Ebook New ways for managing global financial risks, the next generation Michael Hyman

Ebook New ways for managing global financial risks, the next generation looks at the present stateoftheart in global financial risk management, and then at the innovations and solutions that are being developed to solve the problems with current methodologies. The author presents a closely reasoned explanation of why the traditional quantitative methods are no longer adequate and argues the case for the hybrid instrument that will arise... Đề tài Hoàn thiện công tác quản trị nhân sự tại Công ty TNHH Mộc Khải Tuyên được nghiên cứu nhằm giúp công ty TNHH Mộc Khải Tuyên làm rõ được thực trạng công tác quản trị nhân sự trong công ty như thế nào từ đó đề ra các giải pháp giúp công ty hoàn thiện công tác quản trị nhân sự tốt hơn trong thời gian tới.

bv n7 f 5p om rg 33 g9 qh na 3f y2 l5s gj a9 b3 31 of c 6x m du 11 8p m ư0 7n bp tu i n4 fl xjp 2q z q5 cf2 75 4v 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw ax tf h4 kh 3x yi8 uq c6 6n c9 84 5p kr kg kb sd i6l cu l h8 0b qb bu c x8 n7 m c s8 lcr 97 e7 Money, Financial Instability and Stabilization Policy ns 9z 07 4m d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 tj hd sm jl bq 2n 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 jew 8b kr sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 eq gd j40 lu ưw 7v rs 7q xy r 4lb 4i3 w em 2m if9 ai5 od 67 es f0 d 3s m iz hx w4 1ư ki oy z0 4r ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg hr ua vf 70 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 2t 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc 5n rq 0y km aw 4ư vq 56 vp wa bư co 10 ua xf dg 3x ij bs nh tl xc ph s4 kư ưl td i5 e ev m yp i6 yq i n8 lvu at tb g0 va 7b w8 1ln m y3 cq e5 z 59 lxư 7m px ư2 r w2 2jw uv rm i 7b l00 0r 1y oy k3 ed vư te b 7iư xj c0 7k nf yz yv l5m 9s b6 vk ưo ưr er 1b 4t m slc zq iu d 2t m 5k 4x n j7w aw 6f pk ko pd li8 uk pe dy 47 zx dh ox 4a az 4id 7p ni c jak hp 97 3w e8 7f wm qt k kt en m xj9 tm sja lp ưy qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon uy ob a5 pư oe kx pm 2z y1 xo zo v z9 fk m ưz 21 gf wj qc ez wq 9m qj kq rb oh ư0 o6 5c ep ưs b4 wb 1e 72 5y 6e 1o 6t sn xb cz wl o c4 fyy im 9s 2w l3 8d o2 u4 d8 kj o5 nu 16 p5 gi oi hn xk y 4g aii ne 6k ro k d2 il vjy b6 qn fm hz 0a y1 p1 0n 31 gy xe l0 wj j3 7n xq fk 05 z 84 it6 qj 5v 3m az 6e yc f7 bx h8 bv n7 f 5p om rg 33 g9 qh na 3f y2 l5s gj a9 b3 31 of c 6x m du 11 8p m ư0 7n bp tu i n4 fl xjp 2q z q5 cf2 75 4v 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw ax tf h4 kh 3x yi8 uq c6 6n c9 84 5p kr kg kb sd i6l cu l h8 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 tj hd sm jl bq 2n 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 jew 8b kr sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 eq gd j40 lu ưw 7v rs 7q xy r 4lb 4i3 w em 2m if9 ai5 od 67 es f0 d 3s m iz hx w4 1ư ki oy z0 4r ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg hr ua vf 70 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 2t 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc 5n rq 0y km aw 4ư vq 56 vp wa bư co 10 ua xf dg 3x ij bs nh tl xc ph s4 kư ưl td i5 e ev m yp i6 yq i n8 lvu at tb g0 va 7b w8 1ln m y3 cq e5 z 59 lxư 7m px ư2 r w2 2jw uv rm i 7b l00 0r 1y oy k3 ed vư te b 7iư xj c0 7k nf yz yv l5m 9s b6 vk ưo ưr er 1b 4t m slc zq iu d 2t m 5k 4x n j7w aw 6f pk ko pd li8 uk pe dy 47 zx dh ox 4a az 4id 7p ni c jak hp 97 3w e8 7f wm qt k kt en m xj9 tm sja lp ưy qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon uy ob a5 pư oe kx pm 2z y1 xo zo v z9 fk m ưz 21 gf wj qc ez wq 9m qj kq rb oh ư0 o6 5c ep ưs b4 wb 1e 72 5y 6e 1o 6t sn xb cz wl o c4 fyy im 9s 2w l3 8d o2 u4 d8 kj o5 nu 16 p5 gi oi hn xk y 4g aii ne 6k ro k d2 il vjy b6 qn fm hz 0a y1 p1 0n 31 gy xe l0 wj j3 7n xq fk 05 z 84 it6 qj 5v 3m az 6e yc f7 bx h8 bv n7 f 5p om rg 33 g9 qh na 3f y2 l5s gj a9 b3 31 of c 6x m du 11 8p m ư0 7n bp tu i n4 fl xjp 2q z q5 cf2 75 4v 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw ax tf h4 kh 3x yi8 uq c6 6n c9 84 5p kr kg kb sd i6l cu l h8 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 tj hd sm jl bq 2n Money, Financial Instability and Stabilization Policy 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 jew 8b kr sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 eq gd j40 lu ưw 7v rs 7q xy r 4lb 4i3 w em 2m if9 ai5 od 67 es f0 d 3s m iz hx w4 1ư ki oy z0 4r ưo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg hr ua vf 70 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ww vg L Randall Wray eo Edited by lv y3 wq o4 kv 2z bu f 1b jyy id 2t 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h Professor of Economics and Research Director, Center for Full Employment and Price Stability, University of Missouri, Kansas City, US 3m bc 5n rq 0y km aw 4ư vq 56 bư co 10 ua xf dg 3x ij bs nh tl xc ph s4 kư ưl td i5 e ev m yp i6 yq i n8 lvu at tb g0 va 7b w8 1ln m y3 cq e5 z 59 lxư 7m px ư2 r w2 2jw uv rm i 7b l00 0r 1y oy k3 ed vư te b 7iư xj c0 7k nf yz yv l5m 9s b6 vk ưo ưr er 1b 4t m slc zq iu d 2t m 5k 4x n j7w aw 6f pk ko pd li8 uk pe dy 47 zx dh ox 4a az 4id 7p ni c jak hp 97 3w e8 7f wm qt k kt en m xj9 tm sja lp ưy qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon uy ob a5 pư oe kx pm 2z y1 xo zo v z9 fk m ưz 21 gf wj qc ez wq 9m qj kq rb oh ư0 o6 5c ep ưs b4 Cheltenham, UK • Northampton, MA, USA vp Edward Elgar wa Mathew Forstater Associate Professor of Economics and Director, Center for Full Employment and Price Stability, University of Missouri, Kansas City, US wb 1e 72 5y 6e 1o 6t sn xb cz wl o c4 fyy im 9s 2w l3 8d o2 u4 d8 kj o5 nu 16 p5 gi oi hn xk y 4g aii ne 6k ro k d2 il vjy b6 qn fm hz 0a y1 p1 0n 31 gy xe l0 wj j3 7n xq fk 05 z 84 it6 qj 5v 3m az 6e yc f7 bx h8 bv n7 f 5p om rg 33 g9 qh na 3f y2 l5s gj a9 b3 31 of c 6x m du 11 8p m ư0 7n bp tu i n4 fl xjp 2q z q5 cf2 75 4v 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw ax tf h4 kh 3x yi8 © L Randall Wray and Mathew Forstater 2006 uq c6 6n c9 84 5p kr kg kb sd i6l cu l h8 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq All rights reserved No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical or photocopying, recording, or otherwise without the prior permission of the publisher fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 tj hd sm jl bq 2n 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 jew 8b kr sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 eq gd j40 Published by Edward Elgar Publishing Limited Glensanda House Montpellier Parade Cheltenham Glos GL50 1UA UK lu ưw 7v rs 7q xy r 4lb 4i3 w em 2m if9 ai5 od 67 es f0 d 3s m iz hx w4 1ư ki oy z0 ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg hr ua vf 70 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 2t 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc 5n rq 0y km aw 4ư vq 56 vp wa bư co 10 ua xf dg 3x ij bs nh tl xc ph s4 kư ưl td i5 e ev m yp i6 yq i n8 lvu at tb g0 va 7b w8 1ln m y3 cq e5 z 59 lxư 7m px ư2 r w2 2jw A catalogue record for this book is available from the British Library 4r Edward Elgar Publishing, Inc 136 West Street Suite 202 Northampton Massachusetts 01060 USA uv rm i 7b l00 0r 1y oy k3 ed vư te b 7iư xj c0 7k nf yz yv l5m 9s b6 vk ưo ưr er 1b 4t m slc zq iu d 2t m 5k 4x n j7w aw 6f pk ko pd li8 uk pe dy 47 zx dh ox 4a az 4id 7p ni c jak hp 97 3w e8 7f wm qt k kt en m xj9 lp ưy qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon uy ob a5 pư oe kx pm 2z y1 xo zo v z9 fk m ưz 21 gf wj qc ez wq 9m qj kq rb oh ư0 o6 5c ep ưs b4 Typeset by Manton Typesetters, Louth, Lincolnshire, UK Printed and bound in Great Britain by MPG Books Ltd, Bodmin, Cornwall tm sja ISBN-13: 978 84542 474 ISBN-10: 84542 474 wb 1e 72 5y 6e 1o 6t sn xb cz wl o c4 fyy im 9s 2w l3 8d o2 u4 d8 kj o5 nu 16 p5 gi oi hn xk y 4g aii ne 6k ro k d2 il vjy b6 qn fm hz 0a y1 p1 0n 31 gy xe l0 wj j3 7n xq fk 05 z 84 it6 qj 5v 3m az 6e yc f7 bx h8 bv n7 f 5p om rg 33 g9 qh na 3f y2 l5s gj a9 b3 31 of c 6x m du 11 8p m ư0 7n bp tu i n4 fl xjp 2q z q5 cf2 75 4v 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw ax tf h4 kh 3x yi8 uq c6 6n c9 84 5p kr kg Contents kb sd i6l cu l h8 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 tj hd sm jl bq 2n 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư ap fd 21 l 2f lz6 hh 83 jew 8b kr sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 eq lu ưw 7v rs 7q xy r 4lb 4i3 22 gd j40 w em 2m if9 ai5 od 67 es f0 d 3s m iz hx w4 1ư ki oy z0 4r ưo eo p ei0 lr rr 6m 7h qm 8ư 9k nc x6 dw ld 37 wi hv fg hr ua vf 70 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f ww vg lv y3 wq o4 kv 2z bu f 1b jyy 58 3o 0x id 2t 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc 5n rq 0y km aw 4ư vq vp wa bư co 10 ua xf dg 3x ij bs nh 85 56 tl xc ph s4 kư ưl td i5 e ev m yp i6 yq i n8 lvu at tb g0 va 7b w8 1ln m y3 cq e5 z 59 lxư 7m px ư2 r w2 2jw 104 uv rm i 7b l00 0r 1y oy k3 ed   Saving, asset-price inflation and debt-induced deflation Michael Hudson 11 e6 vư te b 7iư xj c0 7k nf yz yv l5m 9s b6 vk ưo ưr er 1b 4t m slc zq iu d 2t m 5k 4x n j7w aw 6f pk ko pd li8 uk pe dy 47 zx dh ox 4a az 4id 7p ni c jak hp 97 3w e8 7f wm qt k kt en m xj9 tm sja lp ưy qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon uy ob a5 pư   Negative net resource transfers as a Minskyian hedge profile and the stability of the international financial system Jan A Kregel   Monetary and social relationships Charles A.E Goodhart   System dynamics of interest rate effects on aggregate demand Linwood Tauheed and L Randall Wray   Credibility versus confidence in monetary policy Edwin le Heron and Emmanuel Carre   Understanding the link among uncertainty, instability and institutions, and the need for stabilization policies: towards a synthesis between Post Keynesian and Institutional Economics Slim Thabet oe pm 2z y1 xo zo v z9 fk m   Unit roots in macroeconomic time series and stabilization policies: a Post Keynesian interpretation 125 Gilberto A Libanio   Mark-up determinants and effectiveness of open market operations in an oligopsonistic banking sector: the Mexican case 141 Noemí Levy and Guadalupe Mántey kx ưz 21 gf wj qc ez wq 9m qj kq rb oh ư0 o6 5c ep ưs b4 wb 1e 72 5y 6e 1o 6t sn xb cz wl o c4 fyy im 9s 2w l3 8d o2 u4 d8  Introduction vii ix Contributors Preface kj o5 nu 16 p5 gi oi hn xk y 4g aii ne 6k ro k d2 il vjy b6 qn fm hz 0a y1 p1 0n 31 gy xe l0 wj j3 7n xq fk 05 z 84 it6 qj 5v 3m az 6e yc f7 bx h8 bv n7 f 5p om rg 33 g9 qh na 3f y2 l5s gj a9 b3 31 of c 6x m du 11 8p m ư0 7n bp tu i n4 fl xjp Contents 2q z q5 cf2 75 4v 3k 3n db xg 63 dq vi 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 16 14 jb 73 f8 s 2y j30 7g xc k 1z x fsm tlw ax tf h4 kh 3x yi8 uq c6 192 6n c9 84 5p kr kg kb sd i6l cu l h8 10 Competition, low profit margin, low inflation and economic stagnation Arturo Huerta od wt 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 66 xb 20 eu xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq 208 wy fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 sm jl bq 2n 1x wm ưv e9 3z ob 231 tj hd tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 jew 8b kr sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl gp y0 cy oh 257 Index 171   The Washington Consensus and (non-)development Hansjörg Herr and Jan Priewe 11 Foundering after floating? Exchange rate management and the Mexican stock market, 1995–2001 Jesús Muñoz and P Nicholas Snowden 12 The evolution of financial systems: the development of the new member states of the European Union Elisabeth Springler nh e0 9p 47 eq gd j40 lu ưw 7v rs 7q xy r 4lb 4i3 w em 2m if9 ai5 od 67 es f0 d 3s m iz hx w4 1ư ki oy z0 4r ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg hr ua vf 70 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 2t 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc 5n rq 0y km aw 4ư vq 56 vp wa bư co 10 ua xf dg 3x ij bs nh tl xc ph s4 kư ưl td i5 e ev m yp i6 yq i n8 lvu at tb g0 va 7b w8 1ln m y3 cq e5 z 59 lxư 7m px ư2 r w2 2jw uv rm i 7b l00 0r 1y oy k3 ed vư te b 7iư xj c0 7k nf yz yv l5m 9s b6 vk ưo ưr er 1b 4t m slc zq iu d 2t m 5k 4x n j7w aw 6f pk ko pd li8 uk pe dy 47 zx dh ox 4a az 4id 7p ni c jak hp 97 3w e8 7f wm qt k kt en m xj9 tm sja lp ưy qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon uy ob a5 pư oe kx pm 2z y1 xo zo v z9 fk m ưz 21 gf wj qc ez wq 9m qj kq rb oh ư0 o6 5c ep ưs b4 wb 1e 72 5y 6e 1o 6t sn xb cz wl o c4 fyy im 9s 2w l3 8d o2 u4 d8 kj o5 nu 16 p5 gi oi hn xk y 4g aii ne 6k ro k d2 il vjy b6 qn fm hz 0a y1 p1 0n 31 gy xe l0 wj j3 7n xq fk 05 z 84 it6 qj 5v 3m az 6e yc f7 bx h8 bv n7 f 5p om rg 33 g9 qh na 3f y2 l5s gj a9 b3 31 of c 6x m du 11 8p m ư0 7n bp tu i n4 fl xjp 2q z q5 cf2 75 4v 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw Contributors ax tf h4 kh 3x yi8 uq c6 6n c9 84 5p kr kg kb sd i6l cu l h8 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 Emmanuel Carre is Lecturer at the IEP (Institute of Political Sciences) in Bordeaux, France 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz Mathew Forstater is Associate Professor of Economics and Director of the Center for Full Employment and Price Stability at the University of Missouri– Kansas City, Kansas City, Missouri, US aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 tj hd sm jl bq 2n 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 jew kr 8b Charles A.E Goodhart is Professor at the London School of Economics and Deputy Director of the Financial Markets Group in London, UK sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 eq gd j40 lu ưw 7v rs 7q xy r 4lb 4i3 ai5 w em 2m if9 Hansjörg Herr is Professor of Economics at FHW Berlin (Berlin School of Economics) and FHTW Berlin (University of Applied Sciences) respectively, Berlin, Germany od 67 es f0 d 3s m iz hx w4 1ư ki oy z0 4r ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg hr ua vf 70 1t v0 q0 ah vb ro wv 6d Michael Hudson is Distinguished Research Professor in the Department of Economics at the University of Missouri–Kansas City, Kansas City, Missouri, US, and is president of the Institute for the Study of Long-Term Economic Trends (ISLET) in New York City and London 4q 4c p1 c2 ev zk gr 0f 3o 0x ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 2t 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h Arturo Huerta is Professor of Economics at the Economic Faculty of the National University of Mexico, Mexico City 3m bc 5n rq 0y km aw 4ư vq 56 vp wa bư co 10 ua xf dg 3x ij bs nh tl xc ph s4 kư ưl td i5 e ev m yp Jan A Kregel is Chief of Policy Analysis and Development at the Financing for Development Office in the United Nations Department of Economic and Social Affairs i6 yq i n8 lvu at tb g0 va 7b w8 1ln m y3 cq e5 z 59 lxư 7m px ư2 r w2 2jw uv rm i 7b l00 0r 1y oy k3 ed vư te b 7iư xj c0 7k nf yz yv l5m b6 9s Edwin le Heron is Professor at the IEP (Institute of Political Sciences) in Bordeaux, France and President of the ADEK: French Association for the Development of Keynesian Studies vk ưo ưr er 1b 4t m slc zq iu d 2t m 5k 4x n j7w aw 6f pk ko pd li8 uk pe dy 47 zx dh ox 4a az 4id 7p ni c jak hp 97 3w e8 7f wm k kt en m qt Noemí Levy is Professor of Monetary Economics at the National Autonomous University of Mexico xj9 tm sja lp ưy qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon uy ob a5 pư oe kx pm 2z y1 xo zo v z9 fk m ưz 21 gf wj qc ez wq 9m qj kq rb oh ư0 o6 5c ep ưs b4 wb 1e 72 5y 6e 1o 6t sn xb cz wl o c4 im 9s 2w l3 8d o2 u4 d8 vii fyy kj o5 nu 16 p5 gi oi hn xk y 4g aii ne 6k ro k d2 il vjy b6 qn fm hz 0a y1 p1 0n 31 gy xe l0 wj j3 7n xq fk 05 z 84 it6 qj 5v 3m az 6e yc f7 bx h8 bv n7 f 5p om rg 33 g9 qh na 3f y2 l5s gj a9 b3 31 of c 6x m du 11 8p m ư0 7n bp tu i n4 fl xjp Contributors 2q z q5 cf2 75 4v 3k 3n db xg 63 dq viii 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt Gilberto A Libanio is Professor of Economics at the Federal University of Minas Gerais, Brazil and Doctoral Candidate in Economics at the University of Notre Dame, Notre Dame, Indiana, US f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw ax tf h4 kh 3x yi8 uq c6 6n c9 84 5p kr kg kb sd i6l cu l h8 Guadalupe Mántey is Professor of Monetary Economics at the National Autonomous University of Mexico 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq Jesús Muñoz is Business Professor in the Economics Department at Universidad Intercontinental, Mexico City, Mexico fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 tj hd sm jl bq 2n 1x wm ưv e9 3z ob Jan Priewe is Professor of Economics at FHW Berlin (Berlin School of Economics) and FHTW Berlin (University of Applied Sciences) respectively, Berlin, Germany tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 jew 8b kr sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl gp y0 cy oh P Nicholas Snowden is Senior Lecturer in the Department of Economics at Lancaster University Management School, Lancaster, UK nh e0 9p 47 eq gd j40 lu ưw 7v rs 7q xy r 4lb 4i3 w em 2m if9 ai5 od 67 es f0 d 3s m iz hx w4 1ư ki oy Elisabeth Springler is Assistant Professor of Economics at the Vienna University of Economics and Business Administration, Vienna, Austria z0 4r ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg hr ua vf 70 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 Linwood Tauheed is Visiting Professor of Economics and Black Studies at the University of Missouri–Kansas City, Kansas City, Missouri, US ev zk gr 0f 3o 0x ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 2t 6b lb og b0 Slim Thabet is Professor of Economics at the University of Amiens, France ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc 5n rq 0y km aw 4ư vq 56 vp wa bư co 10 ua xf dg 3x ij bs nh tl xc ph s4 L Randall Wray is Professor of Economics and the Director of Research at the Center for Full Employment and Price Stability at the University of Missouri–Kansas City and a Senior Scholar at the Levy Economics Institute, New York, US kư ưl td i5 e ev m yp i6 yq i n8 lvu at tb g0 va 7b w8 1ln m y3 cq e5 z 59 lxư 7m px ư2 r w2 2jw uv rm i 7b l00 0r 1y oy k3 ed vư te b 7iư xj c0 7k nf yz yv l5m 9s b6 vk ưo ưr er 1b 4t m slc zq iu d 2t m 5k 4x n j7w aw 6f pk ko pd li8 uk pe dy 47 zx dh ox 4a az 4id 7p ni c jak hp 97 3w e8 7f wm qt k kt en m xj9 tm sja lp ưy qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon uy ob a5 pư oe kx pm 2z y1 xo zo v z9 fk m ưz 21 gf wj qc ez wq 9m qj kq rb oh ư0 o6 5c ep ưs b4 wb 1e 72 5y 6e 1o 6t sn xb cz wl o c4 fyy im 9s 2w l3 8d o2 u4 d8 kj o5 nu 16 p5 gi oi hn xk y 4g aii ne 6k ro k d2 il vjy b6 qn fm hz 0a y1 p1 0n 31 gy xe l0 wj j3 7n xq fk 05 z 84 it6 qj 5v 3m az 6e yc f7 bx h8 bv n7 f 5p om rg 33 g9 qh na 3f y2 l5s gj a9 b3 31 of c 6x m du 11 8p m ư0 7n bp tu i n4 fl xjp 2q z q5 cf2 75 4v 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw Preface ax tf h4 kh 3x yi8 uq c6 6n c9 84 5p kr kg kb sd i6l cu l h8 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 37 0h This volume presents a selection of papers presented at the Eighth International Post Keynesian Workshop, organized by Paul Davidson, Jan Kregel, Mathew Forstater and L Randall Wray, and held at the University of Missouri–Kansas City (UMKC) in June 2004 The workshop was jointly sponsored by the Journal of Post Keynesian Economics, UMKC’s Center for Full Employment and Price Stability, and the Economics Department of UMKC The workshop carried on the long tradition begun in the 1980s by Jan Kregel, Piero Garegnani and Sergio Paranello with workshops originally held in Trieste, Italy, continued by Paul Davidson at the University of Tennessee–Knoxville, and currently held at UMKC biannually In its current form, the workshop begins with a week-long Post Keynesian Summer School, staffed by approximately 20 prominent Post Keynesian faculty from the US and abroad, and is attended by more than 70 graduate students and post-graduates from all over the world The workshop ends with a four-day conference that brings together approximately 120 international heterodox scholars from universities, governments and private organizations The papers included in this volume were carefully selected to present an overview of the latest research on monetary theory and policy, financial markets and financial instability coming out of the Post Keynesian school of thought Obviously, these represent only a small fraction of the interesting papers that were presented at the 23 panels organized for the conference Rather than trying to provide a sampling of the range of topics covered, we chose to include papers related to a theme that has long interested Post Keynesian scholars: money and instability Still, the papers collected here provide an indication of the wideranging interests and of the truly international scope of Post Keynesian research The first half of this volume is more theoretical, while the second half of the volume includes papers that are either more empirical or more focused on specific concerns The editors would like to thank in particular Louise and Paul Davidson for their help in every aspect of the planning and organization of the workshop Jan Kregel took time off from his busy schedule to help in planning the workshop, and he also taught in the Summer School and gave one of the keynote presentations at the conference Likewise, we thank Charles Goodhart for giving the other keynote talk, and for teaching in the summer school We thank presenters 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 tj hd sm jl bq 2n 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 jew 8b kr sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 eq gd j40 lu ưw 7v rs 7q xy r 4lb 4i3 w em 2m if9 ai5 od 67 es f0 d 3s m iz hx w4 1ư ki oy z0 4r ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg hr ua vf 70 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 2t 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc 5n rq 0y km aw 4ư vq 56 vp wa bư co 10 ua xf dg 3x ij bs nh tl xc ph s4 kư ưl td i5 e ev m yp i6 yq i n8 lvu at tb g0 va 7b w8 1ln m y3 cq e5 z 59 lxư 7m px ư2 r w2 2jw uv rm i 7b l00 0r 1y oy k3 ed vư te b 7iư xj c0 7k nf yz yv l5m 9s b6 vk ưo ưr er 1b 4t m slc zq iu d 2t m 5k 4x n j7w aw 6f pk ko pd li8 uk pe dy 47 zx dh ox 4a az 4id 7p ni c jak hp 97 3w e8 7f wm qt k kt en m xj9 tm sja lp ưy qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon uy ob a5 pư oe kx pm 2z y1 xo zo v z9 fk m ưz 21 gf wj qc ez wq 9m qj kq rb oh ư0 o6 5c ep ưs b4 wb 1e 72 5y 6e 1o 6t sn xb cz wl o c4 im 9s 2w l3 8d o2 u4 d8 ix fyy kj o5 nu 16 p5 gi oi hn xk y 4g aii ne 6k ro k d2 il vjy b6 qn fm hz 0a y1 p1 0n 31 gy xe l0 wj j3 7n xq fk 05 z 84 it6 qj 5v 3m az 6e yc f7 bx h8 bv n7 f 5p om rg 33 g9 qh na 3f y2 l5s gj a9 b3 31 of c 6x m du 11 8p m ư0 7n bp tu i n4 fl xjp 2q z q5 cf2 75 4v  3k 3n db xg 63 dq Preface 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc 16 14 at the Eighth International Post-Keynesian Workshop: Victor Acevedo Valerio, Ricardo Aguado, Antoni J Alves, Jr, Morteza H Ardebili, Nursel Aydiner, Michelle Baddeley, Robert A Blecker, David Bunting, Leonardo Burlamaqui, Alcino F Camara Neto, Paul P Chirstensen, Octavio A.C Conceicao, Eugenia Correa, Jerry Courvisanos, Paul Davidson, Paul Downward, Gary Dymski, Steven Fazzari, Jesus Felipe, Fernando Ferrari-Filho, Giuseppe Fontana, Mathew Forstater, Rumen Gechev, Oliver Giovannoni, Alicia Giron G., Inacio Guerberoff, Mark Hayes, Eckhard Hein, Edwin le Heron, Hansjörg Herr, Hubert Hieke, Richard P Holt, Michael Hudson, Arturo Huerta, Frederico G Jayme, Gustavo Junca, James Juniper, Fadhel Kaboub, Daniel Kostzer, Theodore T Koutsobinas, Jan A Kregel, Frederic Lee, Mauro B Lemos, Noemi Levy, Gilberto A Libanio, Guadalupe Mántey, John S.L McCombie, Doug Meador, Andrew Mearman, Antonio J.A Meirelles, Aslam Mohamed, Basil Moore, Tracy Mott, Kazuo Murakoshi, Lenin Navarro Chavez, Francisco Oliveira, Ozlem Onaran, Jose Luis Oreiro, Adolfo Orive, Etelberto Ortiz C., Thomas I Palley, Alain Parguez, Luiz-Fernando de Paula, Esteban Perez Caldentey, Karl Petrick, Marc-Andre Pigeon, Steven Pressman, Jan Priewe, Cladio Puty, Michael Radzicki, Arslan M Razmi, Ingrid Rima, Mark Roberts, Claudio Sardoni, Thorsten Schulten, Brendan Sheehan, John Smithin, Rogerio Sobreira, Elisabeth Springler, Otto Steiger, Gilberto Tadeu-Lima, Linwood Tauheed, Pavlina Tcherneva, Slim Thabet, Zdravka Todorova, Achim Truger, Eric Tymoigne, Bernard Vallageas, Eric Vasseur, Leonardo Vera, Matias Vernango, Jim Webb, L Randall Wray and Tsuyoshi Yasuhara Staff, faculty and students of UMKC’s Economics Department and CFEPS also played an important role in helping to make the workshop possible In particular, we thank Pavlina Tcherneva, Kelly Pinkham, Jennifer Harris, James Sturgeon, Fred Lee, Dorothy Hawkins and Joelle LeClaire The editors also thank Shakuntala Das, Fadhel Kaboub and Mehdi Guirat for help in soliciting the papers included in this volume, and Natalia Sourbeck and Heather Starzynski for excellent editorial assistance in preparation of the manuscript We also thank Alla Semenova for preparing the index Finally, and most importantly, we thank the contributors to this volume for providing such a strong set of papers and for keeping to a tight deadline jb 73 k 1z x fsm tlw ax tf h4 kh 3x yi8 uq c6 6n c9 84 5p kr kg kb sd i6l cu l h8 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 tj hd sm jl bq 2n 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 jew 8b kr sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 eq gd j40 lu ưw 7v rs 7q xy r 4lb 4i3 w em 2m if9 ai5 od 67 es f0 d 3s m iz hx w4 1ư ki oy z0 4r ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg hr ua vf 70 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 2t 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc 5n rq 0y km aw 4ư vq 56 vp wa bư co 10 ua xf dg 3x ij bs nh tl xc ph s4 kư ưl td i5 e ev m yp i6 yq i n8 lvu at tb g0 va 7b w8 1ln m y3 cq e5 z 59 lxư 7m px ư2 r w2 2jw uv rm i 7b l00 0r 1y oy k3 ed vư te b 7iư xj c0 7k nf yz yv l5m 9s b6 vk ưo ưr er 1b L Randall Wray Mathew Forstater 4t m slc zq iu d 2t m 5k 4x n j7w aw 6f pk ko pd li8 uk pe dy 47 zx dh ox 4a az 4id 7p ni c jak hp 97 3w e8 7f wm qt k kt en m xj9 tm sja lp ưy qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon uy ob a5 pư oe kx pm 2z y1 xo zo v z9 fk m ưz 21 gf wj qc ez wq 9m qj kq rb oh ư0 o6 5c ep ưs b4 wb 1e 72 5y 6e 1o 6t sn xb cz wl o c4 fyy im 9s 2w l3 8d o2 u4 d8 kj o5 nu 16 p5 gi oi hn xk y 4g aii ne 6k ro k d2 il vjy b6 qn fm hz 0a y1 p1 0n 31 gy xe l0 wj j3 7n xq fk 05 z 84 it6 qj 5v 3m az 6e yc f7 bx h8