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‘What Do I Get? The Everyday Politics Of Expectations And The Subprime Crisis’, Leonard Seabrooke 2010 Copenhagen Business School

‘What Do I Get? The Everyday Politics Of Expectations And The Subprime Crisis’, Leonard Seabrooke

Leonard Seabrooke

Were Americans who agreed to subprime loans stupid? This article suggests not, and that individual choices on home loans reflect a welfare trade-off steeped in social norms. These norms provide a range of choices for individuals’ intentional rationality, from which decisions can be legitimated among their social peers. To understand individual choices about taking on a home loan, such actions must be interpreted within the context of the dominant welfare trade-off within a society over how one ensures income over their life cycle. This can be understood comparatively and also over time. This article situates the American experience among other ...


Which Democracies Pay Higher Wages, Miltiadis Makris, James C. Rockey 2010 University of Southampton

Which Democracies Pay Higher Wages, Miltiadis Makris, James C. Rockey

James Rockey

The labor share of income varies markedly across the set of democracies. A model of the political process, situated in a simple macroeconomic environment is analyzed in which the cause of this variation is linked to differences in the form of democracy - in particular the adoption of a presidential or parliamentary system. Presidential regimes are associated with lower taxation but lower wages. Robust evidence for the negative impact of a presidential system on the labor share is obtained using a Bayesian Model Averaging approach. Evidence is also provided that this is due to lower taxation.


The Effects Of Labour Market Performance On Financial System Stability, Tomasz Daras, Joanna Tyrowicz 2010 University of Warsaw

The Effects Of Labour Market Performance On Financial System Stability, Tomasz Daras, Joanna Tyrowicz

Joanna Tyrowicz

Crisis may spread through economy via the propagating mechanisms of the labour market - households becoming delinquent due to initial unemployment shock may be unable to continue servicing obligations versus the financial system. With large volume debts - e.g. mortgages - such defaults pose a threat to financial system stability. In this paper we use the Polish household budgets survey to simulate the impact of changes in the labour market status of household members on the ability of the household to service its mortgage payments. The simulation results are subsequently aggregated to facilitate macro-level interpretation of the findings. We simulate various scenarios ...


Shadow Employment In Post-Transition - A Matter Of Choice Or No Choice?, Stanislaw Cichocki, Joanna Tyrowicz 2010 University of Warsaw

Shadow Employment In Post-Transition - A Matter Of Choice Or No Choice?, Stanislaw Cichocki, Joanna Tyrowicz

Joanna Tyrowicz

According to a dualistic view, shadow employment may follow from two main labour market failures: (i) official market labour taxation distortions make it ineffective for some agents to engage in registered employment due to a tax wedge; or (ii) for some workers regular employment may be unattainable do to some high access costs or demand constraints, which results in seeking earning opportunities beyond the boundaries of the official labour market. Whereas in the first case revenues from unofficial employment should be higher than the corresponding official ones (tax evasion hypothesis), in the alternative explanation labour market tightness seems to be ...


Do We Really Need To Start From Scratch?, Michal Gradzewicz, Krzysztof Makarski, Joanna Tyrowicz 2010 National Bank of Poland

Do We Really Need To Start From Scratch?, Michal Gradzewicz, Krzysztof Makarski, Joanna Tyrowicz

Joanna Tyrowicz

This paper presents views and believes of the authors on the relevance of the current economic theory for the understanding of the complex world we live in. Has the crisis indeed demonstrated that as profession we are misled by the beauty of the mathematical models and the only useful, workable solutions at hand were provided in early 1930s? The purpose of this paper is to provide a review of the current state-of-the-art literature from the perspective of its usefulness in the context of economic crises. We argue that although we might be unable to answer many questions or to “predict ...


Intra-Provincial Inequalities And Economic Growth In China, Joanna Gravier-Rymaszewska, Joanna Tyrowicz, Jacek Kochanowicz 2010 University of Warsaw

Intra-Provincial Inequalities And Economic Growth In China, Joanna Gravier-Rymaszewska, Joanna Tyrowicz, Jacek Kochanowicz

Joanna Tyrowicz

This paper approaches the problem of inequalities in China. It is specifically focused on analyzing the effects of intra-provincial disparities on the development of the 28 mainland provinces in China. Intra-provincial inequalities, as measured by Theil index, seem positively related to growth, albeit the results are only convincing for the coastal provinces. A case by case analysis, however, suggests highly diversified patterns, including linear or an inverted u-shape for fastest growing coastal provinces and virtually no relationship for the majority of regions. The results corroborate some earlier raised questions about actual policy-making standards in China.


What Happened To The Middle Class In The New Market Economies? The Case Of Croatia And Poland, Joanna Tyrowicz, Iva Tomić 2010 University of Warsaw

What Happened To The Middle Class In The New Market Economies? The Case Of Croatia And Poland, Joanna Tyrowicz, Iva Tomić

Joanna Tyrowicz

Transition countries are believed to have undergone signifi cant social and economic structural changes. Indeed, the early transition resulted in the modifi cation of ownership structure and recognized processes of labor reallocation as well as in rapid educational booms in many Central and Eastern European countries. In this paper we shed some light on the changes regarding the size and composition of the middle class in two transition countries, Croatia and Poland, in the period 1995-2008. In general, the size of the middle class – as defi ned by individuals with wages around the median – decreased in Poland roughly between 2000 ...


Saving Less When There Is More? Foreign Debt And Domestic Savings In Developing Countries, Joanna Tyrowicz, Luke Okafor Emeka 2010 University of Warsaw

Saving Less When There Is More? Foreign Debt And Domestic Savings In Developing Countries, Joanna Tyrowicz, Luke Okafor Emeka

Joanna Tyrowicz

Although literature has given considerable attention to the effects of foreign debt on the growth, we still know little about its effects on the internal potential for capital formation. Literature suggests a number of channels through which availability of foreign financing could affect domestic savings. We test empirically this relationship using data for Sub-Saharan Africa and Latin America and the Caribbean over 1975-2004. Controlling for endogeneity, we find that foreign debt adversely influences domestic savings especially in the long run. The results are not susceptible to the choice of countries, although few outliers should be noted.


Riding On The Wave? Middle Class In Transition, Joanna Tyrowicz, Joanna Nestorowicz 2010 University of Warsaw

Riding On The Wave? Middle Class In Transition, Joanna Tyrowicz, Joanna Nestorowicz

Joanna Tyrowicz

In this paper we inquire into how structural social changes associated with economic transition affected the relative position of the so called ‘traditional’ and ‘new’ middle classes. We use Polish quarterly labor force surveys over the period 1995-2007 and analyze the distribution of self-reported wages and educational attainment across social groups. In the analysis we account for differences observed in the metropolies (usually benefiting immensely from the economic changes) and non-metropolitan areas (where most of the negative consequences are felt).

We find that although transition has contributed to greater inequalities both in terms of earned income and education, traditional middle ...


Consumer Databases, Neoliberalism, And The Commercial Mediation Of Identity: A Medium Theory Analysis, Vincent Manzerolle, Sandra Smeltzer 2010 University of Windsor

Consumer Databases, Neoliberalism, And The Commercial Mediation Of Identity: A Medium Theory Analysis, Vincent Manzerolle, Sandra Smeltzer

Communication, Media & Film Publications

This paper argues that the systemic nature of contemporary consumer surveillance undermines the most fundamental principle of free market economics: consumer sovereignty. Specifically, this paper argues that the rise of an ‘information’ or ‘knowledge’ society in conjunction with neoliberal capitalism has entrenched routine forms of surveillance within commercial strategies by employing networked databases as a primary medium for the articulation of consumer sovereignty (choice/demand). The communicative relationship between consumers and producers within the market involves effectively ‘listening’ (and then responding) to consumer needs and wants in a timely manner. Surveillance is therefore not only necessary for the operation of ...


Shaping Economic Practices In China’S Post-Command Economy Period: The Interaction Of Politics, Economics And Institutional Constraints, Tonia Warnecke, Alain Blanchard 2010 Rollins College

Shaping Economic Practices In China’S Post-Command Economy Period: The Interaction Of Politics, Economics And Institutional Constraints, Tonia Warnecke, Alain Blanchard

Student-Faculty Collaborative Research Publications

Although much has been published on China's economic transition, less research has focused on how Chinese culture and the Communist political system have interacted to shape the new Chinese economy. In this paper, we argue that China's post-command economy period reflects not only the 'new' infusion of neo-liberal ideology into the country, but also the consistent filtering of economic practices through a historical and complex institutional arrangement of cultural and political norms. The tensions between neo-classical free market principles and the overarching authority of the Communist state explain the variety of institutional constraints on actual economic practices in ...


The Government Shareholder: Regulating Public Ownership Of Private Enterprise, Benjamin A. Templin 2010 Thomas Jefferson School of Law

The Government Shareholder: Regulating Public Ownership Of Private Enterprise, Benjamin A. Templin

Benjamin A. Templin

During the subprime financial crisis of 2007-2009, the U.S. transformed its policies from a focus on privatization and deregulation to one where the government plays an active role as a market participant. By the end of the 2009 fiscal year, the U.S. government became one of the largest shareholders in the world owning a portfolio of investments valued at $959 billion. Some pundits condemned the investments as socialism. The sudden increase in the government portfolio is better understood as a Keynesian response to market failure rather than a change in the political economy. However, the dramatic increase in ...


The Political Economy Of Telecoms And Electricity Internationalization In The Single Market, Judith Clifton, Daniel Díaz-Fuentes, Revuelta Julio 2010 Universidad de Cantabria

The Political Economy Of Telecoms And Electricity Internationalization In The Single Market, Judith Clifton, Daniel Díaz-Fuentes, Revuelta Julio

Judith Clifton

As a consequence of liberalization policies in the European Union (EU), a number of formerly inward-looking incumbents in telecommunications and electricity transformed themselves into some of the world’s leading Multinationals. The relationship between liberalization and incumbent internationalization, however, is contested. Three political economy arguments on this relationship are tested. The first claims that incumbents most exposed to domestic liberalization would internationalise most. The second asserts that incumbents operating where liberalization was restricted could exploit monopolistic rents to finance internationalisation. The third argument claims that a diversity of paths will be adopted by countries and incumbents vis-à-vis liberalization and internationalization ...


Evaluating Eu Policies On Public Services: A Citizens' Approach, Judith Clifton, Daniel Díaz-Fuentes 2010 Universidad de Cantabria

Evaluating Eu Policies On Public Services: A Citizens' Approach, Judith Clifton, Daniel Díaz-Fuentes

Judith Clifton

This article evaluates EU policies on public services – particularly public network services - from the citizens´ point of view. It is first argued that citizens´ perceptions are important because the provision of fundamental services is at stake and because they constitute the infrastructure necessary for social and economic development. Citizens’ “voice” can, therefore, be known, analysed and used in the design of improved policy on public services along with other indicators. Changing EU policy on public services is synthesised and classified into two main phases in section two. Citizen satisfaction with public services as revealed through surveys from 1997 to 2007 ...


'Mapping Unions In The 'New Member States'' In Myant, M., Trade Unions In The Czech Republic. Brussels, Etui, Pp.5-10., Kurt Vandaele 2010 ETUI

'Mapping Unions In The 'New Member States'' In Myant, M., Trade Unions In The Czech Republic. Brussels, Etui, Pp.5-10., Kurt Vandaele

Kurt Vandaele

No abstract provided.


Following The ‘Organising Model’ Of British Unions? Organising Non-Standard Workers In Germany And The Netherlands, Kurt Vandaele, Janine Leschke 2010 ETUI

Following The ‘Organising Model’ Of British Unions? Organising Non-Standard Workers In Germany And The Netherlands, Kurt Vandaele, Janine Leschke

Kurt Vandaele

Over the last three decades trade unions in almost all European countries have been losing members. In particular non-standard workers (part-time employed, temporary employed and own-account self-employed) are currently less likely than those on standard contracts to be organised in unions. The paper, which is based on a literature review, has a twofold purpose. A first objective is to provide a survey of the initiatives developed by trade unions in Germany, the Netherlands and the UK for organising non-standard workers. A second objective is to assess whether, and to what extent, the Dutch and German unions are influenced by British ...


El Futuro De La Economía Es "Austriaco", Mario Šilar 2010 University of Navarra

El Futuro De La Economía Es "Austriaco", Mario Šilar

Mario Šilar

No abstract provided.


Martin Rhonheimer: Cristianismo Y Laicidad, Mario Šilar 2010 University of Navarra

Martin Rhonheimer: Cristianismo Y Laicidad, Mario Šilar

Mario Šilar

No abstract provided.


Señal Que Ya Es Un Clásico: Su Actualidad. Road To Serfdom Amazon Nº1, 2010, Mario Šilar 2010 University of Navarra

Señal Que Ya Es Un Clásico: Su Actualidad. Road To Serfdom Amazon Nº1, 2010, Mario Šilar

Mario Šilar

No abstract provided.


Sobre Las Causas Morales De La Crisis Económico-Financiera, Mario Šilar 2010 University of Navarra

Sobre Las Causas Morales De La Crisis Económico-Financiera, Mario Šilar

Mario Šilar

No abstract provided.


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