77June 02, 2004
The Sustainability of Economic Recovery in the United States
AbstractA rebound of consumption, investment, and consumer confidence in the second half of 2003 has raised hopes that the United States’ recovery from the 2001 recession is on a sustainable…more
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Working Paper No. 399January 01, 2004
Does Financial Structure Matter?
AbstractWe address the issue of whether financial structure influences economic growth. Three competing views of financial structure exist in the literature: the bank-based, the market-based and the financial services view….more
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Public Policy Brief No. 75December 01, 2003
Is Financial Globalization Truly Global?
AbstractIn 2002 more than $1 trillion worth of new bonds was sold across international boundaries. The total stock of cross-border bond holdings was more than $9 trillion. Such lending, together…more
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Working Paper No. 397December 01, 2003
Financial Globalization and Regulation
AbstractThis paper attempts to define financial globalization as a process whereby financial markets internationally are integrated so closely that they can be considered as a single market. The process, viewed…more
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Working Paper No. 388September 01, 2003
Inflation Targeting
AbstractSince the early 1990s, a number of countries have adopted Inflation Targeting (IT) in an effort to reduce inflation. Most literature has praised IT as a superior framework of monetary…more
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Working Paper No. 391September 01, 2003
Aggregate Demand, Conflict, and Capacity in the Inflationary Process
AbstractThe dominant view relating to unemployment and inflation is that inflation will be constant at a level of unemployment (the nonaccelerating inflation rate of unemployment, NAIRU) determined on the supply…more
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Public Policy Brief No. 73August 03, 2003
Asset and Debt Deflation in the United States
AbstractIn an asset and debt deflation, the process of reducing debt by saving and curtailing spending takes a long time, say authors Philip Arestis and Elias Karakitsos. Current imbalances and…more
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Working Paper No. 383July 01, 2003
Financial Sector Reforms in Developing Countries with Special Reference to Egypt
AbstractFinancial reforms, and financial liberalization in particular, have been at the root of many recent cases of financial and banking crises. In several countries financial reforms allowed real interest rates…more
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Working Paper No. 385July 01, 2003
Macroeconomic Policies of the Economic Monetary Union
AbstractThis paper presents two issues: first, an effort to decipher the theoretical and policy framework of the Economic and Monetary Union (EMU); and second, an argument that the challenges to…more
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Working Paper No. 381May 01, 2003
Reinventing Fiscal Policy
AbstractRecent developments in macroeconomic policy, in terms of both theory and practice, have elevated monetary policy while downgrading fiscal policy. Monetary policy has focused on the setting of interest rates…more
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Working Paper No. 382May 01, 2003
The Case for Fiscal Policy
AbstractThis paper reconsiders the case for the use of fiscal policy based on a “functional finance” approach that advocates the use of fiscal policy to secure high levels of demand…more
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Working Paper No. 378May 01, 2003
The Conditions for Sustainable US Recovery
AbstractThe anemic US economic recovery and the threat of a double-dip recession stem from the weakness of investment, due to excess capacity created in the euphoric years of the "new…more
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Working Paper No. 380May 01, 2003
How Long Can the US Consumers Carry the Economy on Their Shoulders?
AbstractThe consumer has been on a tightrope since the bursting of the "new economy" bubble, as losses in equity markets have been partly offset by gains in real estate and…more
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Working Paper No. 377April 01, 2003
Finance and Development
AbstractThere are many recent worldwide examples of severe financial crises that are linked to periods of financial liberalization. Given the ubiquity of these crises, there is the legitimate question of…more
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Working Paper No. 374March 01, 2003
The Nature and Role of Monetary Policy When Money Is Endogenous
AbstractThis paper considers the nature and role of monetary policy when money is envisaged as credit money endogenously created within the private sector (by the banking system). Monetary policy is…more
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Working Paper No. 371February 01, 2003
Credibility of Monetary Policy in Four Accession Countries
AbstractThe aim of this study is to estimate the credibility of monetary policy in four accession countries (the Czech Republic, Hungary, Poland, and the Slovak Republic), based on the Markov…more
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