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ID:
134699
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| Summary/Abstract |
As China rises, its influence on other states’ policy choices will depend partly on the extent of its “structural power.” This article examines China’s role in Asian monetary affairs and argues that deficient structural power has contributed to a significant gap between China’s waxing economic resources and its policy influence.
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| 2 |
ID:
134491
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| Summary/Abstract |
What can the scholarship on global international organizations (IOs) tell us about the contributions of the executive head (EH) to organizational change? The empirics of IO studies frequently credit EHs with important changes, but these studies seldom consider EHs separate from the rest of the bureaucracy and thus make few theoretical claims about them. Consequently, it is difficult to assess whether this credit is warranted and why some heads are given more credit than others. This article argues that heads, such as World Bank President Robert McNamara and United Nations Secretary-General Dag Hammarskjold, were influential because they did not just channel state and bureaucratic demands but made political choices that contributed to organizational adaptation. To make this argument, it draws on sociological institutionalist and constructivist scholarship on IO and leadership to develop an analytical framework where IO adaptation is linked to the EH's performance of two tasks commonly associated with executive leadership: defining a strategic plan and mobilizing support to implement that plan. However, it adds that when environmental constraints are severe, the conventional “follower-oriented” mobilization strategies found in leadership studies are less viable. Instead, EHs can adopt an “opposition-oriented” one intended to prevent the opposition from mobilizing while incrementally implementing key reforms.
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| 3 |
ID:
136721
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| Summary/Abstract |
The combination of decades of deficit spending and more recent experiments in radical monetary policy has contributed to a slow but steady increase in the cost of living for all Americans
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| 4 |
ID:
134737
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| Summary/Abstract |
This article addresses the issue of past and future types of monetary-fiscal coordination that can deliver inclusive growth and low inflation in the Indian context. After India’s Independence, monetary policy was subordinated to planned development and, therefore, implicitly directed at inclusion. But large areas of the economy were still not monetised, and the modern sector was small. So inclusion was about expanding the sphere of the modern economy. Once a populous emerging market (EM) crosses a critical threshold and high catch-up growth is established, higher labour mobility blurs the distinction between the formal and informal sectors. A macroeconomics of the aggregate economy becomes both necessary and feasible. Since monetary policy affects a larger part of the economy, it can directly affect inclusion by affecting the pace of job creation. But bottlenecks that raise costs, pushing up the price at which any level of output is available, can force monetary tightening. If fiscal policies are redesigned for active inclusion that expands human capacity, makes more productive labour available, and reduces wasteful distortions, monetary policy can better support the objective of inclusive growth. The change in the type and efficacy of government policies designed for inclusion required has become politically and technologically feasible.
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| 5 |
ID:
134268
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| Summary/Abstract |
Europe is facing both a political crisis of democracy and legitimacy and an economic crisis of debt and competitiveness. These crises seem to point in two distinct directions, growing social unrest over the Europeanized mechanisms of economic adjustment, and increasing efforts at strengthening those same institutions that regulate the adjustment process. Recent analyses have suggested that this failure of democracy will prove decisive; legitimacy for crisis management efforts requires a redemocratization of the European polity. Instead, drawing on an analysis of ordo- and neo-liberal traditions, the article explains how European integration was itself a response to the perceived threat of democratic demands at the domestic level. The body of the article then traces the crisis through three phases, arguing that efforts by state managers reflect a deliberate attempt to depoliticize policy-making processes. Yet the selective intervention—to restore accumulation whilst withdrawing social spending—has only fuelled the politicization of segments of European society. This threatens to test the limits of depoliticization as a governing strategy.
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| 6 |
ID:
136616
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| Summary/Abstract |
Conventional wisdom holds that voters in developing countries fail to punish pervasive pre-electoral fiscal manipulation. However, we argue that governments are unlikely to engage in pre-electoral fiscal manipulation when facing a high risk of speculative currency attacks. In particular, under fixed exchange rates, governments are less likely to engage in fiscal electioneering when either their real exchange rate is highly appreciated or their foreign exchange reserves are low. In contrast, under a flexible exchange rate, neither a country's real exchange rate nor its reserves affects governments' decision to engage in fiscal manipulation. Our argument receives support through a quantitative analysis of government budget balances in 97 developing countries from 1975 to 2005.
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| 7 |
ID:
136148
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| Summary/Abstract |
Many observers have diagnosed a fundamental shift in financial regulation since the 2008 crisis. In contrast, this article argues that changes have mostly been superficial. The ideas underpinning regulation have been adapted rather than overturned. Our financial system remains highly fragile, even if exceptionally loose monetary policy obscures such fragility temporarily. Governments show little appetite to correct the lopsided relationship between the financial sector and the real economy and turn the sector into a reliable engine of prosperity and stability rather than a continued source of systemic risk.
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| 8 |
ID:
134739
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| Summary/Abstract |
A structural vector autoregression (SVAR) model is proposed for analysing the impact of monetary policy stances on real variables in the Indian economy, in the context of its continuous exposure to global factors like oil price shocks and changes in global financial health. The empirical findings based on monthly data relating to the post-liberalisation period (April 1992–December 2012) suggest that contractionary monetary policy has had a considerable adverse impact on output for a year, which appears to be consistent with the prevailing economic outlook. But the same policy measure fuels inflation further for the first eight months in contrast to its expected decline, and the rise in inflation raises the issue of a ‘price puzzle’ in the Indian context. Monetary policy-induced exchange rate appreciation hampers industrial production due to outperformance of high import demand over export competitiveness and causes an increase in the average price level. Global factors like oil price shocks leave detrimental effects on output for a long time horizon of 10–12 months and raise inflation for nearly half a year, whereas an increase in the US federal funds rate results in a temporary decline in output growth of Indian industries
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