Macroeconomic policy regimes in emerging markets: the case of Latvia

Kazandziska, Milka

doi:10.4337/ejeep.2015.03.05

Cited by 3 publications

(2 citation statements)

References 24 publications

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“…For assessing the effect of monetary policies of the central bank, the focus is on the relationship between long-term real interest rates and real GDP growth, assuming that a longterm rate of interest lower than GDP growth should support growth. Wage policies 30. , Kazandziska (2019), and have extended this approach to emerging capitalist economies, including further features, like the financial system or industrial policies. conducive to a stable DDL regime would have to stabilise the inflation rate, as well as functional income distribution.…”

Section: Macroeconomic Policy Regimes and Demand And Growth Regimesmentioning

confidence: 99%

Varieties of demand and growth regimes – post-Keynesian foundations

Hein

2023

European Journal of Economics and Economic Policies Intervention

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We review post-Keynesian contributions to demand and growth regime analysis. First, for the theoretical model perspective, we distinguish the Kalecki–Steindl approach and the Sraffian supermultiplier approach as relevant theoretical foundations for demand and growth regime research, with investment-driven and distribution-led growth in the focus of the former and autonomous demand-led growth in the latter. Second, for the empirical-historical perspective, we review different ways of analysing the co-existence of demand and growth regimes in the current period of neoliberal and finance-dominated capitalism. We distinguish, first, a basic national income and financial accounting decomposition approach; second, a Sraffian supermultiplier inspired growth decomposition approach; and third, several lenses looking at growth drivers. We argue that these three levels of analysis are, in principle, not mutually exclusive nor even contradictory, but that they rather complement each other. We conclude that, in particular, the PK analysis of growth drivers provides several systematic links with comparative and international political economy approaches, when it comes to the introduction of the political economy dimension (social blocs, growth coalitions, changes in institutions favouring certain types of re-distribution and economic policies, etc.), while the national income and financial accounting, as well as the Sraffian supermultiplier growth accounting decomposition approaches provide the consistent macroeconomic foundations for such synthetic approaches.

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Section: Macroeconomic Policy Regimes and Demand And Growth Regimesmentioning

confidence: 99%

Varieties of demand and growth regimes – post-Keynesian foundations

Hein

2023

European Journal of Economics and Economic Policies Intervention

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“…Fritsche et al (2005) and Herr and Kazandziska (2011) have provided case studies for some advanced economies, looking at several indicators for monetary, fiscal and wage policies, as well as the open economy conditions. Kazandziska (2019) and Priewe and Herr (2005) have extended this approach to emerging capitalist economies, including further features like the financial system or industrial policies. In a series of papers, Hein and Truger, starting with Hein and Truger (2005), have developed and applied a standardised set of indicators for each macroeconomic policy area and their interaction in several comparative studies of advanced economies.…”

Section: The Concept Of Macroeconomic Policy Regimementioning

confidence: 99%

Demand and growth regimes in finance-dominated capitalism and the role of the macroeconomic policy regime: a post-Keynesian comparative study on France, Germany, Italy and Spain before and after the Great Financial Crisis and the Great Recession

Hein

Martschin

2021

Rev Evol Polit Econ

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We contribute to the recent debates on demand and growth regimes in modern finance-dominated capitalism linking them to the post-Keynesian research on macroeconomic policy regimes. We examine the demand and growth regimes, as well as the macroeconomic policy regimes for the big four Eurozone countries, France, Germany, Italy and Spain, for the periods 2001–2009 and 2010–2019. First, our approach supports the usefulness of the identification of demand and growth regimes according to growth contributions of the main demand components and financial balances of the macroeconomic sectors. This allows for an understanding of the demand sources of growth, or stagnation, if there is a lack of demand, of how these sources are financed and of potential financial instabilities and fragilities. Second, when it comes to the macroeconomic policy drivers of demand and growth regimes, as well as their respective changes, we show that the exclusive focus on fiscal policies, as in the previous literature, is too limited and that it is the macroeconomic policy regime which matters here, i.e. the combination of monetary, fiscal and wage policies, as well as the open economy conditions.

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Financialization, distribution, and macroeconomic regimes before and after the crisis: a post-Keynesian view on Denmark, Estonia, and Latvia

Dünhaupt

Hein

2019

Journal of Baltic Studies

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Macroeconomic policy regimes in emerging markets: the case of Latvia

Cited by 3 publications

References 24 publications

Varieties of demand and growth regimes – post-Keynesian foundations

Varieties of demand and growth regimes – post-Keynesian foundations

Demand and growth regimes in finance-dominated capitalism and the role of the macroeconomic policy regime: a post-Keynesian comparative study on France, Germany, Italy and Spain before and after the Great Financial Crisis and the Great Recession

Financialization, distribution, and macroeconomic regimes before and after the crisis: a post-Keynesian view on Denmark, Estonia, and Latvia

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