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The present paper deals with one aspect of the transformation of modern energy systems from fossil electricity generation to renewable energies – namely, whether or not this transformation to a new type of electricity supply will be accompanied by a change in ownership models and greater social participation by citizens. In addition to other factors, such as physical or technical aspects, the institutions of a country also have a central influence on the transformation path towards renewable energy generation. These institutions are the central object of analysis in this research.
In order to determine how institutions influence the transformation path, this master's thesis conducts a comparative analysis of the institutional framework for consumer (co-) ownership models that enable social participation in energy system transformation. The thesis analyses the three institutional domains of 'nature of the energy sector', 'policy framework' and 'financing institutions'. On the basis of the comparative literature on capitalism – in particular the 'Varieties of Capitalism' approach of Hall and Soskice (2001) –Germany and United Kingdom were selected as archetypal countries corresponding totwo contrasting forms of capitalism. The analysis shows that the institutional framework conditions in the liberal-market economy of United Kingdom, compared to those in Germany, offer significantly inferior basic conditions for the establishment of new ownership models and social participation in the energy transition
This thesis examines the policy of a Green New Deal in the context of critical energy con-straints to growth. The effects of green stimulus and the expansion of global renewable ener-gy production are argued to reconstitute rather than overcome the ecological contradiction of capital accumulation. Keynesian and ecosocialist Green New Deals are presented and cri-tiqued, in particular for their adherence to policies of green growth and extraction for renew-able energy. The Green New Deal policies proposed in the Labour Party in 2019 are analysed as a Keynesian programme which has been considered as open to radical and ecosocialist op-portunities. The limits to its programme of energy reduction are contrasted to the necessary deeper transformations of industry and the economy, as well as the dilemmas and constraints of an orientation towards national economic strategy in a global ecological crisis. These sug-gest the need for economic and ecological policies that recognise both the critical energy con-straints to growth and the antagonistic relation between capital and labour internationally.
his master thesis discusses the implication of the joint issuance of public debt in the Eurozone in the form of eurobonds on the financial stability of the European Monetary Union(EMU). More precisely, this thesis relies on the important literature on the existence of destabilizing dynamics in the EMU financial system, notably at play during the European sovereign debt crisis, creating a negative feedback loop between a sovereign and its domestic public sector, often referred as sovereign-bank nexus or diabolic loop. The mechanisms go as follows: an increase in the sovereign risk translates into a devaluation of the public debt held by private banks, increasing their leverage and pushing them to reduce their provision of credit to the economy, further weakening government finances. We try to introduce these dynamics in a theoretical stock-flow consistent model of the EMU featuring two countries: a northern, Germany-like country, and a southern Greece-like one, with distinct dynamics of credit rationing by banks as a consequence of variations in the sovereign risk of the southern country. Our results, although only a preliminary step towards a fully satisfying and more sophisticated
version of the model, display some of these dynamics, and suggest that the issuance of eurobonds has a positive effect on financial stability, and reduces the credit rationing of banks.
The inquiry presented here has reinforced our opinion that significant work remains and deserves to be done on this matter, to which we hope this development can be of some us
This paper seeks to understand to what extent financialisation has had an impact on the rental housing market in Berlin. Specifically, it focuses on the financialisation of non-financial rental housing companies. The financial statements of five large, publicly listed, commercial rental housing companies in Berlin are examined for three operationalisations of financialisation; as a means of accumulation, as a mode of corporate governance, and as the domination of short-term perspectives. Findings show no trends of firms increasingly relying on financial instruments for profit but did show increased shareholder orientation and short termism. Implications for the supply, price and quality of rental housing in Berlin is discussed.
This work analyzes the factors that gave rise to economic liberalization in Colombia. Although the transformation of the economic model, from ISI to neoliberal globalization, was accompanied by a change in some structural dynamics, the country's socio-economic situation did not experience much improvement. Thus, the varieties of capitalism approach considering institutional change as a movement towards best practices fails in explaining the Colombian situation. Therefore, this work resorts to the neorealist approach by Amable and Palombarini (2009), which overcomes economic determinism and argues that institutional change takes place to create and stabilize a Dominant Social Bloc. Through the analysis of institutional change and the transformation of the Dominant Social Bloc from ISI to neoliberal globalization, it is concluded that despite economic, social and political modifications, the economic model continued to serve the interest of capital and landowners.
The digitalization impact on the performance of the Russian banking sector. Trends and cyber threads
(2021)
Hyman P. Minsky`s works on financial instability provide the basis of the following conceptualisation of a financialised state-finance nexus characteristic to contemporary capitalism.
Minsky’s analysis highlights that processual changes in financial relations towards fragility are endogenous to capitalism and therein always joined by evolvements in regulatory, fiscal and monetary institutions and policies that exert a stabilising influence.
However, if crises are successfully contained and managed, the structure of liabilities generated by boom-era risky practices and financial innovations is ‘validated’, which can induce an upward dynamic of systemic risk. In modern financialised economies this is
embodied in the liquidity of highly complex, sophisticated and interwoven markets, the guarantee of which structurally requires ever broader access to the Lender of Last Resort function of monetary authorities. Any withdrawal of public stabilization threatens market
liquidity and thus potentially translates into systemic instability and crisis. With this work we seek call into question this seeming aporia of financial stabilisation.