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This paper seeks to present a proposal of reform of the TARGET2 (Trans-European Automated Real-Time Gross Settlement Express Transfer) system aimed to correct intra-European Union (EU) financial, trade, and productive imbalances. For this... more
This paper seeks to present a proposal of reform of the TARGET2 (Trans-European Automated Real-Time Gross Settlement Express Transfer) system aimed to correct intra-European Union (EU) financial, trade, and productive imbalances. For this purpose, the proposal relies on the application of the Keynes Plan’s principles to a regional integration process. Previously, the origins of the EU imbalances are traced to the shortcomings of the European monetary integration. Finally, the reforms needed to make the TARGET2 a rebalancing system are discussed in depth.
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Most analyses explain the increase in China's overall inequality during the reform period principally by means of the expansion of urban-rural income gap. This paper tries to state a relationship between functional distribution of income... more
Most analyses explain the increase in China's overall inequality during the reform period principally by means of the expansion of urban-rural income gap. This paper tries to state a relationship between functional distribution of income and China's Gini index. After presenting the main theoretical contributions that clarify the general relationship among those variables, we describe the mechanism that has connected them during the last decades in the Chinese economy. There exists a link between falling wage share, rising urban households' top incomes, urban-rural income gap and the Gini coefficient. These relationships are analysed for both the pre and post-crisis periods. After estimating the main relationships, the paper ends with a discussion on the ability of potential redistributive policies to reverse this pattern of inequality
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El objetivo de este artículo es analizar la evolución de la competitividad externa de la economía andaluza. Para ello se toman dos dimensiones principales de análisis: En primer lugar, se analiza la evolución de los costes laborales... more
El objetivo de este artículo es analizar la evolución de la competitividad externa de la economía andaluza. Para ello se toman dos dimensiones principales de análisis: En primer lugar, se analiza la evolución de los costes laborales unitarios y su relación con el desempeño exportador andaluz a nivel agregado. En segundo lugar, se analizarán una serie de indicadores de la actuación tanto empresarial, como del sector público, en los ámbitos determinantes de la posición competitiva regional a nivel microeconómico. El análisis de la evolución seguida por las variables en nuestra economía se hará en comparación con diversas economías y regiones del entorno. Los resultados obtenidos apuntan a que a pesar de que los costes laborales han seguido una marcada tendencia a la baja, hasta el momento, la crisis no se ha convertido en una oportunidad para mejorar de manera sustancial el posicionamiento de la economía andaluza.
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Research Interests:
El objetivo de este artículo es caracterizar la naturaleza del modelo chino de desarrollo. Para ello, se revisan los principales debates acerca de la reforma económica china. Según se argumenta, el mantenimiento del control... more
El objetivo de este artículo es caracterizar la naturaleza del modelo chino de desarrollo. Para ello, se revisan los principales debates acerca de la reforma económica china. Según se argumenta, el mantenimiento del control sobre algunas importantes herramientas de política económica (tipo de cambio, controles de capital, instituciones financieras públicas, empresas estatales estratégicas) permitió a China convertirse en la primera economía del mundo y enfrentarse en mejores condiciones a la reciente crisis económica. Sin embargo, se llama también la atención sobre los negativos efectos de la generalizada liberalización comercial, interna y externa, y de la creación de un mercado de trabajo desregulado. Por último, se discuten las implicaciones de la expansión económica china para potenciales conflictos geopolíticos.
Research Interests: China and Neoliberalismo
The issue of global economic inequality has increasingly drawn the attention of both scholars, NGOs and international institutions during the last decades. In addittion, the current economic recession has worsened previous trends of... more
The issue of global economic inequality has increasingly drawn the attention of both scholars, NGOs and international institutions during the last decades. In addittion, the current economic recession has worsened previous trends of increasing inequalities. Drawing from the literature that deals with the effects of adjustment policies applied in several European economies since the beginning of the crisis, we focus our analysis on inequalities and poverty. In this paper we assess to what extent inequality and poverty figures have followed a different path in Southern Europe compared with the EU-15 average. Besides, we delimit the particularities of Spain within the set of what has come to be known in recent years as the European ‘periphery’. We defend two theses: i) worsening labour markets are one of the main factors explaining the increasing inequality in Southern Europe; and ii) the underdevelopment of Mediterranean welfare states, together with the economic, social, and political barriers to strengthening their position in recent years, prevents the public sector from offsetting the negative consequences of crisis on inequality and poverty figures.
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This paper seeks to analyse reasons behind falling labour share in the Chinese economy. For this purpose, the effect of the fluctuation of agricultural prices on the relative wage is examined. The paper contests explanations of China’s... more
This paper seeks to analyse reasons behind falling labour share in the Chinese economy. For this purpose, the effect of the fluctuation of agricultural prices on the relative wage is examined. The paper contests explanations of China’s reaching of the so-called “Lewis Turning Point” due to demographic factors. On the contrary, it is argued that there exist linkages among the government’s control of agricultural prices, the relative impoverishment of peasants, the flow of rural-urban migration and the restrained increase of industrial wages relative to productivity. The role of the hukou system of internal migration restriction is highlighted. That relationship is analysed for both pre- and post-crisis periods. Despite recent slight improvement of the labour share, the analysis concludes that China is far from reversing its distinctive low relative wage level, as the Lewis Turning Point narrative predicts. The paper ends with a discussion of alternative policy measures to significantly increase the workers’ share of income
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This paper presents an innovative interpretative scheme of the relationship between economic growth and income inequality, taking the primary distribution of income between profits and wages as the main explanatory variable. For that... more
This paper presents an innovative interpretative scheme of the relationship between economic growth and income inequality, taking the primary distribution of income between profits and wages as the main explanatory variable. For that purpose, two lines of research are taken as a reference point: first, the Bhaduri-Marglin Model, which explains growth in terms of the effect that factor shares have on aggregate demand; and second, recent empirical analyses that also use the functional distribution to explain the evolution of the top income shares and the Gini index. After reviewing the literature on the growth-inequality relationship, the paper identifies several relationships between primary and interpersonal distributions of income in each of the Bhaduri-Marglin Model’s growth regimes. It finds multiple causal relationships between growth and inequality as well as inequality and growth, clarifying their implications for economic and social stability. The paper offers final reflections on the way the scheme can further the understanding of current economic and social crises.
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... For this purpose the Bhaduri-Marglin Model is used, stating the theoretical possibility of both profit-led and wage-led growth regimes. ... in order to feed the accumulation process. Bhaduri and Marglin‟s theoretical framework (1990)... more
... For this purpose the Bhaduri-Marglin Model is used, stating the theoretical possibility of both profit-led and wage-led growth regimes. ... in order to feed the accumulation process. Bhaduri and Marglin‟s theoretical framework (1990) ...
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ABSTRACT
Research Interests:
ABSTRACT
El trabajo que a continuación se presenta se enmarca en la discusión sobre qué tipo de marco regulador para la inversión extranjera directa (IED) es el más adecuado para garantizar que efectivamente su contribución sea positiva. En él se... more
El trabajo que a continuación se presenta se enmarca en la discusión sobre qué tipo de marco regulador para la inversión extranjera directa (IED) es el más adecuado para garantizar que efectivamente su contribución sea positiva. En él se presenta una comparación entre distintos marcos reguladores de la IED y los efectos que uno y otro han producido en el caso del sector hidrocarburífero boliviano. Para ello, después de exponer la evolución del marco regulador durante los periodos de la capitalización (1996-2005) y la nacionalización (2006-2009), se analiza la trayectoria de seis indicadores: IED, inversión en exploración y producción, producción, exportaciones, reservas e ingresos fiscales. Los resultados logrados en ellos cuestionan la validez de los argumentos a favor de una menor presión fiscal como incentivo para aumentar la inversión y la propia recaudación fiscal. Además plantean algunas de las limitaciones y retos a los que se enfrenta el actual marco.
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Este artículo analiza la naturaleza del ajuste neoliberal que, desde prin-cipios de los años ochenta, se ha implementado en diferentes economías americanas (Argentina, Brasil, Bolivia, Guatemala, Venezuela y Estados Unidos). Partiendo de... more
Este artículo analiza la naturaleza del ajuste neoliberal que, desde prin-cipios de los años ochenta, se ha implementado en diferentes economías americanas (Argentina, Brasil, Bolivia, Guatemala, Venezuela y Estados Unidos). Partiendo de una perspectiva de clase, que considera que el ajuste se produce como respuesta a una crisis mundial de rentabilidad del capital, llega a la conclusión de que aquél presenta una naturaleza eminentemente salarial, un carácter mundial (al afectar tanto a los países del centro como a los de la periferia) y es permanente en el tiempo. Palabras clave Políticas de ajuste -Neoliberalismo -Distribución funcional de la renta Abstract This paper analyzes the nature of the neoliberal adjustment which has been implemented in several economies from the American continent -Argentina, Brazil, Bolivia, Guatemala, Venezuela and the US-since the beginning of the 1980s. Using a class approach, which considers the adjustment as a re-sponse to the world profitability cr...
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ABSTRACT The aim of this article is to describe and evaluate the development strategy launched by the Movimiento al Socialismo (MAS) in Bolivia when it came to power in 2006. The origin of this strategy can be found in the desire to... more
ABSTRACT The aim of this article is to describe and evaluate the development strategy launched by the Movimiento al Socialismo (MAS) in Bolivia when it came to power in 2006. The origin of this strategy can be found in the desire to tackle the economic and political transformations caused by the structural adjustment programme launched in 1985. The main economic measures taken by MAS are analysed in the context of the new development plans implemented in Latin America. This allows us to focus on the results achieved in Bolivia in two areas of major importance in the MAS strategy: productive transformation and income distribution. It is argued that, despite the progress achieved, the government of Evo Morales has so far been unable to alter the primary export model and the associated distribution pattern that have characterized the Bolivian economy.
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The so-called ‘Spanish miracle’, beginning in the mid-1990s, eventually became a nightmare for the majority of the population, culminating in the present-day economic and political crisis. This book explores the main features of the... more
The so-called ‘Spanish miracle’, beginning in the mid-1990s, eventually became a nightmare for the majority of the population, culminating in the present-day economic and political crisis. This book explores the main features of the Spanish political-economic model during both the growth and crisis periods. Analyzing the causes and consequences of the continuing economic crisis in Spain, this book delves into five analytical axes: the evolution of the growth model; the role of Spain in the international division of labor; the financial sector and its influence on the rest of the economy; changes in the labor market; and the distributional consequences of both the expansive phase and the later crisis. Furthermore, contributors examine the formation of a triangle of actors (the government sector, building sector, and financial capital) that shaped the Spanish growth model, together with the effects of Spain’s membership in the Economic and Monetary Union. Also considering ecological problems, gender issues, and the immigration question, this book challenges the alleged recovery of living conditions during recent years, as well as the explanation of the crisis as the result of irrational behaviors or the greedy nature of certain actors. The Political Economy of Contemporary Spain provides a coherent explanation of the Spanish economic crisis based on a pluralistic approach, while proposing several measures that could contribute to a transformation of Spain’s economic and social models.
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Nuestro objetivo principal es el de dar a conocer de una manera comprensible las principales ideas y propuestas de las corrientes económicas heterodoxas. Aunque no están seguramente todas ellas, sí hay una buen representación de las... more
Nuestro objetivo principal es el de dar a conocer de una manera comprensible las principales ideas y propuestas de las corrientes económicas heterodoxas. Aunque no están seguramente todas ellas, sí hay una buen representación de las mismas: la economía ecológica, la economía feminista, la economía institucional, la economía marxista, la economía postkeynesiana y la economía del desarrollo
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The goal of this paper is to analyse the effects of labour share divergence between Eurozone economies on rising income inequality and poverty. For this purpose, the literature on the relationship between the functional and personal... more
The goal of this paper is to analyse the effects of labour share divergence between Eurozone economies on rising income inequality and poverty. For this purpose, the literature on the relationship between the functional and personal distributions of income will be reviewed. In addition, labour legislation reforms in Southern countries will be analysed. It is argued that falling wage share caused the deterioration of medium and low income households’ pre-tax and transfers incomes in periphery countries. Thus, that is one of the main factors driving the differentiate impact of the recent crisis on Eurozone countries. Finally, the implications of this divergent pattern are discussed vis-á- vis external competitive pressures due to European monetary integration.