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- Lucio Baccaro & Jonas Pontusson (2016): Rethinking Comparative Political Economy
This paper develops an analytical approach to comparative political economy that focuses on the relative importance of different components of aggregate demand—in the first instance, exports and household consumption—and dynamic relations among the “demand drivers†of growth. We illustrate this approach by comparing patterns of economic growth in Germany, Italy, Sweden, and the United Kingdom over the period 1994–2007.
RePEc:sae:polsoc:v:44:y:2016:i:2:p:175-207 Save to MyIDEAS - Engelbert Stockhammer (2020): Post-Keynesian macroeconomic foundations for Comparative Political Economy
Since the global financial crisis and the ensuing weak growth interest in macroeconomic issues has grown within Comparative Political Economy (CPE). ... The paper identifies the analysis of financialisation, financial cycles, the understanding of neoliberal growth models and the political economy of central banks as areas where PKE can provide specific insights for CPE.
RePEc:pke:wpaper:pkwp2022 Save to MyIDEAS - Engelbert Stockhammer (2022): Post-Keynesian Macroeconomic Foundations for Comparative Political Economy
The global financial crisis and ensuing weak growth have increased interest in macroeconomic issues within comparative political economy (CPE). CPE, particularly the dominant Varieties of Capitalism approach, has based its analyses on mainstream economics, which limits analysis of the relation between distribution and growth and neglects the role finance plays in modern economies. ... The article identifies the analysis of financialization and financial cycles, the understanding of neoliberal growth models, and the political economy of central banks as areas where PK economics provides specific insights for CPE.
RePEc:sae:polsoc:v:50:y:2022:i:1:p:156-187 Save to MyIDEAS - James Wood & Engelbert Stockhammer (2020): House prices, private debt and the macroeconomics of comparative political economy
Prevailing Comparative Political Economy accounts conceptualise the macroeconomic role of the financial sector in advanced economies either through the Varieties of Capitalism’s (VoC) emphasis on corporate finance or on the growth model perspective’s focus on household debt to support consumption. As neither framework accounts for the important macroeconomic influence of house prices and mortgage credit, we suggest the prevailing Comparative Political Economy accounts of the financial sector remain underdeveloped. Through an econometric evaluation of 18 advanced economies from 1980 to 2017, we demonstrate that household debt has larger and more statistically significant effects on GDP growth than business debt, and household debt volumes are largely determined by house price inflation. These results are consistent across the varieties of capitalism and advanced banking systems, suggesting the VoC’s focus on corporate finance is misplaced and the macroeconomic effects of household debt and house prices are underappreciated, especially in non-Anglo-American advanced economies.
RePEc:pke:wpaper:pkwp2005 Save to MyIDEAS - Baccaro, Lucio & Pontusson, Jonas (2018): Comparative political economy and varieties of macroeconomics
This paper provides a historical overview of comparative political economy as an interdisciplinary field of study anchored in political science and focused on advanced capitalist states. ... Against this backdrop, we review two distinct traditions of macroeconomics - New Keynesian and Post-Keynesian macroeconomics - and discuss their relative merits as vehicles for renewing the research agenda of comparative political economy.
RePEc:zbw:mpifgd:1810 Save to MyIDEAS - Nikolas Passos & Guilherme Spinato Morlin (2022): Growth models and comparative political economy in Latin America
This work extends the growth models perspective to emerging countries, considering former contributions of the Latin American political economy. ... Finally, the paper opens a research agenda for the political economy of stagnation in Latin American economies.
RePEc:usi:wpaper:891 Save to MyIDEAS - James D. G. Wood & Engelbert Stockhammer (2024): Bringing Household Finance Back In: House Prices and the Missing Macroeconomics of Comparative Political Economy
This article makes a key contribution to the comparative political economy literature by accounting for the macroeconomic role of household finance. ... Through an econometric evaluation of eighteen advanced economies from 1980 to 2019, we demonstrate that household debt is determined by house price inflation, and that rising household debt contributes to GDP growth, while business debt has negative growth effects. ... This suggests that the varieties of capitalism's focus on corporate finance is misplaced and that the growth models approach needs a theory of house prices, mortgage credit, and financial cycles to adequately conceptualize how debt-driven growth operates across advanced economies.
RePEc:sae:polsoc:v:52:y:2024:i:3:p:486-511 Save to MyIDEAS - Herman Mark Schwartz & Bent Sofus Tranøy (2019): Thinking about Thinking about Comparative Political Economy: From Macro to Micro and Back
How and why did comparative political economy (CPE) lose sight of the sources of growing macroeconomic and political instability, a problem that encompassed a growing financial bubble and then a crash in the housing market, a period of sluggish growth that plausibly constitutes secular stagnation, and a crisis of political legitimacy manifesting itself in the rise of antisystem “populist†parties? A gradual shift in CPE’s research agenda from macroeconomic to microeconomic concerns, and from demand-side to supply-side explanations, diminished its ability to analyze adequately the central economic and political problems of the past twenty years.
RePEc:sae:polsoc:v:47:y:2019:i:1:p:23-54 Save to MyIDEAS - Engelbert Stockhammer & Karsten Kohler (2022): Post-Keynesian Economics, Comparative Political Economy and the growth models approach
Since the Global Financial Crisis there has been growing interest in post-Keynesian macroeconomic theory by political economists. In particular the recent growth models approach in Comparative Political Economy (CPE) draws heavily on Kaleckian macroeconomics of demand regimes. This paper, firstly, traces the disintegration of 19th century political economy and highlights that many streams within heterodox economics are a continuation of the political economy project, as are the subfields of CPE and International Political Economy in the social sciences. ... Finally it identifies opportunities and challenges that emerge from a continued engagement of PKE with political economy and with CPE in particular.
RePEc:pke:wpaper:pkwp2210 Save to MyIDEAS - Peter Boettke & Christopher Coyne & Peter Leeson & Frederic Sautet (2005): The New Comparative Political Economy
With the collapse of communism in the late 1980s the field of comparative political economy has undergone major revision. ... Progress in the field of comparative political economy is achieved by examining how different legal, political and social institutions shape economic behavior and impact economic performance. In this paper we survey the new learning in comparative political economy and suggest how this learning should redirect our attention in economic development.
RePEc:kap:revaec:v:18:y:2005:i:3:p:281-304 Save to MyIDEAS