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The September 2008 financial market collapse and subsequent world economic crisis have significantly influenced international scholarly debate, policy practice, and economic relations. The economic crisis has led experts and policy actors to redefine core aspects of economic governance. I analyze current competing perspectives on economic issues within the Group of Twenty (G20) and argue that discursive contestation has delegitimized previous neoclassical conventional wisdom, especially the efficient markets hypothesis. This has been rejected as a core principle of economic policy by industrialized and developing states, plus international fora. As a consequence, the bounds of rationality of individual actors and policy norms have been reconstituted. Also Keynesian policies have been implemented in important national and international contexts. I compare the contemporary situation with the post-war 'Bretton Woods era' of embedded liberalism, concluding that many recent national policies and the consolidation of international economic governance constitute an ad hoc embedded liberalism. Keywords: G20, Embedded Liberalism, Economic Governance, Keynesian, Neoclassical, Ordoliberal, Crisis, Bretton Woods, Multilateralism, Dissensus, Conventional Wisdom. El colapso de los mercados financieros en septiembre del 2008 y la subsecuente crisis economica mundial han influenciado significativamente los debates academicos internacionales, la practica legislativa y las relaciones economicas. La crisis economica ha obligado a expertos y actores politicos a redefinir aspectos fundamentales de la gobernanza economica. Analizo diferentes perspectivas sobre asuntos economicos dentro del Grupo de los Veinte (G20) durante este periodo y sostengo que el debate discursivo ha deslegitimizado paradigmas neo-clasicos anteriores, especialmente la hipotesis de los mercados eficientes. Esta ha sido rechazada como un principio fundamental de las politicas economicas por paises industrializados y en vias de desarrollo, ademas de foros internacionales. Como consecuencia, los limites de la racionalidad de los actores individuales y las disposiciones legislativas han sido reformulados. Ademas, las politicas keynesianas han sido implementadas en importantes contextos nacionales e internacionales. Comparando la situacion actual con la 'era Bretton Woods' de liberalismo incorporado de la posguerra, concluyo que muchas politicas nacionales recientes y la consolidacion de la gobernabilidad economica internacional constituyen un liberalismo incorporado ad hoc., The Group of Twenty (G20) has become a key forum for international economic governance since 2008. It has been a significant focus for international attempts to resolve a series of [...]

Regional economic development competition can be inefficient and destructive because decisions by one governmental unit can impose both externalities on its neighbors. Collaborative networks of multiple stakeholders within and across jurisdictions are an increasingly crucial component of regional economic development. In this article, we focus on the emergence of voluntary and self-organizing network relationships among local governments to address economic development concerns. The motivations and decisions of local actors play a critical role in shaping and implementing regional collaboration. On a micro level, the collaboration choices are shaped by three primary factors: the transaction costs reflected in the configuration of relationships in which an actor is embedded; the organizational similarities (homophily); and the resource dependencies that shape the local actors' preferences for forming relationships with other specific actors. We utilize an exponential random graph model (ERGM) to test hypotheses regarding the most prominent observed patterns of network relationships within and across different organizational sectors. The results demonstrate that both reciprocity and social clustering structures are preferred by both government and nongovernment organizations. These results suggest that interorganizational collaboration for economic development requires more than simple exchange relationships. Rather, network actors may be better served by participating in a densely clustered network that is capable of maintaining credible commitments to collective solutions. KEY WORDS: interorganizational collaboration, exponential random graph model, economic development policy network, Introduction Responsibility for local economic development in the United States is highly fragmented as each governmental unit exercises independent authority. Paul Peter-son (1981) claims the attraction of business and investment [...]

Citizen participation in government budgeting processes is a topic that has received attention for many decades. Despite prescriptive exhortations to cities, research in this area has significant limitations. We identify four elements that are believed to influence the participation process. The variables within each element have received attention in the empirical literature, but no systematic effort has been made to uncover interaction effects and extend theory to make it more robust. We consider the weaknesses of our knowledge, suggest an impact model of citizen participation in budgeting, and identify hypotheses that may be tested in future research.

The author analyzed data from 1980-1998 using mathematical models to show problems with the single monetary policy. Specifically, France, Germany, Spain, and Austria were more sensitive to unanticipated interest rates than Belgium and Italy.

This article reviews `corporatization' and `marketization', shorthands for privatization, in the Chinese economy. In particular it concentrates upon the most recent round of state-owned enterprise reforms, the Modern Enterprise System and Group Company System, aimed at transforming China's largest state-owned enterprises into internationally competitive corporations. This represents a partial privatization, given that the state will retain majority ownership, while acquiring domestic and foreign capital via sharelistings and foreign and domestic joint ventures. Drawing upon interview material from a five-year study of state-owned enterprises, the authors will indicate that such part privatization has been pragmatic and relatively slow. It has been constrained and Circumscribed by broader economic and social reform programmes and accompanied by political decentralization and reforms. Ultimately, the reform and pace of reform is shaped by the desire to avoid political and social unrest which could, potentially, threaten the harmony of the Chinese central state apparatus.

This papers shows the influence of Yugoslavia's economic policies on its agricultural sector; specifically, the effect of privatization on productivity, efficiency, trade and labor usage.

Research is presented concerning the application of optimum currency areas to a cooperative game theory. The factors influencing a successful monetary union and those which enhance the case for a common currency are discussed.

Excise taxes are popular as regulatory policy. This popularity stems in part from their simple disincentive mechanism: higher prices mean less consumption of the regulated item. The size of the disincentive, however, may not be the whole story since governments rarely regulate without sending signals about why the regulation is necessary. This paper integrates signaling into a model designed to test the effectiveness of regulatory policies. By focusing on how signaling can be used in conjunction with more traditional policy analysis models, we offer a more complete understanding of regulation.

Past research on budgeting has ignored the existence of an equilibrating tendency in U.S. federal revenues and expenditures through time. Using time series error-correction models, show the existence of such an equilibrating tendency in federal budgets from 1904 to 1996, and theorize that it is due to the balanced-budget norm. Time-varying parameter estimation methods are then used to reveal substantial variations in the strength of the equilibrating tendency through time. Descriptive evidence from the time-varying coefficients shows that the equilibrating tendency in the federal budget was actually weaker prior to the Great Depression and the acceptance of Keynesian principles. There is little evidence of temporal change in the equilibrating tendency in the modern era due to partisanship or divided government. The results suggest that the balanced budget force is important in changing federal revenues and expenditures, but in a manner more complex than has been suggested by facile theories of the past.

This article investigates whether the Chilean banking reforms of the 1980s have contributed to reducing market imperfections in Chilean financial markets in the late 1980 and early 1990s. To analyse this issue, patterns of investment and its finance for different types of firms are studied based on balance sheet information of a panel of 70 firms. The most important conclusion is that those specific reforms, aimed at reducing intraconglomerate lending, seem to have been successful, since access of non-conglomerate firms has increased indicating a reduction of existing market imperfections for such firms., In recent years, a large body of empirical literature has investigated the impact of information problems in financial markets on investment decisions of firms in developed countries [Fazzari, Hubbard and [...]

The Rhenish model economy, which works within the framework of longterm relations between shareholders and employees, has a successful history in Austria, Germany, Switzerland, the Benelux countries, Japan and Scandinavia. The model's contractual framework promotes social values such as fairness, mutualisation of risks, and trust. However, the Rhenish model has to be adjusted due to challenges posed by the globalization of world economy. If the scope of economic activities reduces under Rhenish economy, the homogeneity of its contractual pattern may weaken.

The article describes an emerging investment theory which emphasizes the importance of uncertainty in returns, sunk investment costs and investment timing flexibility. This theory differs from the traditional use of cash flow rules for investing. The theory is applied to investments in energy efficient technologies.

This study analyses the impact of the 1986 oil price shock on China and the policy options for accommodating the shock. A computable general equilibrium model is used to capture the complex interactions in the Chinese economy in response to the shock. Interpreted in the theoretical framework of the 'Booming Sector' model, the results of the model provide insights on both the real and monetary effects of the shock, and suggest that a combination of policy instruments such as a cut in real absorption, depreciation of the official exchange rate and tight monetary control are required to facilitate adjustment., I. INTRODUCTION Developing countries relying on oil exports as an engine of growth experienced great oscillations in their terms of trade in the past two decades. The oil price shocks [...]

Planners and politicians do not always agree on the best way of distributing resources. Usually, planners take to a technical strategy while politicians take to a constituent building strategy. The differences in opinion between planners and politicians is most acute in Nicaragua's post Sandinista Administration. Nicaraguan planners are addressing enormous economic problems while simultaneously trying to obtain outside assistance form the Multinational Financial Institutions (World Bank, IMF, Inter-American Development Bank). Politicians, on the other hand, are trying to stabilize the country's political system after a decade of the marxist Sandinista's control. The desperate political and economic situation in Nicaragua has made the already troubled marriage between planners and politicians more tenuous.

Some local governments in the U.S. have expanded their economic development policy from the incentives and subsidies that have characterized the arena for 30 years to policy that is increasingly concerned with equity, the control and regulation of private development, and the direction of tangible growth-related benefits to low-income groups. This new development policy orientation provides an opportunity to test the explanatory power of competing models of local politics. Using cross-sectional data on a large sample of U.S. cities, I argue that the role of political actors and local political conditions are extremely important in explaining the variation in development policy across cities.

Paper examines the contributions to the renewed growth of policy reforms, supporting aid flows and increased rainfall in the Gambia. The computable general equilibrium model measures the collective and individual effects of these factors against a simulation of economic conditions that would have prevailed in the absence of the reform. The results indicate successful adjustment required the combination of appropriate policy reforms and adequate financing.

Policy implications in the evaluation of policy models are emphasized. It is implied that modern policy makers tend to overlook specific targets. Thus the control for the evaluation is inappropriate for the purpose in most cases. A number of tests can be applied that adequately evaluate the necessary properties the policy model should possess to aid in the policy making. These tests are discussed in the context of examples.

Research determined the impact of government policies on ethnic fertility differences in Peninsular Malaysia. Results showed significant differences in in fertility rates among the ethnic groups as a result of varied exposure to the New Economic Policy and the New Population Policy implemented in 1971 and 1982, respectively. The Chinese and Indian groups had significant reductions in fertility rates while the Malays were modestly affected by such policies. These findings will have its repercussions on the political and economic structures of the Peninsular Malaysia which has seemingly been dominated by the Malays.

A policy and scholarly consensus is emerging on reducing the role of the state in the economy, but with relatively little consideration of its meaning and potential consequences. Six different forms of state economic intervention are distinguished in this article (influence, regulation, mediation, distribution, production, and planning) and combined to characterize different national economic regimes. IMF and World Bank recommendations for policy reform are then identified, and the consequences of those recommendations are assessed for different forms of economic intervention. On balance, stabilization and structural adjustment programs would appear to facilitate a major continuation of some forms of intervention (influence and mediation), redirect others (regulation, mediation, and distribution), and reduce those associated with state production and planning. These differential effects of the programs have far-reaching political implications, can be internally inconsistent, and are not necessarily conducive to development.

Data from 1998 and 1999 waves of the Child Support Demonstration Evaluation Resident Parent Survey (CSDE) are used to explore differences between survey and UI (u nemployment insurance) employment and earnings reports for current and former welfare recipients in Wisconsin. The UI is more preferred for monitoring labor market outcomes and economic status of welfare-affected people.