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Capital flight has characterized the transformation process in Russia. Inflows of foreign direct investment have been minor and have been preceeded by inflows of portfolio capital. The paper shows that uncertainty about macroeconomic stabilization exhibits a strong negative effect on the volume...
Persistent link: https://www.econbiz.de/10010275634
Persistent link: https://www.econbiz.de/10014289995
Most recent discussions of deflation seem to overlook the main dangers posed by a deflationary economy and appear to offer superficial solutions. In this brief, the authors argue that, barring drastic changes in asset and output prices, deflation itself is not the main problem, but rather the...
Persistent link: https://www.econbiz.de/10010280341
Since 1988 Peru has plunged into a deep economic crisis which has already caused severe social strife and threatens to … of foreign exchange reserves, a dramatic decline of output, and mass unemployment. The economic plight of Peru can … financial support would go a long way in bringing Peru back to a sustained and socially acceptable growth path. Priority areas …
Persistent link: https://www.econbiz.de/10010305355
Persistent link: https://www.econbiz.de/10010265591
Peru belongs to the club of Latin American countries which recently declined to follow "orthodox" adjustment programmes … in 1970 - 1985 is studied in an attempt to arrive at a diagnosis of the central disease affecting economic policy in Peru …
Persistent link: https://www.econbiz.de/10010269715
German Social Democracy is faced with tremendous challenges of societal and economic changes: party dealignment, a bourgeoisifying of society, the rise of media democracy and economic and cultural globalisation. The party's reaction - a third order change in its ideological objectives and a...
Persistent link: https://www.econbiz.de/10010298492
The traditional theory of economic policy of the Tinbergen-Theil-type has come under severe criticism: in the ontological setting of the New Classical Macroeconomics based on the Rational Expectations Hypothesis (REH), economic policy is ineffective or neutral with respect to real variables. In...
Persistent link: https://www.econbiz.de/10010302516
After having been ignored for a long time by economists, happiness is becoming an object of serious research in 21st century economics. In Section 2 we sketch the present status of happiness economics. In Section 3 we consider the practical applicability of happiness economics, retaining the...
Persistent link: https://www.econbiz.de/10010325462
In the last years, a number of contributions has argued that monetary - and, more generally, economic - policy is finally becoming more of a science. According to these authors, policy rules implemented by central banks are nowadays well supported by a theoretical framework (the New Neoclassical...
Persistent link: https://www.econbiz.de/10010328656