Search

The coronavirus crisis brings to the fore the need for China to consolidate the change in its growth model sought since the beginning of the 21st century. The incredible boom in exports and investment that marked the strong growth since the 1980s was associated with growing inequality between capital and labour, between rural and urban areas, between the southeast and the rest of the country... The challenge that China has faced since the 2000s is to specialize in tasks with greater added value and a better distribution of the fruits of growth that would also boost domestic consumption. In this article, we show that the changes observed in recent years in Chinese foreign policy must be understood in the context of this effort to change national growth patterns. The attempt in recent years to launch a growth model that involves both a qualitative leap in the type of goods produced and a better distribution of income also implies adopting a more active role for the country at the regional (or even global) level and assuming new risks at the international level., Koronabirusaren krisiak agerian utzi du Txinak XXI. mendearen hasieratik lortu nahi duen hazkunde eredu aldaketa sendotzeko daukan beharra. Esportazioen eta inbertsioaren goraldi sinestezinak hazkunde handia eragin zuen 80ko hamarkadaz geroztik, eta desberdintasun gero eta handiagoak izateari lotuta etorri zen kapitalaren eta lanaren artean, landaren eta hiriaren artean, herrialdeko hego-ekialdearen eta gainerako lurraldeen artean. 2000ko urteez geroztik, Txinak erronka hau dauka aurrean: balio erantsi handiagoko zereginetan espezializatzea eta hazkundearen fruituak hobeto banatzea, betiere barne kontsumoa bultzatuta. Artikulu honetan erakutsiko dugunez, Txinako atzerri politikan azken urteotan hautemandako aldaketak ezin dira ulertu hazkunde ereduak aldatzeko ahalegin horren baitan ez bada. Azken urteotan, ekoitzitako ondasun motan jauzi kualitatiboa eta barne eskariari bultzada emateko errenta hobeto banatzea eragingo duen hazkunde eredu bat abiarazteko ahaleginak berekin dakar, alde batetik, herrialdeak eginkizun aktiboagoa izatea eskualde mailan (edo globalean ere bai), eta, bestetik, nazioartean arrisku berriak onartu beharra.

International audience; During the last years, Venezuela has experimented both a deep economic crisis and hyperinflation. The US economic blockade and the internal economic crisis has played a main role in the sharp fall of the output levels. But regarding hyperinflation, it must be analyzed as the result of the expansionary policies adopted by the government and the Central Bank in a context of currency overvaluation. In this research, I show the mechanisms that enabled this hyperinflation, which continues today, and explain how the approach to the Venezuelan hyperinflation as a 'monetary phenomenon' is fully consistent with the hypothesis of the endogenous supply of money.

Bernard Schmitt spent more than half a century developing a solid monetary theory of production. Three years after his death, his main disciples pay homage to his work and influence with this multiauthor collaboration. However, from the first pages it is evident that this collaboration is not a simple tribute to their master, but a profound and serious vindication of the contribution of Bernard Schmitt to contemporary macroeconomics. The diversity of authors, approaches, and subjects that are...

Economic crisis and institutional rigidity are nowadays the major threats for the Eurozone. Therefore, we should not be surprised by the increasing support some proposals are obtaining in some member-countries, which ultimately advocate for a return to their national currencies. This article reviews the state of the Eurozone and at the same time it identifies the main dangers for the monetary union, both in the short-and in the long term. First of all, it studies the main tensions developed during the first years, as well as the shape that the economic crisis has adopted since 2008; then, we review some proposals for a greater solidarity and coordination among member-countries and finally, we point out the regional productive asymmetries as a remaining challenge in order to secure a more stable Eurozone in the future.; La Eurozona está atenazada por una crisis económica y por el inmovilismo institucional para emprender cualquier reforma. No debe extrañar, por lo tanto, el apoyo creciente a propuestas de retorno a la moneda nacional en algunos de los países miembros. En este artículo se hace un balance de los primeros años de moneda única y se indican los grandes peligros desde el corto hasta el largo plazo. En un primer momento, se estudian las grandes tensiones generadas en los primeros años y la forma en que la crisis afecta a la Eurozona desde 2008; seguido, se repasan las principales propuestas de reforma basadas en mayores y mejores mecanismos de solidaridad y de coordinación ; por último, se señala a las divergencias productivas entre países como un reto pendiente por afrontar para asegurar una mayor estabilidad en la Eurozona en el largo plazo.

The worrying situation of the international economy in the last years clearly shows the necessity to rethink the international economic regulation. This PHD thesis focuses on the study of the International Monetary System (IMS) and claims that it is a destabilizing factor. The research has a two-fold purpose. First, it shows that the use of national money at an international level creates tensions that can ultimately lead to economic crisis. Once this assertion is verified, some proposals are made for a structural reform of the IMS.For this double aim, a heterogeneous theoretical approach is built in order to detect inherent tensions of the IMS in different historical contexts. On that basis, the thesis argues that while international economic relations develop, the IMS creates inherent tensions that make it difficult to grant a stable management of international liquidity.In the light of this, two analysis are developed in this research. First, it is shown how inherent tensions have repeatedly appeared in the international economy since the generalization of the “key-currency” system. Second, the research explains the different national strategies pursued both for the integration in the IMS and for relieving the observed tensions. Recent tensions in the United States and in the Eurozone are studied carefully. From the study of these cases one main conclusion is made about the instability of the IMS, which is that crisis occurs due to destabilizing dynamics in a liberalized financial system and from accumulated tensions inside and among monetary zones.Finally, in order to correct the failures observed in the international monetary architecture, some structural reforms are proposed, both in the financial field and in the monetary one., La situation préoccupante de l'économie internationale lors des dernières années révèle la nécessité urgente de repenser la régulation économique contemporaine. Ce travail de thèse se centre sur l'étude du Système Monétaire International (SMI) et soutient que celui-ci est un facteur d'instabilité. L'objectif de cette recherche est double. Il s'agit d'abord de montrer que l'utilisation de monnaies nationales dans les opérations économiques internationales provoque des tensions pouvant déboucher sur des crises. La vérification de ce premier point nous mène, ensuite, à proposer des éléments pour une possible réforme structurelle du SMI.Pour cela, la recherche s'appuie sur les apports théoriques de différents courants qui permettent de détecter la formation de tensions propres au SMI dans des contextes historiques très différents. Sur cette base, la thèse soutient qu'au fur et à mesure que les relations économiques internationales se développent, le SMI provoque des tensions croissantes qui empêchent une gestion stable de la liquidité internationale sur le long terme.En partant de ce constat deux analyses sont menées : d'une part, celle des formes que ces tensions ont prises depuis la généralisation de l'utilisation des monnaies-clé, d'autre part, celle des stratégies suivies par les Etats, non seulement pour se placer dans le SMI mais aussi pour calmer les tensions du système. Cette analyse intègre également une étude critique de la crise contemporaine et plus particulièrement des tensions observées aux Etats-Unis et au sein de l'Eurozone. Tout en admettant la multi-dimensionnalité et la complexité de cette crise, ce travail met en lumière le rôle déterminant qu'a eu l'architecture monétaire dans la formation des instabilités. En effet, la crise résulte à la fois d'une régulation de type libéral du marché financier, et, des tensions cumulées à l'intérieur des zones.Finalement, pour apporter une réponse à ces défaillances du SMI, la thèse propose une série de réformes structurelles, autant sur l'aspect financier que monétaire.