This session covers Reading 4: Chapter VII of Lombard Street by Walter Bagehot. Bagehot Study Questions This chapter explains the workings of the Bank of England's reserve management system in the second half of the 19th century. It is here that Bagehot describes the central banking approach that would later become known as the Bagehot …
Narrative capital and spiritual capital are two ancient types of capital that are becoming increasingly important for our time’s well-being, while the modern approach to social capital serves as the connective tissue that binds them in our daily encounters. Narrative capital comprises stories, tales, legends, origin myths, and traditions passed down over time and discussed …
YSI @ Economy of Francesco International Summer School 2023 | La Verna Read More »
This session covers Lecture 9: The World That Bagehot Knew and Lecture 10: Dealers and Liquid Security Markets. Lecture 9 Notes Lecture 10 Notes Lecture 9 describes the nineteenth-century London money market operating through banks buying and selling self-liquidating commercial bills of exchange at a discount to face value. Deficit agents sell bills of exchange …
INTRODUCTIONLiquidity Project Financial Market Infrastructure (LPFMI) is building a lasting community on issues around FMI since 2018. Thesis is, it matters how these structures are set for financial markets to do its job, namely helping economic development by allocating capital. LPFMI OVERVIEW 2023 We are destined to interact with practitioners from both the public and …
The liquidity project – Financial Market Infrastructure (LPFMI) – 2023 Read More »
We invite young scholars who are interested in honing their writing skills to join the Cooperative Book Project Team in the second write-shop on literature review. This comes after a string of seminars on writing on the functions of cooperatives in resource management. Everyone is welcome to join us. Dr. Michelle North will be the …
Cooperatives Book Project Write-Shop 2 (Literature Review) Read More »
This session covers Reading 5: Three chapters from A Market Theory of Money by John Hicks (1989). Hicks Study Questions In these three chapters, Hicks starts with the idea that the primary function of money is to serve as a "standard of value" for the market. The function of money, as a standard, is to …
This session covers Lecture 11: Banks and the Market for Liquidity and Lecture 12: Lender/Dealer of Last Resort. Lecture 11 Notes Lecture 12 Notes Lecture 11 generalizes the Treynor model from security dealers to the term funding market and the overnight money market. It also examines the puzzle of why it's profitable for banks to …
Ecologizing Economics: Reflexivity, Methods and Interdisciplinarity in the Age of Anthropocene In the context of a multidimensional ecological crisis, economic analysis is challenged to adapt its methods so that it can remain relevant to contemporary issues and preserve the important place it has gained in public decision-making. In particular, calls to strengthen the consideration of …
Ecologizing Economics: Reflexivity, Methods and Interdisciplinarity… Read More »
The 2008-2009 economic crisis interrupted the expansion of Global Value Chains (GVCs) as different manufacturing reshoring processes were registered, that then were deepened by the Covid-19 pandemic. This was accompanied with a re-emergence of industrial policy in developed and developing countries. In the automotive industry, this crisis generated a general shift in output in favour …
The Global South in the electric vehicles global value chains Read More »
Replication - Webinar series meeting 1: Special issue & Textbook
This is the first of three sessions on Stefan Eich's 2022 book The Currency of Politics: The Political Theory of Money from Aristotle to Keynes. https://www.amazon.com/Currency-Politics-Political-Theory-Aristotle/dp/0691191077/ From the Description: Stefan Eich examines six crucial episodes of monetary crisis, recovering the neglected political theories of money in the thought of such figures as Aristotle, John Locke, …
This session covers Reading 6: The Economics of the Dealer Function by Jack Treynor. Treynor Study Questions We've already built an intuition for the Treynor model. This is the article where Treynor spells the original version of that model in which securities dealers profit by selling market liquidity. Dealers make a bid-ask spread inside the …