Exports vs. Investment: How Public Discourse Shapes Support for External Imbalances

Ferrara, Federico Maria; Haas, Jörg; Peterson, Andrew; Sattler, Thomas

doi:10.2139/ssrn.3298742

Cited by 2 publications

(2 citation statements)

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“…Есть примеры исследований, демонстрирующих связь между общественно-политическим дискурсом, распространяемым СМИ, и экономической политикой. Так, в работе (Ferrara et al, 2021) показывается связь между политическим дискурсом и общественным принятием дисбаланса во внешнеэкономической деятельности. Частый сюжет применения методов дискурсивного анализа в экономике -финансовый кризис 2008-2009 гг.…”

Section: валюта финансы: проблема дискурсов и нарративов в экономичес...unclassified

Yuanization of the Russian economy: Politicization of the discourse

Volynskiy,

Kruglova,

Nikitina

et al. 2023

Terra Econ.

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The geopolitical upheavals of 2022 have made Russiaʼs economic turn to the East inevitable. Statistics 2022-2023 testifies: Russia began to play an important role in the process of internationalization of the yuan. If previously the yuan entered the international payment's structure "Crossing the river by touching the stones", then Russia shows an explosive displacement of the American dollar by other currencies, primarily the yuan. In the socio-political discourse, one can find both the concerns of domestic authors regarding the excessive growth of Russia's dependence on its eastern neighbor, as well as the Western authors comments characterizing the problem in terms of vassal dependence. Politization of the problem obviously shifts the emphasis from the economic side towards the discussions about the national sovereignty risks. Regarding the use of the yuan in the Russian financial market, this is manifested in the term «yuanization» in the socio-political discourse. Appearing in journalisms, it involuntarily causes cognitive distortions regarding the described reality, since it implies a process of dominance of foreign currency in the country's financial system, mirroring the previous phenomenon of dollarization. The "yuanization" discourse contradicts both the public position built by the Russian authorities. We assume that the emerging discourses and narratives have a direct impact on the formation and functioning of financial institutions, and we show the inconsistency of todayʼs discourse, which probably shapes the inconsistency of prospects for the development of the Russian financial system.

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Section: валюта финансы: проблема дискурсов и нарративов в экономичес...unclassified

Yuanization of the Russian economy: Politicization of the discourse

Volynskiy,

Kruglova,

Nikitina

et al. 2023

Terra Econ.

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“…Stimulating growth and inflation in surplus countries would only risk surplus countries' hard-earned standing on international markets and endanger price stability. This particular reading of the sources and cures for the crisis are often seen as a major reason for the lack of current account adjustment in countries like Germany or the Netherlands (Dullien and Guérot 2012;Ferrara et al 2018;Matthijs and Blyth 2015;Schäfer 2016). Similarly focusing on the role of ideas, research studying the reluctance of East Asian countries to re-balance their large trade surpluses in the 2000s has emphasized the belief that a repeat of the 1997 Asian financial crisis and the subsequent dependence on foreign institutional lenders must be avoided at all costs.…”

Section: Surplus Country Preferences and National Interests In The Eu...mentioning

confidence: 99%

The Politics of Bad Options

Walter

Ray

Redeker

2020

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Why did the Eurozone crisis prove to be so difficult to resolve? Why was it resolved in a manner in which some countries bore a much larger share of the pain than other countries? Why did no country leave the Eurozone rather than implement unprecedented austerity? Who supported and who opposed the different policy options in the crisis domestically, and how did the distributive struggles among these groups shape crisis politics? Building on macro-level statistical data, original survey data from interest groups, and qualitative comparative case studies, this book argues and shows that the answers to these questions revolve around distributive struggles about how the costs of the Eurozone crisis should be divided among countries, and among different socioeconomic groups within countries. Together with divergent but strongly held ideas about the “right way” to conduct economic policy and asymmetries in the distribution of power among actors, severe distributive concerns of important actors lie at the root of the difficulties of resolving the Eurozone crisis as well as the difficulties to substantially reform European Monetary Union (EMU). The book provides new insights into the politics of the Eurozone crisis by emphasizing three perspectives that have received scant attention in existing research: A comparative perspective on the Eurozone crisis by systematically comparing it to previous financial crises, an analysis of the whole range of policy options, including the ones not chosen, and a unified framework that examines crisis politics not just in deficit-debtor, but also in surplus-creditor countries.

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Exports vs. Investment: How Public Discourse Shapes Support for External Imbalances

Cited by 2 publications

References 82 publications

Yuanization of the Russian economy: Politicization of the discourse

Yuanization of the Russian economy: Politicization of the discourse

The Politics of Bad Options

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