The effects of the global economic crisis in Latin America

The aim of this article is to analyze the current phase of the global crisis and the way it has manifested itself in Latin America. The global crisis is the most important capitalist crisis since World War II. It is a new type of debt-deflation crisis, highlighting the limits of the finance-dominated regime of accumulation and characterized by securitization. Latin American countries have not been immune to the global crisis. Since it sets limits on globalization, the impossibility of maintaining export-driven accumulation sustained by restrictive monetary and fiscal policies becomes clear. This time, there will be no way out in external markets for any country. That fact will force them to restructure productive systems and search for a way out in domestic markets and in regional spaces for integration.

Five models of capitalism

Besides analyzing capitalist societies historically and thinking of them in terms of phases or stages, we may compare different models or varieties of capitalism. In this paper I survey the literature on this subject, and distinguish the classification that has a production or business approach from those that use a mainly political criterion. I identify five forms of capitalism: among the rich countries, the liberal democratic or Anglo-Saxon model, the social or European model, and the endogenous social integration or Japanese model; among developing countries, I distinguish the Asian developmental model from the liberal-dependent model that characterizes most other developing countries, including Brazil.

Fiscal policy and private investment: latin america in a comparative perspective

The main objective of the paper is to assess the impact of fiscal variables on private investment comparing some Latin-American economies to other advanced ones. For such purposes, the authors carry out an econometric analysis for the period 1990-2008. They make use of two dynamic panel models in which they group countries with similar characteristics and development levels. In one of them, they include Mexico, Brazil, Chile, Colombia and Uruguay; whereas in the second one the countries accounted for are the U.S., Canada, Spain, Korea, Ireland and Japan. They specify in both models an investment function using as arguments a wide range of variables, including those related with fiscal policy. From their results the authors infer that governments can, with higher spending, boost up the economy even when they finance spending with higher taxes. In Latin America, where income concentration is enormous, a proposal to boost up the economy through higher government expenditure financed with a progressive income tax, is even more justified.

Democracia consolidada e tamanho do Estado

Consolidated democracy and size of the State. Common sense suggests that the more consolidated democracies and advanced economies tend to be more efficient and produce smaller States. What is observed in practice, however, is a positive correlation between "democratic consolidation" and "tax burden" (as a proxy for"size of Government"). This finding, while not expressing any causal relationship between the two variables, is an evidence that a more republican and democratic State, as defined in Bresser-Pereira, must be able to provide, effectively and efficiently, broader public services with better quality. This is, in consolidated democracies, the State should not be small.

Just how capitalist is China?

In this paper, we review old and modern conceptions of "capitalism" and then we evaluate how "well" China fares on three touchstones of capitalism: competitive markets, generalization of wage-labour, and private ownership of the means of production. While we accept that China has come a long way under the first two criteria since the 1980s, we do not deem China yet to be a full-fledged capitalist economy for the State still wields great power through the allocation of massive state resources and control of large and highly profitable state enterprises, which dominate key sectors of the economy.

Suomen taloussuhdanteiden kansainvälinen yhteisvaihtelu

Taloussuhdanteiden yhteisvaihtelun tutkimus on eräs taloustieteiden vanhimmista tutkimusaloista. Finanssikriisi ja euroalueen kohtaamat talousvaikeudet ovat kuitenkin nostaneet aiheen jälleen hyvin ajankohtaiseksi. Kuluneiden kahdenkymmenen vuoden aikana tutkimusalueesta on muodostunut erittäin laaja lukuisine näkökulmineen ja debatteineen. Tutkielman aiheena on Suomen taloussuhdanteiden kansainvälinen yhteisvaihtelu valittujen vertailumaiden kanssa. Vertailumaat ovat Ruotsi, Norja, Tanska, Saksa, Ranska, Iso-Britannia ja Yhdysvallat. Tutkielmaan valitut taloussuhdannetta kuvaavat muuttujat ovat reaalinen bruttokansantuote, yksityinen kokonaiskulutus ja teollisuustuotantoindeksi. Aineisto on kerätty Lappeenrannan tiedekirjaston Nelli-portaalin OECD iLibrary-tietokannasta ja se kattaa aikajakson 1960 Q1- 2014 Q4. Maakohtainen taloussuhdanne operationalisoidaan laskemalla ensimmäinen logaritminen differenssi, joka edustaa perinteistä reaalisuhdanneteoreettisen koulukunnan näkemystä taloussuhdanteesta. Tutkielman näkökulmaksi valitaan yhden maan näkökulma, joka on hieman harvinaisempi näkökulma verrattuna laajempiin alueellisiin näkökulmiin. Tutkimusmenetelminä käytetään Pearsonin korrelaatiokerrointa, Engle-Granger- sekä Johansenin yhteisintegroituvuustestejä ja VAR-GARCH-BEKK –mallilla laskettua dynaamista korrelaatiota, jotka lasketaan Suomen ja vertailumaiden välille maapareittain. Tuloksia tulkitaan suomalaisen vientiä vertailumaihin suunnittelevan yrityksen näkökulmasta. Tutkielman tulosten perusteella Engle-Grangerin menetelmällä laskettu samanaikainen yhteisintegroituvuus Suomen ja vertailumaiden välillä on epätodennäköistä. Kun yhteisintegroituvuuden annetaan riippua myös viiveistä, saadaan Johansenin menetelmällä yhteisintegroituvuus Suomen ja Yhdysvaltojen välille reaalisessa bruttokansantuotteessa, Suomen ja Saksan, Suomen ja Ranskan sekä Suomen ja Yhdysvaltojen välille yksityisessä kokonaiskulutuksessa sekä Suomen ja Norjan välille teollisuustuotantoindeksissä. Tulosten tulkintaa vaikeuttavat niiden malliriippuvuus ja informaatiokriteerien toisistaan poikkeavat mallisuositukset, joten yhteisintegroituvuus on mahdollinen myös muiden maaparien kohdalla. Dynaamisten korrelaatiokuvaajien perusteella maaparien välisen yhteisvaihtelun voimakkuus muuttuu ajan mukana. Finanssikriisin aikana kokonaistuotannossa on havaittavissa korkeampi korrelaatio, mutta korrelaatio palaa sen jälkeen perustasolleen. Kokonaiskulutuksen korrelaatio on kokonaistuotantoa alhaisempi ja pitemmissä aikajaksoissa vaihtelevaa.

A Comparison of B2C E-Commerce in Finland, Germany and United Kingdom

E-Commerce is not a new phenomenon, but strictly speaking, it has breakthrough during the past 15 years. E-commerce is adopted differently across European countries, even though almost all of them are considered to be advanced industrialized nations. These notions are made at the same time as E-Commerce markets grow year by year. Countries seem to evolve at a different pace. At the same time, customers get more and more experienced with the Internet and perceive online marketplace more critically. Also, companies have their important role in the development of E-Commerce. E-Commerce research has been conducted on three levels of analysis: individual, company, and country. In this thesis, the primary focus is on the differences between B2C retail E-Commerce in Finland, Germany, and the United Kingdom. The research is conducted with an exploratory method by collecting data from secondary sources. The research suggests that there are no significant differences between delivery methods in Finland, Germany, and the United Kingdom. When it comes to payment methods, the results suggests that there is a statistically significant difference between Germany and United Kingdom.

The claim of Amasa Stetson, of Massachusetts, on the United States, for money advanced, in fulfilling the orders of the Government while discharging the duties of Commissary General of Purchases, in time of the late war with Great Britain ; and for services rendered. --

Claim relating to the War of 1812.

The People's Republic of China and her relations with the countries of the association of Southeast Asian nations : 1969-1975

Phe Ihesis examines the evolution of the -policies of the People fs Jtenublie of China towards J?hail°nd, PTal ysia, Singapore, Iidonesia pad the Philip-pines, organised in the Association of Southeast Asian Nations from 1969 to 1975• 2ze first central point of this study is an *ir sumption that the foreign relations of The People's Tepublic of Chi la Towards Southeast ^sia have been motivated by a dynamic interplay of t^o main factors: (1) Farxist-Leninist ideology and ICao J^e-tung Ph^ught, which dictate to China to behave as a revolutionary Dover vhich must assist the insurgent movements in the area in their strug fle to overthrow the local governments; (2) national interest, vhich demands of China to safeguard the southern flank of her territory bordering on Southerst 'sia through Friendly relations, trade and ot*»er conventional inrtniments of diplomacy. hile the tvo main motive factors are nuTually antagonistic and exclusivet the Chinere leaders are nevertheless at te mi ting to oring them iirco a coherent policy under Mao's theory of tve {hniity of op-nosites," vhich believes that it is -possible to reconcile these co-posing tendencies into a dynamic enuibrium through vhich both opnosites could be promoted at the same time although not to the same extent* la other words, the Chinese leaders conceive the dynamic equilibrium as a continuum between them in a mix in which one or the other orientation predominates in different •periods* Bins we might see China1 s conduct motivated in one period by mostly ideological considerations at the expense of the staire-to-state relations, then ve might see her policy in the middle of the continuum and suf ering from immo bill sine and just muddling through, or finally ?fe might see her emphasising friendly ties at the expense of support of revolutionary movements at the other extreme -point of the spectrum* !fhe mechanism vhich enables Peking to move from one pole to the other of the spectrum is activated by the following elementsJ (1) the result of an internal power struggle within the leadership in Peking between ideologically radical and moderate elements, which enables the victorious faction to initiate nev policies; (2) Peking's assessment of the changing intentions and capabilities of the major powers in the area; (3) internal changes within the countries of the area and the changing attitudes of their governments towards China; (4) changing fortunes of revolutionary movements operating in the area* 'Phe second major point of this study is an assertion that while China's conduct toward Southeast *lsia after her foundation in 1949 was primarily based upon ideological considerations, the beginning of the seventies saw the national interest reasserting itself as the leading motive factor* Thus China talks with her neighbours in Southeast asia in terms of relevance of fllong historical ties," casting herself into the role of a benevolent "older brother11 who is entitled to reopect and deference in exchange for patronage and protection* Hence the traditional echoes of the past are emerging ever stronger and influencing her postures towards the region, while the open support to revolutionary moevments is underplayed at the moment.

Making Queer Anti-capitalist Resistance Intelligible: Reading Queer Childhood in the Ruins of Neoliberalism

In challenging normative social relations, queer cultural studies has shied away from deploying historical materialist theoretical tools. My research addresses this gap by drawing these two literatures into conversation. I do so by investigating how global economic relations provide an allegorical and material context for the regulation, representation and re-imagining of working-class queer childhood through anti- capitalist queer readings of three films: Kes, Billy Elliot, and Boys Village. I deploy this reading practice to investigate how these films represent heteronormative capitalism’s systematic extermination of the life possibilities of working class children, how children resist forces of normalisation by creating queer times and spaces, and how nostalgia engenders a spatio-temporal understanding of queerness through a radical utopianism. My analysis foregrounds visual cultural productions as sites for understanding how contemporary social worlds exclude queer working class children, who struggle to insert themselves into and thereby shift the grounds of normative social relations.

A DYNAMIC FRAMEWORK FOR THE RELATIONS BETWEEN FOREIGN EXCHANGE RATES, SAVINGS AND INVESTMENTS

The Meese-Rogoff forecasting puzzle states that foreign exchange (FX) rates are unpredictable. Since one country’s macroeconomic conditions could affect the price of its national currency, we study the dynamic relations between the FX rates and some macroeconomic accounts. Our research tests whether the predictability of the FX rates could be improved through the advanced econometrics. Improving the predictability of the FX rates has important implications for various groups including investors, business entities and the government. The present thesis examines the dynamic relations between the FX rates, savings and investments for a sample of 25 countries from the Organization for Economic Cooperation and Development. We apply quarterly data of FX rates, macroeconomic indices and accounts including the savings and the investments over three decades. Through preliminary Augmented Dickey-Fuller unit root tests and Johansen cointegration tests, we found that the savings rate and the investment rate are cointegrated with the vector (1,-1). This result is consistent with many previous studies on the savings-investment relations and therefore confirms the validity of the Feldstein-Horioka puzzle. Because of the special cointegrating relation between the savings rate and investment rate, we introduce the savings-investment rate differential (SID). Investigating each country through a vector autoregression (VAR) model, we observe extremely insignificant coefficient estimates of the historical SIDs upon the present FX rates. We also report similar findings through the panel VAR approach. We thus conclude that the historical SIDs are useless in forecasting the FX rate. Nonetheless, the coefficients of the past FX rates upon the current SIDs for both the country-specific and the panel VAR models are statistically significant. Therefore, we conclude that the historical FX rates can conversely predict the SID to some degree. Specifically, depreciation in the domestic currency would cause the increase in the SID.

Advanced arithmetic

UANL

Subnational Fiscal Autonomy and Impact of Decentralization : The Case of European Transition Countries.

Rapport de recherche

Does IMF Induce Political Business Cycles? An Empirical Analysis on Latin America's Indebted Countries.

Rapport de recherche

Finance and Growth : Empirical Evidence from Developing Countries, 1960-1990

This paper examines the empirical relationship between financial intermediation and economic growth using cross-country and panel data regressions for 69 developing countries for the 1960-1990 period. The main results are : (i) financial development is a significant determinant of economic growth, as it has been shown in cross-sectional regressions; (ii) financial markets cease to exert any effect on real activity when the temporal dimension is introduced in the regressions. The paradox may be explained, in the case of developing countries, by the lack of an entrepreneurial private sector capable to transform the available funds into profitable projects; (iii) the effect of financial development on economic growth is channeled mainly through an increase in investment efficiency.