A Multi-Faceted Financial Crisis (Introduction)
Introduction PSL Quarterly Review , vol. 64 n. 256 (2011), 3-5.
Resolving the US Financial Crisis: Politics Dominates Economics in the New Political Economy
Most economists expected that the "Great Recession" produced by the financial meltdown of 2008 would usher in a resurgence of traditional Keynesian economics and a decline of what has come to be called "market fundamentalism". By contrast, also due to the inadequate size of the 2009 stimulus package, the resurgence of support for Keynesian expenditure policies has been extremely short lived. However, the negative popular and political reaction should not have come as a surprise, at least for three reasons: the design of the Obama stimulus plan and its difference from the expenditure policies of the Roosevelt Administration; the political environment that has eviscerated fiscal policy and placed monetary policy at the centre of economic policy and produced "debt driven" growth; the difference between policies appropriate to treating an income deflation and a debt deflation.
Did the metamorphosis from Export Processing Zones to Special Economic Zones improve the efficiency of trade enclaves in India?
In this paper, the efficiency of seven conventional Special Economic Zones in India is analyzed, by adopting a stochastic production frontier technique, for the period between 1986–1987 and 2007–2008.Results indicate that although the efficiency scores of these enclaves have improved over the years, specifically with the introduction of the SEZ policy (2000–2001), it is far below the threshold level as identified in the literature. Besides, one can also observe a discrepancy emerging between better export earning zones and efficient zones. On the determinants side, policy intervention and large geographical area, accompanied by clustering of units, are found to have impacted the efficiency scores of these enclaves positively.