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Working Paper No. 640December 01, 2010
he Central Bank “Printing Press”: Boon or Bane?
AbstractIn recent years, the US public debt has grown rapidly, with last fiscal year’s deficit reaching nearly $1.3 trillion. Meanwhile, many of the euro nations with large amounts of public…more
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Working Paper No. 639November 18, 2010
US “Quantitative Easing” Is Fracturing the Global Economy
AbstractThe Federal Reserve’s quantitative easing is presented as injecting $600 billion into “the economy.” But instead of getting banks lending to Americans again—households and firms—the money is going abroad, through…more
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Working Paper No. 638November 17, 2010
Exports, Capabilities, and Industrial Policy in India
AbstractAn extensive literature argues that India’s manufacturing sector has underperformed, and that the country has failed to industrialize; in particular, it has failed to take advantage of its labor-abundant comparative…more
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One-Pager No. 7November 13, 2010
Reserve Currencies and the Dollar’s Role in Containing Global Imbalances
AbstractThe stability of the international reserve currency’s purchasing power is less a question of what serves as that currency and more a question of the international adjustment mechanism, as well…more
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One-Pager No. 6November 12, 2010
Minsky’s View of Capitalism and Banking in America
AbstractBefore we can reform the financial system, we need to understand what banks do—or, better yet, what banks should do. Senior Scholar L. Randall Wray examines Hyman Minsky’s views on…more
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Working Paper No. 637November 12, 2010
Financial Stability, Regulatory Buffers, and Economic Growth
AbstractOver the past 40 years, regulatory reforms have been undertaken on the assumption that markets are efficient and self-corrective, crises are random events that are unpreventable, the purpose of an…more
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Working Paper No. 636November 11, 2010
Bernanke’s Paradox: Can He Reconcile His Position on the Federal Budget with His Recent Charge to Prevent Deflation?
AbstractThis paper examines Federal Reserve Chairman Ben Bernanke’s recipe for deflation fighting and the specific policy actions he took in the aftermath of the 2008 financial crisis. Both in his…more
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Policy Note No. 4November 11, 2010
A New “Teachable” Moment?
AbstractA common refrain heard from those trying to justify the results of the recent midterm elections is that the government’s fiscal stimulus to save the US economy from depression undermined…more
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One-Pager No. 5November 11, 2010
Preventing Another Crisis
AbstractThere is no justification for the belief that cutting spending or raising taxes by any amount will reduce the federal deficit, let alone permit solid growth. The worst fears about…more
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Working Paper No. 635November 10, 2010
International Trade Theory and Policy
AbstractThis paper provides a survey of the literature on trade theory, from the classical example of comparative advantage to the New Trade theories currently used by many advanced countries to…more
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One-Pager No. 4November 10, 2010
Is the Eurozone Doomed?
AbstractThe trillion-dollar rescue package European leaders aimed at the continent’s growing debt crisis in May might well have been code-named Panacea. Stocks rose throughout the region, but the reprieve was…more
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One-Pager No. 4November 10, 2010
Είναι καταδικασμένη η ευρωζώνη;
AbstractΤο ενός τρισεκατομυρρίων δολαρίων πακέτο διάσωσης που προώθησαν οι ευρωπαίοι ηγέτες τον Μαη του 2010 και που στοχεύει στην αντιμετώπιση της αυξανόμενης κρίση χρέους της ηπείρου, θα μπορούσε κάλλιστα να…more
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Working Paper No. 634November 03, 2010
How Brazil Can Defend Against Financialization and Keep Its Economic Surplus for Itself
AbstractThe post-1945 mode of global integration has outlived its early promise. It has become exploitative rather than supportive of capital investment, public infrastructure, and living standards. In the sphere of…more
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Working Paper No. 633November 02, 2010
Immigrant Parents’ Attributes versus Discrimination
AbstractThere is much interest in explaining the persistent ethnic gaps in education among Israeli Jews; specifically, the much lower attainments of those from Asian and African countries compared to the…more
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Working Paper No. 632November 01, 2010
The Household Sector Financial Balance, Financing Gap, Financial Markets, and Economic Cycles in the US Economy
AbstractThis paper investigates private net saving in the US economy—divided into its principal components, households and (nonfinancial) corporate financial balances—and its impact on the GDP cycle from the 1980s to…more
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Working Paper No. 631October 31, 2010
Exploring the Philippine Economic Landscape and Structural Change Using the Input-Output Framework
AbstractThis paper explores the degree of structural change of the Philippine economy using the input-output framework. It examines how linkages among economic sectors evolved over 1979–2000, and identifies which economic…more
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Public Policy Brief No. 116October 28, 2010
An Alternative Perspective on Global Imbalances and International Reserve Currencies
AbstractThe stability of the international reserve currency’s purchasing power is less a question of what serves as that currency and more a question of the international adjustment mechanism, as well…more
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Working Paper No. 630October 26, 2010
Managing Finance in Emerging Economies
AbstractIndia has been experiencing rising inflows of overseas capital since the deregulation of its financial sector. Often looked upon as a success story among other emerging economies, the country has…more
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Working Paper No. 629October 25, 2010
The Impact of Geography and Natural Resource Abundance on Growth in Central Asia
AbstractThis paper examines the growth experience of the Central Asian economies after the breakup of the Soviet Union. In particular, it evaluates the impact of being landlocked and resource rich….more
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Policy Note No. 3October 22, 2010
Why the IMF Meetings Failed, and the Coming Capital Controls
AbstractThe global financial breakdown is part of the price to be paid for the refusal of the Federal Reserve and Treasury to accept a prime axiom of banking: debts that…more
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Working Paper No. 628October 21, 2010
The Role of Trade Facilitation in Central Asia
AbstractWith a decrease in formal trade barriers, trade facilitation has come into prominence as a policy tool for promoting trade. In this paper, we use a gravity model to examine…more
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Working Paper No. 627October 19, 2010
The Transition from Industrial Capitalism to a Financialized Bubble Economy
AbstractFor the past decade, the US economy has been driven not by industrial investment but by a real estate bubble. Although the United States may seem to be the leading…more
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Working Paper No. 626October 11, 2010
Technical Change in India’s Organized Manufacturing Sector
AbstractWe use the real wage–profit rate schedule to examine the direction of technical change in India’s organized manufacturing sector during 1980–2007. We find that technical change was Marx biased (i.e.,…more
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Working Paper No. 625October 10, 2010
A Post Keynesian Perspective on the Rise of Central Bank Independence
AbstractThis paper critically assesses the rise of central bank independence (CBI) as an apparent success story in modern monetary economics. As to the observed rise in CBI since the late…more
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