Download Carlo Panico graduated in Economics at the University *Federico II

CURRICULUM VITAE
CARLO PANICO
______________________________________________________________________
Date of birth: 30 Luglio 1952
Citizenship: Italian
Address: Largo Alessandro Lala, 16 - 80125 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:
1998-2004
Chaiman of the 'Department of Economic Theory and Applications' of
the University ‘Federico II’ of Naples (Italy).
1994-1996
Chairman of the Istituto Economico Finanziario of the University
‘Federico II’ of Naples (Italy).
1990-1993
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).
1988-1990
Associate Professor of Monetary Economics and Politics at the
University of Messina (Italy).
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1982-1988
Researcher in Economics at the University ‘Federico II’ of Naples
(Italy).
DEGREES
1983
1976
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.
2002-2003
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.
2002
From the end of June to the beginning of July, member of the evaluation
team of the Cooperation activity of the UNDP in Cuba
2002-2006
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),
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Santiago de Compostela (Spain), New School for Social Research of New York (USA),
CIDE and 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, Investigacion Economica, European Journal of the History of
Economic Thought, Studi Economici.
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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 19th 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
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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 (1958-1960),
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 1982.
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 KaldorPasinetti 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
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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.
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PUBBLICATIONS
1. Panico C., 1978, Sulle configurazioni di lungo periodo: alcune osservazioni, Rivista
di Politica Economica, anno 68, dicembre, 1660-76.
2. Panico C., 1978, On long-period positions: some observations, Rivista di Politica
Economica, Selected Papers, 151-66
3. 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,
363-78 - ripubblicato in Eatwell J.L. and Milgate M. (ed.), Keynes's
Economics and the Theory of Value and Distribution, Duckworth, London,
1983
4. 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, 99-104.
8. Panico C., 1985, Market forces and the relation between the rates of interest and
profits, Contributions to Political Economy, vol. 4, March, 37-60.
9. 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, 113-49
11. Panico C., 1987, The evolution of Keynes's thought on the interest rate,
Contributions to Political Economy, vol. 6, March, 53-71.
12. Panico C., 1987, Interest and profit, The New Palgrave, Macmillan, London.
13. Panico C., 1987, Liquidity preference, The New Palgrave, Macmillan, London.
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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 (1898-1983) - 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, 7-28.
20. 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, 1964-1984, 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, 557-69.
26. 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.
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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, 93-133
31. 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, 120-22.
32. 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, 1998.
33. 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, 99-100.
35. 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), 225-71.
37. 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), 53-82.
38. Panico C. and Rizza M. O., 1996, Integrazione europea, autonomia della banca
centrale e debito pubblico: note sull'esperienza italiana, Studi Economici,
59 (2), 5-37.
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39. Panico C., 1997, Government deficits in the Postkeynesian theories of growth and
distribution, Contributions to Political Economy, 16, 61-86.
40. 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, 141-81.
41. Panico C., 1998, Interest and Profit, in H. Kurz and N. Salvadori, eds., The Elgar
Companion of Classical Economics, I, Elgar, Aldershot, 425-30.
42. Panico C., 1998, Long period, in H. Kurz and N. Salvadori, eds., The Elgar
Companion of Classical Economics, II, Elgar, Aldershot, 55-61.
43. Panico C., 1998, Le questioni monetarie negli scritti di Sraffa, Il Pensiero
Economico Italiano, VI (1), 155-187.
44. Panico C. and Salvadori N., 1998, Sraffa on returns, in H. Kurz and N. Salvadori,
eds., Understanding Classical Economics, Routeledge, London, 103-122.
45. 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, 339-53.
46. 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. 307-18.
47. Panico C., 2000, Unione Monetaria Europea e crescita economica, Rivista di Diritto
Pubblico e Scienze Politiche, X (2), 177-202.
48. 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, 285-310.
50. 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.
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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, 97-101.
55. 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, 641-79.
57. 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, 53-66.
60. 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, 103-38.
61. 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.
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64. Panico C., 2004, Besomi on Harrod, History of Economic Ideas, 12 (3), 111-16.
65. 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, 139-48.
66. 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, 215-29.
68. 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, 341-66.
69. 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. 4.
71. 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, 150-54.
73. 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, 190-93.
74. 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, 183-202.
75. Panico C., 2008, La nozione di razionalità nella letteratura economica, in Scritti in
onore di Michele Scudiero, Tomo III, Jovene Editore, 1573-95.
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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), 5-31.
78. 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. 117-37.
79. 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, 95-106.
80. 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, 209-212.
81. Panico C. e Sapienza E., 2010, Il Rapporto della Commissione Sarkozy sul PIL,
Diritti, Lavori, Mercati, VIII, gennaio-aprile, 81-104.
82. Panico C.. and Purificato F., 2010, European policy reactions to the financial crisis,
Studi Economici, LXV, Nuova Serie, 100, 191-218.
83. Panico C., 2010, La integracion regional y la crisis de la deuda en Europa, America
Latina en Movimiento, XXXIV, II epoca, 458, 14-17.
84. Panico C., 2010, Las causas de la crisis de deuda en Europa y el papel de la
integracion regional, Investigacion Economica, LXIX, 274, octubrediciembre, 43-62.
85. Commendatore P., Panico C. and Pinto A., 2011, The influence of different forms
of Government spending on distribution and growth, Metroeconomica, 62
(1), 1-23.
86. Panico C., 2011, Las politicas fiscales y monetarias en un ambito comunitario,
Problemas de Desarrollo: Revista Latinoamericana de Economia, 42 (164),
55-70.
87. 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, 168-177.
88. Panico C., Pinto A., Puchet Anyul M., 2012, Income distribution and the size of the
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financial sector: a Sraffian analysis, Cambridge Journal of Economics, 1-23,
doi:10.1093/cje/ber022.
89. Panico C., 2012, Growth and Distribution, in King J.E., ed., Elgar Companion to Post
Keynesian Economics, Second edition, Elgar, Aldershot.
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