This paper is about the movement of African states toward, or away, from democratisation with position that capacity building is a check to the predominance of political dictatorship and authoritarianism. Literature reverberate the contribution of presidents and in that context their roles in...

In August 2009, the Freetown Declaration by the African finance ministers committed their governments to 'implement fiscal stimulus measures' to counter the effects of the international financial crisis. This paper analyses the institutional and economic feasibility of realising this commitment....

The paper argues that the Greek debt crisis, as well as those of other Southern European countries and Ireland, has to be seen in macroeconomic context. The sum of the public sector balance, the (domestic) private sector balance and the current account deficit (or equivalently: the capital...

This paper analyses two main features of the financialisation period, namely: 1) the replacement of the 'originate and hold' banking model with the 'originate and distribute' banking model; 2) the securitisation process of structured finance products. These features have produced remarkable...

The UK coalition government claims that the establishment of market 'credibility' can only be achieved through the implementation of immediate and unpalatable fiscal austerity measures. The paper examines this claim and considers some additional questions. First, is there is any justification...

In this paper, asset price bubbles in equities and housing that were developed from August 1987 to September 2008 are examined. Monetary policy reaction functions are estimated. Results revealed that, although not successful in pricking the bubble, the Federal Reserve System did follow a...

The subprime crisis raised some fundamental questions about the usefulness of mainstream economics. This paper considers the shortcomings of the new neoclassical synthesis and the new macroeconomic consensus in analysing the causes and consequences of the crisis. It demonstrates that the major...

The paper takes a fresh look at the governance of the most important macroeconomic objectives: price stability and full employment. On the basis of a post-Keynesian market constellations approach, the necessity and institutional requirements of the coordination of macroeconomic policy areas in...

In the mainstream economics, the postulate of rational expectations downgrades the relevance of macroeconomic policy and institutions. In a world of full information and rational expectations, aggregate demand is irrelevant in anything other than a strictly short-run context, and the only...

In this paper we advocate a way of approaching macroeconomic policy, which stands in contrast to the now discredited 'new consensus in macroeconomics' policy framework. The five pillars of our approach are: the need for budget deficits to support the level of aggregate demand; full consideration...