Financial Inclusion or Subordination? The Monetary Politics of Debt in Cambodia

Financial inclusion is a leading driver of household debt across the global South. Although critical geographers have analysed this debt through the lens of financialisation, few have examined it in terms of monetary politics. This is a salient issue, because poorer nations often have limited control over their monetary policy due to their dependence on foreign currencies, which can adversely affect the structure of their financial markets. Building on the concept of monetary dependency from scholarship on financial subordination, I analyse the monetary politics of debt in Cambodia. Drawing on elite interviews and ethnographic research, I argue that Cambodia's extreme monetary dependence on the US dollar has shaped monetary and fiscal policies that compel poorer households to take on private debt to pay for their basic needs. This paper advances critical geographies of debt and development by studying financial subordination and its impact on financial inclusion in the global South.     

Has the euro sustainably increased home price co‐movement?

A low level of co‐movement between different euro country housing markets creates difficulties for the ECB in setting monetary policy. Such co‐movement across eurozone countries has been the subject of a number of studies, using different methodologies and finding mixed results. In this study, we use endogenous break methods to explicitly test for whether the introduction of the euro has changed home value co‐movement. We also employ informal correlation analysis. Endogenous break results indicate no sustainable increase in co‐movement attributable to the euro, whereas correlation analysis is suggestive of a decrease in synchronization since the currency's introduction.     

Can Russia Break the "Resource Curse"?

A noted European economist argues that the Russian economy and its post-2000 growth have been heavily dependent on natural resources, especially hydrocarbons, and are bound to remain so for some time to come. Given that many economists have come to view rich natural resource endowments as a "curse" that undermines development, the question arises as to whether Russian economic development is doomed. The author argues that while the challenges posed by resource dependence are serious, they can be overcome, or at least substantially mitigated, if accompanied by the right economic policies as the examples of Australia, Canada, and the Scandinavian countries demonstrate. He analyzes what these economic policies are for Russia, and how to set up Russian economic and political conditions to facilitate their implementation. Journal of Economic Literature, Classification Numbers: E6, O1, O52, P2, Q43. 4 figures, 2 tables, 50 references.     

Financial crises and the balance of power in international finance, 1890–2010

Has the centre of gravity of international finance irreversibly started to shift from the Atlantic to the Pacific since the financial debacle of 2007-2008? This article discusses this highly topical question in a historical perspective, by considering previous changes in the balance of power in international finance and the role played by global financial in these changes. Particular attention is paid to the Baring Crisis of 1890, the American Panic of 1907, the financial crisis of July -August 1914, the banking crises of the Great Depression of the 1930s, the financial instability of the early 1970s and the ensuing banking failures, the International Debt Crisis of 1982, and the Japanese Banking Crisis of 1997-8. The article concludes that financial crisis, perhaps surprisingly, did not lead to clear changes in the balance of power in international finance; and that the financial debacle of 2007-8 is unlikely, in the medium-term, to fundamentally alter the current order.     

INTERGENERATIONAL TIME AND MONETARY SUPPORT AMONG URBAN INDIAN FAMILIES

Intra-household time transfer is an important intergenerational support, less emphasised but more prominent than monetary transfers in the Indian family system. This paper attempts to study, empirically, the nature and pattern of time transfers between co-residing and non-co-residing parents and their adult married children in an urban setting in India. From the analysis of 673 representative sampled households, we have found that reciprocative time transfers between adult children and their parents constitute a central feature of the intergenerational support system, regardless of co-residency status. Significant correlates of time transfers to elderly parents are age, presence of other siblings in the household, headship status, and monetary support received from and made to parents. However, there is no evidence of inter-substitution between time and money between the two generations, i.e. married adult children and their parents. Time support is more frequent and intense when parents reside in the same city, whereas monetary transfers dominate when parents reside in a distant city or village.     

Arguing for a worldwide perspective: Italy and the reform of the international monetary system between transatlantic cooperation and European integration (1971–73)

The end of the Bretton Woods system, following the US decision of August 1971, and the simultaneous re-launch of the European integration with the enactment of the Werner plan came at a critical moment of internal weakness for Italy. This article highlights how the Italian government and the monetary authorities – while not always on the same wavelength – tried to tackle these challenges with a view to preserving the principles of multilateral cooperation that had promoted the country's recovery in the post-war years. By launching the project denominated ‘Global Approach’ in the summer of 1972, Italy tried to interconnect the modification of the Werner plan with the reform of the international monetary system within the International Monetary Fund (IMF) in order to restrain the growing trends towards unilateralism. However, despite all efforts, both initiatives were doomed to failure while the country entered a dramatic period of political instability and social unrest.     

Equation and Adequation: The World Traced by the Phillips Curve

This paper considers the power of abstract formalization in capitalism, via an account of the politics and geography of an equation. The equation in question lies behind the Phillips curve, which describes the relation between price inflation and unemployment or output. I examine the evolution of the equation and its relation to macroeconomics' renewed emphasis, since the late 1960s, on long‐run monetary neutrality. Considering the Phillips curve and its theoretical and technical armature as social practice, I discuss some of the political and distributional questions that arise from the mode of spatial and temporal abstraction particular to modern macroeconomic analysis and policy‐making. The paper has three parts: a brief history of the Phillips curve, an examination of its modern equation‐form, and an analysis of its part in the dialectical process of “real abstraction”, through which logical space and time prioritize and produce both the spatial “macro” and the temporal “long‐run”.     

西方学界关于中世纪英国工资史的研究

工资史是经济史研究中的一个重要组成部分,西方史学界对中世纪英国工资史的关注由来已久,大致经历了三个阶段:开端,主要是数据的统计与整理;拓展,经历了人口论和货币论关于工资涨幅影响因素的争论;深入,从经济—社会史角度研究工资史。理清楚这些线索,对我们进行中世纪英国工资水平的探讨无疑具有重要的意义。     

西藏铜币发展史简述

在研究历史文献资料和西藏铜币照片的基础上,介绍了西藏铜币发行的原因以及发展的概况。西藏铜币的不断发展是科技进步推动的,同时也见证了西藏人民同中国各族人民积极改革,抵制西方列强侵略。