ResumoPaíses periféricos apresentam especificidades na dinâmica de suas taxas de câmbio e juros e na condução de sua política econômica que nem sempre são consideradas pela teoria econômica convencional. As distintas moedas nacionais têm usos e status diferenciados na economia mundial, gerando padrões igualmente diferenciados na demanda por essas moedas e nos fluxos de capitais que entram e saem dos países emissores. Este artigo baseia-se na hipótese de que essa diferença no posicionamento das moedas no Sistema Monetário Internacional (SMI) -que caracteriza a "hierarquia monetária" -constitui o elemento central de explicação das peculiaridades verificadas no comportamento das taxas de câmbio e juros e, ao fim, na condução da política econômica dos diversos países, tendo influência, portanto, sobre as possibilidades de desenvolvimento econômico desses países. O objetivo deste artigo, portanto, é entender o comportamento diferenciado das taxas de câmbio e juros dos países periféricos, relacionando-o às características do SMI. Palavras-chave:Moedas periféricas; Liquidez internacional; Taxa de câmbio; Taxa de juros; Política econômica. Abstract The hierarchy of currencies and its implications for peripheral countries exchange and interest rate dynamics and economic policyPeripheral countries have a specific dynamics on their exchange and interest rates and on the conduction of their economic policy that is rarely considered by conventional economic theory. National currencies have different status and usages in world economy, engendering different standards for these currencies demand and for the capital that flows to or from the issuer countries. This paper is based on the hypothesis that these different places currencies occupy on the International Monetary System (IMS) -that characterizes the "hierarchy of currencies" -constitute the central element to explain the peculiarities of the exchange and interest rates paths and, finally, on
This article sheds light on a crucial aspect of the global crisis of 2007-2009: the steady increase of US consumer debt to precipitous levels over a quarter of century. That trend, fed by a combination of macro-economic, demographic, and political factors, intensified greatly in the 2000s when a series of financial innovations allowed American households to draw equity out of their homes while at the same time feeding an unprecedented housing boom. Those same new mechanisms of 'structured' and 'synthetic' finance mobilized a significant and steadily growing proportion of global savings and directed them into this super-bubble as the world's surplus countries came to fund America's debt-financed excess spending for perpetual reproduction of their surpluses. Anachronistic policy preferences among both surplus countries and the US prevented the proper functioning of various adjustment mechanisms before the inevitable financial-fragility dynamic took hold to burst the bubble and throw the global economy into a steep downturn. The persistence of these global imbalances bodes ill for the medium-term stability of the world economy and its recovery potential.consumer debt, financial innovation, securitization, US housing boom, US current account deficit, credit crunch,
L’évolution du modèle de gouvernement d’entreprise donne lieu à un affrontement entre deux thèses opposées. Pour certains, les modèles nationaux vont continuer d’exister, tandis que, pour d’autres, il y aurait un processus de convergence vers un modèle unique, d’inspiration anglo-saxonne. Cet article met en évidence l’hypothèse d’un processus de convergence plutôt que d’alignement. Celle-ci emprunterait aux modèles dit de shareholder et de stakeholder. Ainsi, les auteurs décrivent, d’une part, le rééquilibrage du rapport de forces entre dirigeants et actionnaires en faveur de ces derniers. D’autre part, ils montrent la pluralité croissante des objectifs de l’entreprise, les enjeux éthiques et environnementaux accompagnant de plus en plus la prise en compte de la maximisation de la valeur actionnariale. Classification JEL : G23, G30, L20, D23
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In recent decades most countries have implemented significant reforms to foster financial liberalization. This article examines to what extent these reforms have benefited advanced economies and emerging market economies. We focus on four groups of countries: the G-7, other European countries, Latin America and East Asia over the period 1973-2006. We find evidence supporting the hypothesis that the different forms of financial liberalization affected growth differently in the four groups of countries. The main finding is that the benefits of financial liberalization are more important for advanced economies. In contrast, financial liberalization in emerging market economies has a weak positive impact on growth when its scope is limited, whereas full liberalization has been associated with slower economic growth.financial sectors liberalization, economic growth, advanced and emerging economies,
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