The political economy of 'policy credibility': the new-classical macroeconomics and the remaking of emerging economies

Grabel, Ilene

doi:10.1093/cje/24.1.1

Cited by 103 publications

(35 citation statements)

References 23 publications

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“…Thereafter, European policymakers shifted their attention to creating a common European currency, a project that has imposed a permanent deflationary policy bias because of its emphasis on fiscal austerity and very low inflation in order to build so-called "monetary credibility" for the new European currency. The debate about the constraining effect of capital mobility on "policy space" (Bradford, 2005;Grabel, 2000;Palley, 2001b) partially captures some of the issues raised by the SSA critique. Thus, different international arrangements and rules affect the space available for countries to pursue economic policies of their choosing.…”

Section: The Neo-marxian Social Structure Of Accumulation Case Againsmentioning

confidence: 99%

Rethinking the economics of capital mobility and capital controls

Palley¹

2009

Rev. Econ. Polit.

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This paper reexamines the issue of international financial capital mobility, which is today's economic orthodoxy. Discussion is often framed in terms of the impossible trinity. That framing distorts discussion by representing capital mobility as having equal significance with sovereign monetary policy and control over exchange rates. It also distorts discussion by ignoring possibilities for coordinated monetary policy and exchange rates, and for managed capital flows. The case for capital mobility rests on neo-classical economic efficiency arguments and neo-liberal political arguments. The case against capital mobility is based on Keynesian macroeconomic inefficiency arguments, neo-Walrasian market failure arguments, and neo-Marxian arguments regarding distortion of the social structure of accumulation. Close examination shows the case for capital mobility to be extremely flimsy, pointing to the ideological dimension behind today's policy orthodoxy.

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Section: The Neo-marxian Social Structure Of Accumulation Case Againsmentioning

confidence: 99%

Rethinking the economics of capital mobility and capital controls

Palley¹

2009

Rev. Econ. Polit.

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“…In 2004, also preceding the onset of the 2008 global financial crisis, Grabel (2004) proposed a 'trip wires and speed bumps' approach to managing financial risks in emerging economies (see also Grabel 1999). In her view, this strategy is better suited to the context and vulnerabilities in emerging economies than the information provision 'Early Warning Systems' method that was dominant at the time.…”

Section: Types Of Counter-cyclical Measuresmentioning

confidence: 99%

Regulating Banks in Central and Eastern Europe

Spendzharova

2014

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The series maps the range of disciplines addressing the study of European public administration. In particular, contributions to the series will engage with the role and nature of the evolving bureaucratic processes of the European Union, including the study of the EU's civil service, of organization aspects of individual institutions such as the European Commission, the Council of Ministers, the External Action Service, the European Parliament, the European Court and the European Central Bank and of inter-institutional relations among these and other actors. The series also welcomes contributions on the growing role of EU agencies, networks of technical experts and national officials, and of the administrative dimension of multilevel governance including international organizations. Of particular interest in this respect will be the emergence of a European diplomatic service and the management of the EU's expanding commercial, foreign, development, security and defence policies, as well as the role of institutions in a range of other policy areas of the Union.Beyond this strong focus of EU administrative governance, the series will also include texts on the development and practice of administrative governance within European states. This may include contributions to the administrative history of Europe, which is not just about rules and regulations governing bureaucracies, or about formal criteria for measuring the growth of bureaucracies, but rather about the concrete workings of public administration, both in its executive functions as in its involvement in policy-making. Furthermore the series will include studies on the interaction between the national and European level, with particular attention for the impact of the EU on domestic administrative systems.

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“…The monetarist and new classical counterrevolution in economic theory (see e.g. Epstein and Gintis 1995;Smithin 1996;Grable 2000), financial liberalization and the internationally integrated speculative financial markets (see e.g. Helleiner 1994;Gill 1995;Crotty and Epstein 1996;Epstein 2005), independent central banks and inflation-targeting are major theoretical and institutional developments that are seen to have been associated, to some extent, with the financialization process, and have made price stability the predominant goal of monetary policy.…”

Section: Financialization Macroeconomic Instability and Unemploymentmentioning

confidence: 99%