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Economics research seminar with Marco Veronese Passarella and Hiroshi Nishi

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Time: 4.00pm - 6.00pm
Venue: Room 3013, John Galsworthy building, Penrhyn Road campus, Penrhyn Road, Kingston upon Thames, Surrey KT1 2EE
Price: free
Speaker(s): Marco Veronese Passarella (University of Leeds) and Hiroshi Nishi (Hannan University)

Economics research seminar with Marco Veronese Passarella and Hiroshi Nishi

Please join us for this event as part of the Economic Department Research Seminar Series.


‘A Marx 'crises' model: The reproduction schemes revisited' by Marco Veronese Passarella (University of Leeds)
This paper builds upon the Marxian reproduction schemes. It aims to test the impact of some of the most apparent 'stylised facts' which characterise the current phase of capitalism on an artificial two-sector growing economy. It is shown that, simplified though they are, the Marxian reproduction schemes allow framing a variety of radical and other ‘dissenting' renditions of the recent economic and financial crises of early-industrialised countries with a flexible and sound analytical model.

‘An empirical contribution to Minsky's financial fragility: Evidence from non-financial sectors in Japan' by Hiroshi Nishi (Hannan University)
This study presents an empirical analysis to detect Minsky's financial fragility and its determinants in the non- financial sectors in Japan, with particular attention paid to differences between sectors and sizes. While Minsky developed theoretical analyses of financial fragility for use in economic growth models, its empirical application is limited. Based on the financial fragility indices derived from a cash flow accounting framework and Minsky's margins of safety, I detect the overall configuration and evolution of financial fragility (hedge, speculative, and Ponzi) in Japan. Then, the factors that determine the probability of being Ponzi finance are detected by using panel logistic regression. In doing so, this study reveals that although speculative finance is dominant in many sectors, the evolution of financial fragility is diversified and its determinants differ according to sector and size in Japan.


Marco Veronese Passarella is a lecturer of economics, based in the Economics Division of the University of Leeds. He earned a Laurea in economics at the University of Bologna in 2001 and a PhD in history of economic thought in 2008 at the University of Florence. From 2009 to 2011 Marco worked as a teaching and research fellow in many Italian universities. He has been working in the University of Leeds since January 2012. His areas of expertise are theories of value and distribution, macroeconomics modelling, monetary economics, and history of economic thought. He has authored a number of articles in economics journals, such as the Cambridge Journal of Economics, the Journal of Economic Behavior & Organization, the Review of Political Economy, and Metroeconomica. He has authored also several chapters in collective volumes, as well as reviews, popular articles, and books. He is a member of the Reteaching Economics group.

Hiroshi Nishi is an Associate Professor at Hannan University, Osaka. His research interest includes Keynesian macroeconomics, Institutional economics, and Japanese economy. He recently published "A Multi-Sectoral Balance-of-payments-constrained Growth Model with Sectoral Heterogeneity," in Structural Change and Economic Dynamics (2016), "Structural Change and Transformation of Growth Regime in the Japanese Economy," in Evolutionary and Institutional Economics Review (2016), and "Comparative Evaluation of Post-Keynesian Interest Rate Rules, Income Distribution, and Firms' Debts for Macroeconomic Performance," in Cambridge Journal of Economics (2015). He holds PhD in Economics, Kyushu University.

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Contact: Antoine Godin


Directions to Room 3013, John Galsworthy building, Penrhyn Road campus, Penrhyn Road, Kingston upon Thames, Surrey KT1 2EE: