CARLO PANICO. Past: Chaiman of the 'Department of Economic Theory and Applications' of the University Federico II of Naples (Italy).

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1 CURRICULUM VITAE CARLO PANICO Date of birth: 30 Luglio 1952 Citizenship: Italian Address: Largo Alessandro Lala, NAPOLI (ITALY) ACADEMIC POSITION Current: Full Professor of 'Political Economy' at the University Federico II of Naples (Italy). Chairman of the Ph.D. programme (Dottorato di Ricerca) in Economics of the University Federico II of Naples (Italy). Past: Chaiman of the 'Department of Economic Theory and Applications' of the University Federico II of Naples (Italy) Chairman of the Istituto Economico Finanziario of the University Federico II of Naples (Italy) Full Professor of Political Economy at the University of Catania (Italy). Chairman of the Istituto di Scienze Economiche of the University of Catania (Italy). President of the Degree Committee of the Faculty of Political Sciences (specialisation: Economics and Politics) of the University of Catania (Italy) Associate Professor of Monetary Economics and Politics at the University of Messina (Italy). 1

2 Researcher in Economics at the University Federico II of Naples (Italy). DEGREES 1983 Ph.D. (Philosophy Doctorate) in Economics at the University of Cambridge (UK) Degree in Economia e Commercio at the University Federico II of Naples (Italy). OTHER PROFESSIONAL ACTIVITIES 2003 September and October, component of the assessment team of the United Nations Development Programme (UNDP) and the Italian Government Cooperation Programme on Local Development in South Africa Director of the Regional Research Team of the Italian Ministeries of Foreign Affair and Productive Activities on International Opportunities of Development for the Southern Italian Regions financed by the European Union From the end of June to the beginning of July, member of the evaluation team of the Cooperation activity of the UNDP in Cuba Director of the Research Team of the Province of Naples on the state of the Campania Regional Economy. OTHER ACADEMIC ACTIVITIES Visiting professor at the University of Cambridge (UK), Kwansei Gakuin University (Japan), Renmin University of Beijing (China), Bremen (Germany), Nice (France), 2

3 Santiago de Compostela (Spain), New School for Social Research of New York (USA), CIDE e Universidad Nacional Autonoma de Mexico of Mexico City (Mexico). Member of Queens' College (Cambridge, UK), of the Società Italiana degli Economisti, of the Società Italiana di Storia del Pensiero Economico, of the History of Economics Society, of the European Society for the History of Economic Thought. Several times referee of the following journals: Cambridge Journal of Economics, Economic Journal, Manchester School, Metroeconomica, Review of Political Economy, Economia Politica, Investigación Económica, European Journal of the History of Economic Growth, Studi Economici. 3

4 INTELLECTUAL ITINERARY Carlo Panico is professor of Political Economy at the University Federico II of Naples (Italy). He graduated in Economics at that University and took his Ph.D. at the University of Cambridge (UK). The effects of monetary and financial events on income distribution, development and growth have always been his main research interest. The evolution of Keynes thought on this subject and Sraffa s hint in Production of Commodities on the possibility that the rate of interest determines the rate of profits and the real wage rate have occupied a central place in the dissertations written for his degree and Ph.D. The latter dissertation has considered the views of the classical political economists, of the economists belonging to the 19 th century British monetary orthodoxy, of Marx and of the Cambridge tradition (Marshall, Keynes, Kahn, J. Robinson and Kaldor). The treatment of the historical evolution of this literature led to the elaboration of some analytical models describing different ways in which a change in the rate of interest can bring about changes in the rate of profits and in the real wage rate. This line of research was further carried out by considering the financial macroeconomic models proposed by Tobin. These models were compared with the short- and long-period (steady growth) models that can be derived from Kaldor s writings, describing in terms of equations the main differences between the Tobinian and the Post Keynesian approaches to the effect of monetary events on distribution, development and growth. The differences concerned the underlining theory of income distribution, the theory of investment and the stabilising role of the monetary authorities in the financial markets. The analysis of the latter point was then carried out by examining the debate on the monetary authorities ability to control the interest rates and the money supply, known in the Post Keynesian literature as the debate on the endogeneity of the money supply. In his publications Carlo Panico has argued that there are some significant differences between Kaldor and those Post Keynesian authors (e.g. B. Moore), who consider that the 4

5 monetary authorities do not have the technical power to control the money supply. Kaldor, like Keynes, thought that the monetary authorities do not use the technical power they have to set rigid controls on the money supply because such a policy would bring about undesirable consequences for themselves and for the economy. These undesirable consequences were also clearly stated by the Radcliffe Report ( ), following the evidence Kaldor submitted to this Committee, and manifested themselves as Kaldor and the Radcliffe Committee had described when the US Federal Reserve adopted the monetarist experiment from October 1979 to the first months of The comparison between Tobin s and the Post Keynesian approaches to financial model building led to the further consideration of the role of monetary factors and of the Government sector in the Post Keynesian theories of growth and distribution. In these writings, beside distinguishing the functional, personal and institutional versions of the Post Keynesian theories of growth and distribution, Panico argued that the introduction of fiscal policy in these models makes it possible to reconcile the Post Keynesian theories of growth and distribution, where the rate of capital accumulation plays a crucial role, with the monetary theory of distribution hinted by Sraffa, where the interest rate set by the monetary authorities plays a crucial role in the determination of the rate of profits and of the real wage rate. Another line of research elaborated by Panico s writings regards the role of effective demand in the theories of development and growth. Moving from Harrod s writings he has tried to proposed a framework capable to unify the different versions of the Post Keynesian theories of development and growth, i.e. those coming from the Kaldor- Pasinetti tradition, from the Kaleckian tradition, from the surplus approach tradition, from the evolutionary approach tradition, and from the external constraint tradition. This analysis has led to examine the role that equilibrium analysis can play within an evolutionary or cumulative causation approach. The evolution of Myrdal s positions has thus been considered, underlining his epistemological standpoint, including his analysis of objectivity in social sciences, which make Myrdal s positions close to those 5

6 proposed by Max Weber. Along this line of research some attention has also be devoted to Myrdal s critique of subjectivism in economic theories and to the evolution of the concept of rationality and of its use in the economic literature. The intellectual itinerary of Piero Sraffa has also been at the centre of the research interests of Carlo Panico. He has focussed on the monetary writings of this author and on the political writings of his youth. The analysis of his participation in the debate on the Marshallian cost curves of 1920s has underlined the close links that Sraffa saw between partial and general equilibrium analysis. He is publishing at present some works that interpret the recent financial crisis rather than as an unfortunate event linked to the burst of a speculative bubble, as the inevitable consequence of the changes in politics, which have permitted, unlike what had been happening during three decades after the second world war, to pursue financial policies that have systematically brought about persistent increases in income inequality in democratic countries. Besides the identification of the size of inequality brought about by these policies, these works have identified which changes in financial regulation have generated the mentioned effects on income distribution and what should be done to reverse these trends and improve equality conditions. These results have been used to evaluate the content of the reforms on financial regulation recently introduced in the United States (USA) and in the European Union (EU) and that the Financial Stability Board and the Basel Committee on Banking Supervision, after the request made in Pittsbourg to them by the G20, have recently handed in. Finally, other lines of research pursued by Panico s work are related to the institutional evolution of financial regulation in USA and EU, of development policies in the South of Italy, and of the Italian and the European financial systems, to the coordination between monetary and fiscal policies in the European Union and its effects on income distribution and development, and to the European policy reactions to the recent financial crisis. 6

7 PUBBLICATIONS 1. Panico C., 1978, Sulle configurazioni di lungo periodo: alcune osservazioni, Rivista di Politica Economica, anno 68, dicembre, Panico C., 1978, On long-period positions: some observations, Rivista di Politica Economica, Selected Papers, Panico C., 1980, Marx's analysis of the relationship between the rate of interest and the rate of profits, Cambridge Journal of Economics, vol. 4, December, ripubblicato in Eatwell J.L. and Milgate M. (ed.), Keynes's Economics and the Theory of Value and Distribution, Duckworth, London, Panico C., 1981, L'analisi dell'investimento nei lavori di Marshall e Keynes, in Graziani A. Imbriani C. Jossa B. (a cura di), Studi di Economia Keynesiana, Liguori, Napoli 5. Panico C., 1983, Interest and profit: a study in Marx's writings, University of Cambridge, Faculty of Economics and Politics, Research Papers Series, nn. 26, 27 e 28, March 6. Panico C., 1983, Politiche Monetarie, Prezzi e Distribuzione, Liguori, Napoli. 7. Panico C., 1984, Interest costs, profit and pricing: a reply, Cambridge Journal of Economics, vol. 8, march, Panico C., 1985, Market forces and the relation between the rates of interest and profits, Contributions to Political Economy, vol. 4, March, Panico C., 1986, A review of Harcourt G.C. (ed.), Keynes and his contemporaries, Macmillan, London, Contributions to Political Economy, vol. 5, March. 10. Caroleo E. F., Panico C. and Rispoli M., 1987, Sviluppo economico e programmazione dell'intervento pubblico nel Mezzogiorno, Nord e Sud, gennaio-marzo, 1, anno 34, Panico C., 1987, The evolution of Keynes's thought on the interest rate, Contributions to Political Economy, vol. 6, March, Panico C., 1987, Interest and profit, The New Palgrave, Macmillan, London. 13. Panico C., 1987, Liquidity preference, The New Palgrave, Macmillan, London. 7

8 14. Panico C., 1987, Effective demand in A. Smith, The New Palgrave, Macmillan, London. 15. Panico C. and Petri F., 1987, Long-run and short-run, The New Palgrave, Macmillan, London. 16. Eatwell J. L. and Panico C., 1987, Piero Sraffa, The New Palgrave, Macmillan, London. 17. Panico C., 1988, Interest and Profit in the Theories of Value and Distribution, Macmillan, London & St. Martin Press, New York. 18. Panico C., 1988, A review of Potier J.P., Un economiste non conformiste: Piero Sraffa ( ) - Essai biographique, Macmillan, London, Contributions to Political Economy, vol. 7, March. 19. Panico C., 1988, Sraffa on money and banking, Cambridge Journal of Economics, Sraffa Memorial Issue, vol. 12, Panico C., 1988, Marx on the banking sector and the interest rate: some notes for a discussion, Science and Society, Fall. 21. Jossa B. and Panico C., 1988, L'intermediazione bancaria negli anni della crisi economica italiana, , in Jossa B. e Panico C. (a cura di), Teorie Monetarie e Banche Centrali, Liguori, Napoli. 22. Panico C., 1988, L'evoluzione del pensiero di Keynes sul saggio di interesse, in Jossa B. e Panico C. (a cura di), Teorie Monetarie e Banche Centrali, Liguori, Napoli. 23. Panico C., 1989, La evolución del sistema financiero italiano entre busqueda de la estabilidad y financiación de los sectores produtivos, in Hilker T.H. e Minian I. (editores) Cambio estructural en Europa y Mexico, CIDE fundacion Friedrich Ebert, Mexico. 24. Panico C., 1989, L'evoluzione del sistema finanziario italiano tra ricerca della stabilitá e finanziamento dei settori produttivi, Quaderni di Economia, Statistica e Analisi del Territorio, 1, dicembre. 25 Panico C., 1991, Some notes on marshallian supply functions, Economic Journal, vol. 101, n. 406, May, Panico C., 1992, Un confronto tra i modelli macroeconomici finanziari di Tobin e quelli di derivazione kaldoriana, in B. Jossa e A. Nardi (a cura di), Lezioni di Macroeconomia, Il Mulino, Bologna. 8

9 27. Panico C., 1992, Liquidity preference, The New Palgrave Dictionary of Money and Finance, Macmillan, London. 28. Musella M. and Panico C., 1992, Kaldor on endogenous money and interest rates, in Mongiovi G. and Ruhl C. (eds.), Macroeconomic Theory: Diversity and Convergence, Elgar, Aldershot. 29. Panico C. and Salvadori N., 1993, Post Keynesian Theory of Growth and Distribution, Elgar, Aldershot. 30. Panico C., 1993, Two alternative approaches to financial model building, Metroeconomica, vol 44, n. 2, Panico C., 1993, A review of Van Ewijk C., On the dynamics of growth and debt, Clarendon Press, Oxford, The Manchester School of Economic and Social Studies, vol. 61, n. 1, march, Panico C. and Salvadori N., 1994, Sraffa on returns, The European Journal of the History of Economic Thought, 1:2, Spring. Reprinted in Kurz, H. and Salvadori, N., Understanding Classical Economics, Routeledge, Panico C., 1994, Irving Fisher's The Rate of Interest und die Kapitaltheorie, Kommentarband mit Beitragen, Vademecum zu einem klassiker der Zinstheorie, Verlag Wirtschaft und Finanzen, Dusseldorf. 34. Panico C., 1995, A review of Gorgon M.J., Finance, Investment and Macroeconomics: the neoclassical and a post keynesian solution, Elgar, Aldershot, The Manchester School of Economic and Social Studies, vol. 63, n. 1, march, Musella M. and Panico C., 1995, The Money Supply in the Economic Process, Elgar, Aldershot. 36. Panico C., 1996, Elementi analitici e istituzionali nella trattazione dell'offerta di moneta: il caso italiano, Rivista di Diritto Pubblico e Scienze Politiche, 6 (2), Panico C. and Rizza M. O., 1996, A integracion europea, a autonomia do Banco Central e a debeda publica: Unha reflexion sobre a experiencia italiana, Revista Galega de Economia, 5 (2), Panico C. and Rizza M. O., 1996, Integrazione europea, autonomia della banca centrale e debito pubblico: note sull'esperienza italiana, Studi Economici, 59 (2),

10 39. Panico C., 1997, Government deficits in the Postkeynesian theories of growth and distribution, Contributions to Political Economy, 16, Panico C., 1998, Autonomia della banca centrale, crescita e occupazione: alcune annotazioni in vista dell'unione Monetaria Europea, in AA.VV., Costruiamo Insieme l'europa, Giannini, Napoli, Panico C., 1998, Interest and Profit, in H. Kurz and N. Salvadori, eds., The Elgar Companion of Classical Economics, I, Elgar, Aldershot, Panico C., 1998, Long period, in H. Kurz and N. Salvadori, eds., The Elgar Companion of Classical Economics, II, Elgar, Aldershot, Panico C., 1998, Le questioni monetarie negli scritti di Sraffa, Il Pensiero Economico Italiano, VI (1), Panico C. and Salvadori N., 1998, Sraffa on returns, in H. Kurz and N. Salvadori, eds., Understanding Classical Economics, Routeledge, London, Panico C., 1999, The Government sector in the Post Keynesian theory of growth and personal distribution, in G. Mongiovi and F. Petri, eds., Value, Distribution and Capital, Essays in Honour of P. Garegnani, Routeledge, London, Panico C., 1999, Il sistema europeo delle banche centrali tra stabilità dei prezzi e stabilità della crescita e dell'occupazione, Il Diritto del Mercato del Lavoro, n. 2, pp Panico C., 2000, Unione Monetaria Europea e crescita economica, Rivista di Diritto Pubblico e Scienze Politiche, X (2), Panico C., 2000, Teoria classica e teoria postkeynesiana della distribuzione: a proposito di un recente tentativo di riconciliazione, in AA.VV., Una Facoltà nel Mediterraneo: Studi in Occasione dei Trent'Anni della Facoltà di Scienze Politiche dell'università di Catania, Giuffré, Milano. 49. Panico C., 2001, Monetary analysis in Sraffa s writings, in T. Cozzi and R. Marchionatti, eds., Piero Sraffa s Political Economy: a Centenary Estimate, Routeledge, London, Panico C., 2001, Intervento in AA.VV., Lineamenti della Evoluzione Economica e Sociale del Mezzogiorno, Arte Tipografica, Napoli. 51. Commendatore P., D Acunto S., Panico C. and Pinto A.,, 2001, Aggregate Demand in Keynesian Growth Theories, Quaderni del Dipartimento di Teoria Economica e Applicazioni, Università di Napoli Federico II. 10

11 52. Panico C., 2001, The role of demand in the theories of growth, Quaderni del Dipartimento di Teoria Economica e Applicazioni, Università di Napoli Federico II. 53. Panico C., 2002, Puede La Union Monetaria Europea favorecer el crecimiento y la ocupacion?, Investigacion Economica, LXVII (239), Enero-Marzo. 54. Panico C., 2002, Misunderstanding the Sraffian reading of the classical theory of value and distribution: a note, in S. Nisticò and D. Tosato, eds. Competiting Economic Theories. Essays in Memory of Giovanni Caravale, Routeledge, London, Panico C., 2002, Some notes on Marshallian supply functions, in H. Kurz and N. Salvadori, eds., The Legacy of Piero Sraffa, Elgar, Aldershot 56. Panico C. e Rizza M. O., 2002, Indipendenza delle banche centrali e democrazia: alcune riflessioni, Rassegna Parlamentare, XLIV, 3, Panico C., 2002, Unione Monetaria Europea e crescita economica, in Fausto D., Jossa B. e Panico C., Teorie Economiche e Riformismo Politico, Franco Angeli, Milano 58. Fausto D., Jossa B. e Panico C., 2002, Teorie Economiche e Riformismo Politico, Franco Angeli, Milano 59. Panico C., 2003, Old and new growth theories: what role for aggregate demand?, in N. Salvadori, ed., Old and New Growth Theories: an Assessment, Elgar, Aldershot, Commendatore P., D Acunto S., Panico C. and Pinto A., 2003, Keynesian theories of growth,?, in N. Salvadori, ed., The Theories of Economic Growth: a Classical Perspective, Elgar, Aldershot, Panico C. and Rizza M. O., 2003, Indipendenza delle banche centrali e democrazia: alcune riflessioni, in Labriola S., a cura di, Ripensare lo Stato, Giannini, Napoli. 62. Panico C., 2003, Growth and Distribution, in J. King, ed., Elgar Companion to Post Keynesian Economics, Elgar, Aldershot. 63. Panico C. and Rizza M. O., 2004, Central bank independence and democracy: a historical perspective, in Arena R. and Salvadori N., eds., Money, Credit and the Role of the State: Essays in Honour of Augusto Graziani, Ashegate, London. 11

12 64. Panico C., 2004, Besomi on Harrod, History of Economic Ideas, 12 (3), Panico C. and Rizza M. O., 2004, Democracy and central bank, in Clini E., ed., The Emerging Chinese Century and the New Institutional Organisation of Western Economies, De Frede, Napoli, Panico C. and Salvadori N., eds., 2006, Classical, Neoclassical and Keynesian Views on Growth and Distribution, Elgar, Aldershot. 67. Commendatore P., Panico C. and Pinto A., 2006, Government debt, growth and inequality in income distribution: a post-keynesian analysis, in Balducci R. and Salvadori N., eds, Innovation, Unemployment and Policy in the Theories of Growth and Distribution, Elgar, Aldershot, Panico C. and Rizza M. O., 2006, Le concezioni dello sviluppo come obiettivi delle comunità, in Tedeschi M., a cura di, Comunità e Soggettività, Pellegrini editore, Panico C. and Suarez Vazquez M., 2007, A scheme to coordinate monetary and fiscal policy in the Euro area, Political Economy Research Institute, Working Papers Series, University of Massachussets at Amherst. 70. Panico C. and Rizza M. O., 2007, Fondamenti dell'indipendenza delle banche centrali in una società democratica, Quaderni del Dottorato di Ricerca in Diritto ed Economia, Istituto per le Scienze Umane, N Panico C., 2008, Keynes on the control of the money supply and the interest rate, in Forstater M. and Wray R., Keynes and Macroeconomics After 70 Years: Critical Assessments of the General Theory, Elgar, Aldershot. 72. Panico C., 2008, Liquidity Preference, The New Palgrave Dictionary of Economics, II edition, edited by Durlauf S.N. and Blume L.E., Volume 5, Panico C. and Petri F., 2008, Long run and short run, The New Palgrave Dictionary of Economics, II edition, edited by Durlauf S.N. and Blume L.E., Volume 5, Panico C. and Rizza M. O., 2008, Myrdal, growth processes and equilibrium theories, in Salvadori N., Commendatore P. and Tamberi M., eds., Geography, Structural change and Economic Development: Theory and Emprirics, Elgar, Aldershot, Panico C., 2008, La nozione di razionalità nella letteratura economica, in Scritti in onore di Michele Scudiero, Tomo III, Jovene Editore,

13 76. Panico C. and Suarez Vazquez M., 2008, A scheme to coordinate monetary and fiscal policy in the Euro area, in Ferreiro J., Fontana G., eds., Fiscal policy in the European Union, Routledge, London. 77. Panico C. and Suarez Vazquez M., 2008, Policy coordination in the Euro Area, Studi Economici, 96 (3), Commendatore P., Panico C. and Pinto A., 2009, Government spending, effective demand, distribution and growth: a dynamic analysis, in Salvadori N., eds, Institutional and Social Dynamics of Growth and Distribution, Elgar, Aldershot, pp Panico C., 2009, La crisi dei mutui ipotecari e la gestione della politica monetaria, in Rispoli Farina M. e Rotondo G., a cura di, La Crisi dei Mercati Finanziari, Giuffré Editore, Milano, Panico C., 2010, Review of Moreno Brid J.C. and Ross J., Development and Growth in the Mexican Economy: a Historical Perspective, Investigaciones de Historia Economica, 16, Panico C. e Sapienza E., 2010, Il Rapporto della Commissione Sarkozy sul PIL, Diritti, Lavori, Mercati, VIII, gennaio-aprile, Panico C.. and Purificato F., 2010, European policy reactions to the financial crisis, Studi Economici, LXV, Nuova Serie, 100, Panico C., 2010, La integracion regional y la crisis de la deuda en Europa, America Latina en Movimiento, XXXIV, II epoca, 458, Panico C., 2010, Las causas de la crisis de deuda en Europa y el papel de la integracion regional, Investigacion Economica, LXIX, 274, octubrediciembre, Commendatore P., Panico C. and Pinto A., 2011, The influence of different forms of Government spending on distribution and growth, Metroeconomica, 62 (1), Panico C., 2011, Las politicas fiscales y monetarias en un ambito comunitario, Problemas de Desarrollo: Revista Latinoamericana de Economia, 42 (164), Panico C., 2011, Monetary influences on distribution: a comparison between two Post Keynesian theories, in Ciccone R., Gehrke C. and Mongiovi G., eds., Sraffa and Modern Economics, Volume II, Routledge, London, Panico C., Pinto A., Puchet Anyul M., 2012, Income distribution and the size of the 13

14 financial sector: a Sraffian analysis, Cambridge Journal of Economics, 1-23, doi: /cje/ber Panico C., 2012, Growth and Distribution, in King J.E., ed., Elgar Companion to Post Keynesian Economics, Second edition, Elgar, Aldershot. 14