Economy is not one "natural" thing; it is always plural and socially constructed. Polanyi tought us that it was a mistake to see the economy as independent from society, as a selfregulating market. He insisted on the presence of different economic principles (market, redistribution, reciprocity) in concrete human economies. As for Mauss, he taught us that progress does not lie in seeking to rep...

Why does one failed intervention always seem to lead to another? Since the collapse of the centrally planned economies, some form of mixed economy has become the dominant paradigm guiding social and economic policy throughout the world. Yet there has been relatively little analysis of the inherently destabilizing tensions and contradictions within the mixed economy itself, nor of the underlying...

Prevalent thinking about liquidity traps suggests that the perfect substitutability of money and bonds at a zero short-term nominal interest rate renders open-market operations ineffective for achieving macroeconomic stabilization goals. We show that even were this the case, there remains a powerful argument for large-scale open market operations as a fiscal policy tool. As we also demonstrate,...

China’s stock market has experienced a big bull market in 2007 and a bear market in 2008. Since then, with the influence of the global economy, China's stock market exhibits ups and downs as usual. We examine the relationship between the stock market sector indices from the meso level, and divide the periods into two stages. One stage represents the drastic shock periods in 2007 and 2008, and t...

INTRODUCTION The growth prospects of individual post-socialist economies are to a great extent constrained by their ability to transform inherited technological capacities from the period of closed economy into assets in the market economy context. In terms of analysis this transformation cannot be reduced on marketisation of old capabilities. Capabilities exist in an institutional context whic...

This paper introduces a framework to study the links between the supply of liquid assets for the financial market and the international allocation of economic activity. Private assets’ liquidity properties—their usefulness as collateral or media of exchange in financial transactions— affect assets’ values and interest rates, with consequences on firm entry, production, aggregate productivity, a...

Article history: Received 1 July 2010 Received in revised form 6 March 2013 Accepted 6 March 2013 Available online 16 March 2013 We investigate the transmission mechanism of monetary policy in China over the past decades with emphasis on the post-Asian crisis period. A factor-augmented VAR method is used to study the effectiveness of monetary policy instruments in stabilizing the Chinese econom...

China's economy has undergone a fundamental change from planned economy to market economy. The economic strength of the country was intensified constantly. Meanwhile, East European countries and Baltic States advocated radical reforms and rapid transformation. So, it is difficult to say which is better between Shock Therapy and Gradualism. According to different views, this essay will explain t...