Jacques Mazier - Böcker

The past few decades have witnessed the emergence of economic imbalances at the world level and within the euro zone. The failure of mainstream economics to accurately predict financial crises, or model the effects of finance-led growth, highlights the need for alternative frameworks. A key text, Global Imbalances and Financial Capitalism: Stock-Flow-Consistent Modelling demonstrates that Stock-Flow-Consistent models are well adapted to study this growth regime due to their ability to analyse the real and financial sides of the economy in an integrated way. This approach is combined with an analysis of exchange rate misalignments using the Fundamental Equilibrium Exchange Rate (FEER) methodology, which serves to give a synthetic view of international imbalances. Together, these models describe how global and regional imbalances are created, as well as suggest appropriate tools through which they may be reduced. The book also considers alternative economic policies in the euro zone (international risk sharing, fiscal federalism, eurobonds, European investments, a multispeed euro zone) alongside alternative monetary policies. In particular, it examines the possibilities of using SDR (Special Drawing Rights) as a reserve asset to be issued to fight a global recession, to support the development of low-income countries, or as an anchor to improve global monetary stability. This text will be of interest to students, scholars, and researchers of economic theory and international monetary economics. It will also appeal to professional organisations who supervise international relations.

This book offers a comprehensive exploration of how empirical stock-flow consistent (SFC) modelling can be used as a tool for macroeconomic analysis. Based on a coherent framework rooted in national accounting principles, SFC models, which integrate both financial and real economy variables, are well-suited for capturing financial crises, macroeconomic imbalances and economic policy impacts.Focusing on France, the book presents the SFC FR model, an empirical SFC model based on French national data, and examines four decades of structural change of the French economy marked by financialisation, policy shifts, evolving trade and public deficits. Through detailed simulations, it assesses the effectiveness of a range of fiscal, monetary, and climate policies. Instead of supply side policy, which has been dominant, it provides insights into possible alternative economic strategies that prioritise equity and sustainability for the years 2025-2035.Bridging the gap between empirical realism and theoretical consistency, the book is a vital resource for economists, policymakers and researchers seeking a realistic and policy-relevant approach to macroeconomic analysis especially for economic policy design and evaluation.

The past few decades have witnessed the emergence of economic imbalances at the world level and within the euro zone. The failure of mainstream economics to accurately predict financial crises, or model the effects of finance-led growth, highlights the need for alternative frameworks. A key text, Global Imbalances and Financial Capitalism: Stock-Flow-Consistent Modelling demonstrates that Stock-Flow-Consistent models are well adapted to study this growth regime due to their ability to analyse the real and financial sides of the economy in an integrated way. This approach is combined with an analysis of exchange rate misalignments using the Fundamental Equilibrium Exchange Rate (FEER) methodology, which serves to give a synthetic view of international imbalances. Together, these models describe how global and regional imbalances are created, as well as suggest appropriate tools through which they may be reduced. The book also considers alternative economic policies in the euro zone (international risk sharing, fiscal federalism, eurobonds, European investments, a multispeed euro zone) alongside alternative monetary policies. In particular, it examines the possibilities of using SDR (Special Drawing Rights) as a reserve asset to be issued to fight a global recession, to support the development of low-income countries, or as an anchor to improve global monetary stability. This text will be of interest to students, scholars, and researchers of economic theory and international monetary economics. It will also appeal to professional organisations who supervise international relations.

This work represents the French Regulation School approach to the study of economics. Regulationists focus on the long-term evolution of capitalist economies with a strong emphasis on cross-country comparisons. Methodologically, their approach is flexible and innovative.