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SUMMARY:Structural liquidity: Time coordination of economic activities and
  sectoral interdependence - Ivano Cardinale (Emmanuel College)\, Roberto S
 cazzieri (University of Bologna and Gonville and Caius College)
DTSTART:20130205T170000Z
DTEND:20130205T180000Z
UID:TALK43202@talks.cam.ac.uk
CONTACT:Sheryl Anderson
DESCRIPTION:Investigating the links between the financial and real spheres
  of the economy is especially relevant during\ncrises. In this paper we co
 ncentrate on how liquidity impacts the real economy. Such impact is usuall
 y\ndiscussed in terms of microeconomic decision making (liquidity as a fea
 ture of portfolio management) and\nmacroeconomic policy making (liquidity 
 provision as an outcome of policy choice). What is generally\nmissing is t
 he analysis of liquidity mechanisms at intermediate levels of aggregation.
  Yet it is at the level of\nthe interdependencies between economic sectors
  that liquidity arrangements are of central importance in\ndetermining the
  overall performance of any given economic system. This paper outlines a c
 onceptual\nframework for structural liquidity analysis with the aim of ove
 rcoming the micro-macro divide. The strategy\nof the paper is as follows. 
 First\, we call attention to liquidity as a feature of the relationships b
 etween\neconomic sectors: economic systems are more or less liquid dependi
 ng on the degree of flexibility between\nsectors that the system’s archi
 tecture allows. Second\, we emphasize that different sectors have differen
 t\nliquidity requirements (short-term versus long-term liquidity) dependin
 g upon the composition of their\nrespective capital stocks (as expressed b
 y the relationship between fixed and circulating capital). Finally\, we\nd
 raw some political-economic implications of our framework. As a result of 
 their liquidity requirements\,\ndifferent sectors might have different int
 erests in terms of the liquidity policies adopted by national or\nsupranat
 ional authorities. This suggests another route to explaining the formation
  of decisions concerning\nliquidity in an economy – one that is based on
  the patterns of interdependencies among sectors and\nasymmetries in the c
 omposition of capital stocks.\n\n\n
LOCATION:Barbara White Room\, Newnham College
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