Monetary policy in a systemic crisis

This paper examines the monetary policy followed during the current financial crisisfrom the perspective of the theory of the lender of last resort. It is argued that standardmonetary policy measures would have failed because the channels through whichmonetary policy is implemented depend upon the well functioning of the interbankmarket. As the crisis developed, liquidity vanished and the interbank market collapsed,central banks had to inject much more liquidity at low interest rates than predicted bystandard monetary policy models. At the same time, as the interbank market did notallow for the redistribution of liquidity among banks, central banks had to design newchannels for liquidity injection.

Systemic crisis in Alexander Lukashenko's regime. OSW Commentary No. 66, 2011-10-28

Measures undertaken by the Belarusian government in the areas of the economy, internal affairs and foreign policy in recent months have proven increasingly ineffective. Despite the deteriorating macroeconomic situation, Minsk is not implementing the reforms necessary to combat the crisis and its activity is limited only to feigned actions and administrative regulations. As a result, the economic situation is worsening but the chances of obtaining external loans as support, for example from the International Monetary Fund (IMF), are decreasing. At the same time there is mounting fear among the regime of social unrest, therefore by raising salaries of the least well-off groups of citizens it is trying to compensate for the increased costs of living. On the other hand, the government is extending the scope of control over society and competences of enforcement bodies. Belarus’s room for manoeuvre in foreign policy has also been diminishing substantially. Despite the EU’s declared willingness to reach an agreement and its encouragement, Lukashenko is not ready to make concessions in the political sphere (e.g. to rehabilitate political prisoners), and this is hindering the normalisation of relations with the West. Minsk furthermore feels a mounting pressure from Moscow, making the Belarusian negotiating position ever weaker. The lack of freedom of manoeuvre in foreign policy, no possibility to maintain a costly economic model and the lack of support from the majority of society all prove that Alexander Lukashenko’s regime is in severe crisis. The system he established is no longer able to respond to current threats with adequate and effective strategies. This situation is challenging the regime’s stability and calls into question its viability in the longer term.

Financial governance: the Brazilian experience on prudential regulation and its impacts on the effects of the 2008 financial crisis

The Brazilian economy was severely hit by the 2008 crisis. In the beginning of the crisis, the vast majorities of the economic agents and authorities thought that Brazil could face some sort of decoupling since some macroeconomic fundamentals were very good. What we saw, however, was that the Brazilian economy was not decoupled, and expectations faced a huge deterioration soon after the bankruptcy of Lehman Brothers in September 15th. Two aspects regarding the impact of crisis in Brazil, however, deserve a great deal of attention: (a) although deep, the impact did not last for a long time. Actually, the GDP growth experienced a good recovery in the second quarter of 2009, showing that the health of the Brazilian economy was good; (b) the Brazilian banking system performed very well during the crisis, although we cannot say the system was not in danger in the worst time of the crisis. In spite of the confidence crisis faced by the banking system 1, it showed a great deal of resilience. In this aspect, we argue that the restructure faced by the banking system in the aftermath of the Real Plan, as well as the development of a solid supervision regulation helped a lot the system to avoid the systemic crisis that was an open possibility to the Brazilian banking system in the end of 2008. These notes, thus, discusse why the Brazilian banking system performed pretty well in the 2008 financial crisis and how the Brazilian banking (and prudential) regulation can be taken as responsible for this good performance. More specifically, the paper back to the middle of the 1990s, when the Real Plan was implemented, in order to understand the role played by the restructuring of the Brazilian financial system in helping to pave the way to the great resilience experienced by the Brazilian banking system during the 2008 crisis. More specifically, the prudential regulation that was implemented in Brazil in the aftermath of the Real Plan seems to play a decisive role in the resilience of the system nowadays.

'Lo que diga la asamblea'. El ritual político como fetiche en tiempos de crisis

La actual crisis sistémica ha operado como una estructura de oportunidad sobre la que han cristalizado nuevos discursos, nuevas prácticas y nuevas estructuras políticas. La irrupción del 15M, de la Plataforma de Afectados por la Hipoteca (PAH) o de las llamadas “mareas” han permitido la visibilización de modos de hacer política que marcan una diferencia explícita con las prácticas asociadas al establishment político del llamado “régimen del 78”. Algunas de las prácticas popularizadas por estos movimientos han llegado a ser asumidas por amplias capas de la población. Entre ellas, destaca la asamblea como método legítimo de toma de decisiones. En esta comunicación planteamos un análisis de la asamblea como ritual político, deteniéndonos en la descripción de sus lógicas organizativas, principios de legimitación y características formales. A través de datos etnográficos recabados en la ciudad de Alcalá de Guadaíra (Sevilla) rastreamos la trama específica de discursos, prácticas y relaciones observables en el seno de las asambleas organizadas por el movimiento 15M. Finalmente, y a través de estos datos, reflexionamos sobre el sentido político del ritual en tiempos de crisis.

UNA REFLEXIÓN INTRODUCTORIA SOBRE LA NATURALEZA DE LA ACTUAL CRISIS GLOBAL Y LOS LÍMITES DEL CAPITALISMO

Resumen La actual crisis económica mundial puede ciertamente caracterizarse como de carácter sistémico y global, conjugándose a la vez con una crisis de civilización que pone en jaque no solo al sistema económico, sino al sistema de vida. Que no se trata de una crisis cíclica más es un hecho reconocido, pero necesitamos precisar su carácter, al menos de manera inicial y preliminar. En este ensayo apoyamos la tesis de una crisis sistémica global (o civilizatoria), pero sin dejar de advertir que los fundamentos del capitalismo también están mostrando sus límites históricos y exacerbando las amenazas globales sobre las condiciones de existencia de la vida; sin que por ello se trate, necesariamente, de una crisis terminal; y tanto las opciones capitalistas como las postcapitalistas y las anticapitalistas están a la orden del día. Abstract The current global economic crisis can certainly be characterized as a systemic and global one, combined with a crisis of civilization that puts in check not only the economic system, but the whole system of life. That it is not a simple cyclical crisis is widely acknowledged, but we need to specify the nature of it, at least in an initial and preliminary manner. In this essay we support the thesis of a global systemic crisis, but still warned that the foundations of capitalism are also showing its historical limits and exacerbating the global threats on the conditions of existence of life without it is required of a terminal crisis, and both options capitalists, post-capitalist and anti-capitalists are on the agenda.

Portugal - como navegar evitando os escolhos da crise sistémica

Comunicação apresentada no I Congresso Internacional do Observare "As tendências internacionais e a posição de Portugal", na Universidade Autónoma de Lisboa, de 16 a 18 de Novembro 2011.

Inflação e deflação de ativos a partir do mercado imobiliário americano

This paper deals with the financial crisis triggered after the default of subprime mortgages in the United States which expanded to a global systemic crisis. It is divided into a brief introduction and three sections. The first section sums up the dynamics of inflation and deflation of real estate and financial assets which characterizes finance-led cycles. The second section covers major effect of financial assets deflation on the American and European banks. The third section focuses on measures implemented by central banks in order to manage this financial crisis.

Les orgines historiques de la coopération économique régionale comme forme non-hégémonique de coopération

Résumé. Le mémoire s’intéresse à l’émergence historique de la coopération économique régionale comme forme non-hégémonique de coopération. Nous y proposons une approche alternative au problème de l’origine de la coopération systémique, par rapport à la conception d’origine hégémonique de la coopération systémique, propre aux théories néolibérale et néoréaliste. Plutôt que par le biais des théories du marché, l’origine de la coopération est approchée par le biais des processus caractérisant l’anarchie-même tel le processus de construction anarchique des formes de guerre. Et plus spécifiquement, des formes de guerre dont l’usage soumet la structure anarchique à des contraintes extrêmes, mettant celle-ci en crise, exemplifiée par la chute de la puissance hégémonique, la fin d’un système hégémonique et le début de coopération systémique non-hégémonique, de nature plus régionale et économique. En privilégiant l’approche historique, nous insistons notamment sur l’impact critique du commerce au loin et du crédit international dans la construction par la structure anarchique des formes de guerre que la puissance hégémonique ne peut plus supporter.

Una aproximacion al caso Interbolsa

A finales del año 2012, la quiebra de la comisionista de bolsa más grande de Colombia, InterBolsa, desencadenó un pánico financiero. Al analizar los diferentes eventos de crisis financieras mundiales, se evidencia que el sector estuvo a punto de colapsar y que la amenaza estuvo al borde de convertirse en una crisis sistémica que hubiera permeado todos los sectores de la economía, incluyendo al Estado. En este contexto, el documento hace un análisis de las crisis internacionales, sus causas y consecuencias para analizar el caso colombiano; a su vez, trata de explicar, racionalmente, por qué se frustro la crisis generada por los problemas de liquidez de InterBolsa, entendiendo que el escenario era propicio y la crisis era inminente, según la investigación. El documento procura establecer responsabilidades entre los diferentes actores y, al final, se realiza un análisis financiero de la firma para buscar señales que pudieran haber anticipado la quiebra.

O Trabalho e o labirinto da responsabilidade socioempresarial:a experiência da cidadania empresarial do Banco do Brasil

In the current systemic crisis, economic policy is directed to correct the consequences of the functioning of this metabolism, but within the limits of the capital. From this perspective, decision makers propose trade policies, agricultural and industrial to ensure conditions for economic growth. However, as a dead end, there is failure of the State in giving efficacy to the operation of all segments of the economy, especially given the budget constraint. Public managers are forced to seek external resources, resuming the cycle of political allegiance to the interests of international financial and banking representatives, installed in so-called multilateral. The complex ideological capital comes into play in trying to convince society that the paths taken by governments are inevitable, and that capitalism can be "humanized", even with the realization of the growing inequalities caused by historical irrationalism of the production process of capital . In this sense, emerging concepts that attempt to demonstrate the compatibility of the system to real human needs. This ideological offensive is intended to legitimize the capital. The so-called third sector has a special highlight with the concept of corporate social responsibility. It creates a political environment in which the inevitable mix-up with new illusions offered by and often funding the metabolism of capital in order to perpetuate this system. In this context, political elites, and considerable portions of the academy, embark on "waves of capitalist optimism," while the sociometabolismo capital expands its historical limits, driving forces postponing their collapse, but that cause human suffering and ecological stress. Wars are disseminated to strengthen the deadly war industry and the automobile industry; and devastating the environment of which depends the capital system. In this scenario disassemble, propositions emerge around a "new social pact" in order to minimize the adverse effects of the dynamics of reproduction of capital. The business class is called to exercise its role through the discourse that appeals to social responsibility programs, in order to intervene directly in the "social question". The core of this research is precisely this point. Although there is considerable scholarship on the phenomenon of Social Responsibility and Corporate Citizenship, there is also an evident lack of this approach focused on the banking sector in Brazil. The importance of rentier capital increased ownership of shares in the wealth produced by all of Brazilian society, justifies a sociological research project on Social Responsibility in the domestic financial sector. In this sense, it was decided to perform a dynamic approach to the "Corporate Citizenship" in the banking industry, specifically in the Bank of Brazil. As this is a key institution, is important analyze of the impacts of this strategy fetish of capitalist reproduction, in order to evaluate the social legitimization of rentier capital in Brazil. In this scenario of the abundance of the discourse on social responsibility there exist a progressive impoverishment of professional work in this segment in Brazil. There is a dramatic mismatch between rhetoric and practice because of the trend of deepening vulnerability of the working conditions of the Brazilian bank worker, from the 1990's. In the specific case of the Bank of Brazil, the first initiative of the institution was to conform to the principles of the UNO and the Ethos Institute, aiming to align their domestic policies to this new strategy of domination of capital. The purpose is to place the Bank in the ideological sphere of corporate social responsibility, just as with its partners in the private financial intercapitalist competition. Indeed, in the internal ambit of the Bank of Brazil, there is a policy to adjust its functional segments to the doctrine of Social Corporate Responsibility. The concepts of this doctrine is presented as something inexorable. There are no alternatives. The Bank of Brazil operates in a highly competitive market, the segment featuring the dominance of financial capital accumulation today. For this reason it can not fail to incorporate the technological advances organizational. For employees there is no alternative but to adapt to this new set of ideas proposed by the metabolism of capital

Preliminary Overview of the Economies of Latin America and the Caribbean 2008

Includes bibliography

A valorização do profissional da educação e a carreira docente: a experiência do Governo de Frente Popular em Belém do Pará

O Estatuto do Magistério de Belém, que regulamenta a carreira e, portanto, a vida funcional dos profissionais da educação é o tema desta pesquisa, que tem como objetivo analisar as políticas implementadas para a carreira docente e suas implicações para o desenvolvimento do trabalho do docente, em Belém (estado do Pará), nos anos de 1997 a 2004. Esse período é considerado relevante, na pesquisa, porque a prefeitura de Belém esteve sob o comando de um governo que se autodenominou governo do povo, que, para as finalidades deste estudo, chamamos governo de frente popular. Este apresentou, entre outros, um programa que apontava para a valorização dos profissionais da educação, com ênfase nas garantias do Estatuto do Magistério, ao mesmo tempo em que sofreu pressões por parte desses profissionais pelo cumprimento de direitos contidos no referido Estatuto. Para analisar as políticas sobre a carreira docente emanadas desse tipo de governo, no período de referência, buscamos compreender, de um lado, o macro contexto de uma realidade de crise do sistema capitalista, a inserção do Brasil nessa realidade, e a realização de contra-reformas no Estado brasileiro orientadas para auxiliar na superação dessas crises. De outro, compreender a concepção e o papel de um governo de frente popular, as influências das citadas contra-reformas em suas políticas, a localização política e econômica de tal gestão, construindo, assim, o entendimento dos efeitos da dinâmica desses fatores sobre o trabalho docente, em Belém. Assim, os objetivos específicos que definimos para a investigação foram: 1) identificar as conseqüências da crise sistêmica do capital e do papel do Estado no processo de trabalho docente; 2) analisar as contra-reformas do Estado brasileiro, a partir de 1990, e os seus efeitos sobre o trabalho docente; 3) identificar algumas características do governo de Frente Popular, em Belém, e suas perspectivas programáticas para a valorização dos profissionais da educação; 4) avaliar as políticas emanadas por tal governo e os efeitos de sua implementação para a carreira docente, em Belém. Partimos da análise histórica do fenômeno estudado, fundamentando-nos nas elaborações de Antunes (1995; 1999; 2004), Brzezinski (2007), Chesnais (1996), Engels (1977),Enguita (1991), Lênin (1986; 1986a), Marx (1980), Maués (2003; 2005; 2006), Moreno (2003; 2003a), Oliveira (2003), entre outros. Valemo-nos, ainda, de documentos jurídicos e governamentais, bem como de publicações do movimento docente, como os da Confederação Nacional dos Trabalhadores da Educação (CNTE) e do Sindicato dos Trabalhadores em Educação Pública do Pará (SINTEPP), que nos permitiram compreender as categorias de análise carreira, remuneração, formação e condições físicas do trabalho no espaço educacional. Coletamos dados e informações documentais e empíricos, buscando algumas respostas que permitissem identificar, mesmo nas relações contraditórias apresentadas, as políticas que envolveram a carreira docente, o governo de frente popular e o movimento docente. Por isso, os sujeitos das entrevistas semiestruturadas foram selecionados em função de sua localização funcional e política. Funcional, no caso dos sete profissionais da educação e de um representante do governo que exercia função de coordenação, na Secretaria Municipal de Educação; e pela atuação política e sindical no movimento docente organizado no SINTEPP, em entrevista com dois de seus dirigentes. A partir do referencial bibliográfico e dos procedimentos metodológicos indicados, pudemos concluir que o cumprimento de direitos contidos no Estatuto do Magistério de Belém possibilitaria o desenvolvimento e a valorização da carreira docente, sobretudo quanto a salário e condições físicas de trabalho, ressaltando que o período analisado foi de efervescência sindical e política sobre as demandas dos profissionais da educação que buscaram assegurar seus direitos na realidade de um governo considerado progressista.

A magyar átalakulás és fejlődés néhány általánosítható elméleti tanulsága = Some generalizable theoretical lessons of the Hungarian transformation and development

A világgazdasági válság óta eltelt nyolc évtizedben Magyarországon számos rendszerváltozás ment végbe a gazdaságban és a politikában. Sokak szerint a szabadpiactól a szabadpiacig vezető kör bezárult, és ismét rendszerválság előtt állunk. Míg a jövő természetesen bizonytalanságokkal terhes, és így értelemszerűen nem kiszámítható, a múlt egyértelmű tanulsága az, hogy a közéletet végig formáló felzárkózási törekvés egészében sikertelennek bizonyult. Ennek alapja elemzésünk központi rejtélye egy régi fejlődéselméleti feladvány: miért van az, hogy Argentínához vagy újabban Olaszországhoz és Portugáliához hasonlóan a jó politika rossz eredményekkel jár(t), és fordítva? Miért szakadt el végletesen és történetileg is a gazdasági és a politikai ésszerűség egymástól? __________________ Hungary has undergone several changes of economic and political system in the eighty years since the Great Depression. According to many, the circle from market economy to market economy has closed and we face another systemic crisis. Although the future is naturally full of uncertainties and is not by its very nature predictable, the clear lesson from the past is that the effort to catch up, which shaped public life throughout, has been unsuccessful on the whole. The basis for this and the central riddle in this analysis is an old puzzle in development theory: how is it that good policies had bad results and vice versa, as was the case in Argentina, and recently in Italy and Portugal? Why did economic and political rationality part company for good, even in historical terms?

Scleroderma Renal Crisis: A Rare but Severe Complication of Systemic Sclerosis

Scleroderma renal crisis (SRC) is a major complication in patients with systemic sclerosis (SSc). It is characterized by malignant hypertension and oligo/anuric acute renal failure. SRC occurs in 5% of patients with SSc, particularly in the first years of disease evolution and in the diffuse form. The occurrence of SRC is more common in patients treated with glucocorticoids, the risk increasing with increasing dose. Left ventricular insufficiency and hypertensive encephalopathy are typical clinical features. Thrombotic microangiopathy is detected in 43% of the cases. Anti-RNA-polymerase III antibodies are present in one third of patients who develop SRC. Renal biopsy is not necessary if SRC presents with classical features. However, it can help to define prognosis and guide treatment in atypical forms. The prognosis of SRC has dramatically improved with the introduction of angiotensin-converting enzyme inhibitors (ACEi). However, 5 years survival in SSc patients who develop the full picture of SRC remains low (65%). SRC is often triggered by nephrotoxic drugs and/or intravascular volume depletion. The treatment of SRC relies on aggressive control of blood pressure with ACEi, if needed in combination with other types of antihypertensive drugs. Dialysis is frequently indicated, but can be stopped in approximately half of patients, mainly in those for whom a perfect control of blood pressure is obtained. Patients who need dialysis for more than 2 years qualify for renal transplantation.

International drivers of Brazilian agricultural cooperation in Africa in the post-2008 economic crisis

This text focuses on the major drivers of Brazilian agricultural cooperation in Africa as conceived and pursued from 2004 to 2014, with emphasis on the impacts of political and economic international changes that took place in that period, and particularly the impacts of the 2008 economic crisis, in framing Brazil's foreign policy and development assistance initiatives. It addresses current international forces and developments at the systemic level, but also analyses recent economic domestic developments, in particular those directly related to Brazilian agriculture and those related to the policy framework of its evolving internationalization. Special attention is paid to the dual dimensions of Brazilian agricultural policy and to its projection in agricultural cooperation as pursed in Africa.