Government & Politics
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A Conversation on the Economy
Oct 24, 2012
What do you get when you put two of the most well known and most widely cited economists in the world, both Nobel laureates, on stage together? A healthy dose of economic reality.
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Conference paper
Revitalizing the Eurozone without Fiscal Union
Apr 2012
The ongoing eurozone crisis has prompted many to argue that monetary union withoutfiscal union was bound to fail.
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Overhangs, Uncertainty and Political Order: Where Do We Go From Here?
Apr 13, 2012 | 03:15—05:15
Leading thinkers from outside the developed countries look to the future, spotlighting the pitfalls and opportunities thatawait us.
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Conference paper
Financial Instability after Minsky:Heterogeneity, Agent Based Models and Credit Networks
Apr 2012
Albeit the majority of the profession either ignores Minskyís Financial Instability Hypothesis (FIH) or considers it plainly wrong, at least since the mid-80’s a few influential economists —who have certainly not embraced any unorthodoxcredo —have grown more receptive to this idea and eager to incorporate it in their models, even if diluted and sometimes disguised in order to make it more palatable to the conventional “representative” macroeconomist
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Conference paper
Instability in Financial Markets: Sources and Remedies
Apr 2012
In the seemingly never-ending aftermath to the economic crisis that began in 2007, there is little disagreement that financial markets are characterized by instability rather than stability.
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Conference paper
Instability in Financial Markets: Sources and Remedies The View from Economic History
Apr 2012
Taking a long‐run view from economic history, I make three points about instability in financial markets. First, I argue that economic historians have a relatively good understanding of the proximate causes of financial crises.
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Conference paper
Inequality and Employment
Apr 2012
“Natural rate theory” has dominated interpretations of economic trends and policy prescriptions over many decades. European-type welfare state institution were claimed to cause a compressed wage distribution that distorts otherwise well functioning labor markets.
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Conference paper
Material intensity, productivity and economic growth
Apr 2012
Many models of economic growth exclude materials from the production function. Growing environmental pressures and resource prices suggest that this may be increasingly inappropriate.
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Conference paper
Does the Effectiveness of Fiscal Stimulus Depend on Economic Context?
Apr 2012
The topic of this session of the INET conference is a question: does the effectiveness of fiscal policy in stabilizing an economy depend on the underlying economic context in which the policy is implemented?
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Conference paper
Moving Towards Climate Justice: Overcoming Barriers to Change
Apr 2012
The present paradox, as ecological economist Bill Rees is fond of putting it, is simple yet profoundly troubling: “The ecologically necessary is politically infeasible, but the politically feasible is ecologically irrelevant.”
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Does The Effectiveness of Fiscal Stimulus Depend on The Context? Balance Sheet Overhangs, Open Economy Leakages, and Idle Resources
Apr 13, 2012 | 10:15—12:05
The effectiveness of fiscal stimulus in promoting economic recovery appears to depend upon many factors.
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Instability in Financial Markets: Sources and Remedies
Apr 13, 2012 | 10:00—12:05
What creates instability in financial markets? How does the weight of debt, the structure of expectations, or radical uncertainty contribute to instability?
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Inequality and The Challenge of Employment
Apr 13, 2012 | 12:25—02:15
Inequality has been growing and destabilizing confidence in many countries in recent years.
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New Economics, Climate Change, and New Models of Growth
Apr 13, 2012 | 10:15—12:05
Evidence of climate change is widely accepted by scientists.
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Conference paper
Towards an Ecological Macroeconomics
Apr 2012
Three major crises are confronting the world. The first is the increasing and uneven burden of humans on the biosphere, and the observation that we have already surpassed the ‘safe operating space’ for humanity with respect to three planetary boundaries: climate change, the nitrogen cycle and biodiversity loss.
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Managing the Global Commons: Growth, Inequality, and New Thinking for Sustainable Economics
Apr 13, 2012 | 03:45—05:35
How can we distribute growth globally when the developed world needs growth to emerge from debt overhangs and inequality between nations is still quite formidable?
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The Future of Europe
Apr 12, 2012
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What Matters: Fundamental Challenges and Self inflicted Wounds
Apr 12, 2012 | 03:30—05:10
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Conference paper
Debt Overhang and Capital Regulation
Apr 2012
We analyze shareholders’ incentives to change the leverage of a firm that has already borrowed substantially. As a result of debt overhang, shareholders have incentives to resist reductions in leverage that make the remaining debt safer.
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Conference paper
The Austerity Trap: A Century of Unrest and Budget Cuts
Apr 2012
Budget cuts can be dangerous. Inspired by the wrenching experience in Greece, increasing attention is now being paid to the fact that austerity may fail to reduce the government deficit if the economy declines in response, as is likely in a liquidity trap (Delong and Summers 2012).
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Is Mercantilism Doomed to Fail? China, Germany, and Japan and the Exhaustion of Debtor Countries
Apr 12, 2012 | 10:00—12:10
A country that produces goods of high quality at a competitive price is likely to be rewarded for its ingenuity with a trade surplus. Small countries often achieve great development success through export-led growth. At the same time, the entire economic system must be balanced.
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Conference paper
The Culprit of the Global Crisis – German Mercantilism!
Apr 2012
These are truly testing times. The world economic order – capitalism – is being called into question following the Lehman crisis. The world’s best form of societal organization – democracy – is being challenged by the economic success of autocratic countries such as China and Singapore.
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The Challenge of De-Leveraging and Debt Overhangs II : The Politics and Economics of Restructuring
Apr 12, 2012 | 06:15—08:05
When the very fabric of society is threatened by prolonged austerity or a financial sector collapse, a deliberate re-structuring of debt may be necessary to restore the hopes of renewed prosperity.
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The Challenge of De-leveraging and Overhangs of Debt I : Inflation and Austerity
Apr 12, 2012 | 03:45—05:55
After an era of vigorous expansion a downturn can reveal a large stock of debt relative to the economy’s capacity to service it.
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The Future of Europe
Apr 12, 2012 | 12:30—02:40
What has been learned now that the Euro zone’s fault lines have been revealed? Where are Europe and the Euro zone today?
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Reflections on the Politics of Deficit Reduction
Apr 12, 2012 - Apr 12, 2013 | 09:35—11:00
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The Future of Europe
Apr 12, 2012
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Paradigm Lost
PlenaryNew Economic Thinking 2012
Apr 12–15, 2012
The Institute joined the Centre for International Governance Innovation, and the Mercator Research Institute on Global Commons and Climate Change in hosting its third-annual plenary conference in Berlin from April 12-15, 2012.
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Conference paper
Sovereignty Effects
Apr 2012
With my remarks today on financial markets and the financial crisis, I do not make any claims to originality. Rather, they are intended as a reminder of certain circumstances that are already familiar to us, in one form or another.
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Which Way Forward? Reflections on Global Turmoil and the Role of Markets, Governments, and Civil Society
Apr 11, 2012 | 09:20—11:30
The global economy is in turmoil. Societies are unstable and not anchored by faith in the system or social order.
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Welcome Remarks
Apr 11, 2012 | 07:00—07:25
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Conference paper
A Tale of Two Trilemmas
Apr 2011
In a classic book and subsequent articles, Obstfeld and Taylor (2004) have shown how the broad contours of international financial history over the past century and a half can be well understood by appealing to the famous economictrilemma which emerges from the standard Mundell-Fleming model many of us still teach our undergraduates.
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Conference paper
A Comprehensive Approach to the Euro-Area Debt Crisis
Apr 2011
The euro area’s sovereign debt crisis continues though significant steps have been taken to resolve it.
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Optimal Currency Areas and Governance: The Challenge of Europe
Apr 9, 2011 | 09:30—11:30
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Rising to the Challenge: Equity, Adjustment and Balance in the World Economy
Apr 9, 2011 | 01:50—03:20
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Conference paper
Optimal Currency Areas and Governance: The Challenge of Europe
Apr 2011
In preparing this paper I have decided not to embark upon the decades-old issue of optimal-currency areas and governance as such. I assume that one of my colleagues on the panel will do that. Instead I will present an historical case of over-indebtedness of parts of a common-currency area somewhat similar to the present challenge of Europe, or rather of the Euro area with its common currency.
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Conference paper
High Wealth Concentration, Porous Exchange Control, and Shocks to Relative Return: the Fragile State of China’s Foreign Exchange Reserve
Apr 2011
At a time when China is the favored investment destination in the global market, it seems unlikely that it would ever face capital flight.
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Conference paper
Legislators Never Bowl Alone: Big Money, Mass Media, and the Polarization of Congress
Apr 2011
This is a small paper on a big subject: the polarization of American politics since the mid-1970s. In its early stages this process bore more than a passing resemblance to the opening scenes of a Grade B disaster movie: With almost everyone’s attention focused elsewhere, a series of tiny, seemingly insignificant departures from long standing routines took place.
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Conference paper
Too Big to Fail, Too Big to Jail
Apr 2011
The theme of this session is very timely and controversial, on the ability of sovereign governments to supervise Large Complex Financial Institutions (LCFIs), now officially described as G-SIFIs, global systemically important financial institutions.
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Conference paper
Global Imbalances: Past, Present and Future
Apr 2011
After the inception and, hopefully, the passing of the most dangerous phase of the international financial crisis, economists have returned to the long favoured subject of global imbalances.
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The Political Economy of Structural Adjustment: Understanding the Obstacles to Cooperation
Apr 9, 2011 | 03:15—05:10
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Conference paper
Evolving Economic and Financial Systems in India
Apr 2011
The presentation explains that Indian Economy is basically a market-oriented economy with constant rebalancing between state andmarket.
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The Architecture of Asia: Financial Structure and an Emerging Economic System
Apr 9, 2011 | 11:45—01:35
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Conference paper
Corporate Citizenship in a Civil Economy
Apr 2011
Many companies around the world have discovered they can benefit financially from integrating environmental, social and governance (ESG) targets in their daily operations and strategy.
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The Challenge of Large, Complex Financial Institutions
Apr 8, 2011
Simon Johnson at the Institute’s 2011 Annual Conference.
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Can Sovereignty and Effective International Supervision Be Reconciled? The Challenge of Large Complex Financial Institutions
Apr 8, 2011 | 11:05—01:05
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Sovereignty and Institutional Design in the Global Age: The Global Market and the Nation States
Apr 8, 2011 | 09:00—10:50
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Getting Back on Track : Macroeconomic Management After A Financial Crisis
Apr 8, 2011 | 04:50—06:55
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Gordon Brown: Keynote Address
Apr 8, 2011 | 07:00—09:00
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Conference paper
Capitalism, Socialism and Democracy, Once Again
Apr 2011
Some questions can only be answered by educated guess. The question at the centre of this round table pertains to this category. We should not be ashamed of this kind of limitation of our capacity to predict the future.
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The Emerging Economic And Political Order: What Lies Ahead?
Apr 7, 2011 | 11:15—01:00
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Welcome and Opening Remarks
Apr 7, 2011 | 11:00—11:15
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How the West is Repeating Japan's Mistakes
Feb 24, 2011
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Big Money, Mass Media, and the Polarization of Congress
Jan 11, 2011
Paper presented at Bretton Woods Conference
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Conference paper
Political Economy of Controlling Systemic Risk: What Governments Can Do Vs. What Governments Are Willing to Do
Apr 2010
In directing panelists to distinguish between what governments “can” and “will” do, this session’s title frames economic policymaking as a balancing act. Principled efforts to define and pursue the public interest are contested and repeatedly knocked off course by conflictingpersonal, bureaucratic, and political concerns that impinge on government decisionmakers.
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Conference paper
When Wolves Cry “Wolf”: Systemic Financial Crises and the Myth of the Danaid Jar
Apr 2010
Financial crises are staggeringly costly. Only major wars rival them in the burdens they place on public finances.
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Conference paper
Marcello De Cecco: Political Economy: What Can Government Do? What Will Government Do?
Apr 2010
The crisis of the export led model in the EMU countries and its monetary and financial consequences on European integration.
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Political Economy: What Can Government Do? What Will Government Do?
Apr 9, 2010 | 12:15—02:05
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Conference paper
Economic Policy Challenges in the Post-Crisis Period
Apr 2010
The global financial crisis—and the Great Recession that followed—have inflicted tremendous economic and social damage across the world. Thankfully, we now appear to be on the path to recovery—though it remains sluggish and uneven, and in need of continued policy support in many advanced economies.
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Dominique Strauss-Kahn: Economic Policy Challenges in the Post-Crisis Period
Apr 9, 2010 | 08:05—09:55
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Conference paper
What Kind of Theory to Guide Reform and Restructuring of the Financial and Non-Financial Sectors?
Apr 2010
The purpose of the paper is to argue for attention to be paid, not only to choice of theory, but also to choice of theoretical approach, in order to address issues posed by the crisis.
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Conference paper
Revitalizing Global Economic and Financial Cooperation: Observations on the Global Financial Architecture
Apr 2010
Since the outbreak of the Asian financial crisis more than a decade ago, world leaders have been searching for ways to make the global financial system more resilient, less crisis-prone, and better able to play its essential role in supporting broadly-shared growth.
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Conference paper
Toward A New Global Financial Architecture: Some Issues and Approaches
Apr 2010
The current debate on new Global Financial Architecture is, in a way, the continuation of the debate that was intensified consequent upon the Asian crisis.
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Toward a New Global Financial Architecture
Apr 8, 2010 | 12:00—01:45
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Conference paper
Life after “Rational Expectations”? Imperfect Knowledge, Behavioral Insights and the Social Context
Apr 2010
Many people regard the recent financial crisis as a painful addition to an already massive body of evidence that demonstrates the inadequacy of today’s economic models of “rational” markets.
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Conference paper
Anatomy of Crisis: Economic Theory, Politics and Policy
Apr 2010
The current economic and financial crisis, and it is both, has already imposed great costs on the global economy. Nor is there any guarantee that we have seen the worst and that recovery is now assured.
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Conference paper
George Soros: The Living History of the Last 30 years
Apr 2010
Economic theory has modeled itself on theoretical physics. It has sought to establish timelessly valid laws that govern economic behavior and can be used reversibly both to explain and to predict events.
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Anatomy of Crisis- The Living History of the Last 30 Years: Economic Theory, Politics and Policy
Apr 8, 2010 | 03:00—04:50
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What Kind of Theory to Guide Reform and Restructuring of the Financial and Non-Financial Sectors?
Apr 8, 2010 | 09:50—11:40
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The Economic Crisis and the Crisis in Economics
PlenaryNew Economic Thinking 2010
Apr 8–11, 2010
The Institute for New Economic Thinking convened many of the world’s most distinguished economists, academics and thought leaders at its inaugural Conference at King’s College, University of Cambridge.
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Markets, Speculation and the State
William Janeway’s Far-Ranging Seminar on Fundamental Debates in Innovation and Finance
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After the Crisis
Many thought the financial crash was a final blow to capitalsim. Why does it still reign supreme? Anatole Kaletsky outlines the shape of things to come.