Philip Arestis
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View article: Does the ‘Double Reduction’ Policy Reduce ‘Rat Race’? A Natural Experimental Study in China
Does the ‘Double Reduction’ Policy Reduce ‘Rat Race’? A Natural Experimental Study in China Open
This paper investigates the effects of an unprecedented education policy called ‘double reduction’ (DR) on students’ performance, with evidence from China. One of the significant changes brought about by this policy is th…
View article: The impact of financial access on income inequality: Evidence from panel data estimation
The impact of financial access on income inequality: Evidence from panel data estimation Open
As there are limited attempts made by previous studies, this paper examines the impacts of financial access on income inequality using a panel data of 52 developed and developing countries ranging from 2005 to 2020. Initially, the Financia…
View article: GDP growth in Brazil after the liberalising reforms
GDP growth in Brazil after the liberalising reforms Open
The Brazilian economy implemented the trade and financial liberalisation reforms in the first half of the 1990s as a new development strategy. Since then, Brazilian GDP has been unstable and much lower compared to the previous period. Desp…
View article: Is information and communication technology a productivity drain or gain? Evidence from the health services sector in China
Is information and communication technology a productivity drain or gain? Evidence from the health services sector in China Open
This contribution investigates the impact of information and communication technology (ICT) on health service performance and considers the issue of income inequality. It provides empirical evidence that the development of ICT helps to mit…
View article: Does employment protection legislation affect employment and unemployment?
Does employment protection legislation affect employment and unemployment? Open
The article analyses the impact of employment protection legislation (EPL) on labour market outcomes. Despite widespread reforms that have reduced employment protection, the evidence on the effects of such reforms is inconclusive. Using da…
View article: Local Financial Institutions and Income Inequality: Evidence from Brazil's Credit Cooperative Movement
Local Financial Institutions and Income Inequality: Evidence from Brazil's Credit Cooperative Movement Open
Local financial institutions can play a crucial role in reducing income inequalities at the within‐country level by promoting inclusive economic growth and development across time and space. This is against a backdrop of increasing financi…
View article: Reflections on Aspects of Macroeconomic Policies in the Spirit of Geoff Harcourt
Reflections on Aspects of Macroeconomic Policies in the Spirit of Geoff Harcourt Open
This article opens with some remarks on Geoff Harcourt’s thoughts on macroeconomic policies (broadly conceived). This is followed by comments on some recent developments within the scope of fiscal policy. The article moves on to aspects of…
View article: Foreign direct investment openness and income classes in Europe around the Great Recession
Foreign direct investment openness and income classes in Europe around the Great Recession Open
Distributional implications of capital account regulation is eminently context-specific. This paper examines the distributional effects of the openness of foreign direct investment (FDI) flows across 27 European countries in different econ…
View article: The role of housing-dominated attributes in housing booms: Evidence from China
The role of housing-dominated attributes in housing booms: Evidence from China Open
This paper investigates the dominant attribute of housing in China for the period 2000 to 2017 with national monthly data. By employing VAR methodology and Chow test, the empirical results suggest that there is a statistically significant …
View article: The Impact of Rural Land on the Life Satisfaction of Farming Women: Evidence from China
The Impact of Rural Land on the Life Satisfaction of Farming Women: Evidence from China Open
This study investigates the impact of rural land on the life satisfaction of rural-farming women with a modified institutional analysis and development (IAD) framework as the theoretical framework. The research sample is composed of data a…
View article: A proper developmental state framework for Greece
A proper developmental state framework for Greece Open
Post World War II, Greece was enjoying, by and large, significant economic growth that was only slightly lower than that of other Western European nations. However, immediately after the financial crisis of 2007-2008, the country faced a s…
View article: The effects of reference pricing on housing market: Evidence from Shenzhen China
The effects of reference pricing on housing market: Evidence from Shenzhen China Open
This paper investigates an unprecedented regulation measure in the housing market, reference pricing, with evidence from Shenzhen China. We use a unique panel dataset, obtained through questionnaires to real estate agents, to document the …
View article: Monetary Policy in the Post Keynesian Theoretical Framework
Monetary Policy in the Post Keynesian Theoretical Framework Open
The purpose of this contribution is to develop a Post Keynesian monetary policy model, presenting its goals, tools, and channels. The original contribution this paper develops, following (Keynes’s 1936, 1945) proposals, is the use of debt …
View article: A compound Tobin tax: A political economy investigation
A compound Tobin tax: A political economy investigation Open
The paper focuses on international tax proposals and analyzes rationales and challenges for adopting a com-pound global tax. It is proposed here that such a compound global tax instrument would mainly need to focus on two tiers. The one, b…
View article: Index
Index Open
There has been increasing interest and debate in recent years on the instituted nature of economic processes in general and the related ideas of the market and the competitive process in particular. This debate lies at the interface betwee…
View article: Shocks, financial constraints and households’ consumption amid the great recession
Shocks, financial constraints and households’ consumption amid the great recession Open
Overall, there is now considerable evidence that financial constraints are at the root of the lack of consumption smoothing during the Great Recession. We push this evidence forward and show that in the presence of credit constraints, a jo…
View article: The problematic nature of the macroeconomic policies of the Economic and Monetary Union
The problematic nature of the macroeconomic policies of the Economic and Monetary Union Open
The focus of this contribution is on the problematic nature of the fiscal and monetary policies of the European ‘Economic and Monetary Union’ (EMU). The global financial crisis of 2007/2008, the Great Recession and the euro crisis have hig…
View article: The Effect of the Great Recession Unemployment on Spain's Pensioners
The Effect of the Great Recession Unemployment on Spain's Pensioners Open
One of the main impacts of the Great Recession has been the increase in the rate of unemployment in Spain. Unemployment has a negative impact on the wages of workers, which, in those pension systems where pensions are computed according to…
View article: Are there irrational bubbles under the high residential housing prices in China’s major cities?
Are there irrational bubbles under the high residential housing prices in China’s major cities? Open
House prices in the main cities of China have been rising to historically high levels. Unsustainable growth of housing prices might cause financial crises and damage the whole economy. This research aims to detect whether bubbles dominate …
View article: Fiscal and monetary policy effectiveness in Turkey: A comparative analysis
Fiscal and monetary policy effectiveness in Turkey: A comparative analysis Open
Relying on the Autoregressive Distributed Lag cointegration technique, this paper assesses the comparative effectiveness of the fiscal and monetary policy on output growth in Turkey for the period 2003:q1-2019:q1. The empirical evidence sh…
View article: Brazilian Monetary and Fiscal Policies from 2011 to 2017: Conventions and Crisis
Brazilian Monetary and Fiscal Policies from 2011 to 2017: Conventions and Crisis Open
Post Keynesians define conventions as creeds shared by individuals who use them to ground their expectations. Economic policymaking plays a major role in the development of conventions. Thus, this article analyses Brazil’s fiscal and monet…
View article: Economic precariousness: A new channel in the housing market cycle
Economic precariousness: A new channel in the housing market cycle Open
Demographic and institutional elements, as important drivers of the housing market, should not be neglected because it is not only financial and monetary elements that matter in the case of the housing market. In this context, one relation…
View article: Lessons from the 20 years of the Brazilian inflation targeting regime
Lessons from the 20 years of the Brazilian inflation targeting regime Open
This paper analyzes the Brazilian experience with the inflation targeting regime (ITR) since its adoption in June 1999. The theoretical analysis starts by covering the New Consensus Macroeconomics (NCM) only policy, in which the ITR is the…