Too much consensus could be harmful : measuring the degree of implementation of the Washington consensus and its impact on economic growth

In this paper, we construct a unique quantitative measure of the depth and pace of all aspects of IFI programs — the Washington consensus index (WCI), and we investigate their whole impact on economic growth. Two main conclusions emerge. Firstly, among observed countries, those who come up to Consensus expectations maintain a relatively high degree of government involvement. Secondly, when combined with usual explanatory variables, WCI presents a significant non-linear relation with the probability of getting a higher growth than others get. Thus, it seems that a “too fast” and/or a “too far” implementation of IFI programs, especially in regard of deregulation and monetary orthodoxy, can harm growth in developing countries. L’objectif de ce papier est double. Dans un premier temps, nous construisons un indicateur quantitatif mesurant le degré d’application des programmes des IFI – l’indicateur du consensus de Washington – pour ensuite évaluer par ce biais l’impact de ces programmes sur la croissance économique d’un certain nombre de pays en développement. Deux principales conclusions apparaissent. D’une part, parmi les pays observés, ceux qui répondent le mieux aux attentes des IFI le font en maintenant un certain degré d’implication de l’Etat. D’autre part, une fois introduit dans un modèle usuel de croissance, notre indicateur présente une relation non-linéaire avec la probabilité de bénéficier d’un taux de croissance économique supérieur à celui des autres pays. Ainsi, il apparaît qu’une mise en œuvre trop rapide ou trop importante des programmes des IFI, particulièrement en termes de déréglementation et de politique monétaire, nuit à la croissance des pays en développement. (Full text in english)

Dietary N-3 polyunsaturated fatty acids decrease biliary cholesterol saturation in gallstone disease

Because fatty acid composition of biliary phospholipids influences cholesterol secretion into bile, we investigated whether replacement of n-1 monounsaturated or n-6 polyunsaturated fatty acids with n-3 polyunsaturated fatty acids in biliary phosphatidylcholines reduces supersaturation with cholesterol and prevents precipitation of cholesterol crystals in bile of gallstone patients. Seven patients with radiolucent gallstones in functioning gallbladders were studied before (control) and after 5 wk of dietary supplementation with marine fish oil (11.3 gm/day = 3.75 gm n-3 polyunsaturated fatty acids/day). Duodenal bile was collected for analysis during intravenous infusion of cholecystokinin. Gallbladder emptying in response to cholecystokinin was comparable before and during intake of n-3 polyunsaturated fatty acids. Intake of n-3 polyunsaturated fatty acids increased (p < 0.001) the fractions of eicosapentaenoic and docosahexaenoic acids and decreased the fractions of linoleic (p < 0.001) and arachidonic acids (p < 0.02) in biliary phospholipids. Concomitantly, the molar ratio of cholesterol to phospholipids decreased (-19%; p < 0.05). As a consequence, the cholesterol saturation index was reduced by -25% (p = 0.01), from 1.60 ± 0.44 to 1.24 ± 0.38. However, in vitro nucleation time of duodenal bile was not prolonged. The decrease in cholesterol saturation was not sufficient to prevent nucleation of cholesterol crystals in bile of gallstone patients. In conclusion, our data suggest that cholesterol saturation can be influenced by the fatty acid composition of the phosphatidylcholines secreted in bile

Piero Sraffa (1898-1983) : actualité de la théorie des prix de production

Within the context of circuit theory, we show that the works of Sraffa are still relevant and form, together with those of Keynes, the foundations of the post-classical paradigm in construction. Sraffa brings his production prices theory and stresses on social conflicts. Keynes provides, through his effective demand theory, the way of determining quantities that lacks to Sraffa and facilitate money integration. (Full text in French)

Salomé.

Transcript of SALOMÉ by Emile Berr, appearing in LE FIGARO, 11 septembre 1907, p. 1. (Mariotte

La dette des pays en développement : bilan et perspectives

La crise de la dette qui a débuté en 1982 est la conséquence d'un certain laxisme de la part des créanciers quant aux prêts accordés, d'une mauvaise utilisation des sommes reçues parles dirigeants des pays en développement et de la politique anti inflationniste menée au début des années 1980 par les pays occidentaux. Cette crise a été gérée, avec l'accord des créanciers, par les institutions financières internationales. Ainsi, le FMI et la Banque mondiale ont conditionné toute restructuration de dette à l'adoption de programmes d'ajustement structurel qui, loin de régler les maux dont souffrent les PED, ont conduit à la crise des années 1990 et se sont traduits par une mise sous tutelle des économies des pays en développement. Si les institutions financières internationales tentent d'infléchir leurs politiques, celles-ci participent toujours d'une logique libérale. En définitive, si l'on veut redonner une certaine liberté d'action aux PED, il convient de supprimer cet instrument de domination que constitue leur dette extérieure. Une telle annulation trouve des justifications tant économiques quepolitiques. The debt crisis which began in 1982 is the consequence of a certain laxism on behalf ofthe creditors as for the granted loans, of a misuse of the sums received by the leaders of thedeveloping countries and the anti inflationary policy followed at the beginning of the 1980's by the Western countries. This crisis has been managed, with the agreement of the creditors, by theinternational financial institutions. Thus, the IMF and the World Bank conditioned anyreorganization of debt to the adoption of structural adjustment programs which, far fromregulating the evils from which the developing countries suffer, led to the crisis of the 1990'sand resulted in a setting under supervision of the developing countries economies. If theinternational financial institutions try to modify their policies, those always take part of aliberal logic. Fundamentaly, if one wants to restore a certain liberty of action to thedeveloping countries, it is advisable to remove this instrument of domination which theirforeign debt constitutes. Such a cancellation finds justifications as well economic aspolitical. (Full text in French)

Demande effective, monnaie et prix de production : une extension circuitiste de la Théorie générale

Within the context of circuit theory, we show that the works of Keynes, expanded by those of Sraffa, are still relevant and form the foundations of the post-classical paradigm in construction, that puts together the contributions of neo-Ricardian and post-Keynesian analysis. Sraffa brings his production prices theory and stresses on social conflicts. Keynes provides, through his effective demand theory, the way of determining quantities that lacks to Sraffa and facilitate money integration. The final model brings to the fore that monetary interest rate is a key variable of the system. It allows to determinate wage rate, produced quantities, employment level, expected rate of profit and therefore prices. The wage rate is negociated before knowing the level of employment. It is a cost of production expressing the state of class struggle. The model also shows that disequilibrium is the result of wrong expectations about investment. (Full text in French)

Which development for the 21st century? Reflections on sustainable development\r\n (In French)

The objective of this paper, which synthesizes various researches, is twofold. First, starting from empirical studies, we show that development policies implemented since the beginning of the international debt crisis of 1982 led to a failure, showing that the Washington consensus based approach of development is unsustainable. Thus, from a heterodox perspective, we investigate the theoretical debate aiming at constructing a strong sustainability.Washington consensus, sustainable development, debt, Keynes, post Keynesians.

Histone Methylation - A Cornerstone for Plant Responses to Environmental Stresses?

Plants are sessile organisms and, as such, their survival relies on their ability to respond quickly all along their life cycle to any kind of environmental stimuli, including abiotic and biotic stresses. In this respect, plants have developed efficient mechanisms of protection and/or adaptation to minimize deleterious effects of stress on their growth and development. In a stress type-dependent manner, external signals are firstly sensed. This step is then followed by the activation of particular signalling pathways, resulting ultimately in the rapid and specific modulation of the plant transcriptome. Currently, transcriptional regulation is considered as a central process in the build-up of plant responses to both abiotic and biotic stresses. Among mechanisms involved in transcriptional regulation, the combined effect of different histone tail post-translational modifications (PTMs; e.g. acetylation and methylation) through the activity of particular histone-modifying enzymes can lead to changes in the local chromatin structure environment and hence the underlying DNA accessibility

Sustainable Development in a Post Keynesian Perspective: Return to Basics of Ecodevelopment (In French)

While sustainable development is a unanimously accepted watchword today, we wish to show that the post Keynesian school, even if it did not emphasize on environmental issues and, generally speaking, on sustainable development as such, has tools that make it relevant on this topic. Indeed, post Keynesian sustainable development can be close to Sachs’ ecodevelopment, which is inspired by Kalecki. Thus, post Keynesianism and ecodevelopment share the same position related to economic growth. They meet, via the concept of radical uncertainty, on the importance of the precautionary principle. If the implications of the principle of effective demand seem to oppose them, these divergences can be easily overcome.sustainable development, ecodevelopment, Kalecki, Keynes, Sachs, post Keynesian