scholarly journals Is Modern Technology Responsible for Jobless Recoveries?

2017 ◽  
Vol 107 (5) ◽  
pp. 168-173 ◽  
Author(s):  
Georg Graetz ◽  
Guy Michaels
Keyword(s):  
Employment Growth ◽  
Modern Technology ◽  
Jobless Recoveries ◽  
Developed Economies ◽  
The Us ◽  
Routine Tasks

Since the early 1990s, recoveries from recessions in the US have been plagued by weak employment growth. We investigate whether a similar problem afflicts other developed economies, and whether technology is a culprit. We study recoveries from 71 recessions in 28 industries and 17 countries from 1970-2011. We find that though GDP recovered more slowly after recent recessions, employment did not. Industries that used more routine tasks, and those more exposed to robotization, did not recently experience slower employment recoveries. Finally, middle-skill employment did not recover more slowly after recent recessions, and this pattern was no different in routine-intensive industries.

The Liberalizers: Justifying Free-Market Finance

2018 ◽  
Author(s):  
Louçã Francisco ◽  
Ash Michael
Keyword(s):  
Public Discourse ◽  
Free Market ◽  
Second World War ◽  
Economic Regulation ◽  
Developed Economies ◽  
The Us ◽  
The 1960S ◽  
The Uk ◽  
Second World ◽  
The New Deal

Chapter 5 traces how free market ideology displaced the apparent consensus on economic regulation that emerged from the Depression, the New Deal, and the Second World War. Viewed as cranks within economics through the 1960s, Milton Friedman and his supporters built an apparatus of ideas, publications, students, think tanks, and rich supporters, establishing outposts in Latin America and the UK. When developed economies faltered in the 1970s, Friedman’s neoliberal doctrine was ready. With citizens, consumers, and workers feeling worked over by monopolies, inflation, unemployment, and taxes, these strange bedfellows elected Reagan in the US and Thatcher in the UK and rolled to power in academia and in public discourse with a doctrine of privatization, liberalization, and deregulation. Friedman, Eugene Fama, and James Buchanan whose radical free market views triumphed at the end of the 1970s are profiled. A technical appendix, “Skeptics and Critics vs. True Believers” explores the economic debates.

scholarly journals Using Common Features to Investigate Common Growth Cycles for BRICS Countries

2018 ◽  
Vol 21 (4) ◽  
pp. 589-615
Author(s):  
Bruno Ricardo Delalibera ◽  
João Victor Issler ◽  
Roberto Castello Branco
Keyword(s):  
Emerging Market ◽  
Emerging Market Economies ◽  
Growth Cycles ◽  
Common Features ◽  
Developed Economies ◽  
Brics Countries ◽  
The Us ◽  
Short And Long Term ◽  
The Common

This paper examines the short and long-term co-movement of large  emerging market economies -- the BRICS countries -- by applying the  econometric techniques and the tests proposed in the common-feature literature. Despite their dissimilarities, given the rising trade linkages among the BRICS over the last 20 years one should expect their cycles to be  synchronized. Our empirical findings fully support this hypothesis. The evidence holds also for the co-movement between the BRICS and developed  economies, the US and the Eurozone, which may reflect the effects of  globalization.

Love in the Time of Tamagotchi

2009 ◽  
Vol 26 (2-3) ◽  
pp. 189-208 ◽  
Author(s):  
Dominic Pettman
Keyword(s):  
Western Europe ◽  
Modern Technology ◽  
Text Messages ◽  
William Gibson ◽  
Mobile Media ◽  
Perspective Change ◽  
The Us ◽  
The Future ◽  
High Esteem

There is a popular conception among many Zeitgeist watchers, especially in places like the US, Western Europe and Australia, of the urbanized East as existing somehow further into the future. As William Gibson once stated: `The future is here; it just isn't equally distributed yet.' This kind of cultural fetishism extends to not only technolust, but the practices that new gadgets and electronics encourage. The specific phenomenon explored in this article is that of virtual girlfriends and boyfriends: whether in the form of avatars or automated SMS text messages. This particularly Japanese `craze', if we can call it that, fascinates and appals people who still hold P2P romance IRL in high-esteem. It seems like an insult to the intrinsically human and humanist discourse of courtship; and indeed it is. How does this perspective change, however, if we consider `love' as a technology? That is, as both a code with its own algorithmic parameters, and a discourse that also challenges the hyper-rational assumptions of the `merely machinic'. Extending the argument articulated in my book, Love and Other Technologies, this article asks how the emergence of virtual dating and other techno-inflected treatments of romance are working to undo our jealously held notions of intimacy and identity. It concludes that all sex can be considered cybersex, given the communication flows that occur both before, during and after the act. For, as we continue to enframe the discourse of intimacy via new and mobile media, we find it increasingly difficult to deny that intensified inter-subjectivity is always already a matter of technics. Indeed, what Heidegger says of modern technology can effectively be applied to modern love: that it embodies an `unreasonable demand' of nature (and thus has the capacity to reveal something essential about the posthuman condition).

Central European local investors will hold on to bonds

2017 ◽  
Keyword(s):  
Emerging Market ◽  
Bond Markets ◽  
Content Type ◽  
Developed Economies ◽  
Local Currency ◽  
Domestic Debt ◽  
The Us ◽  
Debt Market ◽  
Us Presidential Election ◽  
To Come

Significance The lira’s collapse is fuelling outflows from Turkey’s local currency government debt market, as foreign investors reduce their purchases of emerging market (EM) domestic debt amid a sharp sell-off in bond markets following Donald Trump’s upset victory in the US presidential election. Both Hungary and Poland -- hitherto two of the most resilient EMs -- suffered net outflows last year and are likely to come under further pressure as the ECB starts to scale back, or ‘taper’, its programme of quantitative easing (QE) in April. Impacts The dollar’s rise against a basket of other currencies since the US election will put severe strain on EM assets. The surging price of Brent crude is improving the inflation and growth outlook. Higher international oil prices will also reduce the scope for further easing of monetary policy in developing and developed economies.

The Dynamics of Geographic versus Sectoral Diversification: Is There a Link to the Real Economy?

2012 ◽  
Vol 02 (04) ◽  
pp. 1250019 ◽  
Author(s):  
Francesca Carrieri ◽  
Vihang Errunza ◽  
Sergei Sarkissian
Keyword(s):  
Asset Allocation ◽  
Global Economy ◽  
Real Economy ◽  
Geographic Diversification ◽  
The Real ◽  
Developed Economies ◽  
Country Level ◽  
The Us ◽  
Production Growth ◽  
Allocation Approach

We study the dynamics of gains from sectoral versus geographic diversification and relate economic sources to changes in those gains. We estimate conditional correlations between returns on the US equity market and 16 equity markets and 10 local industries from other OECD countries and find that the average correlation across countries has increased in relation to that across industries. We also show that this process is accompanied by increased alignment in the industrial structures across countries and an increase in the average conditional correlation of aggregate production growth across countries relative to that of disaggregated production growth, especially among developed economies. Thus, the increased benefits of industry-level investing across developed markets are reflected in the real side of the global economy. However, country-level investing should remain the predominant asset allocation approach in emerging markets.

scholarly journals Volatility Spillovers between Interest Rates and Equity Markets of Developed Economies

2019 ◽  
Vol 8 (3) ◽  
pp. 39-50
Author(s):  
Wilson Donzwa ◽  
Rangan Gupta ◽  
Mark E. Wohar
Keyword(s):  
Interest Rates ◽  
Stock Returns ◽  
Variance Test ◽  
Full Sample ◽  
Developed Economies ◽  
Volatility Spillovers ◽  
Daily Data ◽  
The Us ◽  
Before And After ◽  
The Uk

Abstract This study employs the recently developed Lagrange multiplier-based causality-in-variance test by Hafner and Herwartz (2006), to determine the volatility spillovers between interest rates and stock returns for the US, the euro area, the UK, and Japan. The investigation pays careful attention to volatility transmissions between stock returns and interest rates before and after these economies reached the Zero Lower Bound (ZLB), which is permitted via the use of Shadow Short Rates (SSR), used as a proxy for monetary policy decisions. The results based on daily data imply that while bidirectional causality is observed, the volatility spillover from interest rates to stock markets are more prominent for the full-sample, as well as the sub-samples covering the pre- and during-ZLB periods.

scholarly journals Trends in IPOs: The Evidence From Financial Markets

Equilibrium ◽  
2013 ◽  
Vol 8 (2) ◽  
pp. 45-63
Author(s):  
Tomas Meluzin ◽  
Marek Zinecker
Keyword(s):  
Emerging Markets ◽  
Initial Public Offerings ◽  
Secondary Data ◽  
Public Offerings ◽  
Developed Economies ◽  
Corporate Growth ◽  
World Markets ◽  
The Us ◽  
The World ◽  
European Markets

This paper deals with the analysis of initial public offerings of shares in terms of their quantity and the amount of capital raised by this form of financing on the world markets. Relevant global developments will be analyzed first, followed by a description of regional situation. The analysis is based on secondary data which are processed by descriptive statistics methods. The analysis of IPO trends on the world markets indicates that, in the period of 2004-2007, IPO-based financing of corporate growth gained in importance on both developed and emerging markets. The IPO segment was dominated by the largest emerging markets (Brazil, Russia, India and China) and at the same time the US American and Western European markets decline in their importance. The world-wide economic crisis of 2008 suppressed the interest in new IPOs, particularly in the developed economies. As the economy of most countries is beginning to revive, the interest in the IPO approach from businesses and investors is on the rise. It can be expected that, in the next few years, the arena of initial public offerings will be dominated by visionary companies operating on emerging markets where the execution of an IPO will constitute the key element in securing the capital essential for further expansion.

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