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Working Paper No. 631Exploring the Philippine Economic Landscape and Structural Change Using the Input-Output Framework
This 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 sectors exhibited the highest intersectoral linkages. We find that manufacturing is consistently the key sector in the Philippine economy. Specifically, resource-intensive and scale-intensive manufacturing industries […] -
Public Policy Brief No. 116An Alternative Perspective on Global Imbalances and International Reserve Currencies
The 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 as the compatibility of export-led development strategies with international payment balances. According to Senior Scholar Jan Kregel, export-led growth and free capital flows are the […] -
Working Paper No. 630
Managing Finance in Emerging Economies
India 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 been subject to pitfalls and trilemmas that deserve attention. It has been officially recognized by the Governors of RBI that the financial crisis in India […] -
Working Paper No. 629
The Impact of Geography and Natural Resource Abundance on Growth in Central Asia
This 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. The main conclusions are: (1) Over the period 1994–2006, the landlocked resource-scarce developing countries of Central Asia grew at a slower pace than other landlocked […] -
Policy Notes No. 3Why the IMF Meetings Failed, and the Coming Capital Controls
The 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 cannot be paid, won’t be. These agencies tried to “save” the banking system from debt writedowns by keeping the debt overhead in place, while reinflating […] -
Working Paper No. 628
The Role of Trade Facilitation in Central Asia
With 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 the relationship between bilateral trade flows and trade facilitation. We also estimate the gains in trade derived from improvements in trade facilitation for the Central […] -
Working Paper No. 627
The Transition from Industrial Capitalism to a Financialized Bubble Economy
For 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 example of industrial capitalism, its economy is no longer based mainly on investing in capital goods to employ labor to produce output to sell at […] -
Working Paper No. 626
Technical Change in India’s Organized Manufacturing Sector
We 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., declining capital productivity with increasing labor productivity) through the 1980s and 1990s; and Hicks neutral (increasing both capital and labor productivity) post-2000. The historical experience […] -
Working Paper No. 625
A Post Keynesian Perspective on the Rise of Central Bank Independence
This 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 1980s, we single out the role of peculiar German traditions in spreading CBI across continental Europe, while its global spread may be largely attributable to […] -
Report No. 3Report October 2010
This issue highlights the 2010 Minsky Conference on the State of the US and World Economies, as well as a series of policy briefs and notes that examine the efficacy of sustained budget deficits, the role of the economics profession in the current crisis, proposals to restructure the eurozone, and the financial balances approach to […] -
Working Paper No. 624
A Reassessment of the Use of Unit Labor Costs as a Tool for Competitiveness and Policy Analyses in India
We reinterpret unit labor costs (ULC) as the product of the labor share in value added, times a price adjustment factor. This allows us to discuss the functional distribution of income. We use data from India’s organized manufacturing sector and show that while India’s ULC displays a clear upward trend since 1980 (with a decline […] -
Summary No. 3Summary Fall 2010
The Fall Summary provides an overview of the annual Minsky Conference, which was held in April in New York City with support from the Ford Foundation. Titled “After the Crisis: Planning a New Financial Structure,” the conference focused on many Minskyan themes, including the reconstitution of the financial structure, the reregulation and supervision of financial […]