Lionello F R A N C O Punzo

University of Siena / Università di Siena, Department of Economics and Statistics, Faculty Member

Universidade Federal do Rio de Janeiro (UFRJ), INCT/PPED, visiting professor

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Professor of Economics at the University of Siena (Italy), lecturing in the Graduate Course on the Economics of Cultural, Heritage Goods, Culture, and Sustainable Tourism and in Macroeconomics (Intermediate level, in English). Visiting Professor at the Instituto de Economia, UFRJ, in the second semester 2017, has taught on “Public Goods as drivers of Development”. Visiting Professor at the Instituto Ciência e Tecnologia/Políticas Públicas, Estratégias e Desenvolvimento (INCT/PPED at UFRJ); has been Visiting Professor at the Universidade Federal Fluminense. Dottore in Scienze Economiche and Ph.D. in Economics. Past member of the Tourism Sustainability Group at the DG Enterprise of the European Commission, since its creation (2005-2012); President of the Osservatorio per il Turismo Sostenibile ( www.econ-pol.unisi.it/opts); ex-co-Coordinator of the Posgrado y Maestria en Economia y Gestión del Turismo Sustentable, a joint degree of UDELAR with UNISI (2005-12). Fulbright Fellow at UCLA. Coordinator of the EUCOMPECS Network on Computable Economics and of two similar thematic networks (for Latin America and for the then Eastern European countries, respectively) of the Human Capital and Mobility Program within the EU VII framework Programme for Science and Technology. Has taught and done research in the fields of growth and development economics, mathematical methodologies and dynamical systems in economics, as well as in the economics of cultural goods and sustainable tourism, in Europe (at the Institute of Advanced Studies in Vienna; at CNRS-LATAPSES in Sophia Antipolis, France; at the University of Bielefeld, Germany; at the London School of Economics; in Warsaw at the Academy of Sciences), in Japan (at Shaken Institute of the Osaka University and at CIRJE at Tokyo University), in the USA (at UCLA) and in various countries of Latin America (Argentina, Brazil, Colombia, Cuba, México at UNAM, Uruguay). International Consultant in projects of local sustainable development of the IADB, UNDP and the European Union, and for various local Governments in Europe and the Mediterranean Basin. Has been consultant to the Federazione Italiana Parchi for Ecotourism, and to the Italian Cooperation with the Federal Government of Brazil, has co-drafted the multi-annual development plans for the Protected Areas of the Provinces of Siena and of Grosseto. Supervised the process of environmental certification of the Parco of Maremma. Advisor to the Government of the Region Tuscany and to the Provincial Agency on sustainable tourism of Siena; coordinator of the POR project of a network of observatories of sustainable tourism in the Region Tuscany.
Supervisors: E. Zaghini; Michio Morishima

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Papers by Lionello F R A N C O Punzo

Emergence of long run behaviour in a game theoretic setting with host & guest (e.g. resident & tourist) populations

In this paper we model tourism in the framework of multi-population dynamics and analyze the time... more In this paper we model tourism in the framework of multi-population dynamics and analyze the time pattern of its development through the evolving interaction between two populations feeding on a common space-resource. Each population might be structured in two (or more) “clubs” of members sharing social and economic interests as to the management of the relevant resource. Such situation will be modeled by a version of the well known replicator dynamics. The strategies are characterized as environmentalist and not environmentalist behaviors of residents and tourist. We show that the properties of an environmentalist behavior as stable strategy, Nash equilibrium and dynamic replicator solution

Inconsistency and over‐determination in neo‐Kaleckian growth models: A note

Metroeconomica, Oct 23, 2017

This short note argues that the canonical neo-Kaleckian growth model does not yield a balanced gr... more This short note argues that the canonical neo-Kaleckian growth model does not yield a balanced growth path due to the absence of an inbuilt mechanism by which desired and actual rates of capital accumulation are equalized. Introducing non-generating capacity autonomous demand does not solve such inconsistency. Contrary to what Lavoie (2016a) claims, we show that the latter is also unable to bring capacity utilization to its normal level. In light of recent contributions (e.g. Nikiforos, 2013; 2016), we suggest that making normal capacity utilization an endogenous variable is an alternative better suited to deal with the issue.

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The growth trajectories of Argentina, Brazil, Chile and Mexico: a comparative view through the framework space lens

CEPAL Review, 2022

This paper discusses different growth trajectories in a selection of Latin American economies, na... more This paper discusses different growth trajectories in a selection of Latin American economies, namely Argentina, Brazil, Chile and Mexico, comparing the phase of import substitution growth strategies with the more recent period of financial integration into the world economy. Our working hypothesis is that different growth trajectories result from the linkages between macroeconomic conditions and changes in production structures. When policy space becomes narrower, long-term growth performance is impaired and structural change will not usually enhance growth potential. We carry out an analysis based on the framework space methodology, which serves to compare phases of growth described as an evolving coupling of the dynamic profile of productivity growth (a supply-side condition) with the behaviour of capital accumulation (a demand-side condition). In light of the framework space comparative analysis, our main conclusion is that economic opening in the 1990s did nothing to further the catching-up process in any of the four economies.

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Tourism with or without commitment: a game theory approach

A. Aktas, M. Kesgin, E. Cengiz, E. Yenialp eds. The paper is also available at the web site http:... more

Economic integration and cross-country convergence: exercises in growth theory and empirics

Inequality and Economic Integration, 2004

L'Estate Al Mare, Turisti e Residenti in Alcune Destinazioni Italiane

Turismo sostenibile come contratto fra turisti e residenti

Capital in the Twenty-First Century: Reinterpreting the fundamental contradiction of capitalism

Journal of Post Keynesian Economics, 2017

At a theoretical level this article discusses Piketty's hypothesis that the distribution of incom... more At a theoretical level this article discusses Piketty's hypothesis that the distribution of income and wealth tends to become more concentrated over time when the rate of return on capital is greater than the growth rate of real output. We develop a post Keynesian model of growth and distribution showing that once capital is differentiated from wealth, the increase in income and wealth concentration actually occurs when the rate of valorization of financial and real estate assets is greater than the growth rate of real output, and that this situation may be triggered by financial liberalization.

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Turismo, sviluppo economico e sostenibilità: teoria e pratica

Il libro raccoglie una serie di interventi che, da diversi punti di vista e con taglio sia teoric... more

Environmental Policy Options in the Multi-regimes Framework

SSRN Electronic Journal, 2003

Structural divergence and the dynamics of dualism

Routledge Studies in Development Economics, 2001

the notion of dualism is redefined in dynamical terms and utilised to analyse in a comparative fa... more

Industrial Dynamics and Structural Change: A Framework for the Analysis of Sectoral Dynamics in a Set of Countries

In this paper, I present a framework for the comparative analysis of the national/regional dynami... more In this paper, I present a framework for the comparative analysis of the national/regional dynamics of accumulation, technical change and employment from a (here, only sectorally) disaggregated point of view. It focuses on the characteristics of "dynamic variety" and is oriented to empirical apllications, some of which are reviewed. Dynamic variety across time will be treated as a manifestation of underlying structural change.

VIII Jornadas Latinoamericanas de Teoría Económica

jolate.unsl.edu.ar

... Dr. Alejandro Neme [[email protected]] Instituto de Matemática Aplicada-San Luis ... Joss Eri... more

Sostenibilidad del turismo y desarrollo económico local: El caso de la regionToscana

Caderno Virtual de Turismo, 2004

Turismo, residenti e la capacità di carico percepita: metodologia e uno studio sperimentale in cinque destinazioni toscane

Il lavoro parte dall‟idea secondo la quale il turismo è innanzitutto incontro e interazione compl... more Il lavoro parte dall‟idea secondo la quale il turismo è innanzitutto incontro e interazione complessa tra due popolazioni tra loro eterogenee: i residenti ed i visitatori. Una delle conseguenze di ciò sta nel fatto che la sua sostenibilità è legata simultaneamente alla utilizzazione sostenibile delle risorse locali ed alla minimizzazione del conflitto potenziale su di queste tra le due popolazioni coinvolte. Tale conflitto dipende a sua volta anche dai comportamenti e dalle aspettative che gruppi distinti di residenti possono avere rispetto al turismo. Inserendo tale tema nel processo di definizione del concetto di capacità di carico turistica, l‟articolo analizza, sia teoricamente che empiricamente, gli scenari associati a distinti livelli di conflitto tra tali gruppi di interesse dei residenti. Ad illustrazione della metodologia, si presentano inoltre e si discutono i risultati di un test sperimentale condotto in 5 note destinazioni turistiche toscane. Il nostro obiettivo principale è analizzare il modo in cui gruppi distinti di residenti percepiscono il fenomeno turistico e investigare se vi siano aree di conflitto latente o potenziale

Dynamical structural changes in selected European countries , with a comparison with Japan and the US

We analyse a set of data on the development of three European countries, Japan, and the US over t... more We analyse a set of data on the development of three European countries, Japan, and the US over the last two decades, proposing a characterisation of certain phenomena which represent structural changes. To interpret such ”dynamic discontinuities” we employ a descriptive framework derived from dynamical systems theory. Our method departs from traditional and modern growth theories. We use a more disaggregated description of the economy and focus on the interplay of distinct, typically fluctuating, paths instead of assuming the existence of longrun steady states and looking accordingly for them. Against the background of established growth theory, this dynamic framework is developed in sect. 2 and then it is used in the subsequent sections for the presentation of stylised facts of the structural dynamics observed for the countries mentioned, and their interpretation in terms of growth cycles with bifurcation events.

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Peripherical Financialization and Premature Deindustrialization: A Theory and the Case of Brazil (2003-2015)

The main objective of this paper is to discuss the concept of financialization in developing econ... more The main objective of this paper is to discuss the concept of financialization in developing economies, arguing that the broad definition of financialization understood as a growing role of motivations, markets and financial institutions in the operation of domestic and international economies – does not take into consideration important features of those economies, such as the hierarchy of currencies and the subordination to the principles of the so-called Washington Consensus. The latter imposed the adoption of a foreign savings-driven growth model, which mostly applied to Latin American countries. Hence, the financialization process in LDCs will be denominated peripherical financialization, since it is associated with dependence upon capital inflows from developed countries and with the reduction in the autonomy of their macroeconomic policies, even within flexible exchange rate regimes. Attraction of capital inflows to countries with a subordinate position in international finan...

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Public goods as drivers of growth/development

This paper frames a broader reconstruction of the evolution of our understanding of the dynamics ... more This paper frames a broader reconstruction of the evolution of our understanding of the dynamics of an economy through the role assigned to a variety of Pure and Non Pure Public Goods(NPPGs) as development drivers and value creators. It outlinesthe convergence of two distinct, though major theoretical traditions: the theories of growth/development, on one side, and the debate over role and efficiency of State/Vertical Integrated Firms v/s Market in the provision of goods. Coase (1932) put forward a theory of why either one prevails, as a function of a broad category of transaction costs.

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Some New Insights on Financialisation and Income Inequality

In this paper, we study the relationship between income distribution and financialisation in the ... more In this paper, we study the relationship between income distribution and financialisation in the United States after the Second World War. Financialisation is introduced as a two-fold process. On the one hand, it can be understood as an increase in the contribution of the financial sector regarding the composition of production, or a flow dimension. On the other hand, we can see it as an increase in the importance of financial assets in terms of the composition of wealth, or a stock dimension. We make use of the share of financial employment on total employment as a proxy of the first dimension while wealth composition is measured as the share of financial assets on corporations' total assets. Applying cointegration techniques, we identied a positive long-run relationship between financialisation and income inequality. Causality goes from the flow dimension to inequality and from inequality to the stock dimension.

Some Complex Dynamics for a Multisectoral Economy (

The paper illustrates a novel, experimental approach to the dynamics of an observed economy descr... more The paper illustrates a novel, experimental approach to the dynamics of an observed economy described as a sequence of regime changes, and compares it with traditional multisectoral dynamics. It focuses on its global dynamic behavior and introduces a corresponding practical notion of structural change. The approach is best suited to qualitative comparisons of system dynamics, across spatially and/or temporally distributed systems (whole economies, regions, sectors). It deploys a computational heuristics, in which system dynamics is computer-simulated for theoretical purposes on the basis of empirically observed data. Some preliminary results of an exercise with Italian data for employment, accumulation and productivity in the last two decades, are reported.