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Mike Buckle and John Thompson

. As noted above, increased holdings of notes and coins ultimately are supplied by the BofE and therefore involve a payment to the BofE for them. Over the period 1996–2016 the stock of bank notes increased by around £2 billion a year (at roughly 5.9% per annum), thus draining liquidity from the banking system. Intervention by the BofE in the money markets

in The UK financial system (fifth edition)

The well-being of Europe’s citizens depends less on individual consumption and more on their social consumption of essential goods and services – from water and retail banking to schools and care homes – in what we call the foundational economy. Individual consumption depends on market income, while foundational consumption depends on social infrastructure and delivery systems of networks and branches, which are neither created nor renewed automatically, even as incomes increase. This historically created foundational economy has been wrecked in the last generation by privatisation, outsourcing, franchising and the widespread penetration of opportunistic and predatory business models. The distinctive, primary role of public policy should therefore be to secure the supply of basic services for all citizens (not a quantum of economic growth and jobs). Reconstructing the foundational has to start with a vision of citizenship that identifies foundational entitlements as the conditions for dignified human development, and likewise has to depend on treating the business enterprises central to the foundational economy as juridical persons with claims to entitlements but also with responsibilities and duties. If the aim is citizen well-being and flourishing for the many not the few, then European politics at regional, national and EU level needs to be refocused on foundational consumption and securing universal minimum access and quality. If/when government is unresponsive, the impetus for change has to come from engaging citizens locally and regionally in actions which break with the top down politics of ‘vote for us and we will do this for you’.

Afterword by Andy Haldane
Andy Haldane

, based on everyone having sufficient access to social, as well as private, goods – a broader measure of well-being? Where should we focus when measuring the societal contribution of different sectors? The private sector, as is the convention, the single largest contributor to value-added in the economy? Or a blend of the private, public and third sectors, each of whom contributes to the creation of social goods, such as infrastructure, education, training and banking. Which set of policy interventions are best-suited to creating the goods and services, individual and

in Foundational economy
Mike Buckle and John Thompson

of intervention by the authorities, the exchange rate is determined by the demand and supply of currencies on the market, but there is little agreement on the factors underlying the forces of demand and supply. There are basically four main models, which differ from each other to a greater or lesser degree. Copeland ( 2014 ) gives a good detailed account of exchange rate determination

in The UK financial system (fifth edition)
Costas Simitis

in times of crisis. However, the ECB and the European Commission considered the intervention of the IMF in the case of Greece, a member of the Eurozone, both humiliating and an eventuality to be avoided. One prime minister publicly asserted that since Europeans were seeking to improve their coordination and strengthen their ability to take coherent and collective action, a policy that was to be directed from Washington was highly undesirable.3 Furthermore, there was a widely held fear that estimates of the country’s rate of growth, the size of its deficits and debt

in The European debt crisis
Abstract only
Mike Buckle and John Thompson

5.1   Introduction Central banks have achieved greater prominence since 2008 as a result of their role in bailing out banks following the financial crisis. Their interventions have reminded us of the role they play in ensuring stability in the financial system. In this chapter we begin by examining the role of central banks in the financial system

in The UK financial system (fifth edition)
A medicine with dangerous side-effects
Costas Simitis

of Greece, comparable results must be achieved through an ‘internal devaluation’, accomplished by administrative measures. State intervention leads to a reduction in income, medium-term recession and a fall in prices. The Greece.indb 55 3/13/2014 1:56:37 PM 56 Part I: How we arrived at the first Memorandum authors of the Memorandum did not invent this policy; they followed prevailing economic theory. The government did not adhere strictly to the instructions in the Memoran­ dum. Rather, it sought to limit reactions through adjustments it deemed politically

in The European debt crisis
Costas Simitis

economic freedoms and possibilities. An 303 Greece.indb 303 3/13/2014 1:56:52 PM 304 Part VI: The future of Greece and the European Union example was individual access to low-interest credit, without the previously crucial intervention of politicians or ‘important people’. The stabilisation of the economy, from 1994 onwards reduced social inequality, improved pension regimes and provided better health services. This positive and sustained develop­ment raised expectations and demands that bore no relation to the country’s actual economic capacity. For example, there

in The European debt crisis
Joe Earle, Cahal Moran, and Zach Ward-Perkins

knowledge caused by government intervention changes to tax and regulatory structures ambiguous highly gendered ambiguous generated by central banks consequence of the concentration of firms and poor financial regulation generated by complex, interdependent phenomena related to male domination in finance, and impact is stratified by gender ambiguous volatile, but this is often a sign of health be based on individual action the second-year macro course, or 866 who took the Introduction to Economics course – both of which are compulsory. Our sample is actually

in The econocracy
Change of course on 29 June
Costas Simitis

-running soap-opera – if it does not end in tragedy.’10 Just how dynamic and unstable the situation remained was indicated by the market response to the recapitalisation of the Spanish banking sector. The initial optimism on the international market regarding the expedient response of the Eurozone was short-lived. Assessment in the media was comparable; the intervention was viewed favourably, but it was noted that it had done little more than to buy Spain time. The underlying challenges had not been resolved. Madrid would increase its sovereign debt by approximately 20% with

in The European debt crisis