Read more
Informationen zum Autor Hansjörg Herr is Professor for Supranational Integration at the Berlin School of Economics and Law, Germany. Milka Kazandziska is a lecturer at the Berlin School of Economics and Law, Germany. Klappentext The development of countries depends on the specific economic regime. A macroeconomic policy regime consists of four areas: monetary! fiscal! wage policy and external sector. This book presents the theoretical derivations and an exact definition of a macroeconomic regime and its elements! and proves it empirically. This book includes case studies on the development of macroeconomics regimes in large developed countries: Great Britain and the United States show examples of positive development! whereas Japan and Germany show rather dysfunctional development. Drawing on Keynesian monetarism! the authors argues that microeconomic deregulation does not explain the differences in development among Western industrial countries sufficiently and instead the key to understanding these developments in the industrial countries over recent decades in the positive or negative shaping of the basic macroeconomic areas and in their interactions. Zusammenfassung Macroeconomic Policy Regimes in Western Industrial Countries explains how certain countries have created a more liberal and market-based type of capitalism. The emphasis throughout is on how understanding macroeconomic policies, and the institutional framework in which they operate, is vital to understanding the long-run dynamics of a capitalist economy Inhaltsverzeichnis 1. Introduction 2. Macroeconomic policy regimes and their assessment 2.1 General Characteristics of an Economic Policy Regime 2.2 Financial systems 2.2.1 Prototypes of financial systems 2.2.2 The type of financial system prevailing today 2.3 Foreign economic policy 2.3.1 Institutional changes 2.3.2 External economic constraints and strategies 2.4. Monetary policy 2.4.1 Institutional changes 2.4.2 Monetary policy options 2.5 Wage policy 2.5.1 Wages, prices and the wage norm 2.5.2 Labour market institutions 2.6 Fiscal policy 2.6.1 Institutional changes 2.6.2 Fiscal policy options 2.7 Income distribution 2.7.1 Development of income distribution 2.7.2 Income distribution and growth 2.8 A growth promoting macroeconomic policy regime – a summary 3. Case studies 3.1 The finance-led growth model of the USA 3.2 The "popular" finance-led growth model of the United Kingdom 3.3 The exhaustion of the German export model 3.4 Japan and the return of deflation 4. A New Globalisation: A wage-led and investment-led reform strategy ...
