[URPE] Call for Paper: European Journal of Economic Social Systems (EJESS)]

[afuma at eco.unipv.it]

CALL FOR PAPERS

Special issue of

European Journal of Economic and Social Systems

(http://ejess.revuesonline.com)

on

The 2008 Economic and Financial Crisis:
An Analysis in Terms of Monetary Circuits


Guest Editors:

Louis-Philippe Rochon and Sergio Rossi

The summer 2007 subprime crisis has spread to all segments of globalized
financial markets, and has become a global crisis also affecting
production and investment activities all over the world. The fictitious
capital circulating within the financial sector is thereby affecting also
the
so-called “real” economy. In fact, as modern circuit theory shows,
monetary circuits concern economic magnitudes that have both a real and a
financial dimension, in so far as they are the result of the monetization
by banks of a past, present, or future production activity.

The emergence of finance-led capitalism, however, changed the monetary
circuit landscape: a purely nominal flow of money, deprived of any actual
or forthcoming real assets (wealth), can be issued by banks as well as by
the “shadow banking system” that has been generated by the two-decade long
series of ever complex financial engineering practices, such as
securitization, as well as by financial institution deregulation. The
rising importance of “financialization” has raised concern that for every
monetary unit linked to production, a dozen or far more units of money are
issued and circulated in purely financial transactions that have no real
stuff behind them (now and then).

The purpose of this special issue of the European Journal of Economic and
Social Systems is to bring together a selected collection of high-quality
theoretical and empirical papers devoted to studying and explaining the
causes and consequences of the 2008 economic and financial crisis
referring to the conceptual apparatus of the modern theory of the monetary
circuit, also known as the monetary theory of production, which takes
stock of Keynes’s “entrepreneur, or wage, economy,” and considers, in
light of Wicksell and Schumpeter, the importance of banks (and their
credit lines) for economic activity and development in any money-using
economies.

Topics of interest include, but are not limited to:

– stock-and-flow analyses of finance-led capitalism with emphasis on the
finance sector
– the emergence and development of a shadow financial system beyond the
banking system
– the rise and fall of banks as providers of advances to finance
production and consumption
– the re-emergence of banks’ core business as a result of the 2008 global
financial crisis
– the roles of central banks in the payments industry and in financial
crises management
– population aging, pension funds, monetary policy, and financial
stability issues at stake
– conflicts between short-term (fictitious) financial capital and
long-term (real) fixed capital
– global imbalances as a result of the lack of international settlements
and a world currency

Submission procedure

A PDF file containing a completed draft or an extended abstract (800–1200
words) should be e-mailed to lprochon at laurentian.ca and to
sergio.rossi at unifr.ch by 28 February 2009. Every submitted paper will be
blind reviewed by (at least) two referees and by both Guest Editors.
Abstracts should contain JEL classification codes. The authors’ full name,
affiliation, address, phone/fax, and e-mail for correspondence should also
be indicated. An entire paper may be submitted, when available, but it
must include an abstract and the relevant JEL codes.

Accepted papers will have to be formatted by their authors according to
the EJESS house style (relevant information will be provided by the Guest
Editors to those authors whose proposal is accepted by 30 March 2009).
Proposals and full papers may be either in English or in French,
as the EJESS is a bilingual journal
(http://ejess.revuesonline.com/revues/34/EJESS_07.pdf). A paper submission
implies that the paper has not been, or will not be, published elsewhere,
and that it is not currently being refereed for another publication in the
same language.

Notification to authors

Authors will be notified via e-mail about the acceptance of their
proposals by 30 March 2009.
Completed drafts of the full paper are due by 29 June 2009. Authors will
be given two months after the refereeing process is completed to finalize
their papers for publication, respecting the EJESS (house-style)
guidelines that they will receive with the initial editorial decision.

Timetable and important deadlines

Deadline Production process

28 Feb 2009 Submission of extended abstracts (800 to 1200 words) to the
Guest Editors
30 Mar 2009 Initial editorial decision and communication on accepted paper
proposals
29 Jun 2009 Submission of full papers (7000 to 8000 words) to the Guest
Editors
31 Aug 2009 Authors receive (at least two) referee reports and Guest
Editors’ comments
31 Oct 2009 Submission of revised papers by their authors to the Guest
Editors
31 Dec 2009 Publication date