Saturday, November 23, 2019

Villa Mondragone Proceedings

International Economic interdependence, patterns of trade balances and economic policy coordination

Edited by Mario Baldassarri, Luigi Paganetto and Edmund S. Phelps

The subject of this book is the kind of economic interaction and interdependence that has arisen amongst nations in the contemporary world economy, the nature and significance of the pattern of trade balances that have resulted from them, and the question of what, if anything, should be done by national governments about that pattern. The need for international coordination of economic policies is also investigated.

The book opens with an article of Edmund P. Phelps who introduces the theme and presents, in summary, the most relevant conclusions that can be assumed from the works as a whole. This is followed by an important essay by Robert Mundell who presents the historical and theoretical perspectives for the entire volume. The essays that follow are then organized into three specific sessions.

The first concentrates on single countries’ economic policies and their effects, in terms of balances and imbalances in their foreign accounts. In the second section, various contributions regarding economic interdependence are reviewed both in terms of techniques for measuring interdependence levels and of applied analysis, of their impact on the various countries’ balance of payments. Finally, relations between markets, monetary and fiscal policies on one hand, and the problem of interdependence and the evergrowing need for international coordination of economic policy on the other, are analysed.

Equity, Efficiency and Growth: The Future of the Welfare State

Edited by Mario Baldassarri, Luigi Paganetto and Edmund S. Phelps

In the post-war period, spending on social security, health and education has grown continuously in the leading industrialized countries. The considerable size of this spending as a percentage of GDP together with the ageing population raise doubts on the sustainability of welfare spending.

These doubts have been accompanied in recent years by an increasing awareness of the allocational inefficiencies and the distributive inequalities caused by the provision of some social services.

The welfare state should therefore be reconstructed not only through readjustment of the social security system, but also a change in unemployment benefits and the taxation of workers to avoid the perverse spiral that may be produced in the future by cuts in welfare benefits, growing unemployment and the need to further reduce the social security services.

Financial markets.  Imperfect information and Risk Management

Edited by Mario Baldassarri, Michele Bagella and Luigi Paganetto

Imperfect information and risk management are central issues in current financial and monetary literature. Several recent theoretical and empirical contributions consider asymmetric information between investors and financers as a major determinant of financial risk.

This volume describes the potential inefficiencies that may be generated by problems of imperfect information. Bank, stock market and venture capital financiers can reduce financial inefficiencies only by either increasing their risk or by directly solving the problem of asymmetric information. Informational efficiency could shift financial inefficiency, with positive effects on both risk management and investment financing.

This volume concentrates on one of the most important directions for research on banking and finance for the next decade.

Finance Markets, the New Economy and Growth

Edited by Luigi Paganetto

The existence of significant differences in the organization of the US and European financial markets prompts a number of important questions. These include: Whether is possible to determine the type of institutions that are more conducive to growth? Whether the financial markets played a key role in securing the growth and prosperity of the US during the 1990s? What effect the recent changes in the organization of the financial markets has had? And what have been the effects on investment and growth of the different corporate governance structures that prevail in the various countries?

By exploring the differences between the financial markets in the US and Europe this book helps the reader assess the role of financial markets in securing investment and growth.

Knowledge Economy, Information Technologies and Growth

Edited by Luigi Paganetto

This volume focuses on the Information and Communication (ICT) revolution and its impact on economic growth. Even though the emergence of the knowledge economy is at the center of attention by media and is often a subject of economic policy debate, economic research on the issue is still relatively underdeveloped and many aspects of it are still awaiting proper theoretical and empirical scrutiny.

One important question is whether, as many economists and opinion leaders mantain, the knowledge economy and the new information technologies have fostered the birth of a “new economy” which by inducing a string productivity growth in most sectors, is behind the impressive growth of GDP experienced by the US economy. Empirical research has in fact been unable to provide a conclusive answer to this question. This book debates this issue and provides the opportunity to discuss the economic and social effects of the ICT revolution. It also focuses on the functioning and the micro-economic structure of the ICT sector, as well as on its impact on various industries, on the financial system and on the labor market. It analyses the role of the ICT revolution on regional development and it addresses important policy issues such as its consequences for antitrust legislation and government regulation.

Global Crisis and Long term Growth: a New Capitalism Ahead

Edited by Luigi Paganetto

This volume collects a selection of contributions to the XXI Villa Mondragone International Economic Seminar on “Global Crisis and Long Term Growth: a New Capitalism Ahead?”

In 2010 the XXII Villa Mondragone International Economic Seminar will focus on “Recovery after the Crisis: Perspectives and Policies”.

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