Category archives for Finance

Recovery, interrupted: Iceland and the Panama Papers

Alyssa

Recent revelations have reopened an angry debate about Icelandic democracy and the links between economic and political recovery Although it has been nearly eight years since Iceland’s financial crash and the ensuing ‘Pots and Pans revolution,’ protesters in recent demonstrations prompted by the Panama Papers have chanted and carried signs with the same slogans: ‘vanhæf ríkisstjórn’ (‘unfit government’) or ‘stjórnvöld … Continue reading

19 May 2016 by
Categories: Finance, Global crisis, SPERI Comment, Tax Havens | Tags: , , , | 2 comments

The Coming Crisis: systemic stabilization and the investment state

A new ‘investment state’ is needed to provide stability in the new uncertain political economy of shadow money, financial instability and demand deficiency We live in an era characterised by a confusing evolutionary dynamic relationship between financial innovation, the state and patterns of investment that we barely understand. At the core of this conundrum is the little understood issue of … Continue reading

18 May 2016 by
Categories: British growth crisis, Finance, Politics and policy, SPERI Comment, Sustainability, The coming crisis | Tags: , , , , , , , , , , | Leave a comment

The Coming Crisis: secular stagnation for the UK?

Jonathan Perraton

Current economic trends suggest the UK may need to be prepared for a period of weak, and potentially zero economic growth It is now almost eight years since the collapse of Lehman Brothers heralded the global financial crisis (GFC), roughly the length of a normal business cycle. Over that time interest rates have been held at record low levels and … Continue reading

11 May 2016 by
Categories: Austerity, British growth crisis, Economics, Finance, Politics and policy, SPERI Comment, The coming crisis, USA | Tags: , , | Leave a comment

The Coming Crisis: Is the long-predicted crisis in China finally coming?

Matthew Bishop

A gathering storm is visible on the Chinese horizon, yet the country seems better prepared to ride it out than many predict. China has apparently been on the cusp of a crisis for decades. In the 1990s, as industrialisation gathered momentum, neoliberal economists regularly advocated ‘shock therapy’ of the kind undertaken disastrously by Russia as a way of staving it … Continue reading

4 May 2016 by
Categories: China, Development, Economics, Finance, SPERI Comment, The coming crisis | Tags: , , , , | Leave a comment

Tax avoidance: Not illegal, just harmful and deviant?

The furore over tax avoidance, both by our national and international elites, reveals new social fault lines while highlighting a crisis of legitimacy to calls for togetherness and common purpose The word plutocracy combines two elements to its meaning – that of wealth and power. To live in a plutocracy, many argue, is to see the warping of the political … Continue reading

21 April 2016 by
Categories: Economics, Finance, SPERI Comment, Tax | Tags: , , , | Leave a comment

The Coming Crisis: the monetary policy credibility trap

Jacqueline Best

In the latest blog in SPERI’s series on ‘The Coming Crisis’ Jacqueline Best asks: what do central banks and governments do when exceptions to the monetary policy rules keep piling up? Quite a few commentators have noted that central bankers have become rather less boring of late. Since the 2008 financial crisis, central banks have taken on new roles and … Continue reading

20 April 2016 by
Categories: Finance, SPERI Comment, The coming crisis | Tags: , , , , , | Leave a comment

It’s not about tax evasion or avoidance, it’s about inequality

Focusing on politicians’ tax affairs misses the real point: the Panama Papers expose deep structural inequalities and their consequences The recent political stramash over the Mossack Fonseca revelations has involved endless media interviews, commentaries and expert pronouncements about whether David Cameron’s family had engaged in and benefited from sensible tax efficient investment strategies or from dubious tax evasion. This is … Continue reading

19 April 2016 by
Categories: Europe and the EU, Finance, Inequality, Politics and policy, SPERI Comment, Tax, USA | Tags: , , , , , , , , | 1 comment

The Coming Crisis: stagflation and the shackles of market discipline

Jeremy Green

In the second blog in SPERI’s new series on ‘the coming crisis’ Jeremy Green assesses the prospects of unorthodox central bank policies for escaping the stagflation gripping Western capitalism The darkest hours of the Global Financial Crisis conjured haunting visions of the worst-case scenario: that we would enter a period of sustained financial paralysis, massive unemployment and the breakdown of … Continue reading

6 April 2016 by
Categories: Economics, Finance, SPERI Comment, The coming crisis | Tags: , , , , , | Leave a comment

What is money for?

To meet collective societal challenges, and to respond to future recessions, a different way of thinking about money is required One particular exchange from the inaugural SPERI conference in 2012 has always stuck in my mind. After Colin Hay’s opening address, Bob Jessop asked him, ‘what is your theory of money?’ At the time I thought this was distractingly abstract, … Continue reading

5 April 2016 by
Categories: British growth crisis, Economics, Finance, Politics and policy, SPERI Comment | Tags: , , , , , , , , , , | Leave a comment

George Osborne, banks and the turning tide of regulation in the UK

The mood music being played to the City by the majority Conservative government has been quietly but deliberately changed since May 2015 In the immediate wake of the financial crisis in 2008-9 it appeared as if there was an endless line of politicians in the UK from across all political spectrums queuing up to lambast and publicly deride the banks … Continue reading

3 March 2016 by
Categories: Finance, SPERI Comment | Tags: , , , , , , , , , | Leave a comment

Ducking uncertainty: the EU’s regulation of the repo market

Andrew Johnston

Policymakers are still operating in a liberal market paradigm that sees market failure as exceptional, regulatory intervention as costly and uncertainty as quantifiable risk On 16 November, the European Union agreed a Regulation on Securities Financing Transactions (SFT Regulation). It will increase transparency in the obscure ‘repo’ market, which allows institutional investors, large corporations and broker dealers with spare cash … Continue reading

12 January 2016 by
Categories: Economics, Finance, SPERI Comment | Tags: , , , , , | Leave a comment

The rise and fall of the World Bank’s global pension model

The global economic crisis has prompted the rapid demise of a treasured neoliberal pet project In many ways neoliberalism still seems an unshakeable paradigm.  However, in the pension reform arena governments across the world are abandoning pension privatisation in favour of a return to a primary role for the state.  This post charts the rise and fall of pension privatisation … Continue reading

1 December 2015 by
Categories: Economics, Finance, Politics and policy, Social science, SPERI Comment, Tax, Welfare | Tags: , , , , , , , | 1 comment

A clash of two projects: fundamental rights and the European Monetary Union

Robbie Pye

The EU could re-introduce fundamental rights into the governance of the Eurozone merely by holding to commitments it has already made Over the last five years the response to the Eurozone crisis has given rise to a framework of governance that has become increasingly hostile to domestic social standards.  Yet, in the decade prior to this, the EU went through … Continue reading

15 October 2015 by
Categories: Economics, Europe and the EU, Finance, SPERI Comment | Tags: , , , , , , | Leave a comment

Why geopolitical arguments in favour of TTIP are also flawed

Honest debate requires justifying rather than just stating claims The PR campaign in favour of the Transatlantic Trade and Investment Partnership (TTIP) has subtly changed over the past two years. In response to criticism of the figures used to trumpet the economic benefits of TTIP, advocates have started to put more emphasis on the geopolitics at stake. In a recent … Continue reading

7 October 2015 by
Categories: Development, Economics, Europe and the EU, Finance, Global crisis, Politics and policy, SPERI Comment, trade | Tags: , | 1 comment

Innovation, research and the UK’s productivity crisis

Richard Jones

Continuing on our current path of stagnating productivity and stagnating innovation isn’t inevitable: it’s a political choice The UK is in the midst of an unprecedented peacetime slowdown in productivity growth.  Labour productivity – the economic output produced per hour worked – has, for many decades, grown steadily at 2.3% a year.  All that changed in 2007, since when it … Continue reading

23 September 2015 by
Categories: British growth crisis, Development, Economics, Environment, Finance, Global crisis, SPERI Comment | Tags: , , , , | Leave a comment

Citizenship in a financialised society

Craig Berry

The Conservative government’s promotion of financialisation is transforming citizenship in the UK While the New Labour-ish language of ‘financial inclusion’ and ‘asset-based welfare’ has been quietly eschewed, since 2010 the Conservative Party has continued its predecessor’s agenda around promoting more extensive and intensive participation in the financial system, through asset ownership, in order to enable individuals to play an enhanced … Continue reading

28 August 2015 by
Categories: British growth crisis, Economics, Finance, Housing, SPERI Comment | Tags: , , , , , , , , , | Leave a comment

QE, labour market restructuring and the ‘regressive recovery’

Jeremy Green and Scott Lavery

Cameron’s continuing ‘two nations’ governing strategy prepares the way for a further economic crisis When David Cameron emerged from 10 Downing Street on the morning of the 8 May, he proclaimed that he would lead a ‘one nation’ government – one whose guiding aim would be to ensure that ‘the recovery reaches all parts of our country’. There was nothing … Continue reading

9 June 2015 by
Categories: British growth crisis, Economics, Finance, Inequality, Politics and policy, SPERI Comment, Tax | Tags: , , , , , | Leave a comment

Vorsprung durch Technik?  Germany and the Eurozone crisis

Simon Bulmer

Key aspects of Germany’s approach to the Eurozone crisis are structural, but they still have a ‘dark side’ So, Greece managed to make its loan repayments (€750m to the IMF) on 11 May 2015. However, the road ahead remains arduous, with almost daily speculation about GREXIT.  Relations with Germany were never going to be easy, given their governments’ diametrically opposed … Continue reading

27 May 2015 by
Categories: Debt, Economics, Europe and the EU, Finance, Politics and policy, SPERI Comment | Tags: , , , , | Leave a comment

Evaluating the first three months of the Syriza government in Greece

‘Politics is not the art of the possible.  It consists in choosing between the disastrous and the unpalatable.’ – J. K. Galbraith The Syriza-led coalition government, which was the outcome of the Greek national elections on 25 January 2015, has just completed three months in office.  As its deliberations with the institutions (the so-called troika) are now entering their most … Continue reading

6 May 2015 by
Categories: Employment, Europe and the EU, Finance, Inequality, SPERI Comment, Tax, Welfare | Tags: , , , | Leave a comment

Countering money laundering and terrorist financing

Banks and financial service providers have responsibilities, but they can’t be expected to solve these problems on their own In November 2014 Westpac Bank, one of Australia’s largest banks, announced that it would be closing its remittance business because it was concerned it would not be able to meet the tough new legal obligations being imposed by international anti-money laundering … Continue reading

29 April 2015 by
Categories: Finance, Politics and policy, SPERI Comment | Tags: , , , | Leave a comment

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